MIRA INFORM REPORT
|
Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
24 X 7 LEARNING SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
No. 20, Annaswamy Mudaliar Road, Near Ulsoor Lake, Bangalore – 560
042, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.06.2001 |
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Com. Reg. No.: |
08-29172 |
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CIN No.: [Company Identification No.] |
U80302KA2001PTC029172 |
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TAN No.: [Tax Deduction & Collection Account No.] |
Blrt01532g |
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PAN No.: [Permanent Account No.] |
Aaacz1312r |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is an E-Learning Company |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Atul Kumar of the company is just buying the time to part details
and promises almost everyday to do so. Subject is engaged in e-education. Trade relations are fair. Payments
are not known. The company can be considered normal for business dealings usual trade
terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Atul Kumar |
|
Designation : |
Account Departments |
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Date : |
05.08.2008 |
LOCATIONS
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Registered Office / Corporate Office : |
No. 20, Annaswamy Mudaliar Road, Near Ulsoor Lake, Bangalore – 560
042, Karnataka , India |
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Tel. No.: |
91-80-4116 1100 |
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Mobile No.: |
91-9960613235 (Mr. Deepak Motiramani) |
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Fax No.: |
91-80-2555 1041 / 4116 1100 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Administrative Office : |
No. 2, 2nd Floor, Airport Road, Domlur, Bangalore – 560
071, Karnataka, India |
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Tel No.: |
91-80-25353706 |
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Fax No.: |
91-80-25353860 |
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Regional Office :` |
901 A, Devika Towers, Nehru Place, New Delhi – 110 019, India |
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Other (Regional
Offices): |
Located at:-
·
Mumbai
·
Chennai
·
Hyderabad
·
Kolkata
·
Pune |
DIRECTORS
|
Name : |
Mr. Sarbvir Singh |
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Designation : |
Managing Director |
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Profile : |
He is the Managing Director of Capital 18. He has 12 years of global
experience in investment management and business operations. |
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Name : |
Mr. R B Shetty |
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Designation : |
Managing Director |
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Profile : |
He is Managing Director- KITVEN FUND (Karnataka Information Technology
Venture Capital Fund), a leading venture capitalist nurturing the future of
global IT leaders, is a Member of the Board of 24x7 Learning. |
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Name : |
Mr. Arun Sinha |
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Designation : |
Director |
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Profile : |
He is the Chief
Marketing Officer of Pitney Bowes Inc. He has transformed and reinvigorated
the 86-year old brand of Pitney Bowes. He is responsible for marketing, brand
management, public/media relations, web strategy and development, and
marketing research worldwide |
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Name : |
Mr. Karthik K S |
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Designation : |
Director |
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Address : |
67 , Diamond District, Airport Road, Bangalore – 560 008, Karnataka,
India |
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Date of Birth/Age : |
27.10.1964 |
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Date of Appointment : |
22.06.2001 |
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Profile : |
As founder and CEO, he heads 24x7 Learning, the world's first Talent Lifecycle
ManagementSM company and an emerging global leader in this field |
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Name : |
Mr. Mahankali Srinivas Rao |
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Designation : |
Director |
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Address : |
Flat No. 001, A 1 Block Sobha Opal, Jayanagar 4th T Block, Bangalore
– 560 041, Karnataka, India |
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Date of Birth/Age : |
21.03.1964 |
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Date of Appointment : |
26.06.2008 |
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Name : |
Mr. Anil Chhikara |
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Designation : |
Director cum President |
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Address : |
442, Ranka Court, Cambridge Layout, Ulsoor, Bangalore – 560 008,
Karnataka, India |
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Date of Birth/Age : |
06.07.1965 |
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Date of Appointment : |
22.06.2001 |
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Profile : |
He is the
President of 24x7 Learning. Anil is responsible for the company's global sales
operations and all customer-facing functions, including sales,
implementation, consulting and managed services. |
KEY EXECUTIVES
|
Name : |
Mr. Srinivas Rao |
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Designation : |
Chief Executive Officer |
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Profile : |
He is co-founder and Chief Executive Officer of Aujas Networks, a pure-play
digital security services company. Rao co-founded Aujas Networks in February
2008 after over 20 years of experience in the technology industry. |
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Name : |
Mr. Bryan Chapman |
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Designation : |
Chief Executive Officer |
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Profile : |
He is Chief Learning Strategist at Chapman Alliance, LLC; a provider
of research-centric consulting solutions that assist organizations in
defining, operating and optimizing their strategic learning initiatives. |
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|
Name : |
Mr. Ravi Bramhapuram |
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Designation : |
Head - Technology |
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Profile : |
As Chief Technical Architect, Ravi Bramhapuram is responsible for
using innovations in Technology for enhancing learning products. He brings to
the table more than 15 years of experience in software engineering, with
expertise in product development. |
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Name : |
Mr. Ganesh Durupudi |
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Designation : |
Head - Product Innovation |
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Profile : |
He heads the Technology Innovation Cell, the brain behind the
innovative products developed by 24x7 Learning. Ganesh is a Masters in
computer science with over nine years of professional experience in the
software industry, nearly eight years of which has been in eLearning. |
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Name : |
Mr. John Varghese |
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Designation : |
Head - Enterprise Sales |
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Profile : |
He is Vice-President-Enterprise Business at 24x7 Learning. He is an
MBA graduate from Bangalore University and has extensive experience in product
sales, developing strategic business and in account management. |
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Name : |
Mrs. Roshini Poonnen |
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Designation : |
Head – Finance |
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Profile : |
She is Manager, Finance at 24x7 Learning. Her role covers the functions
of Finance, Accounts and Administration - spanning areas like audits,
designing and implementing policies and control procedures, and ensuring
process, legal and statutory compliance. She is also responsible for working
capital management, budgeting and treasury functions. |
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|
Name : |
Mr. Biju Raj Vykath |
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Designation : |
AVP- Product Marketing |
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Profile : |
He is AVP- Product Marketing at 24x7 Learning. In his role, he will
drive our branding efforts, product launches and strategic plans |
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|
Name : |
Mr. Atul Kumar |
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Designation : |
Account Departments |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. K S Karthik |
216900 |
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Mr. Anil Kumar Chhikara |
78400 |
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Mr. Anil Garg |
16370 |
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Names of
Allottee (As on 15.05.2006) |
No. of Shares |
|
Mr. Arun Sinha |
13170 |
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Karnataka Trustee Company Private Limited - A/C Karnataka Information Technology Venture Capital Fund |
6950 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
|
Venture Capital |
8.44 |
|
Directors or relative of directors |
91.56 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is an E-Learning Company |
GENERAL
INFORMATION
|
Customers : |
·
AED ·
DCC ·
MSIT ·
NIIT ·
NIS Sparta ·
Barclays ·
Citigroup ·
Ge Money ·
Welingkar ·
ING Vysya ·
Honeywell ·
Kanbay ·
Patni ·
Perot
systems ·
L and T
Infotech ·
Polaris ·
Virtusa ·
Accenture ·
Dell ·
First source ·
ESSAR ·
Idea ·
Sasken ·
Mahindra ·
Samsung ·
Pepsico ·
Kone ·
Grasim |
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No. of Employees : |
100 |
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Bankers : |
ING Vysya Bank Limited, 2006, 100 Feet Road, HAL II Stage,
Indiranagar, Bangalore – 560 038, Karnataka, India |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560
025, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 millions |
|
170000 |
Preference Shares |
Rs. 100/- each |
Rs. 17.000 millions |
|
|
|
Total |
Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
177600 |
Equity Shares |
Rs. 10/- each |
Rs. 1.776
millions |
|
162240 |
Preference Shares |
Rs. 100/- each |
Rs.16.224
millions |
|
|
|
Total |
Rs.18.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
|
18.000 |
1.681 |
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2] Share Application Money |
|
0.003 |
9.725 |
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3] Reserves & Surplus |
|
5.835 |
2.619 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
23.838 |
14.025 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.536 |
0.823 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
1.536 |
0.823 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.095 |
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TOTAL |
|
25.374 |
14.943 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
7.279 |
3.141 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.217 |
0.000 |
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
29.498 |
13.190 |
|
|
Cash & Bank Balances |
|
1.128 |
2.621 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
6.663 |
2.657 |
|
Total
Current Assets |
|
37.289 |
18.468 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
13.805 |
4.401 |
|
|
Provisions |
|
5.606 |
2.265 |
|
Total
Current Liabilities |
|
19.411 |
6.666 |
|
|
Net Current Assets |
|
17.878 |
11.802 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
25.374 |
14.943 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
Sales Turnover (Estimated) |
|
|
150.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.88 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.92 |
2.78 |
LOCAL AGENCY
FURTHER INFORMATION
NOTES:-
The Registered Office of the company has been shifted from No. 2, 2nd
Floor, Airport Road, Domlur, Bangalore – 560 071, Karnataka, India to the
present w.e.f 15.05.2006
FORM 8:-
|
Corporate identity
number of the company |
U80302KA2001PTC029172 |
|
Name of the
company |
247 LEARNING
SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
No. 20, Annaswamy Mudaliar Road, Near Ulsoor Lake, Bangalore – 560
042, Karnataka , India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts |
|
Particular of
charge holder |
ING Vysya Bank Limited, 2006, 100 Feet Road, HAL II Stage,
Indiranagar, Bangalore – 560 038, Karnataka India E-mail: indiranagarbr@ingvysyabank.com |
|
Nature of
instrument creating charge |
Supplemental
general hypothecation agreement |
|
Date of instrument
Creating the charge |
28.08.2007 |
|
Amount secured by
the charge |
Rs. 5.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : OD BD (CGTMSE):
IVRR -2.00%) Terms of Repayment : OD BD (CGTMSE) :
On Demand Margin : OD BD (CGTMSE) :
40% on book debts Extent and Operation of the charge : First charge on
the book debts of the company both present and future |
|
Short Particulars
of the property charged |
Entire book debts
of the company both present and future |
|
Particulars of
the present modification |
The existing
limit of OD BD (CGTMSE) has been enhanced from Rs. 2.500 millions to Rs.
5.000 millions. The securities are extended to the enhanced limit. |
|
Name of the
company |
247 LEARNING SOLUTIONS PRIVATE LIMITED |
|
Presented By |
ING Vysya Bank
limited, Indiranagar Branch, HAL, 3rd Stage Indiranagar, Bangalore
– 560 038 and M/s. 247 Learning
Solutions Private Limited |
|
1) Date and description
of instrument creating the change |
Dated 12.08.2005
(12th day of August 2005) General
Hypothecation Agreement |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 2.500
millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Present and
future goods, Machineries, book debts
and all other movable of the borrower including documents of title to
goods ands all other movables such as outstanding moneys, receivables,
claims, bills, invoices, documents, contracts, engagements, securities,
investments, past and the present machinery listed in the schedule
hereunto and all future machineries
belonging to or in the possession or
under the control of the borrower Wherever lying stored and kept
and whether in possession of the borrower or of the bank or of any
kind third party whether in India or elsewhere throughout the world
(including all such goods and all other movables as may be in course of shipment transit or delivery) shall
stand hypothecated to the bank from time to time by way first charge. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interest:
2% above IVRR, Eff. rate 14% per annum with periodical rests & / or at
such rate /s and rests as may be specified by the bank from time to time.
Penal interest : 2% per annum Margin : 40% on
book debts Repayment : on
Demand |
|
5) Name and
Address and description of the person entitled to the charge. |
ING Vysya Bank
Limited, Indiranagar Branch, HAL 3rd Stage, Indiranagar, Bangalore
– 560 038 (A Banking Company) |
Website DETAILS:-
Beginning as an 'eLearning' company and spreading roots as India's
largest eLearning implementation company, they have grown into a company whose
holistic solutions permeate to every individual in an organization, and in the
process makes a difference to the nation's intellectual capital. 'Talent
Lifecycle ManagementSM' is what they call it. It is a natural and enriching
process that's responsive to dynamic market needs.
The company is the world's first Talent Lifecycle ManagementSM company
that delivers end-to-end learning solutions. From inception in 2001, they have
evolved with changing market needs. The recent equity from Network 18 is
testimony to their robust growth and sustained financial performance.
Headquartered at Bangalore, the company has presence in the major economic hubs
of India. Over 80 domain experts in the areas of technology, content and
consulting contribute to the knowledge-base of the company.
The company has earned the unique distinction of implementing the
largest number of virtual corporate universities in the country - close to 30 -
at some of the biggest names across verticals.
Talent Lifecycle ManagementSM - a holistic solution that permeates to
every individual in an organization, and in the process makes a difference to
the nation's intellectual capital.
Business Goal
The values that they hold close to their heart have shaped their
organization and act as a guide to their decisions and the way they work.
Create Successful
Enterprises:
By helping corporates train and reskill their manpower and create
leaders who can compete in the challenging global market.
Nation Building:
By enhancing the employability of the nation's youth, thereby
contributing to the growth of the nation.
Technological
Innovations for Enhancing Intellect:
By leveraging technological advancement to create learning solutions
that enhance intellect and enable organizations to be successful globally.
By partnering and consulting with enterprises at every level, the company
provides learning solutions that are aligned to their business goals.
Rewarding milestones
Business Today in its annual survey identifies 10 emerging ventures that
have gone on to differentiate themselves either with a unique business
proposition or rapid growth. In its inaugural survey the company was listed
among India's Top 10 Emerging companies.
Deloitte
Technology 50 India 2007 and Deloitte Technology Fast 500 Asia
The Deloitte Technology Fast 50 India 2007 and Deloitte Technology Fast
500 Asia recognize and profile 50 fast-growing technology companies in India
and 500 fast-growing technology companies in Asia, based on their percentage
revenue growth over the last three financial years. The company was listed
among India's Fast 50 technology companies for the year 2007. It was also
recognized among the 500 fastest-growing technology companies in the Asia
Pacific region as part of the Deloitte Technology Fast 500 Asia Pacific 2007
program.
100 IT Innovators
2007
NASSCOM in its annual survey of companies who have made innovation an
important part of their growth strategy, named the company as one of the
finalists of the list for 2007. The company was selected for its ability to
stand out and differentiate itself by using breakthrough technological products
and novel market initiatives.
Membership of the
bureau of standards
Karthik KS, CEO, The company and Anil Chhikara, President, The company
were chosen to be part of the eLearning sectoral Committee formed under Bureau
of Indian Standards. This committee is responsible for formulating National
Standards in eLearning.
Red Herring Asia
100
Red Herring Asia 100 recognizes Asia's 100 most promising young
companies among which, The company was declared a talented emerging global leader
with high growth potential.
Karthik KS, CEO
24x7 Learning, making a presentation at Red Herring Asia 2007
Karthik KS, CEO
24x7 Learning, with Joel Dreyfuss, Editor-in-Chief, Red Herring
India's current economic boom can be largely attributed to the volume of
educated manpower available. As the demands of the global marketplace increase,
manpower skill deficiencies are becoming more evident and are working against
India's race towards achieving those magical growth predictions.
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. 42.28 |
|
UK Pound |
1 |
Rs. 82.79 |
|
Euro |
1 |
Rs. 65.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|