MIRA
INFORM REPORT
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Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
VMOKSHA TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
6th Foor, Tower C, Corporate Block, Diamond District, Airport
Road, Bangalore – 560008, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.09.1998 |
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Com. Reg. No.: |
08 - 24208 |
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CIN No.: [Company
Identification No.] |
U72200KA1998PTC024208 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRV01154G / BLRV0338G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Computer Software |
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 550000 |
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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Financial position of the company can be reputed as poor having sizeable
accumulated losses. The company’s payments are reported as slow due to difficult financial
position. The company may take long time to wipe out previous losses. It would be prudent to deal with the company on full safe and secured
trade terms and conditions. |
LOCATIONS
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Registered Office : |
6th Foor, Tower C, Corporate Block, Diamond District,
Airport Road, Bangalore – 560008, Karnataka, India |
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Tel. No.: |
91-80-25053500 / 41376300 |
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Fax No.: |
91-80-25201482 |
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E-Mail : |
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Overseas Office 1 : |
JTC Technopreneur Centre, 1003 Bukit Merah Central, No.04 – 22,
Singapore – 159836 |
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Tel. No.: |
91-65-62761258 |
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Fax No.: |
91-65-62761259 |
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Overseas Office 2 : |
12-50, Kingsgate Road, Kingstone Upon Thames, Surrey KT25AA |
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Tel. No.: |
91-44-20-84085211 |
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Fax No.: |
91-44-20-85471569 |
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E-Mail : |
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Overseas Office 3 : |
5000 Birch Street, West Tower, Suite 3000, Newport Beach, CA 92660 |
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Tel. No.: |
91-1-9492602001 |
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Fax No.: |
91-1-9494763703 |
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Email : |
DIRECTORS
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Name : |
Mr. Rajeev Sawhney |
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Designation : |
Director |
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Address : |
No.62, Al Hasan Building, Diplomatic Area, Manama, Bahrin. |
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Date of Birth/Age : |
29.06.1954 |
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Date of Appointment : |
13.02.1999 |
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Name : |
Ms. Poonam Sawhney |
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Designation : |
Director |
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Date of Birth/Age : |
31.05.1957 |
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Date of Appointment : |
21.07.2006 |
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Name : |
Ms. Gitanjali Sawhney |
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Designation : |
Director |
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Date of Birth/Age : |
22.02.1982 |
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Date of Appointment : |
21.07.2006 |
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Name : |
Mr. Pawan Kumar |
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Designation : |
Director |
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Address : |
205, Clasablance, Airport Road, Bangalore – 560017, Karnataka, India |
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Date of Birth/Age : |
01.07.1948 |
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Date of Appointment : |
14.06.2001 |
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Name : |
Mr. S. Ishwar |
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Designation : |
Director |
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Address : |
403, 6th Main, 1st Cross Hal, 2nd
Stage, Indi Ranagar, Bangalore, Karnataka, India |
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Date of Birth/Age : |
19.02.1960 |
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Date of Appointment : |
28.10.2005 |
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Name : |
Mr. Badruddin Syed |
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Designation : |
Director |
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Address : |
No. O – 77, Diamond District, Airport Road, Bangalore – 560017,
Karnataka, India |
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Date of Birth/Age : |
04.12.1959 |
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Date of Appointment : |
27.10.2005 |
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Name : |
Mr. D. Venkatesh |
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Designation : |
Director |
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Address : |
No. 7, 4th Main Chamarajpet, Bangalore – 560018, Karnataka,
India |
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Date of Birth/Age : |
15.05.1976 |
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Date of Appointment : |
29.10.2004 |
KEY EXECUTIVE
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Name : |
Mr. Naveen Sagar |
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Designation : |
CEO |
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Name : |
Mr. Ashok Nangia |
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Designation : |
CEO, Americas |
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Name : |
Mr. Pramod Kumar |
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Designation : |
Global Delivery Executive |
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Name : |
Mr. Prem Prakash |
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Designation : |
CEO, Asia Pacific |
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Name : |
Mr. Gurinder Singh Sethi |
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Designation : |
General Manager |
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Name : |
Mr. Anand Agnihotri |
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Designation : |
Head, Strategic Initiative |
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Name : |
Mr. Kishore Andekuli Chandradas |
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Designation : |
Program Manager |
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Name : |
Ms. Vani V. Rao |
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Designation : |
Head, Human Resourses |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Chance World Ventures Limited |
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766155 |
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Rajeev Sawhney |
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10 |
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Total |
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766165 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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92.60 |
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Directors or relatives of directors |
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07.40 |
BUSINESS DETAILS
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Line of Business : |
Computer Software |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 600 |
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Bankers : |
HSBC Bank, M.G. Road, Bangalore – 560001, Karnataka, India. |
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Auditors : |
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Name : |
Ajay Sethi and Association Chartered Accountant |
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Address : |
1/17, Hanumanthapa Layout, Ulsoor Road, Bangalore – 560042, Karnataka,
India. |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
331165 |
Equity Shares |
Rs. 100/- Each |
Rs.33.117
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
766165 |
Equity Shares |
Rs. 100/- Each |
Rs.76.616
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
76.616 |
61.391 |
33.116 |
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2] Share Application Money |
0.000 |
0.875 |
0.000 |
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3] Reserves & Surplus |
141.082 |
141.082 |
141.082 |
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4] (Accumulated Losses) |
(108.293) |
(107.294) |
(63.793) |
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NETWORTH |
109.405 |
96.054 |
110.405 |
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LOAN FUNDS |
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1] Secured Loans |
3.087 |
19.672 |
13.264 |
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2] Unsecured Loans |
0.000 |
6.622 |
15.322 |
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TOTAL BORROWING |
3.087 |
26.294 |
28.586 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
112.493 |
122.347 |
138.991 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.816 |
24.248 |
25.285 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.022 |
30.947 |
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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 |
79.275
|
114.417 |
111.321 |
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Cash & Bank Balances |
13.911
|
4.079 |
12.233 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
50.373
|
44.068 |
36.414 |
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Total
Current Assets |
143.559
|
162.564 |
159.968 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
48.041
|
60.761 |
71.542 |
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Provisions |
3.842
|
3.726 |
5.667 |
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Total
Current Liabilities |
51.883
|
64.487 |
77.209 |
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Net Current Assets |
91.677
|
98.077 |
82.759 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
112.493 |
122.347 |
138.991 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
235.900 |
290.500 |
415.900 |
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Other Income |
14.800 |
7.300 |
29.700 |
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Total Income |
250.694 |
296.799 |
445.265 |
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Profit/(Loss) Before Tax |
1.736 |
(41.855) |
(7.629) |
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Provision for Taxation |
2.735 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
(0.999) |
(43.501) |
(7.629) |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
1.224 |
2.918 |
0.846 |
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Depreciation & Amortization |
0.000 |
10.230 |
11.913 |
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Other Expenditure |
247.734 |
325.506 |
440.135 |
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Total Expenditure |
248.958 |
338.654 |
452.894 |
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity
Ratio |
0.14 |
0.28 |
0.26 |
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Long
Term Debt-Equity Ratio |
0.11 |
0.21 |
0.12 |
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Current
Ratio |
2.47 |
2.26 |
1.73 |
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TURNOVER
RATIOS |
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Fixed
Assets |
3.49 |
4.30 |
6.80 |
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Inventory |
0.00 |
0.00 |
0.00 |
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Debtors |
2.44 |
2.54 |
3.74 |
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Interest
Cover Ratio |
0.17 |
-
13.41 |
-
3.25 |
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Operating
Profit Margin(%) |
3.05 |
-
9.88 |
2.24 |
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Profit
Before Interest And Tax Margin(%) |
0.08 |
-
13.39 |
-
0.63 |
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Cash
Profit Margin(%) |
2.54 |
-
11.46 |
2.04 |
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Adjusted
Net Profit Margin(%) |
-
0.42 |
-
14.97 |
-
0.82 |
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Return
On Capital Employed(%) |
0.00 |
0.00 |
0.00 |
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Return
On Net Worth(%) |
0.00 |
0.00 |
0.00 |
LOCAL AGENCY FURTHER
INFORMATION
Web Details
Attached
Profile
Vmoksha expands to
'virtual moksha'. Moksha is a
Sanskrit term meaning enlightenment. In the opinion of contemporary thinkers, moksha is 'the most efficient state of mind'.
Their
Guiding Principle
Every day counts – is the maxim
they live by. At Vmoksha, people, products and processes converge to create
compelling, high-value, low-cost solutions in record time. They measure their
success in terms of the value they provide to their customers and the extent to
which they contribute in helping their customers achieve their ROI goals and
competitive advantage.
Business
Focus
Vmoksha’s growth has been realized through a strong focus on innovative
business solutions using technology. Its reliance on a business strategy based
on people, process and technology has led to mutually rewarding, long-term
associations with a number of prestigious customers including PeopleSoft Inc.,
S1 Corporation, IBM, Sun, Cisco, BOC Edwards, Wincor Nixdorf, Nextance, American
Express and Unilever.
Their services offerings include product engineering, migration, package
implementation and remote support. This includes both application and
infrastructure related offerings. They possess expertise in ERPs such as
PeopleSoft and SAP and have set up an Oracle Applications practice. Vmoksha has
skills in open source technologies, J2EE as well as Microsoft.Net
Infrastructure
Subject has three development centers in India and a back-up center
in Singapore. These centers are virtual extensions of our global customers'
onsite facilities.
The development centers are equipped with state-of-the art
infrastructure and communication devices to meet the critical requirements of
our customers. They adhere to international security standards and fire
protection and earthquake zone 4 regulation design standards.
Power backup facilities and all network connections with redundant
ports as standby ensure smooth operations. Networking attributes include
state-of-the-art CAT 6 cabling; server farm at Gigabit speeds, use of VLAN's
for work group isolation, firewall with IPSEC and 3DES encryption desktops at
100 Mbps. One of India's first VoIP PBX Cisco data and VoIP has been
implemented for future convergence applications.
Our facilities are well networked through the EPABX system, fax,
teleconferencing and video-conferencing using IP or ISDN bandwidth. For
seamless connectivity dedicated lease line or VPN access, as preferred by
customer, is available.
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 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.43.72 |
|
UK Pound |
1 |
Rs.81.45 |
|
Euro |
1 |
Rs.64.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
18 |
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 |
|