MIRA
INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ITTI PRIVATE LIMITED |
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Formerly Known As : |
INNOVATION TECHNOLOGY TRANSFER INDIA |
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Registered Office : |
1/5, Santosh Complex, Armugam Circle, Basavanagudi, Bangalore – 560
004, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.02.1993 |
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Com. Reg. No.: |
08-13972 |
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CIN No.: [Company
Identification No.] |
U72200KA1993PTC013972 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI02027E |
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PAN No.: [Permanent
Account No.] |
AAACJ41142 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing IT Consulting and Software 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 590000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Manoj and Mr. Lokesh denied business and financial details. Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
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Name : |
Mr. Manoj |
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Date : |
27.08.2008 |
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Name : |
Mr. Lokesh |
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Date : |
27.08.2008 |
LOCATIONS
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Registered Office : |
1/5, Santosh Complex, Armugam Circle, Basavanagudi, Bangalore – 560
004, Karnataka, India |
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Tel. No.: |
91-80-41102525 / 41193209 / 6612226 |
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Fax No.: |
91-80-41102571 / 51102571 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at ·
Mumbai ·
USA ·
UAE ·
UK |
DIRECTORS
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Name : |
Mr. T Thomas |
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Designation : |
Chairman |
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Address : |
“Revills” 45, Cuffe Parade, Mumbai – 400 005, Maharashtra, India |
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Date of Appointment : |
27.04.1993 |
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Name : |
Mr. Bipin R Shah |
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Designation : |
Director |
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Address : |
368-B, Manali Vallabai Patel Road, Santacruz (West), Mumbai – 400 054,
Maharashtra, India |
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Date of Appointment : |
04.04.1997 |
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Name : |
Dr. K O Mammen |
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Designation : |
Director |
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Address : |
10, Walton Road, Bangalore – 560 001, Karnataka, India |
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Date of Ceasing : |
30.03.2005 |
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Name : |
Mr. Anna Thomas Chacko |
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Designation : |
Director |
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Address : |
Villa # 2 (Municipality # 14), A1 Rostamani Villas, Near Spinneys
Centre, Umm Suqiem, Dubai, UAE |
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Date of Appointment : |
20.11.2000 |
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Name : |
Mr. Prince Asirwatham |
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Designation : |
Director |
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Address : |
1A Sunny Side, 4 Bride Street, Langford Road, Bangalore – 560 025,
Karnataka, India |
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Date of Ceasing : |
30.03.2005 |
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Name : |
Mr. Mike Shah |
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Designation : |
Director |
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Address : |
No. 260, 17th Cross, Sadashivnagar, Bangalore – 560 080,
Karnataka, India |
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Date of Ceasing : |
30.03.2005 |
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Name : |
Ms. Hema Hattangady |
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Designation : |
L Director |
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Address : |
Flat No. 3E, Kenilworth Aparts, No. 6, Gangadhar Chetty Road, Bangalore
– 560 042, Karnataka, India |
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Date of Appointment : |
03.07.2003 |
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Name : |
Ms. Anita Chacko |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. CVS Mukunthan |
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Designation : |
Company Secretary |
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Address : |
62 AVM Avenue, Main Road, Virugambakkam, Chennai – 600 092, Tamilnadu,
India |
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Date of Appointment : |
25.06.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Exodus Technologies Limited, Mauritius |
5582377 |
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Total |
5582377 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Consulting and Software Services |
GENERAL
INFORMATION
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No. of Employees : |
About 300 |
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Bankers : |
Development Credit Bank Limited M G Road Branch, Prestige Meridian, M G Road, Bangalore – 560 001,
Karnataka, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rajagopal and Badrinarayanan Chartered Accountants |
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Address : |
25, Padmashree Mansions, II Floor, 1st Cross, Sampige Road,
Malleshwaram, Bangalore – 560 003, Karnataka, India |
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Holding Company : |
Exodus Technologies Limited |
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Associates/Subsidiaries : |
·
ITTI Inc USA ·
ITTI Massachussetts Inc USA ·
ITTI PTE Limited, Singapore |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
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Total Shares |
|
Rs.80.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5582377 |
Equity Shares |
Rs.10/- each |
Rs.55.824
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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1] Share Capital |
55.824 |
55.824 |
55.824 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.348 |
49.129 |
35.230 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
118.172 |
104.953 |
91.054 |
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LOAN FUNDS |
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1] Secured Loans |
3.706 |
0.000 |
0.592 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
3.706 |
0.000 |
0.592 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
121.878 |
104.953 |
91.646 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.857 |
31.339 |
38.339 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
27.492 |
27.492 |
27.724 |
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DEFERREX TAX ASSETS |
18.070 |
13.074 |
7.885 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
32.316
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22.102 |
21.335 |
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Cash & Bank Balances |
0.907
|
2.479 |
2.409 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
38.663
|
35.012 |
22.323 |
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Total
Current Assets |
71.886
|
59.593 |
46.067 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.501
|
13.408 |
16.380 |
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Provisions |
13.926
|
13.137 |
11.989 |
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Total
Current Liabilities |
25.427
|
26.545 |
28.369 |
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Net Current Assets |
46.459
|
33.048 |
17.698 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
121.878 |
104.953 |
91.646 |
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PROFIT & LOSS
ACCOUNT
Summarised Profit and Loss Account may follow soon.
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.05
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0.25 |
0.32 |
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Current Ratio (Current Asset/Current Liability) |
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2.83
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2.24 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U72200KA1993PTC013972 |
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Name of the
company |
ITTI PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
1/5, Santosh Complex, Armugam Circle, Basavanagudi, Bangalore – 560
004, Karnataka, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable property |
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Particular of
charge holder |
Development Credit Bank Limited M G Road Branch, Prestige Meridian, M G Road, Bangalore – 560 001,
Karnataka, India |
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Nature of
instrument creating charge |
Registered Deed
of Mortgage |
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Date of instrument
Creating the charge |
20.06.2008 |
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Amount secured by
the charge |
Rs.20.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest at the rate of 13.50 per cent per annum with monthly rests. ·
Terms of
repayments Repayable on demand ·
Margin Margin as applicable. ·
Extent and
operation of the charge I charge on hypothecation of book debts, Outstandings, Receivables,
Bills, claims etc. belonging to the company, and registered equitable
mortgage of property situated at No. 203 to A-206 and NO. A-208 to No. A-211,
2nd Floor, Vashi Commercial complex, Vashi. Navi Mumbai – 400 705
measuring 4385 square feets etc. belonging to the company. |
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Particulars of
the property charged |
I charge on
hypothecation of book debts, Outstandings, Receivables, Bills, Claims and
equitable mortgage of property No. 203 to A-206 and NO. A-208 to No. A-211, 2nd
Floor, Vashi Commercial complex, Vashi. Navi Mumbai – 400 705 measuring 4385
square feets etc. belonging to the company. |
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Particulars of
the present modification |
Additional
security by way of registered equitable mortgage of property No. A-203 to No.
A-206 and No. A-208 to No. A-211, 2nd Floor, Vashi Commercial
Complex, Vashi, Navi Mumbai – 400 705 measuring 4385 square feets etc.
belonging to the company for the increased limits of Rs.20.000 millions from
Rs.10.000 millions. The primary security of book debts, outstandings,
receivables, etc. continued. |
Business
Subject (formerly, Innovation Technology Transfer India) is an IT
Consulting and Software services Company, headquartered in Bangalore, India, with
Development Centers / Marketing Offices at Bangalore and Mumbai in India;
Boston in the USA; London in the UK; Dubai, Singapore and Malaysia in the APAC
region.
Subject has almost 300 associates at its worldwide offices and customer
locations. The ISO 9001:1994 certification in September 2000 was the first
steps to putting in place a process-driven Organization.
They offer IT Consulting and Software services in the following areas:
- Enterprise
Business Solutions Group
- MFG/Pro
- SAP R/3
- JD Edwards Enterprise
One
- BPCS / AS
400
- Business
Intelligence Group
- Open Systems
Group
- Web-based and
Client Server Applications
- Product
Development
- Application
Support and maintenance
- Enterprise
Infrastructure Solutions Group
- Design and
Implementation of Networks (LAN and WAN)
- Design and
Implementation of Security Infrastructure
- Server and
System Administration (Onsite and Remote)
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.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
47 |
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 |
|