MIRA
INFORM REPORT
|
Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KALYANI INFOTECH SOLUTIONS LIMITED |
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Formerly Known As : |
RATNAGARBH CREATIVITY SERVICES PRIVATE LIMITED |
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Registered Office : |
20, Nityanand Housing Society, Pune Satara Road, Pune – 411 043,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
07.02.1997 |
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Com. Reg. No.: |
11-105730 |
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CIN No.: [Company
Identification No.] |
U74210MH1997PLC105730 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK07901F |
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PAN No.: [Permanent
Account No.] |
AABCR4139B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Subject offers Mechanical engineering and
product design services based on latest Computer Aided Design, Computer Aided
Manufacturing, Computer Aided Engineering i.e. CAD/CAM/CAE technologies to
various manufacturing industries worldwide. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 350000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a decade old company promoted by Kalyani Group. Company’s
profitability is under pressure and loss some accumulated losses. Trade
relations are fair. No complaints have been heard. At it has been promoted by Kalyani Group, the company can be
considered normal for business dealings.
|
INFORMATION PARTED
BY
|
Name : |
Ms. Shilpa Shirwadkar |
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Designation : |
Accountant |
|
Date : |
04.12.2008 |
LOCATIONS
|
Registered Office : |
20, Nityanand Housing Society, Pune Satara Road, Pune – 411 043,
Maharashtra, India |
|
Tel. No.: |
91-20-26814971 / 72 / 26725000 |
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Fax No.: |
91-20-26812589 |
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E-Mail : |
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Website : |
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Location : |
Owned (Owned by KTMS (group Company) and they pay rent top them) |
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Branch Office 1 : |
47/2, A-B, Shri Gobind Nivas, 2nd Floor, Pune Satara Road,
Bibvewadi |
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Tel. No.: |
91-20-24220206 / 24224846 |
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Fax No.: |
91-20-24224846 |
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E-Mail : |
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Branch Office 2 : |
Atharva Plaza, Opp. Shankar Mart, Dhankawadi, Pune, Maharashtra, India
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DIRECTORS
|
Name : |
Mr. Shriniwas B Kanade |
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Designation : |
Director |
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Address : |
20, Nityanand Co-Operative Housing Society, Dhankawadi, Pune – 411
043, Maharashtra, India |
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Date of Appointment : |
07.02.1997 |
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|
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Name : |
Mrs. Supriya G Tilak |
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Designation : |
Director |
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Address : |
1397, Shukrawar Peth, Nava Vishnu Chowk, Sangam Sadi Center Lane, Pune
– 411 002, Maharashtra, India |
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Date of Birth/Age : |
18.04.1965 |
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Date of Appointment : |
07.12.1997 |
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Name : |
Mr. Amit B Kalyani |
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Designation : |
Director |
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Address : |
221 Ami Kalyani Nagar, Pune – 411 006, Maharashtra, India |
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Date of Appointment : |
12.07.2007 |
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Name : |
Mr. Madan Takala |
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Designation : |
Director |
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Address : |
3, Archway Kalyani Nagar, Pune – 411 006, Maharashtra, India |
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Date of Appointment : |
12.07.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 27.09.2007)
|
Names of Shareholders |
No. of Shares |
|
Govalkonda Trading Company Private Limited |
1 |
|
Janjira Trading Company Private Limited |
1 |
|
Pratapgad Trading Company Private Limited |
8000 |
|
Purandhar Trading Company Private Limited |
28750 |
|
Rayad Trading Company Private Limited |
28750 |
|
Vasai Fort Trading Company Private Limited |
8750 |
|
Vishalgad Trading Company Private Limited |
750 |
|
S I Financial Services Limited |
7000 |
|
Le-Roy Securities Private Limited |
7000 |
|
|
|
|
Total |
89002 |
List of Allotment
|
Names of Allottees |
No. of Shares |
|
Vineet Infin Private Limited |
14000 |
|
|
|
|
Total |
14000 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2007)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject offers Mechanical engineering and
product design services based on latest Computer Aided Design, Computer Aided
Manufacturing, Computer Aided Engineering i.e. CAD/CAM/CAE technologies to
various manufacturing industries worldwide. |
GENERAL
INFORMATION
|
Customers : |
·
Tata ·
Bajaj ·
Lear Corporation ·
ZF India ·
Visteon ·
Eicher ·
UGS ·
Whirlpool ·
Mahindra ·
Kirloskar ·
Bharat Forge Limited Pune ·
Bharat Forge Limited Baramati (Upcoming) ·
Bharat Forge Limited Chakan ·
Bharat Forge Limited Satara ·
Kalyani Carpenter Special Steel Limited ·
Kalyani Technical Management Services ·
Kalyani Net Ventures Limited ·
Kalyani Tech Center ·
Kalyani Power ·
Kenersys (India) Limited ·
Kalyani Training Center (Upcoming) |
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No. of Employees : |
105 |
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Bankers : |
HFDC Bank, Bhandarkar Road |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
·
P V Deo Chartered Accountants Address : 8B/11,
Laxminarayana Co-Operative Housing Society Building No.4, Erandawana, Pune –
411 004, Maharashtra, India ·
Milind Phadake Chartered Accountants Address : 526, Narayan Peth, Pune – 411 030, Maharashtra, India |
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Sister Concern : |
They are one of the Company of “Kalyani Group” They have many sister concern companies, but manes not given. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
242000 |
Equity Shares |
Rs.10/- each |
Rs.2.420 millions |
|
8000 |
Preference Shares |
Rs.10/- each |
Rs.0.080 millions |
|
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|
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Total |
|
Rs.2.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
89002 |
Equity Shares |
Rs.10/- each |
Rs.0.890
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2007 (9 Months) |
31.03.2007 (12 Months) |
31.03.2006 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.890 |
0.750 |
0.750 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
69.860 |
0.000 |
0.021 |
|
|
4] (Accumulated Losses) |
(1.221) |
(0.720) |
(0.695) |
|
|
NETWORTH |
69.529 |
0.030 |
0.076 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.014 |
0.000 |
|
|
|
|
|
|
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TOTAL |
69.529 |
0.044 |
0.076 |
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
27.766 |
0.056 |
0.080 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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INVESTMENT |
37.842 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.007 |
0.000 |
0.000 |
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
10.070
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
3.999
|
0.030 |
0.024 |
|
|
Other Current Assets |
0000
|
0.009 |
0.006 |
|
|
Loans & Advances |
5.158
|
0.000 |
0.009 |
|
Total
Current Assets |
19.227
|
0.039 |
0.039 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
15.463
|
0.051 |
0.043 |
|
|
Provisions |
0.850
|
0.000 |
0.000 |
|
Total
Current Liabilities |
16.313
|
0.051 |
0.043 |
|
|
Net Current Assets |
2.914
|
(0.012) |
(0.004) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
69.529 |
0.044 |
0.076 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2007 (9 Months) |
31.03.2007 (12 Months) |
|
|
Sales Turnover |
|
30.737 |
0.000 |
|
|
Other Income |
|
0.846 |
0.001 |
|
|
Total Income |
|
31.583 |
0.001 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(1.063) |
(0.032) |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
(1.063) |
(0.032) |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
1.046 |
0.000 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
17.024 |
0.000 |
|
|
Payment to Auditors |
|
0.060 |
0.001 |
|
|
Interest |
|
0.712 |
0.000 |
|
|
Insurance Expenses |
|
0.323 |
0.000 |
|
|
Power & Fuel |
|
0.373 |
0.000 |
|
|
Depreciation & Amortization |
|
4.111 |
0.024 |
|
|
Other Expenditure |
|
10.043 |
0.008 |
|
Total Expenditure |
|
32.646 |
0.033 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2007 (9 Months) |
31.03.2007 (12 Months) |
31.03.2006 (12 Months) |
|
PAT / Total Income |
(%) |
(3.37)
|
(3200.00) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.46)
|
0.00 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.26)
|
(33.68) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(1.07) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.23
|
1.70 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
0.76 |
0.91 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered Office of the company has been shifted from C I Industry
House, S No. 49, Opp. Kalyani Steel Pune – 411 036, Maharashtra, India to the
present address w.e.f. 01.04.2006.
Trade References
·
Tata Motors
·
Whirlpool
·
Atlas Corporation Company
Fixed Assets
·
Depreciation
Quantitative
Details
Considering the nature of activities, in which the Company was engaged
during the financial year covered by these accounts i.e. IT and IT enabled
services, etc. the question of providing the details and information as
required under paragraph numbers 3 and 4C of Part II of Schedule VI to the
Companies Act, 1956, does not arise in the case of the Company.
In pursuance of the agreement entered into with Kalyani Net Ventures
Limited, the Company has acquired the running businesses of Engineering and
Training Services Division and Information Technology Services Division of the
said company, togetherwith all its assets, liabilities and employees, with
effect from 1st April, 2007. The liabilities taken over by the
Company include certain term loans borrowed from HDFC bank Limited with the
aggregate outstanding balance of Rs.7.055 millions. The Company is in the
process of transferring the said loans in its name by executing the required
documents with the said Bank. The said loans continue to be secured by charge
on the assets of Kalyani Net Venture Limited Pending the actual transfer of the
loans the aggregate balance outstanding the said loans as at 31st
December, 2007 amounting to Rs.7.986 millions has been included in the Balance
Sheet under Other Liabilities. Interest amounting to Rs.0.709 million paid on
the said loans has been stated as “Interest on Fixed Loans”, in the Profit and
Loss Account.
In the absence of any notification by the Central Government, as to the
rate and effective date for payment of cess under section 441A of the Companies
Act, 1956, no provision. For the same, has been made in these accounts.
Business
Activities
With effect from 1st April, 2007 the company has acquired the
running business of Engineering and Training Services Division and Information
Technology Services Division of Kalyani Net Ventures Limited, Pune and has
already commenced the business of imparting training in CAD-CAM and CAE and to
provide on site and off shore support to its potential clients / customers for
CAD, CAM and CAE application and onsite services of I T Management.
In view of the proposed business expansion plant the company has changed
its status from private limited to public limited and consequently w.e.f. 5th
September, 2007 its name was changed to Kalyani Infotech Solutions Limited.
Change in the
Financial year of the Company
In view of the future business plan / strategic planning of the Company
it was decided to change the Financial Year of the Company to be ending on 31st
December, 2007 and the current financial year shall be for a period of nine
months starting from 1st April 2007 and ending on 31st
December 2007.
Web Details
Profile
Subject is a consulting
and integrating services company that aims at providing with the resources and
expertise for network analysis, design, and optimization of the need to make
the right network decisions and implement changes with minimal risk and help
ensure peak network performance.
They appreciate the importance of a seamless, end-to-end business
operation that extends from behind-the-scenes transaction processing to
up-front customer servicing in today's successful businesses integrate
processes across corporate boundaries, within and outside the organization.
They also know that these requirements can strain the network and lead
to major performance issues. To help ensure the network is ready to handle
these demands, Subject
offers a comprehensive set of network services that address virtually all of
the network needs.
Subject is a part of Pune (India) based
prestigious Kalyani Group of companies having a combined turnover of around US
$ 2.1 billion and has interests in Auto Components, Forging, Speciality Steels,
Energy, Chemicals, Engineering services among others. The Group has a track
record of joint ventures and partnerships with some of the well-known global
players like Arvin Meritor, Hayes-Lemmerz, Carpenter technologies of US, among
others. With the enduring world-class partnerships, the Group endeavors to set
global benchmarks in technical excellence and customer satisfaction.
Bharat
Forge Limited (BFL), the flagship company of the Kalyani Group, is one
of the top 3 forging manufacturing companies worldwide.
Subject offers Mechanical engineering and product
design services based on latest Computer Aided Design, Computer Aided
Manufacturing, Computer Aided Engineering i.e. CAD/CAM/CAE technologies to
various manufacturing industries worldwide. The business model involves a
combination of Offshore-Offsite-Onsite services. The company has an experienced
team of engineers having a blend of technical domain knowledge and software
expertise. Subject works with a approach of long term
relationships with clients looking out for a reliable, scalable and best
quality Engineering Services. Subject also specialises in Product Lifecycle
Management (PLM) Solutions for the Engineering Design and Manufacturing
Industries. Subject also provides training to young engineers
and working professionals with Mechanical/Automobile/Production Engineering
background in the areas of CAD/CAM/CAE on various software platforms to bridge
the distance between the industry and academics.
Alliances
·
TYCO
·
Systimax Solutions
·
Cisco Systems
·
Krone
·
Nortel Networks
·
D-Link
·
Com
The Kalyani Group
The Kalyani Group is one of the Industrial Houses in India, having core
businesses in Steel and Steel based products, Forgings and Automotive
Components. The Group's Annual Turnover is around USD 900 million and has joint
ventures with some of the world leaders such as Meritor, USA, Carpenter
Technology Corporation, USA, Bosch, Germany, Hayes Lemmerz, Germany etc.
Bharat Forge Limited , the flagship company of the group is the largest
forging company in Asia and the 2nd largest in the world.
Apart from Bharat Forge Limited, the other major companies in the group
include CDP Bharat Forge, Kalyani Brakes, Kalyani Steels, Kalyani Carpenter
Special Steels, Kalyani Lemmerz, Automotive Axles, Kalyani Sharp, Kalyani
Thermal Systems, BFL Utilities, Epicenter and Synise Technologies.
The Kalyani Group's vertical integration, with upstream steel making and
downstream machining coupled with international competitiveness at every step,
benefits our customers in terms of :
·
World Class Technology
·
High Quality
·
Partnership
Kalyani
Group
|
Automobile Components and Systems |
Speciality Steel |
Speciality Manufacturing |
Services |
|
Bharat forge |
Kalyani Steels |
Hikal Chemicals |
BF Utilities |
|
CDP Bharat Forge |
Kalyani Carpenter Special Steels |
Kalyani Sharp |
Synise Technologies |
|
Automotive Axles |
|
Kalyani Thermal |
Epicenter |
|
Kalyani Brakes |
|
|
|
|
Kalyani Lemmerz |
|
|
|
Kalyani
Group : Business highlights
|
Group Turnover |
USD 900 million |
|
Sales outside India |
USD 250 million |
|
Employee Strength |
6500 |
Market Leader
"Group Companies are positioned No.1 or No.2 in all
main businesses in the Domestic and International Market"
·
#1 in Forging and Machined components
·
#1 in Axle Aggregates in India
·
#2 in Brake Systems in India (Passenger Cars and 2-wheelers)
·
#1 in Wheels in India
·
#1 in Alloy Steel
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.49.79 |
|
UK Pound |
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|