MIRA
INFORM REPORT
|
Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SEEINFOBIZ PRIVATE LIMITED |
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Registered Office : |
A – 602, Makani Centre, 35th Road, Off Linking Road, Khar (West),
Mumbai – 400052, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.12.2003 |
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Com. Reg. No.: |
11-143503 |
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CIN No.: [Company
Identification No.] |
U72200MH2003PTC143503 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS46114F |
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PAN No.: [Permanent
Account No.] |
AAHCS7663R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject
is a global software technology, consulting and outsourcing services company. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 16000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Trade relations
are fair. Scale of security is limited. Payments are reported as usually correct
and as per commitments. The company can be considered good for small to mediocre business
dealings. |
LOCATIONS
|
Registered Office : |
A – 602, Makani Centre, 35th Road, Off Linking Road, Khar (West),
Mumbai – 400052, Maharashtra, India |
|
Tel. No.: |
91-22-26202762 / 26425172 |
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Fax No.: |
91-22-26425177 |
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E-Mail : |
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Website : |
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Head Office : |
A – 301, Gasper Enclave, Pali Road, Bandra (West), Mumbai – 400050, Maharashtra,
India |
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Tel. No.: |
91-22-26425172/73 |
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Fax No.: |
91-22-26425177 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Ritesh Chandan Sidhwani |
|
Designation : |
Director |
|
Address : |
803, Quantum Park, B Wing, Union Park, Opposite Hotel Pali Hill, Khar
(West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
19.08.1973 |
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Date of Appointment : |
22.08.2006 |
|
Other Directorship : |
Excel Entertainment Private Limited Director U92100MH1999PTC120787 |
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|
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Name : |
Mr. Farhan Javed Akhtar |
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Designation : |
Director |
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Address : |
Bunglow No.1 and 2, Sea Spring. B J Road, Bandra West, Mumbai –
400050, Maharashtra, India |
|
Date of Birth/Age : |
09.01.1974 |
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Date of Appointment : |
22.08.2006 |
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Other Directorship : |
Excel Entertainment Private Limited Director U92100MH1999PTC120787 |
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Name : |
Mr. Chandan Sidhwani |
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Designation : |
Director |
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Name : |
Mrs. Preeti Chandan Sidhwani |
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Designation : |
Director |
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Name : |
Mrs. Nisha Sidhwani |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Nisha Chandan Sidhwani |
|
15000 |
|
Preeti Chandan Sidhwani |
|
5000 |
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Chandan Totaram Sidhwani |
|
10000 |
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Total |
|
30000 |
(As on 31.03.2007)
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Category |
|
Percentage
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is a global software technology, consulting and outsourcing services company. |
GENERAL INFORMATION
|
Customers : |
·
Indusind Bank Limited ·
The Great Eastern Shipping Company Limited ·
Kotak Mahindra Bank Limited ·
Hutchison Essar Limited ·
Hindustan Construction Company Limited |
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Bankers : |
·
Saraswat Co-operative Bank Limited ·
HSBC ·
HDFC Bank Limited |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M. K. Varghese and Company Chartered Accountant |
|
Address : |
124, Andheri Universal Industrial Estate Primises, J. P. Road, Andheri(West),
Mumbai – 400058, Maharashtra, India |
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Tel. No.: |
91-22-26202729 |
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E-mail: |
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Associates/
Subsidiary : |
Excel Entertainment Private Limited U92100MH1999PTC120787 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.10/- each |
Rs.0.300 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.300 |
0.300 |
0.100 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
2.968 |
0.983 |
0.320 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.268 |
1.283 |
0.420 |
|
|
LOAN FUNDS |
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|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
6.152 |
0.727 |
1.277 |
|
|
TOTAL BORROWING |
6.152 |
0.727 |
1.277 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
9.420 |
2.010 |
1.697 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
0.408 |
0.232 |
0.252 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.705 |
0.000 |
0.000 |
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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 |
7.367
|
1.299 |
2.212 |
|
|
Sundry Debtors |
0.684
|
0.813 |
1.083 |
|
|
Cash & Bank Balances |
1.108
|
0.007 |
0.005 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
2.741
|
0.744 |
0.248 |
|
Total
Current Assets |
11.900
|
2.863 |
3.548 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1.812
|
0.432 |
1.903 |
|
|
Provisions |
1.781
|
0.653 |
0.200 |
|
Total
Current Liabilities |
3.593
|
1.085 |
2.103 |
|
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Net Current Assets |
8.307
|
1.778 |
1.445 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.420 |
2.010 |
1.697 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Total Income |
30.773 |
12.823 |
7.204 |
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|
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Profit/(Loss) Before Tax |
3.113 |
1.115 |
0.520 |
|
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Provision for Taxation |
1.127 |
0.453 |
0.200 |
|
|
Profit/(Loss) After Tax |
1.986 |
0.662 |
0.320 |
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Expenditure |
|
|
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Depreciation & Amortization |
0.259 |
0.194 |
0.141 |
|
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Other Expenditure |
27.401 |
11.514 |
6.543 |
|
Total Expenditure |
27.660 |
11.708 |
6.684 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.45
|
5.16 |
4.44 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
10.11
|
8.69 |
7.22 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.29
|
36.02 |
13.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.95
|
0.87 |
1.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.98
|
1.41 |
8.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.31
|
2.64 |
1.69 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Profile:
Subject
established in the year 2000, is headquartered in India. The corporate office
and development center is located in the business capital of India - Mumbai. They
are an enterprising global management & technology consulting and
outsourcing Services Company.
With nearly 1700 plus man-years of experience in delivering
complex mission-critical systems to key market sectors around the Globe, since
inception company has achieved a consistent yearly growth rate of above 75
percent.
They deliver ground breaking applications and innovative IT
solutions to solve some of the toughest business challenges facing global
businesses today.
In a rapidly changing digital marketplace, Company has
re-invented the way innovation is delivered to businesses - the very businesses
facing today's mounting challenges: shortened development cycles, streamlined
in-house staff and increasingly global markets.
Companies that work with benefit from a clear win-win
situation. Through their commitment to mutual success, the company helps
businesses implement growth strategies, leverage technology, and thrive through
the power of collaboration, scaling new heights.
Global consulting practice, a blend of capabilities on
shore, near shore and off shore, enhances productivity, improves control and
visibility of services, whilst reducing total cost of ownership for IT and
business processes.
At company, they recognize that while every client is
unique, they all need to collaborate with a company that can help deliver maximum value and success for their
investment. A key component of their strategy is a commitment
to the continuing development of their industry sector specific skills and
expertise.
They offer products and solutions across a wide range of industries
such as Telecom, Banking,
Manufacturing, Insurance, Pharma, Logistics and many more.
Company provides Business and Technical consulting services in
areas such as Web Based Enterprise
Applications, Statement Delivery (EBPP, Print, E-mail, Fax, SMS and more), CRM,
Business Intelligence Solutions, E-Business Solutions, Enterprise Application
Integration (EAI), Wireless Applications, Outsourcing and Custom Development.
- Web Based Enterprise Applications
include Internet-based applications such as enterprise-wide web based billing,
invoicing, order automation, customized customer management, shipment tracking,
logistics management, dealer/agent management
- Statement Delivery Services
include delivery of statements/bills for telecommunication, banking, insurance
and other industries. It provides facilities by which the same statement format
can be auto-distributed through URL, e-mail, fax, PDF, PS, Word, Excel and any
other format. The statement delivery solutions also provide bill payment and
tracking facilities, call center management and back office support for hybrid
systems
- Business Intelligence Services provide
end-to-end Data Warehousing, Data Mining, Web based Enterprise Reporting and
Analysis Solutions across all industries
- CRM solutions provide a way of
understanding and anticipating customer behaviour, in order to identify the
most effective way to identify most profitable customers, acquire new customers,
exploit their lifetime value and retain existing ones
- E-business Solutions
provide highly scalable Web-based information delivery solutions, which can
reach out to millions of customers, employees or partners via WAP, PDAs, etc
- EAI Services enable rapid transformation and
exchange of data of same or different formats within and between enterprises
Partnership:
Subject is promoted by the promoters of Marlex Pressure
Cookers and Home Appliances (a company that has provided quality products and
services in Indian and overseas markets for more than 30 years) and Excel
Entertainment (a national award winning production company for Ad and Film
Production).
They have a team of committed and talented consultants, who
work in partnership with their customers to maximize their return on
investments.
They have consultants with domain expertise as well as technical specialists
across different application areas.
Subject has business and consulting partnerships with companies such as Actuate
Inc. U.S.A., EMC, Sun Microsystems, Oracle, Microsoft, Cognos, Tata Consultancy
Services, Hewlett-Packard, Accenture for providing enterprise-wide products and
solutions across the globe.
Partners:
Solution to help customers manage and transform technology
for better business outcomes. HP solutions to speed up product development help
supply chain visibility and meet compliance-related technology needs.
Wipro Technologies is the No.1 provider
of integrated business, technology and process solutions on a global delivery
platform. Wipro is the World's first CMMi Level 5 certified software services
company and the first outside USA to receive the IEEE Software Process Award.
TCS offers a wide range of IT services,
outsourcing and business solutions. India’s largest IT outsourcing and services
company by revenue and sales
Since their inception in 1982, the
vision of "The Network is the Computer" has evolved into the
Participation Age. they see everyone and everything participating on the
network.
IBM Global Services is the world's and
also India's largest information technology services and consulting provider.
IGS provides the entire spectrum of customers' e-business needs -- from the
business transformation and industry expertise of IBM Business Consulting Services
to hosting, infrastructure, technology design and training services.
Established in 1994, has been working
with operators in the mobile (pre- and post-paid), fixed, cable &
satellite, broadband/IP, and convergent markets with its flagship products that
include Unicorn Billing, Pegasus Mediation, UshaComm interconnect Billing
Solution, eMerchant Partner Settlements, Web Self-Care and Analyst.
InetSoft has earned its reputation of
excellence as a leading global operational business intelligence solution
provider by delivering innovative, award-winning software and professional
services for over a decade. InetSoft serves over a million users worldwide,
including 25% of Fortune 500 companies.
Events 2008
Enterprise Connect Awards 2008:
29 August
2008, ITC Grand Central, Mumbai
CIOL in association with Dataquest
instituted the Enterprise Connect Awards to recognize and award the pioneering
works done by CIOs in large and medium enterprises. Instituted in 2004, these
awards are an extension of the vision for CIOL Enterprise Connect, to
super-power the CIOs.
SEEinfobiz is the presenter and
sponsor of the 'Green IT' award that recognizes a CIO's pioneering and
innovating efforts at implementing an ecofriendly IT infrastructure. Apart from
this, individual awards are given under the categories: Pioneer, Innovator,
Advocate, Extended Manager and Process.
In the last 4 years, a total of
500 large enterprises have participated and sent in their nominations and
winners include - Tata Motors Limited, Reliance Industries, CESC Limited, ICICI
Bank Limited, North Delhi Power Limited, Reliance Infocomm Limited, Bharti Tele
Ventures Limited, TVS Motor Company, State Bank of India, Gati Limited, Fortis
Healthcare and many more.
Voice & Data 100 - 2008:
At SEEinfobiz, we are supporting V&D 100 Awards function
to mark a note of their appreciation for dedicated efforts that has gone for
creating and maintaining this glorious and prestigious platform of recognition
of work in communication sector.
Ms. Nisha Sidhwani, CEO SEEinfobiz presented the award for
'Telecom Man of the Year' to Mr. Kuldeep Goyal, CMD BSNL.
Deemed as India's most prestigious telecom industry event,
it is marked by the presence of CEOs, senior government officials and stalwarts
from leading Service Providers, Equipment vendors, networking and other telecom
companies.
The V&D 100 Awards mark the one and only survey of the
telecom and networking industry since 1995. The V&D100 almanac provides
industry rankings, vital information, statistics and analyses on business,
technology and regulatory aspects of the telecom and networking industry.
Conducted by VOICE&DATA, India's No. 1 publication on telecommunications
and networking, around 1,000 companies participate in this extensive survey.
Mobile World Congress:
SEEinfobiz is a leading participant and sponsor at global
events like Mobile World Congress - 11-14 February, 2008 | Barcelona, Spain
This congress, previously known as the 3GSM World
Congress, is the annual meeting point for the mobile communications
industry, attracting over 70 000 visitors from around the world.
Meet SEEinfobiz
SEEinfobiz’s Telecom Media and Entertainment team will be at
stall 2F14. It will serve as a general meeting point and information centre for
Media & Telecom Payments and Billing solutions. Also available will
be showcasing of their innovative solutions in Business Intelligence, Data
Warehousing and Data Mining, Infrastructure and Outsourcing.
MEFTEC
08:
SEEinfobiz in collaboration with Almoayed Group is
participating in MEFTEC 2008, held at the Exhibition Centre Bahrain on 11-12
February 2008. MEFTEC is the premier and most prestigious banking &
financial services technology event in the Middle East, Africa and South Asia
(MEASA) region.
With over 1,200 delegates from 27 countries and more than 150 exhibitors,
MEFTEC 2008 was one of the finest exhibitions ever organized in the Kingdom of
Bahrain. Held under the auspices of the Central Bank of Bahrain, and aptly
staged at the heart of one of the world's leading financial centres, MEFTEC is
the premier financial technology event for the Middle East, Africa and South
Asia (MEASA) region.
BANCON
2007:
The SEEinfobiz team participated at Bancon 2007 held at Taj
Lands End on 26-27 November 2007. The theme of the conference was 'Indian
Banking - Towards Global Best Practices' which addressed various aspects and
challenges of inclusive growth and is considered as a major direction to Indian
banking to support the pursuit of balanced and widely dispersed economic growth
and development .
Banknet
India:
The leading international Banking Technical Summit was
attended by the SEEinfobiz team held in Mumbai on 16 September 2007. IBTS'07
provides a unique opportunity to get first hand insight on technology in
banking from the regulator and top bankers.
Banking
Tech Summit 07:
The 2nd edition of BANKing TECH
Summit 2007, CII's flagship International Conference for the Indian Banking
Technology Industry was held on 16 January 2007 concurrent to Banking Tech Expo
2007 in Mumbai.
The Summit provided a platform for discussing business level trends, changing
technologies trends, M & As, Tapping the Rural Demand, Basel II, Technology
Risk, Metadata Framework, Anti Money Laundering Compliance, Distribution and IT
Integrations .
Events 2007
CXO Summit 2007:
SEEinfobiz participated at the CXO Summit 2007 with the
theme "TOP BANKERS TO DISCUSS FINANCIAL SECTOR CHALLENGES" in
association with Indian Institute of Banking & Finance (IIBF) on 19th April
2007 at Taj President, Mumbai, India. The CXO Summit is designed to provide
skills to effectively use IT to manage regulatory requirements, control risks,
enhance profitability & efficiency, refine channel strategies, deliver customer
satisfaction, retain customers and acquire new ones to achieve significant
revenue growth.
Events 2006
Bancon
2006:
The SEEinfobiz team participated at Bancon 2006 held at Taj Lands
End on 21-22 November 2006. The theme of the conference was 'Global Best
Practices' which addressed various aspects and challenges of inclusive growth
and is considered as a major direction to Indian banking to support the pursuit
of balanced and widely dispersed economic growth and development.
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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
--Public Limited Liability Company. Company's Shares are Listed on the
Stocks Exchange |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|