MIRA
INFORM REPORT
|
Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TARANG SOFTWARE TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
400/2 Tarang Towers, Hoody Whitefield Main Road, Bangalore – 560 048,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
25.09.2000 |
|
|
|
|
Com. Reg. No.: |
08-27842 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72300KA2000PTC027842 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT01435A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Software Development and BPO Operations |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Financial position of the company is difficult having huge accumulated
losses. It’s payment are slow. Years 2007-08, 2008-09 may not be good for the company. Initially, it would be advisable to deal with the company on safe and
secured trade terms and conditions, only. |
LOCATIONS
|
Registered Office : |
400/2 Tarang Towers, Hoody Whitefield Main Road, Bangalore – 560 048,
Karnataka, India |
|
Tel. No.: |
91-80- 4115 7777 / 51157777 |
|
Fax No.: |
91-80-41157870 / 51157870 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Overseas Office : |
450 N Mathilda Avenue, Building M Suite 210, Sunnyvale, CA
94086 |
|
Tel. No.: |
786 272 1818 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. V Rama Kumar |
|
Designation : |
Director |
|
Date of Birth/Age : |
23.12.1953 |
|
Date of Appointment : |
25.09.2000 |
|
|
|
|
Name : |
Mr. Naresh Malhotra |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.06.1947 |
|
Date of Appointment : |
13.10.2000 |
|
|
|
|
Name : |
Mr. Ashok Narasimhan |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.01.1971 |
|
Date of Appointment : |
21.12.2000 |
|
|
|
|
Name : |
Mrs. Revathi Kasturi |
|
Designation : |
Director |
|
Address : |
Ruby 37 Golden Enclave Airport Road, Bangalore – 560 017, Karnataka,
India |
|
Date of Birth/Age : |
05.05.1959 |
|
Date of Appointment : |
25.09.2000 |
|
|
|
|
Name : |
Mr. Kannan Kasturi |
|
Designation : |
Director |
|
Address : |
Ruby 37 Golden Enclave Airport Road, Bangalore – 560 017, Karnataka,
India |
|
Date of Birth/Age : |
01.09.1953 |
|
Date of Appointment : |
20.10.2000 |
|
|
|
|
Name : |
Mr. K P Balraj |
|
Designation : |
Director |
|
Address : |
301, Lyndhurst , # 3 Walton Road, Off Lavelle road, Bangalore – 560
001, Karnataka, India |
|
Date of Birth/Age : |
18.01.1971 |
|
Date of Appointment : |
21.12.2000 |
|
|
|
|
Name : |
Mr. Rajveer Singh Kushwaha |
|
Designation : |
Director |
|
Address : |
8021 Tahoe Park Circle , Auston, Texas 78726, USA |
|
Date of Birth/Age : |
16.12.1967 |
|
Date of Appointment : |
18.09.2002 |
|
|
|
|
Name : |
Mr. Rajeev Singh Kushwaha |
|
Designation : |
Director |
|
Address : |
8021 Tahoe Park Circle , Auston, Texas 78726, USA |
|
|
|
|
Name : |
Mr. Raghavendra Hegde |
|
Designation : |
Director |
|
Address : |
No. 5 5th Cross K V Lane, Cottonpet, Bangalore – 560 053,
Karnataka, India |
|
Date of Appointment : |
02.07.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 31.03.2007) |
|
No. of Shares |
|
Mr. V Rama Kumar |
|
4006986 |
|
Global Internet Venture Holding Limited |
|
8082523 |
|
Westbridge Ventures LLC |
|
5119387 |
|
Mencap Holdings Limited |
|
145576 |
|
Mr. S R Gopalan |
|
33334 |
|
Mr. G Srinivasan |
|
16666 |
|
Mr. K Velumurugan |
|
1500 |
|
Mr. K V Sudheer |
|
12500 |
|
Mr. Vijayanandam |
|
90000 |
|
Total
|
|
17508472 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
|
Venture Capital |
76.23 |
|
Directors or relative of directors |
22.89 |
|
Other top fifty (50) shareholders |
0.88 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Software Development and BPO Operations |
GENERAL
INFORMATION
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
· Bank of America · Hongkong and Shanghai Banking Corporation |
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
11-12/1 Inner Ring Road, Koramangala, Bangalore – 560 071, Karnataka,
India |
|
Tel. No.: |
91-80-39806000 |
|
Fax No.: |
91-80-39806999 |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 2/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17508472 |
Equity Shares |
Rs. 2/- each |
Rs.35.017
millions |
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 |
35.016 |
35.016 |
34.812 |
|
|
2] Share Application Money |
0.192 |
0.134 |
0.025 |
|
|
3] Reserves & Surplus |
213.630 |
213.630 |
213.630 |
|
|
4] (Accumulated Losses) |
[171.747] |
[167.932] |
[176.589] |
|
|
NETWORTH |
76.899 |
80.714 |
71.878 |
|
|
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 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
77.091 |
80.848 |
71.878 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.107 |
3.276 |
5.889 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
20.227
|
17.681 |
11.588 |
|
|
Cash & Bank Balances |
26.214
|
40.301 |
29.463 |
|
|
Other Current Assets |
2.716
|
0.992 |
0.487 |
|
|
Loans & Advances |
40.853
|
34.842 |
33.411 |
|
Total
Current Assets |
90.010
|
93.816 |
74.949 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
12.424
|
11.726 |
4.725 |
|
|
Provisions |
3.602
|
4.518 |
4.235 |
|
Total
Current Liabilities |
16.026
|
16.244 |
8.960 |
|
|
Net Current Assets |
73.984
|
77.572 |
65.989 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
77.091 |
80.848 |
71.878 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
137.946 |
135.001 |
69.792 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
137.946 |
135.001 |
69.792 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
[3.177] |
9.333 |
[30.782] |
|
|
Provision for Taxation |
0.638 |
0.676 |
0.000 |
|
|
Profit/(Loss) After Tax |
[3.815] |
8.657 |
[30.782] |
|
|
|
|
|
|
|
|
Export Value |
104.320 |
105.277 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
2.062 |
4.851 |
4.856 |
|
|
Other Expenditure |
139.061 |
120.817 |
95.718 |
|
Total Expenditure |
141.123 |
125.668 |
100.574 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[2.77]
|
6.41 |
[44.11] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[2.30]
|
6.91 |
[44.11] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[3.41]
|
9.61 |
[38.08] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.04]
|
0.12 |
[0.43] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.21
|
0.20 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.62
|
5.78 |
8.36 |
LOCAL AGENCY FURTHER
INFORMATION
WEBSITE DETAILS:-
Company Profile
The company
specializes in providing a wide array of leading edge customized solutions and
services to its clients, for a range of key verticals and horizontals.
Subject has excellent
domain expertise in Payments and eLearning. As a diverse end to end IT
solutions provider, the company offers technology services that aims at helping
its global clients meet the challenges successfully.
They have a
successful track record of implementing solutions globally within short time
frames.
Subject has won
several accolades in this space
· Rated amongst the top 10 companies for the Account Aggregation Solution in Celent Report
· Visa 3D Secure certified MPI
· First to launch Account Aggregation in Japan and India
· First to launch Payment Gateway in Jordan
Having been assessed
at SEI CMM Level 5, the company offers time-tested advantages of offshore
development backed by special delivery models that focus on latest
technologies. Cost-effectiveness and support by an expert engineering team are
some other advantages.
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. 42.30 |
|
UK Pound |
1 |
Rs. 84.03 |
|
Euro |
1 |
Rs. 66.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
--- |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
--- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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 |
|