MIRA
INFORM REPORT
|
Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AXIS SOFTWARE PRIVATE LIMITED |
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Registered Office : |
1215/2/13, K P Kulkarni Marg, Off Apte Road, Shivaji Nagar, Pune –
411004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.12.1998 |
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Com. Reg. No.: |
25-13085 |
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CIN No.: [Company
Identification No.] |
U34102PN1998PTC013085 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA05773F / PNEA03275G |
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PAN No.: [Permanent
Account No.] |
AADCA0909Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject provides services of Biometric / Fingerprint Time
& Attendance and access control systems integrated along with smart card
and proximity cards. And also manufacturer of Biometric ATM's (Automated
Teller Machines) |
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 160000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is good. Payments are usually correct and
as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1215/2/13, K P Kulkarni Marg, Off Apte Road, Shivaji Nagar, Pune – 411004,
Maharashtra, India |
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Tel. No.: |
91-20-25530297 / 25537530 / 25530257 |
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Fax No.: |
91-20-25530297 / 25537591 / 1795 |
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E-Mail : |
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Website : |
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Sales
& Marketing Inquiries: |
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Technical
Inquiries : |
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Support
Inquiries : |
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General
Information : |
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Careers
: |
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Website
: |
DIRECTORS
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Name : |
Mr. Abhay Khinvasara |
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Designation : |
Chief Executive Officer |
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E-Mail : |
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Address : |
1215/2/13, K P Kulkarni Marg, Off Apte Road, Shivaji Nagar, Pune –
411004, Maharashtra, India |
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Date of Birth/Age : |
06.03.1964 |
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Date of Appointment : |
01.12.1998 |
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Name : |
Mr. Ajay Vasant Khinvasara |
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Designation : |
Director |
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Address : |
1215/2/13, K P Kulkarni Marg, Off Apte Road, Shivaji Nagar, Pune –
411004, Maharashtra, India |
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Date of Birth/Age : |
30.08.1966 |
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Date of Appointment : |
01.12.1998 |
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Name : |
Mr. Ashok Sadashiv Kulkarni |
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Designation : |
Director |
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Address : |
Flat No. 15, Building No. 9-B, Tirupati Nagar, Warje, Pune – 411052,
Maharashtra, India |
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Date of Birth/Age : |
22.09.1961 |
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Date of Appointment : |
14.12.2005 |
KEY EXECUTIVES
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Name : |
Mr. Makarand Apte |
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Designation : |
For R & D |
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E-Mail : |
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Name : |
Mr. Kiran Kumbhar |
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Designation : |
For Banking Solutions |
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E-Mail : |
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Name : |
Mr. Sachin Udgirkar |
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Designation : |
For Time N' Track |
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E-Mail : |
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Name : |
Mr. Amit Bhagwat |
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Designation : |
For DesCop |
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E-Mail : |
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Name : |
Mr. Nitin Ramteke |
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Designation : |
For Channel Partners |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2004
|
Names of Shareholders |
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No. of Shares |
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Mr. Abhay Khinvasara |
|
42694 |
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Mr. Ajay Vasant Khinvasara |
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49 |
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Total |
|
42743 |
AS ON 29.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides services of Biometric / Fingerprint Time
& Attendance and access control systems integrated along with smart card
and proximity cards. And also manufacturer of Biometric ATM's (Automated
Teller Machines) |
GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
Not Available |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shah Parekh and Associates Chartered Accountants |
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Address : |
14, M. G. Road, Pune – 411001Maharashtra, India |
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 |
|
42743 |
Equity Shares |
Rs. 10/- each |
Rs. 0.427
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.427 |
0.427 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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31.888 |
31.984 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
32.315 |
32.411 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
1.000 |
0.000 |
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TOTAL BORROWING |
|
1.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
3.485 |
2.932 |
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TOTAL |
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36.800 |
35.343 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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17.086 |
12.971 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.956 |
0.950 |
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DEFERREX TAX ASSETS |
|
0.197 |
0.097 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
7.881 |
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Sundry Debtors |
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105.572 |
12.759 |
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Cash & Bank Balances |
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0.501 |
1.369 |
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Other Current Assets |
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10.056 |
2.186 |
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Loans & Advances |
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28.142 |
27.958 |
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Total
Current Assets |
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144.271 |
52.153 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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125.646 |
30.832 |
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Provisions |
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0.066 |
0.000 |
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Total
Current Liabilities |
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125.712 |
30.832 |
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Net Current Assets |
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185.559 |
21.321 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.004 |
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TOTAL |
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36.800 |
35.343 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover and Other Income |
|
106.341 |
14.193 |
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Profit/(Loss) Before Tax |
|
0.404 |
[0.594] |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
|
0.404 |
[0.594] |
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Expenditures : |
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Total Expenditure |
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105.937 |
14.787 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
0.38 |
[4.19] |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.38 |
[4.19] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.25 |
[0.91] |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
[0.02] |
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Debt Equity Ratio (Total Liability/Networth) |
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3.92 |
0.95 |
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Current Ratio (Current Asset/Current Liability) |
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1.15 |
1.69 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Company
Profile
To
help businesses improve their profitability and growth, to consistently deliver
high quality products and services thereby winning customer confidence and to
earn customer loyalty is what they practice.
Headquartered
in Pune (India) and founded in the year 2000, Axis is a Technology-Driven
Company, developing innovative products & solutions that increase user
confidence in the electronic infrastructure, increase service efficiency and
build new delivery channels through the application of intelligent technologies
-both Software & Hardware- using biometrics, encryption and related technologies.
Axis’
areas of focus are PIN based and Biometric based ATMs, ABMs, Kiosks for
Micro-Finance applications and various transaction applications, Attendance
& Access Control Systems (both logical and virtual), Ticketing systems and
Large database systems for Voter Identification & Criminal Justice using
biometrics.
Axis
manufactures Biometric as well as PIN based ATMs and Kiosks for various
transaction applications like Funds Transfer, Micro-Finance, Bill Payment,
Check Cashing, Cash Depositing etc. and is generally considered a leader in
this technology in the world. Axis has deployed very advanced ATM/Kiosks,
called ABM, for an American financial institution. Axis has over 40 products to
its credit and also designs ATMs or Kiosks to suit the specifications, with
very short lead times. Headquartered in Pune India, Axis is ISO 9001:2000
certified. All Axis ATMs work with popular protocols in use in the financial
transaction infrastructure. Axis also manufactures very affordable regular PIN
based authentication ATMs.
Axis
has developed an innovative new product called the Biometric Retrofit Kit for
ATMs. This kit converts a regular ATM to a biometric based, either fingerprint
or iris, ATM. This very easy to deploy kit is very affordably priced. This kit
has generated a huge interest
They
at Axis understand that the magnitude of interdependence of business &
security has increased in the recent past. Improving security is no longer
simply a moral obligation, it has become a business imperative. Failure to do
so can significantly undermine brands, alienate customers, damage market
valuations & result in missed opportunities. They understand the importance
of addressing the authentication needs of customers to create a comprehensive,
security-rich environment. Knowing this, they have developed their capabilities
in the areas of R&D & manufacturing facilities to offer customized
end-to-end solutions to their customers as per their business requirements.
Axis is an India based Technology
Company, developing Advanced Authentication Products, Solutions, Integration
Suites and Services using primarily Biometrics, PKI & Symmetric Encryption,
Smart Cards and other related technologies.
Axis has developed solutions for
Banks, Financial institutions, E-commerce, Stock Exchanges, various Industry
Verticals, Defense Organization, Public Sector, Private Sector, and Government
Organizations.
To help businesses improve their profitability and growth,
to consistently deliver high quality products and services thereby winning
customer confidence and to earn customer loyalty is what they practice.
Headquartered in Pune (India) and founded in April 2000,
Axis is a technology-driven Company, developing innovative products and
solutions that increase user confidence in the electronic infrastructure,
increase service efficiency and build new delivery channels through the
application of intelligent technologies -both software and hardware- using
biometrics, encryption and related technologies.
Axis' areas of focus are PIN based and Biometric
based ATMs, Kiosks for various
transaction applications, Attendance and Access Control Systems (both logical
and virtual), Large database systems for Voter Identification and Criminal
Justice using biometrics and Ticketing Applications.
They at Axis understand that the magnitude of
interdependence of business & security has increased in the recent past.
Improving security is no longer simply a moral obligation, it has become a
business imperative. Failure to do so can significantly undermine brands,
alienate customers, damage market valuations & result in missed
opportunities. They understand the importance of addressing the authentication
needs of customers to create a comprehensive, security-rich environment.
Knowing this, they have developed their capabilities in the areas of R&D
& manufacturing facilities to offer customized end-to-end solutions to
their customers as per their business requirements.
Axis Software
leading the Biometrics Revolution in India
Subject is a India’s
Biometrics Technology Company, today announced significant expansion plans to
achieve a turnover of Rs.4500 Millions by 2010, a jump of 25 times over
2006-07. Axis is expecting to make substantial gains in the global markets this
year and the company continues to focus and invest on development of innovative
banking products.
The company is also opening its new headquarter facility in
Pune & operations will commence by the third quarter of this financial
year. The new center spread over an area of 35000sq.ft is self-financed by the
company and has a capacity to seat 350 people. The facility will include a
full-fledged product design and customization center & R&D services.
Axis has already received EHTP sanction for that office.
Plans are also underway to set up satellite offices globally
in the USA, Europe and Middle East. Speaking on the occasion, Mr. Abhay
Khinvasara, Founder & CEO, Axis Software Pvt. Ltd, said, ?Given the
visibility of existing relationships, and their expansion into new service
lines, verticals and geographies, scaling up the company's footprint is
imperative to meet their customers' needs and to accommodate the organization's
considerable growth.
The company has forged several new alliances and initiated
many new business relationships with renowned names in the banking and
financial domain.
Axis recently won a large order from the UK governments
Commonwealth Business Council (CBC), which is essentially trying to deploy a
large number of ATMs in Africa. This is a part of the Banking The Un-banked and
financial inclusion initiative that a lot of governments are contemplating on
taking. Axis ATM was chosen among all other vendors in the world. They believe
this order represents a strong endorsement of their value proposition and will
fuel their growth in 2007 and beyond.
The order size is about $ 5.5 million Mr. Abhay Khinvasara, added.
Media
CITIBANK Opens with Axis
Biometric ATMs ( bank intends to set up 25-35 ATMs within a year)
Subject and Citibank
has launched two biometric automated teller machines (ATMs) in Hyderabad and
Mumbai. The bank intends to set up 25-35 biometric ATMs in the country within a
year. Citibank is planning to focus on micro-finance institutions to expand its
customer base. The bank has launched a no-frills savings account, Pragati, for
lower income segment.
Zee BUSINESS: 'Aapka Fayada'
(The Benefit) and 'Metro Masala'
Banknet India organized Conference on Indian ATM Industry on
the 31st May 2007 at Taj Lands End, Mumbai, India. Banknet India's
'Report on Indian ATM Industry' was also released at the conference.
Zee Business : 'Swadesh'
Mr. Abhay Khinvasara the Founder, Chairman and Chief
Executive Officer of Axis Software Private Limited featured in SWADESH
series of July 2007.
Concept Note: SWADESH Ye Jo Desh Hai Mera.
Zee Business captures the real heroes, the real stories. The stories of grit,
sacrifice and final triumph are a TV series aptly titled “SWADESH”
(Coming back to the roots).
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.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|