MIRA
INFORM REPORT
|
Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
FRONTIER BUSINESS SYSTEMS PRIVATE LIMITED |
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Registered Office : |
18/10, Cunningham Road, Bangalore-560052, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.08.1994 |
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Com. Reg. No.: |
08-16155 |
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CIN No.: [Company
Identification No.] |
U67120KA1994PTC016155 |
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IEC No.: |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRF00168A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
IT Services and Trading |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 860000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. General
financial position is good. Fundamentals are strong and healthy. Payments are
reported as usually correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
INFORMATION PARTED
BY
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Name : |
Mr. Koki |
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Designation : |
Sale Person |
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Date : |
25.06.2008 |
LOCATIONS
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Registered Office : |
18/10, Cunningham Road, Bangalore-560052, Karnataka, India |
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Tel. No.: |
91-80-22250054/ 58/ 59 |
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Fax No.: |
91-80-22260729 |
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E-Mail : |
Bangalore@frontierdomain.com
, raviverdes@frontierdomain.com
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Website : |
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Chennai Branch Office : |
Woodhead Center, # 23, Shivganga Road, Nungmbakkam, Chennai-600034 |
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Tel. No.: |
91-44-52011100 |
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Fax No.: |
91-44-52010707 |
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Mobile No. : |
91-9840041450 |
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E-Mail : |
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Mumbai Branch
Office : |
Flat # 301, Joseline Silver Fields,
Bamanwada, Andheri (East), Mumbai-400099, Maharashtra, India |
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Tel. No.: |
91-22-8328951/ 9120 |
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Mobile No. : |
91-9820300180/ 9820300181/ 982030182 |
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E-Mail : |
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Mangalore Branch
Office : |
# C5, City Gate Building, 1st Floor, Kadri Toll Gate,
Mangalore-575002, India |
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Tel. No.: |
91-82-45252520 |
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Mobile No. : |
91-9844244297 |
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E-Mail : |
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Hyderabad Branch
Office : |
7-1 / 58, Flat # 201, Second Floor, Concourse Complex, Ameerpet,
Hyderabad-500016 |
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Tel. No.: |
91-40-55663232 / 55662759 |
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Fax No.: |
91-40-23756734 |
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Mobile No. : |
91-9885435854 |
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E-Mail : |
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Coimbatore
Branch Office : |
No. 25, Valluvar Street, Shivnanda Colony, Coimbaore-641012, India |
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Tel. No.: |
91-422-2499134 |
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Mobile No. : |
91-9842341412/ 03 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ravi Marcelino Verdes |
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Designation : |
Whole Time Director |
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Address : |
No. B4, Windmere Apartments, North Road, ST. Thomos Town,
Bangalore-560084, Karnataka, India |
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Date of Birth/Age : |
02.06.1965 |
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Date of Appointment : |
26.08.1994 |
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Name : |
Mr. Sarah Ann Verdes |
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Designation : |
Director |
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Address : |
No. B4, Windmere Apartments, North Road, ST. Thomos Town,
Bangalore-560084, Karnataka, India |
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Date of Birth/Age : |
12.06.1974 |
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Date of Appointment : |
29.09.2001 |
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Name : |
Mr. Anthony Verdes |
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Designation : |
Director |
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Address : |
Flat No. 1, Palm Grove, Palm Grove Road, Bangalore-560047, Karnataka,
India |
KEY EXECUTIVES
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Name : |
Mr. Koki |
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Designation : |
Sale Person |
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Name : |
K Padmavathi |
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Designation : |
Company Secretary |
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Address : |
586/ 51, 1st Floor, 10th Cross, Kanakapura, Main
Road, 7th Block, Jayanagar, Bangalore-560070, Karnataka, India |
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Tel No. : |
91-80-26763999/ 26765777 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Ravin M Verdes |
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416500 |
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Sarah Verdes |
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73500 |
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Total |
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490000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
IT Services and Trading |
GENERAL
INFORMATION
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No. of Employees : |
350 ( Office 100, Factory 250) |
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Bankers : |
Ø
Citibank NA,
Prestige Meridian-ii, No. 30, M. G. Road, Bangalore-560001, Karnataka, India Ø
Centurion
Bank of Punjab (Now HDFC) Ø
Syndicate
Bank of Punjab |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
A Balamuralikrishna Chartered Accountant |
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Address : |
No. 1, 1st Floor, 8th Main Vasanthnagar,
Bangalore-560052, Karnataka, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
490000 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.900
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.900 |
4.900 |
4.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
168.384 |
105.268 |
54.773 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
173.284 |
110.168 |
59.673 |
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LOAN FUNDS |
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1] Secured Loans |
16.853 |
81.008 |
21.009 |
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2] Unsecured Loans |
0.046 |
0.896 |
0.764 |
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TOTAL BORROWING |
16.899 |
81.904 |
21.773 |
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DEFERRED TAX LIABILITIES |
12.199 |
12.198 |
1.021 |
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TOTAL |
202.382 |
204.270 |
82.467 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
84.289 |
61.661 |
4.871 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
51.007 |
37.007 |
74.010 |
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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 |
4.145
|
99.454 |
12.916 |
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Sundry Debtors |
178.807
|
195.948 |
134.472 |
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Cash & Bank Balances |
15.044
|
15.647 |
8.046 |
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Other Current Assets |
8.601
|
10.375 |
0.000 |
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Loans & Advances |
61.213
|
35.337 |
26.257 |
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Total
Current Assets |
267.810
|
356.761 |
181.691 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
172.330
|
220.336 |
161.234 |
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Provisions |
28.394
|
30.823 |
16.871 |
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Total
Current Liabilities |
200.724
|
251.159 |
178.105 |
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Net Current Assets |
67.086
|
105.602 |
3.586 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
202.382 |
204.270 |
82.467 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1070.541 |
888.366 |
564.212 |
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Other Income |
69.846 |
112.384 |
41.356 |
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Total Income |
1140.387 |
1000.750 |
605.568 |
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Profit/(Loss) Before Tax |
63.266 |
76.518 |
31.113 |
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Provision for Taxation |
0.150 |
26.023 |
9.858 |
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Profit/(Loss) After Tax |
63.116 |
50.495 |
21.255 |
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Imports : |
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FOB Value |
33.034 |
1.449 |
1.887 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
95.309 |
[86.538] |
[0.565] |
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Depreciation & Amortization |
0.000 |
6.750 |
0.801 |
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Other Expenditure |
981.812 |
1004.020 |
574.219 |
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Total Expenditure |
1077.121 |
924.538 |
574.455 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.53
|
5.04 |
3.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.91
|
8.61 |
5.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.96
|
18.29 |
16.67 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.69 |
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.26
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3.02 |
3.35 |
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Current Ratio (Current Asset/Current Liability) |
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1.33
|
1.42 |
1.02 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
FRONTIER BUSINESS SYSTEMS PRIVATE LIMITED |
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Presented By |
Mr. Ravi Verdes
(Managing Director) |
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1) Date and description of instrument creating the change |
Goods Security
Agreement dated 14th July |
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2) Amount secured by the charge/amount owing on the securities of charge |
I.
Fund based
facility of Rs. 15.000 Millions
II.
Non Fund
based facilities of Rs. Nil, the Total amount of facilities being Rs. 10.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
I.
First exclusive
charge on all present and future stock and book debts of the company.
II.
First
exclusive charge on all plant and machinery and all office equipments of the
company including computers, airconditioners, furniture and fixtures and all
moveable assets of the company, both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate of
14.50% per annum on cash credit, Penal interest@
4.00% per annum over prime lending rate on overdues / delays / default of any
monies payable. |
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5) Name and Address and description of the person entitled to the charge. |
Citibank NA,
Prestige Meridian-ii, No. 30, M. G. Road, Bangalore-560001, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
Date of
hypothecation dated 26.09.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
All the terms and
Conditions remaining unchanged. The amount secured by charge on above assts
is enhanced Rs. 55.000 Millions Interest rate on cash credit is reduced to
11.50% per annum. |
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.42.73 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.66.97 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
66 |
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 |
|