MIRA
INFORM REPORT
|
Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ONTRACK SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
D/4131 – 39, Oberoi Gardens Estate, off Saki Vihar Road, Chandivali, Andheri
[East], Mumbai 400072, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.06.1995 |
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Com. Reg. No.: |
089798 |
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CIN No.: [Company
Identification No.] |
U72200MH1995PTC089798 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO01083F |
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PAN No.: [Permanent
Account No.] |
AAACO3686M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
IT Business Service Provider [Foreign] |
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 79000 |
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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 : |
Ms. Neeta, Finance Head of the company confirmed the details. Subject is a well established and reputed company in its field. Trade relations are fair. General financial position is
satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Ms. Neeta |
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Designation : |
Finance Head |
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Contact No.: |
91-22-66426041 |
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Date : |
26.06.2008 |
LOCATIONS
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Registered Office : |
D/4131 – 39, Oberoi Gardens Estate, off Saki Vihar Road, Chandivali,
Andheri [East], Mumbai 400072, Maharashtra, India |
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Tel. No.: |
91-22-66426000 / 28519596 |
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Fax No.: |
91-22-66781299 |
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E-Mail : |
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Website : |
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Branches : |
Baroda 2, Ashirwad Flats, 6, Anand
Society, Behind Express Hotel, Alkapuri, BARODA – 390005 Surat Offtel Business Center, Opp. Share
Broker's Association, 12/925, Lal Gate, Chennai Amsam Apts, Pune A-103, 1st floor, Choice
Apartment, 38, Sasoon Road, Pune 411 001 Ahmedabad 903, Sakar V, Behind Natraj
Cinema, Off Ashram Road, Ahmedabad 380 009. Delhi New Delhi |
DIRECTORS
|
Name : |
Mr. Gopalan Balakrishnan |
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Designation : |
Director |
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Address : |
22/303, Chandan, Vasant Vihar Complex, Thane [West] 400601,
Maharashtra, India |
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Date of Birth/Age : |
26.06.1957 |
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Qualification: |
Graduate |
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Date of Appointment : |
21.06.1995 |
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Name : |
Mr. Balkrishna Usha |
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Designation : |
Director |
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Address : |
22/303, Chandan, Vasant Vihar Complex, Thane [West] 400601,
Maharashtra, India |
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Date of Birth/Age : |
05.08.1958 |
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Qualification: |
Graduate |
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Date of Appointment : |
21.06.1995 |
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Name : |
Mr. Desai Ambalal Naresh |
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Designation : |
Director |
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Address : |
204, Prime Roase, Lokhandwala Complex, Andheri [West], Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
27.03.1962 |
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Qualification: |
Graduate |
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Date of Appointment : |
21.06.1995 |
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Name : |
Desai Naresh Mona |
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Designation : |
Director |
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Address : |
204, Prime Roase, Lokhandwala Complex, Andheri [West], Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
28.06.1966 |
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Date of Appointment : |
21.06.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 12.09.2005]
|
Names of Shareholders |
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No. of Shares |
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Gopalan Balakrishnan |
|
35100 |
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Balakrishnan Usha |
|
34900 |
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Desai Ambalal Naresh |
|
35100 |
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Desai Naresh Mona |
|
34900 |
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Dhingra Kant Amit |
|
7500 |
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Total |
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147500 |
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Name of
Allottees |
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G. Balakrishnan |
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24500 |
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Naresh Desai |
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24500 |
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Usha Balakrishnan |
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24500 |
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Mona Desai |
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24500 |
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Amit Dhingra |
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5250 |
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Total |
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103250 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
94.92 |
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Other top fifty shareholders |
|
5.08 |
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Total |
|
100 |
BUSINESS DETAILS
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Line of Business : |
IT Business Service Provider [Foreign] |
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Exports : |
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Products : |
Service provider |
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Countries : |
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Imports : |
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Products : |
Software |
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Countries : |
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Terms : |
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Selling : |
Credit [30 days] |
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Purchasing : |
Advance Payment Credit [30 days] |
GENERAL
INFORMATION
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No. of Employees : |
150 [In Office 110 + In Branch 40] |
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Bankers : |
Senapati Bapat
Marg, Lower Parel, Mumbai 400013, Maharashtra, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gandhi and Shroff Chartered Accountants |
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Address : |
135, Kohinoor Industrial Estate, Western Express Highway, Goregaon
[East], Mumbai 400063, Maharashtra, India |
CAPITAL STRUCTURE
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 |
|
250750 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.507
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 |
2.507 |
1.475 |
1.475 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.386 |
11.319 |
8.950 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.893 |
12.794 |
10.425 |
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LOAN FUNDS |
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1] Secured Loans |
20.971 |
23.141 |
9.474 |
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2] Unsecured Loans |
87.444 |
71.779 |
42.154 |
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TOTAL BORROWING |
108.415 |
94.920 |
51.628 |
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DEFERRED TAX LIABILITIES |
0.626 |
0.393 |
0.184 |
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TOTAL |
124.934 |
108.107 |
62.237 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.854 |
26.123 |
9.618 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.034 |
0.010 |
0.010 |
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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 |
33.107
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14.651 |
5.174 |
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Sundry Debtors |
152.588
|
117.137 |
74.929 |
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Cash & Bank Balances |
2.948
|
3.115 |
3.320 |
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Other Current Assets |
1.909
|
1.816 |
2.321 |
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Loans & Advances |
12.308
|
8.367 |
5.264 |
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Total
Current Assets |
202.860
|
145.086 |
91.008 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
96.655
|
59.743 |
36.344 |
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Provisions |
6.159
|
3.369 |
2.055 |
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Total
Current Liabilities |
102.814
|
63.112 |
38.399 |
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Net Current Assets |
100.046
|
81.974 |
52.609 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
124.934 |
108.107 |
62.237 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
493.010 |
447.419 |
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Profit/(Loss) Before Tax |
|
6.311 |
4.228 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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6.311 |
4.228 |
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Expenditures : |
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Interest |
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9.997 |
6.710 |
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Other Expenditure |
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476.702 |
436.481 |
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Total Expenditure |
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486.699 |
443.191 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.28
|
0.94 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.28
|
0.94 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.77
|
2.47 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.33 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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13.29
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12.35 |
8.64 |
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Current Ratio (Current Asset/Current Liability) |
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1.97
|
2.29 |
2.37 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Wockhardt
Limited, Mumbai
- Air India,
Mumbai
- Times of
India, Mumbai
- NSDL, Mumbai
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U72200MH1995PTC089798 |
|
Name of the
company |
ONTRACK SOLUTIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
D/4131 – 39, Oberoi Gardens Estate, off Saki Vihar Road, Chandivali,
Andheri [East], Mumbai 400072, Maharashtra, India |
|
Type of charge |
Book Debts immovable
Property movable property Floating Charge |
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Particular of
charge holder |
HDFC Bank Limited Senapati Bapat
Marg, Lower Parel, Mumbai 400013, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation Memorandum
recording past transaction of creation of mortgage by deposit of title deeds. |
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Date of
instrument Creating the charge |
23.04.2007 |
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Amount secured by
the charge |
Rs. 38.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the bank from time to time. Terms of
Repayment On demand Margin Borrower shall at
all times during the continuance of this security maintain the said debts of
sufficient amount to provide the margin of security as may from time to time
advised by the bank. Extent and
Operation of the charge Hypothecation by
way of first charge on company’s stock, book debts etc. to secure as a
continuing security for repayment of monies due and payable by the borrower
to the bank. The company
created an equitable mortgage by way of deposit of title deeds in respect of its
immovable properties as security for the due repayment of the company’s due
including principal amount of the facility, interest, ;liquidated damages,
costs,. Charges and expenses etc. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on stocks and book debts and Immovable
properties lying and situate at Village Chandivali, Kurla, MSD |
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. 42.73 |
|
UK Pound |
1 |
Rs. 84.38 |
|
Euro |
1 |
Rs. 66.97 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
48 |
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 |
|