MIRA
INFORM REPORT
|
Report Date : |
12.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SOLUTIONNET INDIA PRIVATE LIMITED |
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Registered Office : |
KMP Nagappa Centre, 132, Chamiers Road, Nandanam, Chennai 600035,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.07.1996 |
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Com. Reg. No.: |
18 - 36150 |
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CIN No.: [Company
Identification No.] |
U72300TN1996PTC036150 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES15139F |
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PAN No.: [Permanent
Account No.] |
AABCS5029H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Software
Development |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 124348 |
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Status : |
Satisfactory |
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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 satisfactory
track records. Trade relations are
fair. Business is active. Payments reported as usually correct and
as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
KMP Nagappa Centre, 132, Chamiers Road, Nandanam, Chennai 600035,
Tamilnadu, India |
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Tel. No.: |
91-44-24312161 / 62 / 63 |
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Fax No.: |
91-44-24313606 |
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E-mail : |
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Website : |
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Overseas Offices : |
AUSTRALIA
P.O. Box 1448, Paramatta, NSW 2150,
Australia |
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Tel. No.: |
61-2 9633 3181 |
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Fax No.: |
61-2 9633 3822 |
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E-Mail : |
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BANGALORE Flat No.16, 3rd Floor, Royal Park Apartments, 34 Park Road, Tasker
Town, Shivajinagar, Bangalore 560051 |
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Tel. No.: |
91-80 2286 5940 / 2286 7073 |
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E-Mail : |
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SINGAPORE
10, Anson Road, 27-08 International Plaza, Singapore 079903 |
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Tel. No.: |
65 6227 5442 |
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Fax No.: |
65 6227 6527 |
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E-Mail : |
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UAE 18, Building # 9, P. O. Box 500052 , Dubai Internet City, Dubai,
United Arab Emirates |
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Tel. No.: |
9714-3910160 |
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Fax No.: |
9714-3910179 |
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E-Mail : |
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USA 12777 Jones
Road, Suite 465, Houston, TX - 77070 |
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Tel. No.: |
1 281-890-1174 |
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Fax No.: |
1 281-890-1040 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Suresh Venkatachari |
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Designation : |
Director |
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Address : |
15907, Crooked Lake ways, Cypress TX 77433, United States of America |
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Date of Birth/Age : |
21.05.1967 |
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Date of Appointment : |
23.07.1996 |
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Name : |
Mr. Karthikeyan Raman |
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Designation : |
Director |
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Address : |
C 2, Ashok Tejasvi, 7 Fourth Cross street, Raja Annamalaipuram,
Chennai 600028, Tamilnadu, India |
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Date of Birth/Age : |
26.05.1970 |
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Date of Appointment : |
22.12.2004 |
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Name : |
Mr. Gurumurthy Jayaraman |
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Designation : |
Director |
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Address : |
2, Prashanth Flats 2/11 Norton 1st street, Mandavelipakkam,
Chennai 600028, Tamilnadu, India |
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Date of Birth/Age : |
14.07.1954 |
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Date of Appointment : |
09.06.2006 |
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Name : |
Mr. Ram Narayan Colathur |
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Designation : |
Director |
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Address : |
2nd floor, Waheeda, 19, Nargis Dutt Road, Pali Hill, Bandra
[West], Mumbai 400050, Maharashtra, India |
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Date of Birth/Age : |
17.02.1957 |
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Date of Appointment : |
05.10.2000 |
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Name : |
Mrs. V. Rajalakshmi |
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Designation : |
Director |
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Address : |
Rahul Apartments, Ground Floor, 24, Cenotaph Road, 1st
street, Teynampet, Chennai 600018, Tamilnadu, India |
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Date of Birth : |
20.12.1939 |
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Date of Appointment : |
21.04.2000 |
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Date of Ceasing: |
09.11.2005 |
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Name : |
Mr. M. V. Bhaskar |
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Designation : |
Director |
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Address : |
70, T – 1, Lotus Villa Venkatesh Nagar, 1st street, 1st
Extension, Virugambakkam, Chennai 600092, Tamilnadu, India |
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Date of Birth : |
31.10.1970 |
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Date of Appointment : |
09.11.2005 |
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Name : |
Mr. Neeraj Swaroop |
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Designation : |
Director |
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Address : |
2A, Nibbana Annexure Plot 95A, Pali Hills, Bandra [West], Mumbai
400050, Maharashtra, India |
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Date of Birth/Age : |
15.07.1958 |
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Date of Appointment : |
05.10.2000 |
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Date of Ceasing: |
12.08.2005 |
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Name : |
Mr. Sanjay Dongre |
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Designation : |
Director |
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Address : |
C3, Sadasukh Society, Vile
Parle [East], Mumbai 400057, Maharashtra, India |
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Date of Birth/Age : |
18.05.1958 |
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Date of Appointment : |
12.08.2005 |
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Name : |
Mr. Benedict Victor |
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Designation : |
Director |
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Address : |
C172, Balasubramanium Road, Periyar Nagar, Chennai 600082, Tamilnadu,
India |
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Date of Birth/Age : |
17.09.1964 |
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Date of Appointment : |
25.05.2005 |
KEY EXECUTIVES
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Name : |
Mr. R Sukumaran |
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Designation : |
Company Secretary |
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Address : |
A-5, Rangasayi Apartments, No.33, Old No.9, Warren Road, Mylapore,
Chennai – 600004 |
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Tel No.: |
91-44-24610970 |
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Mobile : |
91-9841290970 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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R. Venkatachari |
|
55000 |
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V. Rajalakshmi |
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55000 |
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V. Suresh |
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385000 |
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Vedha Sampath |
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55000 |
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HDFC Bank Limited |
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209000 |
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HDFC Limited |
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264000 |
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HDFC Bank Employees Welfare Trust |
|
77000 |
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Total |
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1100000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Bodies Corporate |
|
31.00 |
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Directors or relatives of the Directors |
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50.00 |
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Other top fifty Shareholders |
|
19.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Software
Development |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Sridhar and Santhanam Chartered Accountants |
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Address : |
No. 98A, IV Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai 600004,
Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1100000 |
Equity Shares |
Rs. 10/-
each |
Rs. 11.000
Millions |
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 |
|
11.000 |
11.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
20.087 |
19.949 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
31.087 |
30.949 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.589 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
1.420 |
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TOTAL BORROWING |
|
0.589 |
1.420 |
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DEFERRED TAX LIABILITIES |
|
0.398 |
0.419 |
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TOTAL |
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32.074 |
32.788 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.217 |
6.585 |
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Capital work-in-progress |
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0.000 |
8.483 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
|
20.988 |
19.880 |
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Cash & Bank Balances |
|
2.807 |
1.925 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
4.360 |
2.668 |
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Total
Current Assets |
|
28.155 |
24.473 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.710 |
7.665 |
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Provisions |
|
1.588 |
0.718 |
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Total
Current Liabilities |
|
6.298 |
8.383 |
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Net Current Assets |
|
21.857 |
16.090 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
1.630 |
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TOTAL |
|
32.074 |
32.788 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover (
Including Other Income) |
43.792 |
40.458 |
32.575 |
|
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Total Income |
43.792 |
40.458 |
32.575 |
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Profit/(Loss) Before Tax |
1.713 |
2.608 |
(3.600) |
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Provision for Taxation |
0.288 |
1.313 |
(0.319) |
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Profit/(Loss) After Tax |
1.425 |
1.295 |
(3.281) |
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Export Value |
9.685 |
13.350 |
21.115 |
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Expenditures : |
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Depreciation |
6.280 |
4.557 |
3.872 |
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Other Expenditure |
35.799 |
33.293 |
32.303 |
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Total Expenditure |
42.079 |
37.850 |
36.175 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
3.25
|
3.20 |
(10.07) |
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Net Profit Margin (PBT/Sales) |
(%) |
3.91
|
6.45 |
(11.05) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.46
|
8.40 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.22 |
0.31 |
NA |
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Current Ratio (Current Asset/Current Liability) |
|
4.47 |
2.91 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
PROFILE:
Subject
is a global company providing IT consulting and services in diverse application
areas.
Subject
consistently delivers quality software solutions, to a discerning clientele
through its offices in the US, Australia, Singapore, Malaysia, Middle East, and
India.
With
their domain expertise they have created innovative products that have given
their clients in banking, financial services, insurance and healthcare a
competitive advantage.
In
addition to their product capabilities, they deliver complex solutions and
turnkey projects through their team of dedicated professionals.
Subject creates software solutions and products that address the
specialized needs of various industry sectors, primarily BFSI. Their services
include consulting, application development, support & maintenance and
enterprise solutions.
Their time tested project methodologies and stringent quality process ensure
high standards of delivery. Their solutions have addressed the IT needs of
organizations across the globe in terms of both value and gains.
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. 40.47 |
|
UK Pound |
1 |
Rs. 81.27 |
|
Euro |
1 |
Rs. 62.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|