MIRA
INFORM REPORT
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Report Date : |
27.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ACN INFOTECH India PRIVATE LIMITED |
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Registered Office : |
3A, Balaji Mangalagiri Chambers, Siripuram, Visakhapatnam-530 003,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.04.2006 |
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Com. Reg. No.: |
01-49835 |
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CIN No.: [Company
Identification No.] |
U72200AP2006PTC049835 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
VPNA01472C |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Provider of Collaborative Technology-Based Business Solutions |
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 500000 |
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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 3 years old company and seems to be progressing well.
Trade relations are fair. The management declined to part with any details.
Payments are however reported as made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
3A, Balaji Mangalagiri Chambers, Siripuram, Visakhapatnam-530 003,
Andhra Pradesh, India |
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Tel. No.: |
91-891-2541522/3263095 |
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Fax No.: |
91-891-2568587 |
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E-Mail : |
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Website : |
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Corporate Office : |
D No. 9-14-3 3A, Balajis Mangalagiri Chamb VIP Road, Siripuram,
Visakhapatnam, Andhra Pradesh, India |
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Main Office / Head Quarter: |
Vizag 1
Fax: 91-80-30583001 |
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International Office : |
Europe Germany Netherlands
North
America California
New York
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DIRECTORS
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Name : |
Mr. Chaman Kumar Baid |
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Designation : |
Director |
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Address : |
10-28-4, Fl B – 2, Deepanjali Apartments, Opposite Governers,
Bungalow, Visakhapatnam – 530 003, Andhra Pradesh, India |
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Date of Birth/Age : |
29.08.1972 |
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Qualification : |
MBA |
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Experience : |
6 years |
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Date of Appointment : |
13.04.2006 |
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Directorship in other Companies:
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CIN of the Company : |
U7220AP2005PTC45210 |
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Name of the Company : |
ACN Infotech Private Limited |
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Designation : |
Director |
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Name : |
Mrs. Prerana Baid |
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Designation : |
Director |
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Address : |
10-28-4, Fl B – 2, Deepanjali Apartments, Opposite Governers,
Bungalow, Visakhapatnam – 530 003, Andhra Pradesh, India |
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Date of Birth/Age : |
18.04.1977 |
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Date of Appointment : |
13.04.2006 |
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Name : |
Mr. Nandan Setlur |
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Designation : |
Director |
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Address : |
1258, Cobble Pond Way, Vienna VA 22182 |
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Date of Birth/Age : |
10.04.1960 |
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Date of Appointment : |
01.02.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Chaman Kumar baid |
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368712 |
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Mrs. Prerna Baid |
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100 |
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Linear Plus Investments Limited |
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354349 |
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Total
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723161 |
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Names of Allottees (As on 28.03.2007) |
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No. of Shares |
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Mr. Chaman Kumar baid |
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363812 |
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Linear Plus Investments Limited |
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354349 |
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Total |
718161 |
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Names of Allottees (As on 12.06.2008) |
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No. of Shares |
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SPF Dolphin S A |
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216798 |
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Mr. Nandan Setlur |
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99400 |
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Total |
316198 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 12.10.2007) |
Percentage |
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Bodies Corporate |
51.00 |
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Directors or relative of directors |
49.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of Collaborative Technology-Based Business Solutions |
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Exports : |
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Products : |
Software |
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Countries : |
USA |
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Terms : |
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Selling : |
Contract Terms |
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Purchasing : |
Contract Terms |
GENERAL
INFORMATION
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Suppliers : |
Chandra Computech, Vizag |
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Customers : |
· J C Penny · The Bombay Company · Potteri – Barn · Ikea · Indiska · Sia · Pier 1 Imports Major National Clients: · Banks · Stock / Share Companies · Telecommunication Department |
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No. of Employees : |
20 |
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Bankers : |
· State Bank of India, Siripuram Junction Branch, Dutt Island, Visakhapatnam – 530 003, Andhra Pradesh, India · State bank of India, Vizag · State Bank of India, Hyderabad · Bharat Overseas Bank, Vizag, Visakhapatnam, Andhra Pradesh, India · Bharat Overseas Bank, Hyderabad |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Mr. E R Somayajulu Chartered Accountants |
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Address : |
Sri Rama – Kothagraharam, 3rd Lane, Vizianagaram – 535 001,
Andhra Pradesh, India |
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Tel No.: |
91-8922-226343 / 222343 / 222334 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
(As on 12.10.2007):-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1100000 |
Equity Shares |
Rs. 100/-each |
Rs. 110.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
723161 |
Equity Shares |
Rs. 100/-each |
Rs.72.316
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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72.316 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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24.608 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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96.924 |
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LOAN FUNDS |
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1] Secured Loans |
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0.731 |
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2] Unsecured Loans |
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3.118 |
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TOTAL BORROWING |
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3.849 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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100.773 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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45.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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43.426 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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11.572 |
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Cash & Bank Balances |
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1.270 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.414 |
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Total
Current Assets |
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13.256 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.383 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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1.383 |
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Net Current Assets |
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11.873 |
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MISCELLANEOUS EXPENSES |
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0.474 |
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TOTAL |
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100.773 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.05 |
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Current Ratio (Current Asset/Current Liability) |
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9.58 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:-
· A/C Plant
· Aqua Guard
· Computers and peripherals
· Fan
· Building
· Exhaust Fan
· Fire Extinguishers
· Furniture and Fixtures
· Mobile Phone
· Land
· Laptop Machine
· Motor Bike
· Printer
· Television
· Ups
· Car – Innova
· Car – Fiat Siena
FORM 8:-
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Corporate identity
number of the company |
U72200AP2006PTC049835 |
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Name of the
company |
ACN INFOTECH
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
3A, Balaji Mangalagiri Chambers, Siripuram, Visakhapatnam, Andhra
Pradesh, India |
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This form is for |
Creation of
charge |
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Type of charge |
· Immovable Property · Book Debts · Others |
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Particular of
charge holder |
State Bank Of India,
Siripuram Junction Branch, Dutt Island, Visakhpatnam - 530 003, Andhra
Pradesh, India |
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Nature of
instrument creating charge |
Agreement of loan
cum hypothecation |
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Date of
instrument Creating the charge |
05.05.2008 |
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Amount secured by
the charge |
Rs. 20.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : 12.50% p.a. (Working capital Loan) Terms of Repayment : Repayable on
demand Margin : As per bank rules
Extent and Operation of the charge : It is a
continuous charge until repayment of entire debt. |
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Short Particulars
of the property charged |
Hypothecation of
receivables / stock / stock in process. Receivable cover 90 days Extension of EM
of land sand building in S .No. 336/8, Plot No. 2D, LP No. 103/89, Madhurwada
Village, Rushikonds Layout, Visakhapatnam (Valued at Rs. 2088.300 millions)
belonging to Sri Chaman Baid. |
other INFORMATION:-
Foreign Acquisitions/
Partnerships:
During the year, the company has received Foreign Direct Investment to the extent of US $ 785000 equivalent of INR 35434900 from M/s. Linear Plus Investments Limited, Singapore and they were issued shares to the extent of 49% of the share capital in the Company.
Further, the Company has taken over a Software solutions provider company, M/s. Interpro Global Pte. Limited Singapore by acquiring its 100% share capital for a total consideration of US $ 778000
Financial Results:
They are glad to report that the company has received a gross income of Rs.40.083 millions towards software exports during the year and earned a net profit of Rs.24.608 millions for the year ended 31st March, 2007.
website details:-
ACN Infotech History – subject is a leading
provider of collaborative technology-based business solutions to clients
worldwide. With multiple office locations in Europe, India and the US, subject
employs over 500 personnel worldwide. A summary of some of the key events are
as below.
March 2008 – Subject acquires COSA, a leading
Germany-based BPM (Business Processing Management) Solutions firm.
January 2007 – Subject receives Award of Excellence from the State Govt. of Andhra
Pradesh, India
May 2006 - Subject acquires Optimis, a California (USA)
company providing data, document management, and scanning outsourcing
November 2004 - Subject grows to
over 320 personnel working for various clients across USA and UK. Subject opens
a new office in Hyderabad for Software Development Services
December 2003 - Subject helps a
State County in USA to digitize their deed books by processing over 3 Million
records. Subject adds a transaction processing center to its facilities in
Vizag
March 2002 – Subject becomes the
largest exporter of IT services from Vizag (Visakhapatnam). Subject now has
over 150 people in the company working only on international projects from USA
and UK. Subject enters into Business Partnership with a major UK based company
August 2001 - Subject forms a
Strategic Partnership with DMX-Direct Inc. a direct marketing company
from Denver, Company. Subject adds a US$ 1.2 Billion Dollar company to its
client list
Subject is a leading provider of collaborative technology-based business
solutions to clients worldwide. With multiple office locations in India and US,
subject employs over 500 personnel.
Profile
· Companies of the group are ACN INFOTECH, ACN Exports, ACN Holidays, ACN Consulting and ACN Infrastructure.
Awards
· Highest Growth Awards for the year 2005-06
· Top Exporter's Trophy for the year 2005-06
ACN Corporate Management Team
Subject is dedicated to serving their global customers with quality and
integrity. To assure that they meet these challenging goals, they have
assembled a highly skilled and experienced management team, which has a
combined business experience of several centuries. Their management team brings
both leadership skills and a strong knowledge of the marketplace. They view
their customers as their partners, and rely on their customer’s market
information to assist in developing innovative new products as well as an
accurate measurement of how they are serving them.
Management Team
Mr. Chaman Baid, Managing
Director and Chief Executive Officer
Mr. Chaman Baid is responsible for the global operations of the company
as well as for the company’s overall strategy and direction.
Mr. Nandan Setlur,
President and Director
Mr. Setlur is responsible for global operations and results, as well as
responsible for all US activities.
Mr. Aman Baid, VP, ACN Infotech
Asia-Pacific Region
Mr. Aman Baid is responsible for all of the company’s operations
throughout the Asia-Pac area, including all core software groups.
Mr. Sybrand Jongejans, VP Europe, BPM
Solutions Unit.
Mr. Jongejans is responsible for Sales and Marketing throughout Europe.
Ms. Kerstin Ley, VP Europe, BPM
Solutions Unit.
Ms. Ley is responsible for Operations throughout Europe.
Mr. Rainer Pietschmann,
VP Germany, BPM Solutions
Mr. Pietschmann is responsible for German Unit operations and results,
as well as several corporate organizational responsibilities.
Ms. Jena Khan, VP BPO Solutions Unit
Ms. Jena Khan is responsible for all of the unit’s operations in the US
and Canada.
Partner Lists
· Canon
· Dell
· HP Invent
· Microsoft
· SAP
· IBM
· Sun Microsystems
· Linux
· Bell Howell Scanner Division
· HCL
· Achemy
· Ricoh
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.49.95 |
|
UK Pound |
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
4 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|