MIRA
INFORM REPORT
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Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
WEBSTAR SOFTWARE PRIVATE LIMITED |
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Registered Office : |
86 (Old No. 27), 8th main, Beween 9th and 11th
Cross, Malleswaram, Bangalore – 560 003, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.02.2000 |
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Com. Reg. No.: |
08-26445 |
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CIN No.: [Company
Identification No.] |
U72200KA2000PTC026445 |
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IEC No.: |
0799016535 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRW00231A |
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PAN No.: [Permanent
Account No.] |
AAACW2718E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Embedded Products, Hardware Products and Software
Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2900 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a pretty old company having moderate track. Company’s
profitability is under severe pressure having good amount of accumulated
losses. Payments are reported as slow and delayed. The company can be considered for business dealings on fully safe and
secured terms, only. |
INFORMATION PARTED
BY
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Name : |
Mr. Ravishankar |
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Designation : |
Director |
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Contact No.: |
91-9845941899 |
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Date : |
02.09.2008 |
LOCATIONS
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Registered Office : |
86 (Old No. 27), 8th main, Beween 9th and 11th
Cross, Malleswaram, Bangalore – 560 003, Karnataka, India |
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Tel. No.: |
91-80-23460460 |
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Mobile No.: |
91-9845941899 |
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Fax No.: |
91-80-23312650 |
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E-Mail : |
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Website : |
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Area : |
3500 Sq. ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. J Ravisankar |
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Designation : |
Director |
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Address : |
G1 UP Mansion No. 39, 11th Main, 16th Cross,
Malleswaram, Bangalore – 560 055, Karnataka, India |
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Date of Birth/Age : |
28.12.1954 |
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Date of Appointment : |
23.02.2000 |
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Name : |
Mrs. Brinda Ravi Sankar |
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Designation : |
Director |
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Address : |
G1 UP Mansion No. 39, 11th Main, 16th Cross,
Malleswaram, Bangalore – 560 055, Karnataka, India |
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Date of Birth/Age : |
22.04.1959 |
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Date of Appointment : |
30.04.2002 |
KEY EXECUTIVES
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Name : |
Mrs. Premlata G Hosur |
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Designation : |
Company Secretary |
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Address : |
B-2, Senior Police Officers residential Complex, 23/24, Hosur Road,
Near Shoolay circle, Bangalore – 560 025, Karnataka, India |
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Tel No.: |
91-80-22129991 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
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J Ravishankar |
100000 |
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Brinda Ravishankar |
140000 |
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Total |
240000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Embedded Products, Hardware Products and Software
Products. |
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Products : |
·
GSM Based
Products ·
GPS Based Products ·
Visual
Communication Products ·
Precision
Measurement Products for Metrology ·
Hand Held
Portable Terminals ·
LED Displays ·
Advertising
Displays |
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Imports : |
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Countries : |
·
Singapore ·
Taiwan |
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Terms : |
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Selling : |
L/C and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
100% Advances |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
20 |
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Bankers : |
State Bank of India No.143, 8th Cross, Margosa Road, Malleswaram, Bangalore –
560 003, Karnataka, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Siddaiah and Ram Chartered Accountants |
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Address : |
# 32/2, 1st Floor, Lalbagh Main Road, Bangalore – 560 027,
Karnataka, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000 |
Equity Shares |
Rs.10/- each |
Rs.2.400
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.400 |
2.400 |
2.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.823) |
(0.613) |
(0.659) |
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NETWORTH |
0.577 |
1.787 |
1.741 |
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LOAN FUNDS |
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1] Secured Loans |
2.174 |
1.389 |
0.000 |
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2] Unsecured Loans |
0.445 |
0.195 |
0.142 |
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TOTAL BORROWING |
2.619 |
1.584 |
0.142 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.196 |
3.371 |
1.883 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.476 |
1.669 |
0.831 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
1.265
|
0.900 |
0.987 |
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Sundry Debtors |
2.599
|
1.662 |
0.101 |
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Cash & Bank Balances |
0.007
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0.006 |
0.401 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.464
|
0.792 |
0.823 |
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Total
Current Assets |
4.335
|
3.360 |
2.312 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.615
|
1.658 |
1.218 |
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Provisions |
0.000
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0.000 |
0.049 |
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Total
Current Liabilities |
2.615
|
1.658 |
1.267 |
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Net Current Assets |
1.720
|
1.702 |
1.045 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.007 |
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TOTAL |
3.196 |
3.371 |
1.883 |
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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 |
7.109 |
6.235 |
9.485 |
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Other Income |
0.147 |
0.001 |
0.000 |
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Total Income |
7.256 |
6.236 |
9.485 |
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Profit/(Loss) Before Tax |
(1.167) |
0.172 |
0.579 |
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Provision for Taxation |
0.042 |
0.127 |
0.088 |
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Profit/(Loss) After Tax |
(1.209) |
0.045 |
0.491 |
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Expenditures : |
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Opening Stock |
0.306 |
0.102 |
0.000 |
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Cost of Goods Sold |
2.938 |
2.587 |
0.000 |
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Operating Expenses |
5.415 |
3.438 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(0.581) |
(0.306) |
0.000 |
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Depreciation & Amortization |
0.345 |
0.243 |
0.217 |
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
8.423 |
6.064 |
8.906 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(16.66)
|
0.72 |
5.18 |
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Net Profit Margin (PBT/Sales) |
(%) |
(16.42)
|
2.76 |
6.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(20.08)
|
3.42 |
18.42 |
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Return on Investment (ROI) (PBT/Networth) |
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(2.02)
|
0.10 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.07
|
1.81 |
0.81 |
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Current Ratio (Current Asset/Current Liability) |
|
1.66
|
2.03 |
1.82 |
LOCAL AGENCY
FURTHER INFORMATION
Note :
The Registered Address of the company has been shifted from 39, G1 U P Mansion 11th Main, 16th
Cross, Malleswaram, Bangalore – 560 055, Karnataka, India to the present
address w.e.f. 29.01.2007.
Trustseal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
WEBSTAR SOFTWARE PRIVATE LIMITED |
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Statutory Approvals |
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Income Tax Registration |
AAACW2718E |
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Central Sales Tax Registration |
7462002-2 |
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VAT/ TIN Registration |
29520287331 |
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Import Export Code |
0799016535 |
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Name of Bank |
State Bank of India |
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Current Account Number |
30036332919 |
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Account Since |
Form 2002 |
Trade References
·
Bharat Electricals
·
Railways
·
Airtel
Form no. 8
|
Corporate
identity number of the company |
U72200KA2000PTC026445 |
|
Name of the
company |
WEBSTAR SOFTWARE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
39, G1 U P
Mansion 11th Main, 16th Cross, Malleswaram, Bangalore –
560 055, Karnataka, India |
|
This form is for |
Creation of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
State Bank of India No.143, 8th Cross, Margosa Road, Malleswaram, Bangalore –
560 003, Karnataka, India |
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Nature of
instrument creating charge |
Agreement of
Loan-cum-Hypothecation. SME.02 |
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Date of instrument
Creating the charge |
07.02.2006 |
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Amount secured by
the charge |
Rs.2.600 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest: At
0.25% below SBAR Present Eff. Rate 10% per annum with periodical rests and or
at such rate/s and rests as may be specified by the Bank from time to time.
Penal Interest : 2% p.a. Margin: as stipulated by the Bank. Repayment : On
Demand |
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Description of
the property charged indicating whether it is a charged on |
·
Stock in
trade ·
Plant and
Machinery ·
Book debts ·
Others |
|
Particulars of
the property charged |
All present and
future stocks, Raw materials, goods, stocks of components and spares, book
debts, Movables and Other assets of the Borrower including Documents of Title
to Goods and other assets such as Outstanding Moneys, Receivables, Claims,
Bills, Invoices, Documents and Securities, Contracts, Engagements,
Investments, rights, fixture, Furniture, equipment, vehicles, plant and
machinery by way of First Charge |
Fixed Assets
·
Furnitures and Fixtures
·
Computers and Other Accessories
·
Office Equipments
·
Software
·
Electronic Goods
·
Vehicles
Web Details
Profile
The year 1989 marked the establishment of subject in the IT Capital, Bangalore.
Since then, we have constantly advanced as one of the most trusted names
providing advanced application oriented products, solutions and industry driven
software. These find application in diverse fields. With the assistance of
these services, they have an annual turnover of close to two and a half crores
and is likely to increase every year.
They have a sister concern Techinical Instrumentation Private Limited, which
has been operating for a decade now. It is engaged in the development of embedded
product designs and applications, software solutions and marketing guidance.
They deliver unmatched market values to clients through a combination of
process excellence and quality frame works. They constantly strive to provide
inventive and reliable software products that are engineered to assist the
clients in exact accordance with their needs. They are committed to provide
absolute client satisfaction.
Products
They are distinguished developers and
marketers of software products and embedded designs that are transformed into
products and systems. These find applications in numerous fields. They offer a
whole cosmos of wireless products that include modem, GSM modem, GPS clock,
automated station, hand held terminal, led display board, and many more. The
entire product range is the blend of latest technology and innovative ideas of
our software engineers, experts. They transform their ideas in to tangible
products that are known for their following salient features:
·
Accuracy
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Clear display
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Durability
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Reliability
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Versatility
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Portable
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Battery operated
·
Efficient power management
Infrastructure
The strength is the impressive infrastructure which is considered
remarkable for its vivid capabilities. It includes a developing unit that is spread
in the area of 2000 sq meter. It has an immense capacity of 3000 units and is
equipped with ultra modern equipments. These equipments are efficient enough
for software development and hardware production.
They indulge in providing software solutions and embedded designs. These must
be done by strictly adhering to the client specifications. Hence, data
protection comes out to be one of the key challenges. They have robust,
flexible and scalable internal IT settings with appropriate security controls
at all the stages of designing and development.
All the processes beginning from selection, screening process, to execution and
documentation, are taken care of by the engineers. They deal with established
original equipment manufacturers, motherboard manufacturers and other hardware
suppliers to ensure innovative embedded system technologies.
Domain Expertise
The company is associated with effective services and world class
solution products. They have fine tuned the art of blending innovation with practicability
to design unique solutions for the valued clients. They are committed to offer
industry specific solutions to varied business sectors in India as well as all
across the globe.
The software professionals and engineers are undisputed masters of their field.
They have a strong grip on embedded products and solutions for mobiles,
software solutions, object oriented analysis, designing and development of
model languages. Certain areas where we expertise, are enlisted below:
·
Product Design based on 8,16 & 32 bit Micro controllers(PIC
&ARM7)
·
Real time Communication Protocol
·
Embedded C and Assembly
·
C, C++, VB6.0 & VC ++
·
VB.NET
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WIN **,NT, LINUX ,UNIX
·
WIN CE
·
SQL Server & MS Access
Warehouse
They possess a capacious warehouse to stock the products. It is
strategically designed to stock the products in a methodical method. This
allows their fast stocking and easy access. The capacity of the fully equipped
warehouse is 4000 units. Few of the entities of the warehouse includes
following:
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Loading docks
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Cranes and forklifts
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Industrial racks
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Fully air conditioned
·
Fire prevention arrangements
The warehouse is managed by a team of professional experts who possess
all the requisite knowledge about managing a warehouse.
Team
They boast of the team of engineers and technology consultants, who have
impressive qualifications and immense industry experience. They provide the
best solutions to satisfy the varied demands of the clients, who approach us
from all parts of the world with their different requirements.
The experienced and knowledgeable consultants specialize in their area of
operation. Due to their commitment and dedication, they have achieved
tremendous success. They have the ability to infuse newer ideas and newer ways
of doing things to improve business outcomes.
Value Added Services
They strongly abide by the belief that technology with in depth and
detailed understanding of the application area can help in creating miracles. Apart
from providing the clients with a range of embedded products and systems, They
also offer some value added service to the clients. Some of these services
include:
·
SMS Server provider
·
SMS based LPG Gas Booking
·
Technology at Religious Services
·
Location based Services
·
Asset Tracking using GPS & RFID
These vivid services are the result of the expert knowledge of
industrial trends that are prevalent on the international fronts. The
consulting services are also spread across in other fields which include
business, processing, quality development and technology consulting.
Consumer
Satisfaction
They are successfully providing a full range of software products that
are engineered with expertise of the professionals. The customers rely on them
for world class products that find utility in various fields. They approach
them with their specific demands and they channelize all the knowledge to
transform their abstract ideas in to concrete products. The devotion towards
quality and clients’ satisfaction has helped us in delivering satisfactory and
customized products, services to them.
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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
23 |
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 |
|