MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECHNOWARE SYSTEMS INDIA PRIVATE LIMITED |
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Registered Office : |
A-363, New Ashok Nagar, New Delhi – 110 096, Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.08.1997 |
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Com. Reg. No.: |
55-88943 |
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CIN No.: [Company
Identification No.] |
U72200DL1997PTC088943 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT04813E |
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PAN No.: [Permanent
Account No.] |
AAACT6001B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Sales and Support staff in Networking |
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 7700 |
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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 in its field. Trade
relations are fair. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Arvind Yadav |
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Designation : |
Customer Co-Ordinator |
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Date : |
12.09.2008 |
LOCATIONS
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Registered Office : |
A-363, New Ashok Nagar, New Delhi – 110 096, Delhi, India |
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Tel. No.: |
91-120-2521620 |
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Mobile No.: |
91-9810095634 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq. ft. |
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Location : |
Rented |
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Head Office : |
B-60, Sector 10, Noida, Uttar Pradesh, India |
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Area : |
300 Sq. ft. |
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Location : |
Rented |
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Branch Office 1 : |
21 Shivaji Nagar, Civil Lines, Jaipur |
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Location : |
Rented |
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Branch Office 2 : |
Near Santoshi Mata Mandir, Birla Road, Satna, Madhya Pradesh, India |
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Location : |
Rented |
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Branch Office 3 : |
Located at Lucknow |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Naveen Arora |
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Designation : |
Director |
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Address : |
G-715, Jalvayu Tower, Sector – 56, Gurgaon – 122 002, Haryana, India |
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Date of Birth/Age : |
14.12.1965 |
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Qualification : |
B.Com. |
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Date of Appointment : |
06.08.1997 |
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Name : |
Mr. Shantnoo Sharma |
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Designation : |
Director |
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Address : |
A-701, Sector – 19, Noida – 201 301, Uttar Pradesh, India |
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Date of Birth/Age : |
10.07.1966 |
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Qualification : |
B.Com. |
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Date of Appointment : |
06.08.1997 |
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Name : |
Mr. Vijay Kumar Singhal |
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Designation : |
Director |
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Address : |
C-119, Sector – 19, Noida – 201 301, Uttar Pradesh, India |
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Date of Birth/Age : |
10.07.1968 |
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Qualification : |
B.Com. |
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Date of Appointment : |
06.08.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Naveen Arora |
27500 |
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Shantnoo Sharma |
35000 |
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Vijay Singhal |
15500 |
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Total |
78000 |
Equity shares Breakup (percentage of total equity)
(As on
29.09.2007)
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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 : |
Sales and Support staff in Networking |
GENERAL
INFORMATION
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Customers : |
Corporate
Houses ·
Shree Cement Limited ·
SRF Limited ·
Moser Baer Limited ·
Shanti Kunj Hardwar ·
Bajaj Hindustan Limited, Noida ·
BPL India Limited ·
JK Sugar Limited ·
Orient Ceramics and Industries Limited Government and Financial Institutions ·
RAPPS Kota ·
Power Grid Corporation of India Limited, New Delhi ·
Oil Industries Development Board, New Delhi ·
KRIBHCO, Noida Educational Institutes ·
Mody Institute of Technology and Sciences Sikar ·
Radha Gobind Engineering College Meerut ·
Venkatesh College of Engineering Meerut (U.P) ·
Moradabad Institute of Technology Moradabad |
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No. of Employees : |
35 |
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Bankers : |
E-17, 1st Floor, South Extension, Part – II, New Delhi –
110 049, Delhi, India
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Facilities : |
CC Rs.1.000 million (The Bank of Rajasthan Limited) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manoj Aggarwal and Associates Chartered Accountants |
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Address : |
86A, IInd Floor, Shahpurjat, Near Asiad Village, New Delhi – 110 049,
Delhi, India |
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Tel. No. : |
91-11-26494072, 26495072 |
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91-11-26495072 |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
78000 |
Equity Shares |
Rs.10/- each |
Rs.0.780
million |
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 |
0.780 |
0.780 |
0.780 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.741 |
0.639 |
0.490 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.521 |
1.419 |
1.270 |
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LOAN FUNDS |
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1] Secured Loans |
1.441 |
0.979 |
1.331 |
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2] Unsecured Loans |
2.448 |
2.396 |
1.681 |
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TOTAL BORROWING |
3.889 |
3.375 |
3.012 |
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DEFERRED TAX LIABILITIES |
0.026 |
0.025 |
0.058 |
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TOTAL |
5.436 |
4.819 |
4.340 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.377 |
0.850 |
0.958 |
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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 |
2.542
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0.671 |
0.314 |
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Sundry Debtors |
8.051
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3.877 |
4.326 |
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Cash & Bank Balances |
0.901
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0.392 |
0.094 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.220
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0.216 |
0.335 |
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Total
Current Assets |
11.714
|
5.156 |
5.069 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.386
|
1.075 |
0.552 |
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Provisions |
0.269
|
0.112 |
1.146 |
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Total
Current Liabilities |
7.655
|
1.187 |
1.698 |
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Net Current Assets |
4.059
|
3.969 |
3.371 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.011 |
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TOTAL |
5.436 |
4.819 |
4.340 |
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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 & Other Income |
28.418 |
20.233 |
20.370 |
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Total Income |
28.418 |
20.233 |
20.370 |
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Profit/(Loss) Before Tax |
0.428 |
0.411 |
0.325 |
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Provision for Taxation |
0.326 |
0.239 |
0.113 |
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Profit/(Loss) After Tax |
0.102 |
0.172 |
0.212 |
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Expenditures : |
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Financial Charges |
0.000 |
0.248 |
0.365 |
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Depreciation & Amortization |
0.336 |
0.173 |
0.195 |
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Other Expenditure |
27.654 |
19.401 |
19.485 |
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Total Expenditure |
27.990 |
19.822 |
20.045 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.36
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0.85 |
1.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.51
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2.03 |
1.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.27
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6.84 |
5.39 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.29 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.59
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3.21 |
3.71 |
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Current Ratio (Current Asset/Current Liability) |
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1.53
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4.34 |
2.99 |
LOCAL AGENCY FURTHER
INFORMATION
Note :
The Registered address of the company has been shifted from 44, Subhash
Khand. Giri Nagar, Kalkaji, New Delhi – 110 019, India to the present address
w.e.f. 30.10.2006.
Trade References
·
BPL India Limited
·
Hindustan Zinc Limited
·
Idea Telecommunications Limited
Form No. 8
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Corporate
identity number of the company |
U72200DL1997PTC088943 |
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Name of the
company |
TECHNOWARE SYSTEMS INDIA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
A-363, New Ashok Nagar, New Delhi – 110 096, Delhi, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book debts ·
Movable property
(not being pledge) |
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Particular of
charge holder |
The Bank of Rajasthan Limited E-17, 1st Floor, South Extension, Part – II, New Delhi –
110 049, Delhi, India |
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Nature of
instrument creating charge |
·
Omnibus
Counter Guarantee ·
Deed of
Hypothecation of Goods to secure a demand cash credit ·
Agreement
for Hypothecation of book debts ·
Agreement of
hypothecation of Machinery and Goods |
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Date of
instrument Creating the charge |
10.03.2008 |
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Amount secured by
the charge |
Rs.2.500 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 0.50% above BPLR
i.e. present minimum 15% p.a. on monthly rests, subject to change from time
to time. Terms of
repayment Repayable on
demand Margin Stock – 30%, Book
Debts – 50% and Letter of Guarantee – 30% Extent and
operation of the charge Full and
continuous operation Others Personal
Guarantee of Mr. Naveen Arora, Mr. Shantnoo Sharma and Mr. Vijay Kumar Singhal.
Limit further secured by pledge of LIC policies, NSCs and TDRs valued at
Rs.2.015 million standing in the name of Directors and a director’s wife. |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Particulars of
the property charged |
All products,
goofs, movable property of any kind belonging to borrower inclusive stocks of
computer h/ware, s/ware and other related goods which now or hereafter during this security shall be
brought-in, stored, or be in or about premises/godown at C-119, Sec-19, Noida
or wherever else All book debts,
o/s moneys receivable claims and bills due and owing to borrower in course of
business All present and
future machinery and goods at C-119, Noida or wherever else belonging to
borrower. |
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Particulars of
the present modification |
Letter of
guarantee limit of Rs.0.500 million and with the addition of funded limit of
Rs.1.500 millions granted to the company, total limit increased to Rs.2.500
millions as under :-
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Web Details
The vision of a Group, highly focused and encompassing whole gamut of IT
services, was given a concrete shape by Technocrats Mr. Naveen Arora, Mr.Vijay
Kumar Singhal, Mr.Shantnoo Sharma (Founder and Directors, Technoware Group) .
It was during their 10 year stint with companies like DCM Data Systems that
they dreamt and did not let their dream dwindle.
Keeping pace with changing technology, the group today has widely diversified
operations, covering the entire gamut, of IT activities each of them highly focused
and operating either as a separate company or as a separate profit centre, with
Group Turnover exceeding 5 crores.
In past ten years of the experience in the field of service support, Technoware Group has not build “good
image” through advertisement, but through ”word of mouth”. Technoware Group has
created “good image” by continuously rendering high quality services and has
focused on all the five determinants of quality of services – Reliability,
Responsiveness, Assurance, Empathy and Tangibles. More investment has been done
in technology, training and tangibles.
This success is attributed to its satisfied customers and efficient, devoted
more than FIFTY technical and
support professionals.
Mission And
Vision:
- Management : To adopt a culture
that embraces and to commit the resources required to manage change ( at
the ownership, structural and operational levels).
- Traditional Services :To address
static growth in the traditional markets by specializing collaborating or
growing and so provide the clients products and services which conform to
international standards of quality, reliability and performance.
- Competition:To compete
effectively against the increasing and cost-driven competition in
traditional market.
- Information Technology :To source and
develop the IT knowledge and applications essential for development and to
utilize IT to overcome some of the structural problems faced.
- On-going Professional Development : To overcome
the difficulties in maintaining the increasing knowledge and developing
new relevant skills.
- Succession Planning:To create and
realize the goodwill.
- Retain Client Base :To grow with
clients, match their needs, so build a long term relationship and so
retain a growing client base.
- Staffing :To compete
against the benefits offered by competitor (On-going training, career
opportunities etc.) in the market for high quality staff.
- Reach :To accelerate
growth and expands its activities besides Northern India to rest of the
country.
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.46.63 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.66.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--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 |
NO |
|
--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 |
|