MIRA
INFORM REPORT
|
Report Date : |
27.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ACROPETAL TECHNOLIGOES LIMITED |
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Registered Office : |
2/10, Ajay Plaza, Istmain N S Palya, Banergahatta, Bangalore- 560076,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.04.2001 |
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Com. Reg. No.: |
028944 |
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CIN No.: [Company
Identification No.] |
U72900KA2001PLC028944 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Software Solutions Providers for GIS, CAD Based Companies |
RATING &
COMMENTS
|
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 950000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. Nothing adverse reported. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
2/10, Ajay Plaza, Istmain N S Palya, Banergahatta, Bangalore- 560076,
Karnataka, India |
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Tel. No.: |
91-80-41559501/26787923 |
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Fax No.: |
91-80-26789553 |
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E-Mail : |
corp@acropetal.com (Corporate
Information) support@acropetal.com
(Support Information) |
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Website : |
DIRECTORS
|
Name : |
Mr. D. Ravikumar |
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Designation : |
Managing Director |
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Name : |
Mrs. Malini Reddy |
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Designation : |
Whole time Director |
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Address : |
No. E 1201, Mantri Eligance, Bannerghatta Road, N S Palya, BG Bangalore
– 560076, Karnataka, India |
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Date of Birth/Age : |
10.06.1974 |
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Date of Appointment : |
15.12.2006 |
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Email : |
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Name : |
Mr. Anil T. Shridhar |
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Designation : |
Additional Director |
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Address : |
436, 18th Cross, 13th Main MC Layout,
Vijayanagar, Bangalore – 560040, Karnataka, India |
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Date of Birth/Age : |
14.06.1970 |
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Date of Appointment : |
14.11.2006 |
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Email : |
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Name : |
Mr. Mohan H. Ramkrishna |
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Designation : |
Additional Director |
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Address : |
69 Afrose Mansion, 1st Main, Chola Nagar, R T Nagar,
Bangalore – 560032, Karnataka, India |
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Date of Birth/Age : |
07.05.1974 |
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Date of Appointment : |
14.11.2006 |
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Email : |
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Name : |
Mr. Praveen Kumar Chittadi Reddy |
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Designation : |
Additional Director |
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Address : |
No, 379, 1st Floor, 4th Cross, Deva Sandra, New
Bel Road, Bangalore – 560054, Karnataka, India |
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Date of Birth/Age : |
01.05.1971 |
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Date of Appointment : |
14.11.2006 |
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Email : |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Kumar Bajoria |
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Designation : |
Company Secretary |
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Address : |
No.102, 2nd Floor, Samvruddhi Enclave, 2nd Main
Kumarswamy Layout, 2nd Stage, Bangalore – 560078, Karnataka, India
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Date of Birth/Age : |
20.08.1982 |
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Date of Appointment : |
02.01.2008 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 16.04.2001)
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Names of Shareholders |
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No. of Shares |
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D. Ravi Kumar |
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20000 |
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Dr. Malini Reddy |
|
5000 |
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Rama Mohan Reddy |
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5000 |
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K. Dorai Swamy |
|
5000 |
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D. Premela |
|
5000 |
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C. Chenna Reddy |
|
5000 |
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P. Jagannadha Reddy |
|
5000 |
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Total |
|
50000 |
(As on 31.03.2006)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Software Solutions Prouiders for GIS, CAD Based Companies |
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Exports : |
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Countries : |
Middle East France |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
60 |
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Bankers : |
·
State Bank of Travancore Industrial Finance Branch, 3rd floor, Vayudhoot Chamber, Trinity
Junction, M G Road, Bangalore – 560001, India ·
United Bank of India K G Road Branch, Bangalore – 560009, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gopalkrishnan and Company Chartered Accountant |
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Address : |
NBo.120, Infantry Road, Next to Balaji Ply Wood, Bangalore – 560001,
Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
40.000 |
2.500 |
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2] Share Application Money |
5.010 |
2.040 |
2.610 |
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3] Reserves & Surplus |
135.482 |
10.648 |
15.558 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
190.492 |
52.688 |
20.668 |
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LOAN FUNDS |
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1] Secured Loans |
79.501 |
29.994 |
14.688 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.218 |
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TOTAL BORROWING |
79.501 |
29.994 |
14.906 |
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DEFERRED TAX LIABILITIES |
4.639 |
0.000 |
0.000 |
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TOTAL |
274.632 |
82.682 |
35.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.187 |
18.314 |
11.244 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.522
|
9.500 |
5.558 |
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Sundry Debtors |
182.011
|
38.844 |
18.580 |
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Cash & Bank Balances |
10.976
|
16.465 |
0.538 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
37.431
|
4.090 |
1.213 |
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Total
Current Assets |
238.940
|
68.899 |
25.889 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.070
|
4.531 |
1.569 |
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Provisions |
0.425
|
0.000 |
0.000 |
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Total
Current Liabilities |
7.495
|
4.531 |
1.569 |
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Net Current Assets |
231.445
|
64.368 |
24.320 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
274.632 |
82.682 |
35.574 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
402.306 |
66.043 |
28.851 |
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Other Income |
16.559 |
10.486 |
5.902 |
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Total Income |
418.865 |
76.529 |
34.753 |
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Profit/(Loss) Before Tax |
131.112 |
26.125 |
10.884 |
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Provision for Taxation |
3.353 |
1.026 |
0.422 |
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Profit/(Loss) After Tax |
127.759 |
25.099 |
10.462 |
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Export Value |
402.306 |
66.043 |
NA |
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Expenditures : |
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Raw Material Consumed |
9.500 |
5.558 |
0.000 |
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Salaries, Wages, Bonus, etc. |
19.732 |
10.513 |
4.989 |
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Managerial Remuneration |
4.320 |
1.990 |
0.840 |
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Payment to Auditors |
0.100 |
0.062 |
0.055 |
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Interest |
9.448 |
2.268 |
1.215 |
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Insurance Expenses |
0.190 |
0.099 |
0.046 |
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Power & Fuel |
0.739 |
0.289 |
0.316 |
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Depreciation & Amortization |
13.179 |
5.177 |
5.302 |
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Other Expenditure |
230.544 |
24.447 |
11.106 |
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Total Expenditure |
287.752 |
50.403 |
23.869 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
30.50
|
32.80 |
30.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
32.59
|
39.56 |
37.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
46.47
|
29.96 |
29.31 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.69
|
0.50 |
0.53 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
0.66 |
0.80 |
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Current Ratio (Current Asset/Current Liability) |
|
31.88
|
15.21 |
16.50 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number of the company |
U72900KA2001PLC028944 |
|
Name of the
company |
ACROPETAL TECHNOLOGIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
2/10, Ajay Plaza, Istmain N S Palya, Banergahatta, Bangalore- 560076,
Karnataka, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable
Property |
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Particular of
charge holder |
·
State Bank of Travancore Industrial Finance Branch, 3rd floor, Vayudhoot Chamber,
Trinity Junction, M G Road, Bangalore – 560001, India |
|
Nature of
instrument creating charge |
Memorandum of
deposit for creation of further charge for term loan/ overall working capital
limit were in initial charge is created by way of mortgage by deposit of
title deeds. |
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Date of
instrument Creating the charge |
21.08.2008 |
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Amount secured by
the charge |
Rs.300.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests as
applicable from time to time |
|
Particulars of
the property charged |
Extension of
equitable mortgage on Immovable Property all piece and parcel of 21780 sft
(20 Guntas) of residential converted land in sy No.11/7 situated at
kammanahalli village, Begur Hobli, Bangalore South Taluk and Property bearing
New M No.8 (Old No. 74, 75, 57) PID No.65321-8 (formed out of old sites bearing
Nos 57, 74, 75 situated at N S Palya, Bangalore Now know as 3rd
Main Road, Industrial Area, N S Palya, Word No 65, Bangalore together with
all b’ldge Structures thereron. |
|
Particulars of
the present modification |
Extension of
equitable mortgage on Company Immovable Properties, against credit facilities
enhanced from Rs.270.000 Millions to Rs.300.000 Millions (PC/PCFC: Rs.200.000
Millions and Existing TL Rs.10.000 Millions to continue) All other terms
and conditions remain unchanged. |
Website Details:
Profile:
Subject is a service provider with extensive experience in
providing IT outsourcing services to enterprises across the globe. They have
significant experience and have matured into an outsourcing partner, providing substantial
value using offshore facility, capability and resources in India.
Company has been in the outsourcing industry since 2001,
servicing clients thousands of miles away, maturing into a core dependable
extension of a client's internal team. They deliver business value - beyond
mere offshore advantages, lowered costs and faster turnaround times. They align
technology with business needs to empower an enterprise with seamlessly
integrated, robust and scalable technology solutions.
They are a client-centered and quality-centric organization
with a complete portfolio of IT services. They make it their business to
understand the enterprise and its direction, the complexities of the trade, the
processes and operating philosophy and the priorities
Services:
They are a complete Technology
Solutions provider in IT and Engineering Services to large companies and medium
sized enterprises. The depth and breadth of their expertise combines with their
extensive experience and a full-service portfolio to create seamless solutions.
Company services include Software Development, Software Maintenance,
Engineering, Quality Assurance and Testing, Establishing dedicated offshore
software development centers (ODC).
·
Software Development
·
Software Testing
·
Software maintenance
·
Embedded Design
·
Offshore Development Centers
(ODS)
·
Quality Assurance
·
Engineering and CAD Services
News:
August
08 2007
Acropetal Technologies Limited, Wins STPI award for first
among fastest growing SME in Karnataka.
lAcropetal Technologies Limited, has been adjudged “First among the Fastest
Grown SME Companies in Karnataka” by the Software Technology Parks of India
(STPI). On this occasion we thank all the staff for their support and the
effort they have shown towards the company. This will be the motivation factor
to achieve other milestones put forth by the Management.
December 20 2006
Acropetal Technologies Limited, Signs Exclusive 3 Year ODC Contract.
Acropetal Technologies Limited announced that it has entered into an exclusive 3-year
agreement to provide Enterprise Application Integration (EAI) and development
services for its Fortune 1000 USA customer base. As part of this agreement, Acropetal will establish an offshore
development center (ODC) that will be dedicated to projects and an on-site team
for deployment and integration activities.
June
19 2006
Acropetal Plans Expansion.
Acropetal Technologies, announces the expansion of its
software segment. A new facility is being developed to accommodate upto 250
employees.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.43 |
|
UK Pound |
1 |
Rs.85.38 |
|
Euro |
1 |
Rs.67.95 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
|