MIRA
INFORM REPORT
|
Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
IBS SOFTWARE SERVICES PRIVATE LIMITED |
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Registered
Office : |
521-524, Nila, Technopark Campus, Trivandrum-695581, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
31.03.1999 |
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Com. Reg. No.: |
012934 |
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CIN No.: [Company Identification
No.] |
U72200KL1999PTC012934 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
TVDI00159F |
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PAN No.: [Permanent Account No.] |
AAACI6825N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providers of IT Solutions to the Travel, Transportation and Logistics (TTL)
Industry. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 20000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Available information
indicated high financial responsibility of the company. Trade relations are
reported as fair. Business is active. Payments are reported to be correct and
as per commitments. The company can be considered for normal business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
521-524, Nila, Technopark Campus, Trivandrum-695581, |
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Tel. No.: |
91-471-2700080/6614200 |
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Fax No.: |
91-471-2700078 |
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E-Mail : |
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Website: |
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3rd Floor, Leela Infopark, Infoark House, Kusumagiri PO, Kakkanad,
Cochin-682030, |
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Tel No.: |
91-484-6613800 |
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Fax No.: |
91-484-2415419 |
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Block A, 134/3, 134/4, Brigade Techpark, Near ITPL, |
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Tel No.: |
91-80-67072000 |
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Fax No.: |
91-80-28457000 |
DIRECTORS
As on 25.09.2009
|
Name : |
Mr. Valayil Korath Mathews |
|
Designation : |
Director |
|
Address : |
TC 9/596 (1), Jawahar Nagar, Trivandrum-695041, |
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Date of Birth/Age : |
15.11.1954 |
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Date of Appointment : |
31.03.1999 |
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Name : |
Mrs. Latha Mathews |
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Designation : |
Director |
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Address : |
TC 9/596 (1), Jawahar Nagar, Trivandrum-695041, |
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Date of Birth/Age : |
24.06.1961 |
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Date of Appointment : |
31.03.1999 |
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Name : |
Mr. Abhay Prabhakar Havaldar |
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Designation : |
Director |
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Address : |
19 Mallika, Makarnad Sahnivas, Veer Savarkar Marg, Mahim,
Mumbai-400016, |
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Date of Birth/Age : |
05.12.1961 |
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Date of Appointment : |
19.07.2007 |
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Name : |
Mr. Sunish Madanlal Sharma |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
25.10.1974 |
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Date of Appointment : |
19.07.2007 |
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Name : |
Mr. Pietro Cefai |
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Designation : |
Director |
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Address : |
Toft House, Knowle Grove, Water, Gu 25 4JD, |
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Date of Birth/Age : |
26.03.1958 |
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Date of Appointment : |
31.01.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh Babu Madhanagopal |
|
Designation : |
Secretary |
|
Address : |
TC 8/2158, Surabhi, |
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Date of Birth/Age : |
09.07.1967 |
|
Date of Appointment : |
10.07.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2009
|
Names of Shareholders |
No. of Preferences Shares |
No. of ‘A’
Equity Shares |
No. of ‘B’
Equity Shares |
|
Valayil Korath Mathews |
-- |
-- |
600 |
|
Latha Mathews |
-- |
-- |
120 |
|
International Business Services Group Private Limited, |
-- |
-- |
19499280 |
|
General Atlantic Mauritius Limited, |
-- |
484680 |
-- |
|
General Atlantic Mauritius Limited, |
-- |
-- |
6500000 |
|
Pietro Cefai |
-- |
-- |
917072 |
|
Bill Milne |
-- |
-- |
199363 |
|
Philip Hinton |
-- |
-- |
318982 |
|
General Atlantic Mauritius Limited, |
1615600 |
-- |
-- |
|
|
|
|
|
|
Total |
1615600 |
484680 |
27435417 |
As on 25.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
5.23 |
|
Bodies
corporate |
|
71.07 |
|
Venture
Capital |
|
23.70 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providers of IT Solutions to the Travel, Transportation and Logistics
(TTL) Industry. |
GENERAL INFORMATION
|
Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
|
Address : |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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Holding Company: |
International Business Services Group
Private Limited (U72200KL1996PTC010762) |
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Subsidiary Company: |
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CAPITAL STRUCTURE
As on 25.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
540000 |
‘A’ Equity Shares |
Rs.1000/- each |
Rs.540.000 Millions |
|
29500000 |
‘B’ Equity Shares |
Rs.10/- each |
Rs.295.000 Millions |
|
1805000 |
Preferences Shares |
Rs.1000/- each |
Rs.1805.000 Millions |
|
|
Total |
|
Rs.2640.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
484680 |
‘A’ Equity Shares |
Rs.1000/- each |
Rs.484.680
Millions |
|
27435417 |
‘B’ Equity Shares |
Rs.10/- each |
Rs.274.354
Millions |
|
1615600 |
Preferences Shares |
Rs.1000/- each |
Rs.1615.600
Millions |
|
|
Total |
|
Rs.2374.634 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2374.634 |
2374.634 |
32.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2851.395 |
1570.131 |
1081.595 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5226.029 |
3944.765 |
1114.095 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
615.542 |
429.605 |
329.488 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
615.542 |
429.605 |
329.488 |
|
|
DEFERRED TAX LIABILITIES |
5.009 |
36.636 |
0.437 |
|
|
|
|
|
|
|
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TOTAL |
5846.580 |
4411.006 |
1444.020 |
|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
527.698 |
1116.148 |
497.779 |
|
|
Capital work-in-progress |
116.672 |
532.636 |
312.286 |
|
|
|
|
|
|
|
|
INVESTMENT |
103.620 |
130.502 |
17.493 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1630.858
|
985.055 |
491.812 |
|
|
Cash & Bank Balances |
1081.434
|
1442.281 |
133.225 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3035.897
|
673.470 |
242.662 |
|
Total
Current Assets |
5748.189
|
3100.806 |
867.699 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
249.498
|
208.796 |
|
|
|
Other Current Liabilities |
205.600
|
139.747 |
76.107 |
|
|
Provisions |
194.501
|
120.543 |
175.130 |
|
Total
Current Liabilities |
649.599
|
469.086 |
251.237 |
|
|
Net Current Assets |
5098.590
|
2631.720 |
616.462 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5846.580 |
4411.006 |
1444.020 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales of software products and services |
2325.823 |
1373.654 |
1094.109 |
|
|
|
Sales of software IP rights |
438.509 |
0.000 |
0.000 |
|
|
|
Other Income |
349.238 |
163.932 |
31.401 |
|
|
|
TOTAL (A) |
3113.570 |
1537.586 |
1125.510 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
1577.088 |
855.891 |
513.906 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1577.088 |
855.891 |
513.906 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1536.482 |
681.695 |
611.604 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.332 |
77.064 |
14.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1498.150 |
604.631 |
597.176 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
178.907 |
74.503 |
74.537 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1319.243 |
530.128 |
522.639 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.963 |
143.000 |
58.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1281.280 |
387.313 |
464.254 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1251.479 |
1035.170 |
734.336 |
|
|
Less |
TRANSITIONAL
ADJUSTMENT IN ACCORDANCE |
0.000 |
8.492 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on compulsorily convertible
preferences shares |
0.014 |
0.010 |
0.000 |
|
|
|
Dividend tax |
0.002 |
0.002 |
16.995 |
|
|
|
Proposed dividend on equity shares |
0.000 |
0.000 |
100.000 |
|
|
|
Issue of bonus |
0.000 |
162.500 |
0.000 |
|
|
|
Transfer to general reserves |
0.000 |
0.000 |
46.425 |
|
|
BALANCE CARRIED TO
THE B/S |
2532.743 |
1251.479 |
1035.170 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2325.800 |
1373.600 |
1098.086 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
119.580 |
40.636 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
43.38 |
16.07 |
23.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
41.15
|
25.19 |
41.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
47.72
|
38.59 |
47.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.02
|
12.57 |
38.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.13 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.24
|
0.23 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.85
|
6.61 |
3.45 |
LOCAL AGENCY FURTHER INFORMATION
Background:
IBS Software Services Private Limited ('IBS' or 'the Company') is a global provider of new generation IT solutions to the Travel, Transportation and Logistics ('TTL') industry. Being an enterprise solutions company, IBS offers a range of products and services that manage mission critical operations of major airlines, airports, oil and gas companies, seaports, cruise lines and tour operators world-wide. The services offered by the Company include software application development, application re-engineering, application maintenance, software product engineering, technology consulting, business intelligence and data warehousing.
The Company is headquartered in
Results of
Operations:
For the period from 1 April
2008 to 31 March 2009, the Company has recorded a total income of Rs. 3113.600 Millions against a total
income of Rs. 1537.500 Millions
far the previous year. The staff
costs and operating expenses together stand at Rs. 1577.100 Millions for the year, as against Rs. 905.900 Millions for the
previous year. Profit before taxes and prior period items for the year stands
at Rs. 1319.200 Millions as against Rs. 530.100 Millions for the previous year,
the profit after tax for the
year under review stands at Rs. 1281.300 Millions as against Rs. 387.300
Millions for the previous year.
Business Overview
The Company is one of
the leading providers leading IT solutions provider to the global Travel,
Transportation and Logistics (TTL) industry. The Company delivers a comprehensive range of software
products that manage mission-critical operations of major airline, airports,
oil and gas companies, seaports cruise lines and tour operators world-wide,
Services offered by the Company includes software application development, application
re-engineering, application maintenance, software product engineering,
technology consulting, business Intelligence
and dab warehousing and legacy services to client locations in USA,
Europe, Japan, Asia Pacific, Middle East, and Rest of the world and onshore locations in India. Overall the
company core strength is its highly motivated and empowered staff, their domain
knowledge, expertise and experience in state-of the- art technologies and the
process competence to deliver software solutions and quality services to
travel, transportation and logistics industry.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10103291 |
|
Corporate identity
number of the company |
U72200KL1999PTC012934 |
|
Name of the
company |
IBS SOFTWARE
SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
521-524, Nila, Technopark Campus, Trivandrum-695581, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Hypothecation of goods and assets for increase in the overall
limit |
|
Date of instrument
Creating the charge |
26.03.2010 |
|
Amount secured by
the charge |
Rs.700.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 3.00% below
SBAR at monthly rest Terms of
Repayment Repayable on
demand Margin Margin @ 25% cash
credit (receivables), 10% performance Bank guarantee and 25% Financial Bank
guarantee Extent and
Operation of the charge 1.A Supplemental
agreement of hypothecation of goods and assets executed on the existing
security, which have already been
given as security for the existing cash credit limit of Rs.350.000 Millions
, has now been extended as security for the enhanced cash
credit limit of Rs. 600.000 Millions
and fresh Bank Guarantee limit of
Rs.100.000 Millions . 2. An exclusive
first charge over the current assets of the Company for cash credit limit of
Rs. 600.000 Millions and Bank Guarantee limit of Rs.100.000 Millions. Others 3. Second charge
over the fixed assets of the company. |
|
Short particulars
of the property charged |
I)
A
Supplemental agreement of hypothecation of goods and assets executed on the
existing security, which have already been
given as security for the existing cash credit limit of Rs.350.000 Millions , II)
For
the enhanced cash credit limit of Rs. 600.000 Millions and fresh Bank Guarantee limit of Rs.100.000 Millions . III)
An
exclusive first charge over the current assets of the Company for cash credit
limit of Rs. 600.000 Millions and Bank Guarantee limit of Rs.100.000 Millions
. IV)
Second
charge over the fixed assets of the company. |
|
Date of latest
modification prior to the present modification |
03.08.2009 |
|
Particulars of the
present modification |
By the present
modification the existing credit limit of Rs. 350.000 Millions has been
enhanced to Rs. 600.000 Millions and fresh Bank Guarantee limit of Rs.
100.000 Millions. |
Fixed Assets:
- Buildings
- Leasehold Improvements
- Computer Systems
- Furniture and Fixture
- Plant and Machinery
- Vehicles
- Software Products
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.