MIRA
INFORM REPORT
|
Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAMBOLL IMISOFT PRIVATE LIMITED (w.e.f. 10.07.2008) |
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Formerly Known As : |
IMI SOFT ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Kautilya, 6-3-652, Somajiguda, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.11.2006 |
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Com. Reg. No.: |
01-51714 |
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CIN No.: [Company
Identification No.] |
U72200AP2006PTC051714 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDI02002A |
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PAN No.: [Permanent
Account No.] |
AABCI7215D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Software Technology and Professional Services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 30542300 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments.
The company can be considered normal for 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) |
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|
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
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Registered Office : |
Kautilya, 6-3-652, Somajiguda, |
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Tel. No.: |
91-40-23310233/ 40204100 |
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Fax No.: |
91-40-23311643 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 24.09.2010
|
Name : |
Mr. Poul Albeck |
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Designation : |
Managing Director |
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Address : |
Hoejleddet 6 Hotel, 2840 |
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Date of Birth/Age : |
02.03.1953 |
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Date of Appointment : |
02.04.2008 |
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Name : |
Mr. Alluri Viswanatha Reddy |
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Designation : |
Director |
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Address : |
2 – D, Atlas Apartments, Road No.10, Banjara Hills, |
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Date of Birth/Age : |
30.06.1953 |
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Date of Appointment : |
17.11.2006 |
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Name : |
Mr. Soren Holm Johansen |
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Designation : |
Director |
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Address : |
Jystrup Bygade 13, 4175 Jystrup, Midtdjaelland 4175, |
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Date of Birth/Age : |
01.06.1955 |
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Date of Appointment : |
02.04.2008 |
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Name : |
Mrs. Deepa Hingorani |
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Designation : |
Nominee Director |
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Address : |
III – L – 7, Lajpat Nagar, |
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Date of Birth/Age : |
29.09.1970 |
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Date of Appointment : |
02.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
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Names of Shareholders |
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No. of Shares |
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Ramboll Singapore Private Limited, |
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1800000 |
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Industrial Fund FCR Developing Countries, |
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540000 |
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Tarimela Holdings Private Limited, Andhra Pradesh |
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600000 |
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Shyam Prasad Subramanya Bhat |
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60000 |
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Total |
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3000000 |
AS ON 24.09.2010
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Category |
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Percentage
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
78.00 |
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Bodies
corporate |
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20.00 |
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Directors or relatives of Directors |
|
2.000 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Software Technology and Professional Services. |
GENERAL INFORMATION
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Bankers : |
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Facilities: |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
#8-2-293/82/A/1131A, Road No.36, Jubliee Hills, |
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Holding Company:
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Ramboll Singapore Private Limited, |
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Fellow
Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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(Of the above,
1800000 (March, 2009) 180000) equity shares are held by Ramboll Singapore Private
Limited, the holding company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
275.423 |
164.681 |
70.972 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
305.423 |
194.681 |
100.972 |
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LOAN FUNDS |
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1] Secured Loans |
1.385 |
0.578 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.385 |
0.578 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
306.808 |
195.259 |
100.972 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.071 |
39.084 |
8.635 |
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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 |
2.005 |
8.712 |
7.261 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
4.299 |
0.000 |
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Sundry Debtors |
213.058
|
118.228 |
138.614 |
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Cash & Bank Balances |
85.644
|
72.557 |
42.661 |
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Other Current Assets |
1.108
|
0.584 |
0.276 |
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Loans & Advances |
90.556
|
46.090 |
36.392 |
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Total
Current Assets |
390.366
|
241.758 |
217.943 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
59.435
|
27.852 |
42.606 |
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Other Current Liabilities |
49.506
|
47.102 |
49.832 |
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Provisions |
20.693
|
19.341 |
40.429 |
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Total
Current Liabilities |
129.634
|
94.295 |
132.867 |
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Net Current Assets |
260.732
|
147.463 |
85.076 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
306.808 |
195.259 |
100.972 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
499.040 |
430.090 |
248.460 |
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Other Income |
33.800 |
2.210 |
1.460 |
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TOTAL (A) |
532.840 |
432.300 |
249.920 |
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Less |
EXPENSES |
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|
|
|
|
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Salaries and Benefits to Employees |
181.550 |
132.890 |
87.640 |
|
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Administrative and other Expenses |
176.200 |
145.510 |
80.690 |
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TOTAL (B) |
357.750 |
278.400 |
168.330 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
175.090 |
153.900 |
81.590 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
175.090 |
153.900 |
81.590 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.320 |
2.530 |
0.900 |
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PROFIT BEFORE
TAX (E-F) (G) |
167.770 |
151.370 |
80.690 |
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Less |
TAX (I) |
57.030 |
57.660 |
30.470 |
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PROFIT AFTER TAX
(G-I) (J) |
110.740 |
93.710 |
50.220 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
2.224 |
3.093 |
NA |
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TOTAL EARNINGS |
2.224 |
3.093 |
NA |
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Earnings Per
Share (Rs.) |
36.91 |
31.34 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
20.78
|
21.68 |
20.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
33.62
|
35.19 |
32.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
38.61
|
53.90 |
35.61 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.78 |
0.80 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.49 |
1.32 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.01
|
2.56 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office address of the company has been shifted from
#6-3-652, Kautilya, Somajiguda,
Basis for preparation
of Financial Statements
The financial statements have been prepared to comply in material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act 1956(the Act). The Financial statements have been prepared under die historical cost convention on an accrual basis. The accounting policies have been consistently applied by the company
The Company is a Small and Medium Sized Company (SMC) as defined in the general instructions in respect of the Accounting Standards notified under the Companies Act. W. Accordingly, the Company has complied with die Accounting Standards as applicable to a SMC.
Review of Operations
During the financial year, the Company Has earned an income or Rs.532.840 Millions and made a profit after tax of Rs.10.740 Millions Industry Scenario 8c Future Prospects
The company has consolidated its position in the current year as service provider for qualify inspection services, designing, detailing, non destructive test, software development and maintenance services for telecom infrastructure industry.
During the financial year, numbers of full time employees have decreased from 998 in March 2009 to 977 in March 2010. The company is focusing to consolidate m current capabilities to enter into other area of business in the financial year 2010-11.
Change of Objects of
the Company:
The Company in order to expand its business operations by carrying additional objects along with existing, ones, amended the 'Objects Clause of the Memorandum of Association of the Company in the Extra Ordinary General Meeting held on 8th June 2010,
Form 8:
|
Corporate
identity number of the company |
U72200AP2006PTC051714 |
|
Name of the
company |
RAMBOLL IMISOFT
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.32,
Kavuri Hills, Near Road No.36, Jubilee Hills, |
|
This form is for |
Creation of charge
|
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Citibank N.A |
|
Nature of
instrument creating charge |
Goods Security
Agreement. |
|
Date of
instrument Creating the charge |
04/10/2010 |
|
Amount secured by
the charge |
Rs.48.000Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest @ 11.50% per
annum. Terms of
Repayment Repayable on
demand, annually renewable. Margin 25% against the
book debts and NIL margin against the said fixed assets. Extent and
Operation of the charge First exclusive
charge by hypothecation of all the borrowers movable and non movable assets
(including plant and machinery, book debts and receivables) both present and
future forming part of its current assets and fixed assets both present and
future in favour of Citibank N.A Hyderabad for the repayment of all monies in
respect of the credit facility, including outstanding balance and also all interest,
costs, charges and expenses. |
|
Short particulars
of the property charged |
All of the
Borrowers present and future book debts, outstanding monies, receivables,
claims, bills, Detailed as per clause no. 3.1(a) of GSA attached. All the
borrowers present and future movable plant, machinery, vehicles and
equipments belonging to the borrower, Detailed as per clause no. 3.1(b) of
GSA attached. |
FIXED ASSETS:
- Computers
- Electrical
Installations
- Air
Conditioner
- Diesel
Generator
- Office
Equipment
- Furniture
and Fixture
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.45.11 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.61.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.