MIRA
INFORM REPORT
|
Report Date : |
01.07.2010 |
IDENTIFICATION DETAILS
|
Name : |
VINSYS IT SERVICES INDIA PRIVATE LIMITED |
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Registered
Office : |
1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.01.2008 |
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Com. Reg. No.: |
25-131274 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U72200PN2008PTC131274 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEV06674D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT / Software Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some losses being incurred by the company in the current year i.e. 2009-10. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some
caution. |
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/Corporate Office : |
1st Floor, |
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Tel. No.: |
91-20-25458159 / 60 |
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Fax No.: |
91-20-66032090 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at ·
Pune-Hadapsar ·
·
Bengaluru ·
·
Noida ·
Gurgaon |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Vikrant Patil |
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Designation : |
Director |
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Address : |
Flat No. 5, Bhagyashree Apartments, Near PYC Gymkhana, Pune – 411 004,
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Date of Birth/Age : |
01.07.1969 |
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Date of Appointment : |
11.01.2008 |
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DIN No. : |
00325383 |
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Name : |
Mrs. Vinaya Patil |
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Designation : |
Director |
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Address : |
Flat No. 5, Bhagyashree Apartments, Near PYC Gymkhana, Pune – 411 004,
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Date of Birth/Age : |
06.11.1972 |
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Date of Appointment : |
11.01.2008 |
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DIN No. : |
00325458 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Vikrant Patil |
|
9999 |
|
Vinaya Patil |
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1 |
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Total |
|
10000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT / Software Services. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of ·
Ichalkaranji Janata Sahkari Bank Limited ·
ICICI Bank ·
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227D, Nariman
Point, Mumbai – 400 021, |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
A S Gholkar and Company Chartered Accountant |
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Address : |
Chiranjiv Apartments, 2nd Floor, Near Hotel Yatri, |
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Tel. No.: |
91-20-25412458 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.100 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.706 |
0.955 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
0.806 |
1.055 |
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LOAN FUNDS |
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1] Secured Loans |
|
23.890 |
0.390 |
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2] Unsecured Loans |
|
55.602 |
23.118 |
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TOTAL BORROWING |
|
79.492 |
23.508 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
80.298 |
24.563 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
7.948 |
5.861 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
68.548 |
20.073 |
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Cash & Bank Balances |
|
4.583 |
0.159 |
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Other Current Assets |
|
20.216 |
7.981 |
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Loans & Advances |
|
5.693 |
3.963 |
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Total
Current Assets |
|
99.040 |
32.176 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
11.730 |
4.134 |
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Other Current Liabilities |
|
14.972 |
9.354 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
26.702 |
13.488 |
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Net Current Assets |
|
72.338 |
18.688 |
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MISCELLANEOUS EXPENSES |
|
0.012 |
0.014 |
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TOTAL |
|
80.298 |
24.563 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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153.049 |
83.123 |
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Less |
EXPENSES |
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Office Expenses |
|
152.391 |
80.987 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
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152.391 |
80.987 |
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PROFIT BEFORE
TAX |
|
0.658 |
2.136 |
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Less |
TAX |
|
0.907 |
1.181 |
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PROFIT AFTER TAX
(G-H) |
|
(0.249) |
0.955 |
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Earnings Per
Share (Rs.) |
|
(24.90) |
-- |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(0.16) |
1.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.62 |
5.62 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.82 |
2.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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131.75 |
35.07 |
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Current Ratio (Current Asset/Current Liability) |
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3.71 |
2.39 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U72200PN2008PTC131274 |
|
Name of the company |
VINSYS IT SERVICES INDIA PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
1st Floor, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10184782 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Others o
Current assets & Movable fixed assets |
|
Particular of charge holder |
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227D, Nariman Point, Mumbai – 400 021, |
|
Nature of instrument creating charge |
Supplementry Deed of Hypothecation. |
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Date of instrument Creating the charge |
18.05.2011 |
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Amount secured by the charge |
Rs.55.000 millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest CC / WCTL I / WCTL II / TL - Floating over the tenure of the facility.
The ROI has been arrived at on the basis of the Bank's Base. WCDL - As deemed fit by the Bank at the time of disbursement. Terms of Repayment WCTL I / WCTL II / TL – 1. Loan shall be repaid by way of 36 EMIs starting from month
following the month of first disbursement of Term Loan. 2. EMIs shall be recovered by ways of debit to current account of the
Borrower with the Bank. 3. EMIs shall be recovered by banking PDCs on respective due dates. WCDL - On demand as per terms and conditions as deemed fit by the
Bank. Margin TL - 15% WCDL - On such terms and conditions as deemed fit by the Bank. Extent and Operation of the charge First and exclusive charge by way of Hypothecation of Current assets
and Movable fixed assets of the Borrower, in favour of Kotak Mahindra Bank to
secure the financial facilities granted by the Bank to the Borrower. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
The whole of Borrower's Current assets and Movable fixed assets both present
and future to the Supplementry Deed of Hypothecation. |
|
Particulars of the present modification |
Bank had granted facilities of Rs.27.500 millions to the Borrower
which was secured by way of Hypothecation on Current assets and Moveable
fixed assets of the company on 05/10/2009. Said charge was modified on
20/09/2010. Now bank has granted additional facility of Rs.20.000 millions to
the company and the said charge is modified and extended to the increased
total facilities of Rs.55.000 millions. |
FIXED ASSETS
·
Cars
·
Computer
·
Furniture
·
Generator / Office Equipments / AC
WEB DETAILS
Profile
Subject, an ISO 9001:2008 certified organization, is a global IT
services company, delivering solutions, services and products to enterprises worldwide
with a team of 200+ highly accomplished professionals through robust practices.
Over the years, the company has established itself as a reliable partner for
many corporates in
With its corporate office located at Pune, India and operations across the
globe in countries like Australia, China, Denmark, Germany, Oman, Qatar and
Tanzania, subject has moved along with an excellent track record for over a
decade.
The experience and expertise lies in executing training and consulting in the
area of software technology, Behavioral and Management solutions, Project
Management, ITSM and foreign language services. They deliver a unique value
proposition by leveraging from the access to
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.44.72 |
|
|
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.