MIRA
INFORM REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
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Name : |
EFKON INDIA PRIVATE LIMITED (w.e.f 05.10.2007) |
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Formerly Known
As : |
EFKON INDIA LIMITED (w.e.f 04.12.2006) ITS CLEARING HOUSE ( |
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Registered
Office : |
701, Seventh Floor, B-Wing, HCC 247 Park, Vikhroli (West), Mumbai –
400083, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
10.07.2001 |
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Com. Reg. No.: |
11-132670 |
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Paid-up Capital
: |
Rs. 49.865 Millions |
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CIN No.: [Company Identification
No.] |
U72900MH2001PTC132670 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04411B |
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PAN No.: [Permanent Account No.] |
AAACI9818F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service
Provider of Software Solutions, Builders Developers and Turnkey Consultants. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 550000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 : |
701, Seventh Floor, B-Wing, HCC 247 Park, Vikhroli (West), Mumbai –
400083, |
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Tel. No.: |
91-22-67148200 |
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E-Mail : |
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Website : |
DIRECTORS
As On 30.06.2010
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Name : |
Mr. Andreas Adolf Weiss |
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Designation : |
Additional Director |
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Address : |
Sonnseite 133 St Johann Am Tauep 8765 |
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Date of Birth/Age : |
24.08.1970 |
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Date of Appointment : |
01.10.2005 |
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DIN No.: |
00404934 |
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Name : |
Mr. Venugopal Rangachari Rangarajan |
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Designation : |
Director |
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Address : |
B-24/4, HDFC Colony, Chinchwad (East), Pune – 411019, |
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Date of Birth/Age : |
30.11.1959 |
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Date of Appointment : |
10.07.2001 |
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DIN No.: |
00091569 |
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Name : |
Mr. Pushkar Vijay Kulkarni |
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Designation : |
Whole-Time Director |
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Address : |
124, |
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Date of Birth/Age : |
09.11.1973 |
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Date of Appointment : |
10.07.2001 |
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DIN No.: |
00090996 |
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Name : |
Mr. Selvan Kallalosi Xavier |
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Designation : |
Director |
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Address : |
F-23. Maruti Paradise, Sector-15, Cbd Belapur, Navi
Mumbai-400614, |
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Date of Birth/Age : |
01.06.1957 |
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Date of Appointment : |
25.06.2005 |
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DIN No.: |
00091410 |
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Name : |
Mr. Andreas Adolf Weiss |
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Designation : |
Director |
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Address : |
Sonnseite 133 St Johann Am Tauep 8765 |
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Date of Birth/Age : |
24.08.1970 |
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Date of Appointment : |
23.06.2006 |
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DIN No.: |
00975129 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.06.2010
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Names of Shareholders |
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No. of Shares |
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Efkon AG |
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5268182 |
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Efkon Mobility Gmbh |
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1 |
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Total |
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5268183 |
As On 30.06.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service
Provider of Software Solutions, Builders Developers and Turnkey Consultants. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Note: (a) External commercial
borrowing ('ECBs') include net foreign exchange gain of Rs. 0.431 million
(loss in 2005: Rs. 4.668 millions). (b) The PCB of
Euro 150,000 equivalent to Rs. 10.082 millions bear libor 6 months interest
rate. (c) ICD from
lPay Clearing Services Private Limited bearing an interest rate of 10% is
repayable on 04.05.2010. (d) Bank
overdraft is secured by standby letter of credit given by the parent company,
Efkon AG. (e) Advances
from I-Pay Clearing Services Private Limited and fleet Solutions and Services
Private Limited is payable on demand. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall
Clinic, Bund Garden Road, Mumbai – 411001, Maharashtra, India |
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Pan No.: |
AAAFB9852F |
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Holding Company : |
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Subsidiaries : |
CIN: U51909MH2002PTC137737 |
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Joint Venture : |
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Group Companies : |
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CAPITAL STRUCTURE
As On 31.12.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4986505 |
Equity Shares |
Rs. 10/- each |
Rs. 49.865
Millions |
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Note:
[Of the
above,1,479,999 equity shares (2008: 1,479,999 equity shares) are held by Efkon
India Private Limited, the holding company]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
49.865 |
26.800 |
26.800 |
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2] Share Application Money |
13.169 |
23.065 |
0.000 |
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3] Reserves & Surplus |
75.751 |
29.550 |
1.199 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(6.909) |
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NETWORTH |
138.785 |
79.415 |
21.090 |
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LOAN FUNDS |
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1] Secured Loans |
3.661 |
4.380 |
0.992 |
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2] Unsecured Loans |
63.443 |
77.647 |
42.451 |
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TOTAL BORROWING |
67.104 |
82.027 |
43.443 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
205.889 |
161.442 |
64.533 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.303 |
28.020 |
11.725 |
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Capital work-in-progress |
3.577 |
23.744 |
12.566 |
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INVESTMENT |
14.858 |
14.858 |
14.800 |
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DEFERREX TAX ASSETS |
7.986 |
4.039 |
6.357 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.878
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2.157 |
3.665 |
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Sundry Debtors |
287.124
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174.825 |
39.586 |
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Cash & Bank Balances |
3.456
|
11.485 |
1.787 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
163.525
|
183.965 |
39.155 |
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Total
Current Assets |
456.983
|
372.432 |
84.193 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
249.316
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234.326 |
47.647 |
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Other Current Liabilities |
59.010
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31.306 |
11.983 |
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Provisions |
35.494
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16.019 |
5.478 |
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Total
Current Liabilities |
343.820
|
281.651 |
65.108 |
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Net Current Assets |
113.163
|
90.781 |
19.085 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
205.889 |
161.442 |
64.533 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
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Other Income |
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TOTAL |
493.500 |
433.600 |
90.000 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
409.300
(Including Financial Expenses) |
371.700
(Including Financial Expenses) |
90.800
(Including Financial Expenses) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
84.200 |
61.900 |
(0.800) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
11.500 |
5.400 |
2.800 |
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PROFIT BEFORE
TAX |
72.700 |
56.500 |
(3.600) |
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Less |
TAX |
26.500 |
21.200 |
(1.200) |
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PROFIT AFTER TAX |
46.200 |
35.300 |
(2.400) |
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Earnings Per
Share (Rs.) |
10.17 |
NA |
NA |
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KEY RATIOS
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PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
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PAT / Total Income |
(%) |
9.36
|
8.14 |
(2.67) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.89
|
14.11 |
(3.75) |
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Return on Investment (ROI) (PBT/Networth) |
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0.52
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0.71 |
(0.17) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.96
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4.58 |
5.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.33
|
1.32 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 403/404,
Madhava Plot No. C-4, Bandra-Kurla, Commercial Complex, Bandra (E), Mumbai –
400051,
OPERATIONS:
During the year, total income increased from Rs. 433.600 millions in 2008 to Rs. 493.500 millions in 2009. During this period, the company initiated various activities for strengthening its organization structure and to scale-up its project/software delivery capabilities. As a result, the employee costs have increased from Rs. 28.600 millions in 2008 to Rs. 77.700 Millions in 2009. This increase in the employee costs is partially an investment towards developing new skills, building up the systems and processes, strengthening of support functions such as Business development / HR / Finance etc.
Despite of increase in Administrative and other expenses, Employees Costs and finance charges, Company has posted higher net profit after Depreciation and tax of Rs. 46.200 millions in 2009 as compared to Rs.35.300 millions in 2008.
Form 8:
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Corporate
identity number of the company |
U72900MH2001PTC132670 |
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Name of the
company |
Efkon India
Private Limited |
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Address of the registered
office or of the principal place of
business in |
701, Seventh Floor, B-Wing, HCC 247 Park, Vikhroli (West), Mumbai –
400083, |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Receivables and
software of the Company |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Deed of
hypothecation and Loan agreement dated 19.05.2011. |
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Date of
instrument Creating the charge |
19.05.2011 |
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Amount secured by
the charge |
Rs. 100.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest shall be charged @ 16% p.a. or such other higher lending rate as
may be in force from time to time and shall be due and payable monthly on the
last working day of every month. Terms of
Repayment – Medium Term loan
of Rs. 100.000 millions shall be repaid in trenches of Rs. 50.000 millions
each in the monthly installments as under: 1. The first 02
monthly installments shall be of Rs. 0.500 Million each. 2. Next 12
monthly installments shall be of Rs. 1.000 Million each. 3. Next 06 monthly installments shal be of Rs.
1.500 Million each 4. Next 14
monthly installments shall be of Rs. 2.000 Millions each. Extent and
Operation of the charge - Additional interest shall be charged @4% p.a. over
and above the applicable reference rate on the total amount in default during
the period of such default. |
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Particulars of
the property charged |
A first charge by
way of hypothecation and escrow of entire receivables of the Company. A first charge by
way of hypothecation of assets of the Company consisting of software
alongwith source code. |
Fixed Assets:
- Software
- Technical know
how
- Leasehold
improvements
- Office
equipments
- Computers
- Furniture and
fixtures
- Motor vehicle
- Plant and
machinery
AS PER WEBSITE DETAILS
OVERVIEW:
With a vision to bring worldwide technologies under the Efkon Group to
In
·
Subject
·
I-Pay Clearing Services (74% subsidiary)
·
iFleet Solutions and Services Private Limited
With high level domain expertise and support from worldwide group companies,
EGI aims to deliver end-to-end turnkey solutions and lifecycle services program
rather than being just a product supplier.
EGI is a very important member of Efkon group and works as an
independent 'profit centre'. Efkon's commitment 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.44.43 |
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|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
47 |
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.