MIRA
INFORM REPORT
|
Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOFTLINK INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
INSIST SOFTLINK ( |
|
|
|
|
Registered
Office : |
2, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.01.1997 |
|
|
|
|
Com. Reg. No.: |
11-105367 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.15.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200PN1997PTC105367 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES05968E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Service
Provider of Computer Software. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 51000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. 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
cautions. |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
2, |
|
Tel. No.: |
91-20-66044444 / 25882279 |
|
Fax No.: |
91-20-66044545 / 25883784 |
|
E-Mail : |
info@softlinkinternational.com |
|
Website : |
|
|
|
|
|
Branch Office : |
Located at ·
Nagur ·
·
|
|
|
|
|
Overseas Office 1 : |
Soft Link international inc. 297, |
|
Tel. No.: |
+1 (914) 285-5110 |
|
Fax No.: |
+1 (914) 206-4336 |
|
|
|
|
Overseas Office 2 : |
OmBiz Associates Sdn Bhd, Jalan Ampang, 504, 3/F Wisma MGA Rashid, |
|
Tel. No.: |
+60 3 2031-3020 x400 |
|
Fax No.: |
+60 12 295-2260 |
|
|
|
|
Overseas Office : |
Located at ·
|
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Prakash S Kamat |
|
Designation : |
Chairman |
|
Address : |
600, Janaki Datta, 36, |
|
Date of Birth/Age : |
30.06.1964 |
|
Date of Appointment : |
24.01.1997 |
|
DIN No. : |
00611510 |
|
|
|
|
Name : |
Dr. Mrs. Awani P Kamat |
|
Designation : |
Whole Time Director |
|
Address : |
600, Janaki Datta, 36, |
|
Date of Birth/Age : |
30.03.1967 |
|
Date of Appointment : |
24.01.1997 |
|
DIN No. : |
00613491 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Prakash S Kamat |
|
990000 |
|
Awani P Kamat |
|
210000 |
|
Total |
|
1200000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service
Provider of Computer Software. |
|
|
|
|
Products : |
·
HCP DICOM Net ·
Heartcare Plus ·
Imagine Multi-modality PACS ·
Panacea HIS |
GENERAL INFORMATION
|
Customers : |
·
Max Heart and Vascular Institute, ·
·
Apollo Hospitals Limited, ·
The Mount Sinai Medical ·
·
Sri Jaydeva Institute of cardiology, ·
·
Spandan Heart Institute, ·
Vivus Heart Institute, ·
·
·
·
Heritage Hospitals Limited, ·
Baroda Heart Institute and Resarch Centre, ·
·
Seven |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013, ·
ICICI Bank Limited ·
HDFC Bank ·
IDBI Bank ·
State Bank of ·
Standard Chartered Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P B Shanbhag and Associates Chartered Accountant |
|
Address : |
9, Marigold House Co-Operative Housing Society, 7th Lane, Dahanukar
Colony, Kothrud, Pune – 411 038, |
|
Tel. No.: |
91-20-25468819 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity Shares (Out of which 570500 Shares were issued as Bonus Shares out of free
Reserves) |
Rs.10/- each |
Rs.12.000
millions |
|
|
Share Application Money Pending Allotment |
|
Rs.3.000
millions |
|
|
Total |
|
Rs.15.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
15.000 |
13.500 |
15.000 |
||
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves
& Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated
Losses) |
(2.227) |
(2.494) |
(0.587) |
|
|
NETWORTH |
12.773 |
11.006 |
14.413 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
29.958 |
35.638 |
29.891 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1.462 |
|
|
TOTAL BORROWING |
29.958 |
35.638 |
31.353 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
42.731 |
46.644 |
45.766 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.603 |
25.073 |
28.399 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.158 |
2.004 |
1.739 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.301
|
0.407 |
0.267 |
|
|
Sundry Debtors |
15.417
|
15.116 |
14.112 |
|
|
Cash & Bank Balances |
0.638
|
0.268 |
1.808 |
|
|
Other Current Assets |
5.786
|
7.496 |
3.146 |
|
|
Loans & Advances |
0.017
|
0.039 |
0.045 |
|
Total
Current Assets |
22.159
|
23.326 |
19.378 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.332
|
1.409 |
2.032 |
|
|
Other Current Liabilities |
4.119
|
1.601 |
1.173 |
|
|
Provisions |
0.743
|
0.765 |
0.572 |
|
Total
Current Liabilities |
6.194
|
3.775 |
3.777 |
|
|
Net Current Assets |
15.965
|
19.551 |
15.601 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.005 |
0.016 |
0.027 |
|
|
|
|
|
|
|
|
TOTAL |
42.731 |
46.644 |
45.766 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
33.764 |
30.977 |
28.395 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
33.632 |
33.009 |
33.646 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.132 |
(2.032) |
(5.251) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.135) |
(0.125) |
(0.135) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.267 |
(1.907) |
(5.116) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
14.953 |
12.502 |
13.471 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.22 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.79
|
(6.16) |
(18.02) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.28
|
(4.20) |
(10.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.18) |
(0.36) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.83
|
3.58 |
2.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.58
|
6.18 |
5.13 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Corporate Office cum ODC utilization has increased due to expansion
of engineering staff in it 6th year of commissioning: despite global economic meltdown and recessionary pressures, company has clocked growth of about 17.65% In
FY2009-10 and EBlTDA has grown substantially by 25%, primarily on
account of Expansion Middle East as well as Indian market,
cost control and despite Rupee Appreciation against US Dollar leading to
Forex Losses.
Due to continued focus on the expansion and growth, the company has decided not to declare any dividend.
FIXED ASSETS
Tangible
·
Air Conditioners
·
Computers
·
Furniture
·
Office Equipment
·
Technical Books
·
Vehicle
·
·
UPS
·
Electrical Installation
Office Project
·
Building
·
Air Conditioners
·
Electrical Installation
·
Furniture
·
Generator Set
·
IT Equipments
·
·
Plant and Machinery
·
Fire Alarm and Security System
·
Computer Hardware
·
Computer Software
·
Office Equipments
WEB DETAILS
Profile
Working closely with cardiologists, healthcare institutions
and leaders in medical imaging and information technology since 1997, Subject
has emerged as a global provider of total cardiovascular imaging and
information management solutions.
They have developed products that address four key areas:
·
Integration
of diagnostic images and clinical reports using globally accepted standards and
protocols like DICOM, HL7 and IHE
·
Quick
and accurate recording and reporting of the entire gamut of clinical and
non-clinical information of cardiac patients
·
Deploying
a versatile enterprise solution that stores any kind of image and offers remote
connectivity for telemedicine
·
Managing
voluminous hospital patient, administration and financial information round the
clock for improving workflow and cash flow
The flagship product for cardiac centers, HCP DICOM Net, is
sold in different global markets by Philips Medical Systems, Shimadzu and
LumedX.
Currently over 100 leading healthcare institutions and
professionals across the world are using the products, including:
·
Mount
Sinai Medical Centre,
·
Apollo
Hospitals, Chennai (
Importantly, at none of the installations have they merely sold a
product. In the case of each customer they spend considerable time and effort
in understanding the customer's current and future needs, and the technology
and manpower environment. They then customize the product so that it matches
the needs and the environment perfectly. Each installation is unique. At the
same time, because of the open architecture of the systems, the customer enjoys
the freedom to upgrade and expand without fear of obsolescence.
These major benefits come at highly attractive costs with excellent
returns on investment.
The deep knowledge of the entire spectrum of imaging and clinical
reporting technologies, complemented by continuing human capital and technology
investments, give them the ability to provide a variety of software services
anywhere in the world including:
·
Data migration including image format conversion
across multiple platforms
·
Implementing imaging solutions in a universal DICOM
format
·
Customization of clinical reporting systems, and
·
Integration of various disparate systems and
components in departments or facilities to create enterprise solutions
They have the headquarters and development center in
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.