%20PRIVATE%20LIMITED%20-%20144214%2007-Jun-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEW AGE SOFTWARE AND SOLUTIONS ( |
|
|
|
|
Registered
Office : |
New No.257, Old No.125/2, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
05.05.2006 |
|
|
|
|
Com. Reg. No.: |
18-059734 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.22.880
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200TN2006PTC059734 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEN05682F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Freight Forwarding Software Service. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 149000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. No payment details could
be made available. The company can be considered for small to mediocre 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Abhijeet |
|
Designation : |
General Manager |
|
Date : |
06.06.2011 |
LOCATIONS
|
Registered Office : |
New No.257, Old No.125/2, |
|
Tel. No.: |
91-44-30480135 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Plot A-38, Phase 1, MEPZ, Tambaram, Chennai - 600 045, |
|
Tel. No.: |
91-44-43454842/ 43 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. David Lionel Phillips |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
11.01.1953 |
|
Date of Appointment : |
05.05.2006 |
|
DIN No.: |
01811449 |
|
Other Directorship : |
CIN of Company: U63010MH1993PTC075486 Name of the Company: Freight Systems ( Designation: Promoter and Director CIN of Company: U63090MH1999PTC120435 Name of the Company: GGL Line Private Limited Designation: Promoter and Director |
|
|
|
|
Name : |
Mr. Manu Raj Bhalla |
|
Designation : |
Director |
|
Address : |
542, Sainik Farms |
|
Date of Birth/Age : |
23.01.1962 |
|
Date of Appointment : |
05.05.2006 |
|
DIN No.: |
00461146 |
|
Other Directorship : |
CIN of Company: U63010MH1993PTC075486 Name of the Company: Freight Systems ( Designation: Promoter and Director CIN of Company: U63090MH1999PTC120435 Name of the Company: GGL Line Private Limited Designation: Promoter and Director |
|
|
|
|
Name : |
Ms. Rita Carmel Coelho |
|
Designation : |
Director |
|
Address : |
10, |
|
Date of Birth/Age : |
16.07.1955 |
|
Date of Appointment : |
05.05.2006 |
|
DIN No.: |
00460199 |
|
Other Directorship : |
CIN of Company: U63010MH1993PTC075486 Name of the Company: Freight Systems ( Designation: Promoter and Director CIN of Company: U63090MH1999PTC120435 Name of the Company: GGL Line Private Limited Designation: Promoter and Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
New Age Software Limited, |
|
1143362 |
|
FSL World Wide Limited, |
|
1144674 |
|
Total |
|
2288036 |
As on 28.03.2011
|
Names of Allottees |
|
No. of Shares |
|
New Age Software Limited, |
|
414 |
|
Total |
|
414 |
As on 30.09.2010
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Freight Forwarding Software Service. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Vijaya Bank, Egmore Branch, 123, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
PKF Sridhar and Santhaanam Chartered Accountants |
|
Address : |
91/92, 7th Floor , Dr. Radhakrishnan Salai, Mylapore,
Chennai – 600 004, |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2289348 |
Equity Shares |
Rs.10/- each |
Rs.22.893
millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2288036 |
Equity Shares |
Rs.10/- each |
Rs.22.880
millions |
|
|
|
|
|
[During the year 232677 equity shares of
Rs.10/- each have been issued to FSL Worldwide Limited (
(
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 |
|
|
|
|
|
1] Share Capital |
22.880 |
18.240 |
14.140 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14.427 |
1.833 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(6.963) |
|
|
NETWORTH |
37.307 |
20.073 |
7.177 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
15.441 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
5.633 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
21.074 |
|
|
DEFERRED TAX LIABILITIES |
0.188 |
0.194 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
37.495 |
20.267 |
28.251 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.598 |
27.691 |
31.104 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
17.283
|
15.191 |
0.000 |
|
|
Cash & Bank Balances |
2.065
|
1.340 |
0.125 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.894
|
1.218 |
0.262 |
|
Total
Current Assets |
21.242
|
17.749 |
0.387 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.829
|
3.207 |
2.136 |
|
|
Other Current Liabilities |
2.302
|
20.755 |
0.939 |
|
|
Provisions |
1.214
|
1.211 |
0.165 |
|
Total
Current Liabilities |
8.345
|
25.173 |
3.240 |
|
|
Net Current Assets |
12.897
|
(7.424) |
(2.853) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
37.495 |
20.267 |
28.251 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
59.943 |
50.273 |
8.249 |
|
|
|
Other Income |
|
1.135 |
0.000 |
|
|
|
TOTAL (A) |
59.943 |
51.408 |
8.249 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
42.812 |
24.537 |
6.797 |
|
|
|
Administrative and Other Expenses |
|
8.942 |
5.397 |
|
|
|
TOTAL (B) |
42.812
(including financial expenses) |
33.479 |
12.194 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
17.929 |
(3.945) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
3.589 |
1.168 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.131 |
14.340 |
(5.113) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.382 |
5.115 |
1.795 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12.749 |
9.225 |
(6.908) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.007 |
0.429 |
0.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12.742 |
8.796 |
(6.963) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(6.963) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1.833 |
(6.963) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings – Income from Back Office Operations |
NA |
50.273 |
8.249 |
|
|
TOTAL EARNINGS |
NA |
50.273 |
8.249 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.57 |
5.00 |
(4.92) |
|
%20PRIVATE%20LIMITED%20-%20144214%2007-Jun-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20144214%2007-Jun-2011_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
21.26
|
17.11 |
(84.41) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.84 |
(83.74) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.81
|
20.30 |
(21.94) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.46 |
(0.96) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.22
|
1.25 |
3.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.55
|
0.71 |
0.12 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
This form is for |
Creation of
charge |
||||||
|
Corporate identity
number of the company |
U72200TN2006PTC059734 |
||||||
|
Name of the
company |
NEW AGE SOFTWARE AND SOLUTIONS ( |
||||||
|
Address of the
registered office or of the principal place of business in |
New No.257, Old No.125/2, |
||||||
|
Type of charge |
Immovable property Book Debts Movable Property Floating Charge |
||||||
|
Particular of
charge holder |
Vijaya Bank, Egmore Branch, 123, E-Mail: egmore3005@vijayabank.co.in |
||||||
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement. Memorandum of
Deposit of Title Deeds. Letter of
guarantee executed by FREIGHT SYSTEMS (INDIA) PRIVATE LIMITED. Letter for
Extension of Equitable Mortgage on the immovable properties owned by FREIGHT
SYSTEMS (INDIA) PRIVATE LIMITED. |
||||||
|
Date of
instrument Creating the charge |
10.09.2007 |
||||||
|
Amount secured by
the charge |
Rs.17.500
millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Term Loan: BPLR +
1 % + TP 0.25 % (At present 14.25 % p. a.) with monthly rests. Additional
Interest in case of default: 2 % p. a. Terms of
Repayment: Term Loan:
Repayable in 60 Equal Monthly Installments to commence from 30.04.2008 and
the EMI to continue thereafter every month till 30.03.2013 Margin: Term Loan: 46 %
on Total Cost One Time FLC
(DP): 25 % Extent and
Operation of the charge: Hypothecation by
way of FIRST CHARGE in favour of the Bank; -- all current
assets of the Company; both present and future -- Equitable
Mortgage of the immovable properties belonging to the Company situated at
Plot No. A 38, phase I area MEPZ-SEZ, Tambaram -- Equitable
Mortgage on the immovable properties belonging to FREIGHT SYSTEMS (INDIA)
PRIVATE LIMITED. Others:
All other terms
and conditions as per the sanction letter and the instruments executed on
10.09.2007 |
||||||
|
Short particulars
of the property charged |
Hypothecation by
way of FIRST CHARGE in favour of the Bank; -- all current
assets of the Company; both present and future -- Equitable
Mortgage of the immovable properties belonging to the Company situated at
Plot No. A 38, phase I area MEPZ-SEZ, Tambaram -- Equitable
Mortgage on the immovable properties belonging to FREIGHT SYSTEMS (INDIA)
PRIVATE LIMITED |
FIXED ASSETS:
v
v
Computer
v
Office Equipments
v
Electrical Fittings
v
Furniture and Fittings
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.73.46 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.