MIRA
INFORM REPORT
|
Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
Flat No. 507, H. No. 1-8-301 to 303, Ashokamyhome Chambers, Sardar
Patel Road, Secunderabad – 500003, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.09.2006 |
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Com. Reg. No.: |
01-51133 |
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CIN No.: [Company Identification
No.] |
U72900AP2006FTC051133 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDI01747E |
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PAN No.: [Permanent Account No.] |
AABCI5780P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Business Intelligence, Data Integration, MDM and Emerging
Technology Solutions. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19000 |
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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 a subsidiary of Infostep Inc., 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Badrinath Kopparapu |
|
Designation : |
Director |
|
Date : |
04.03.2011 |
LOCATIONS
|
Registered Office : |
Flat No. 507, H. No. 1-8-301 to 303, Ashokamyhome Chambers, Sardar
Patel Road, Secunderabad – 500003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-30586001 / 45466000 |
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Fax No.: |
91-40-66203500 |
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E-Mail : |
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International Office : |
Located at : |
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Branch : |
Golden Chambers, #413, 4th Floor, Opposite Lakshmi
Industrial Estate, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-40109352 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Badarinath Kopparapu |
|
Designation : |
Director |
|
Address : |
3-5-141/E/3/1/C, |
|
Date of Birth/Age : |
16.06.1974 |
|
Date of Appointment : |
03.04.2008 |
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|
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|
Name : |
Mr. Sridhar Borapureddi |
|
Designation : |
Director |
|
Address : |
H. No. 1-1-31/243, Plot No. 242-243, Phase – 1, Saket Kapra, Hyderabad
– 500062, Andhra Pradesh, India |
|
Date of Birth/Age : |
05.01.1971 |
|
Date of Appointment : |
03.04.2008 |
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|
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|
Name : |
Mr. Chenumolu Vasantha Rao |
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Designation : |
Director |
|
Address : |
301, Sai Chaitanaya Residency, 12-13-484/18-19, Street No. 1, Tarnaka,
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|
Date of Birth/Age : |
22.01.1950 |
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Date of Appointment : |
12.02.2010 |
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Name : |
Mr. Sanjeev Kumar Chaudhry |
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Designation : |
Director |
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Address : |
898, |
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Date of Birth/Age : |
16.04.1966 |
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Date of Appointment : |
21.09.2006 |
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Name : |
Mr. Venkateshwara Prasad Kaja |
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Designation : |
Director |
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Address : |
7-2-1796/203, Sanath Nagar, |
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Date of Birth/Age : |
10.07.1952 |
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Date of Appointment : |
12.02.2010 |
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Name : |
Mr. Yagneshwara Babu Vyakaranam |
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Designation : |
Director |
|
Address : |
503, Legend Classic Apartments, 1-2-593/31, Street No. 4, Gagan Mahal,
Domalduda, Hyderabad – 500029, Andhra Pradesh, India |
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Date of Birth/Age : |
25.04.1951 |
|
Date of Appointment : |
25.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Infostep Inc. ( |
|
9999 |
|
Mr. Mahesh Pakala |
|
1 |
|
Total |
|
10000 |
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Business Intelligence, Data Integration, MDM and Emerging Technology
Solutions. |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management |
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|
|
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
M. Gang and Company Chartered Accountant |
|
Address : |
1-2-593/7, Gaganmahal Colony, Flat No. 102, Seshu Villa, Hyderabad –
500029, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27671083 / 66461322 |
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|
|
|
Holding Company : |
Infostep Inc. |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 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 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.020 |
0.020 |
0.020 |
|
|
3] Reserves & Surplus |
4.678 |
3.131 |
2.352 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4.798 |
3.251 |
2.472 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2.161 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.161 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
1.273 |
0.806 |
0.489 |
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|
|
|
|
|
|
|
TOTAL |
8.232 |
4.057 |
2.961 |
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|
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APPLICATION OF FUNDS |
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|
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|
|
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|
FIXED ASSETS [Net Block] |
4.156 |
3.409 |
2.907 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.271
|
1.194 |
1.298 |
|
|
Sundry Debtors |
3.755
|
1.906 |
2.467 |
|
|
Cash & Bank Balances |
1.717
|
0.912 |
0.120 |
|
|
Other Current Assets |
4.803
|
2.960 |
2.181 |
|
|
Loans & Advances |
0.129
|
0.015 |
0.003 |
|
Total
Current Assets |
11.675
|
6.987 |
6.069 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.708
|
2.270 |
0.458 |
|
|
Other Current Liabilities |
5.891
|
4.057 |
5.514 |
|
|
Provisions |
0.000
|
0.012 |
0.043 |
|
Total
Current Liabilities |
7.599
|
6.339 |
6.015 |
|
|
Net Current Assets |
4.076
|
0.648 |
0.054 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.232 |
4.057 |
2.961 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
48.401 |
40.582 |
40.934 |
|
|
|
Other Income |
1.272 |
1.252 |
0.000 |
|
|
|
TOTAL (A) |
49.673 |
41.834 |
40.934 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees Cost |
33.033 |
27.282 |
|
|
|
|
Opening Inventory |
1.193 |
1.298 |
|
|
|
|
Administrative and Other Expenses |
8.155 |
9.842 |
|
|
|
|
Purchase of Software |
2.383 |
1.387 |
|
|
|
|
Bad Debts Written Off |
1.965 |
0.000 |
|
|
|
|
TOTAL (B) |
46.729 |
39.809 |
39.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.944 |
2.025 |
1.634 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.944 |
2.025 |
1.634 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.561 |
0.477 |
0.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.383 |
1.548 |
1.306 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.835 |
0.770 |
0.797 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1.548 |
0.778 |
0.509 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
22.183 |
35.017 |
33.549 |
|
|
TOTAL EARNINGS |
22.183 |
35.017 |
33.549 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
154.800 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.12
|
1.86 |
1.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.92
|
3.81 |
3.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.05
|
14.89 |
14.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.48 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.03
|
1.95 |
2.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.10 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors for expenses |
1.708
|
2.270 |
0.458 |
|
Total |
1.708 |
2.270 |
0.458 |
OPERATIONS :
During the year the company has achieved
good turnover The company has generated Income to the tune of Rs. 48.401
millions, the company’s performance is entirety dependent on the growth and
prospects of Information Technology Industry and mainly in the area of Business
Intelligence Solution and Emerging Technologies in Information systems (ETIS).
During the period company was
engaged in Providing Business Intelligence solutions in
CHANGE OF ADDRESS :
Registered office of the company has been
shifted from #301, 3rd Floor, Mahavir Chambers, Liberty Cross Roads,
FORM 8 :
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U72900AP2006FTC051133 |
|
Name of the
company |
INFOSTEP INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No. 507, H. No. 1-8-301 to 303, Ashokamyhome Chambers, Sardar
Patel Road, Secunderabad – 500003, Andhra Pradesh, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation. |
|
Date of instrument
Creating the charge |
30.07.2010 |
|
Amount secured by
the charge |
Rs.7.500 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment : On demand. Margin : Company shall at
all times during the continuance of this security maintain the said debts of
a sufficient amount to provide the margin of security as may from time to time
advised by the Bank. Extent and
Operation of the charge : Hypothecation by
way of First Charge on Company's Stocks, Book Debts etc., to secure as a
continuing security as mentioned in Column No.15 below for the repayment of
Rs.7.500 Millions, together with interest, costs, charges, expenses and other
moneys due and payable by the Company to the Bank. |
|
Short particulars
of the property charged |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties. All the
debts, that is, all the book debts, outstandings, monies receivables,
claims, bills, invoice documents,
contracts, guarantees, and rights. |
FIXED ASSETS :
- Computer
- Furniture
- Office Equipment
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.45.13 |
|
|
1 |
Rs.73.36 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.