MIRA
INFORM REPORT
|
Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SONOMA MANAGEMENT PARTNERS PRIVATE LIMITED (w.e.f. 03.06.2008) |
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Formerly Known
As : |
SONOMA MANAGEMENT CONSULTANTS PRIVATE LIMITED |
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Registered
Office : |
103, Rakshak Society, Pimple Nilakh, Aundh, Pune – 411 007, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
09.08.2006 |
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Com. Reg. No.: |
25-133887 |
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CIN No.: [Company Identification
No.] |
U74140PN2006PTC133887 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Services Provider |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1136000 |
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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 a 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 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
103, Rakshak Society, Pimple Nilakh, Aundh, Pune – 411 007, |
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Tel. No.: |
91-20-6644 4349 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Pravin Devendra Jain |
|
Designation : |
Director |
|
Address : |
14/13, Shivpuri, St. Road, Chembur – 400071, |
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Date of Birth/Age : |
09.03.1968 |
|
Date of Appointment : |
09.08.2006 |
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DIN : |
00231737 |
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Name : |
Mr. Anil Gopilal Jain |
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Designation : |
Director |
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Address : |
C2/303, |
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Date of Birth/Age : |
11.01.1968 |
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Date of Appointment : |
09.08.2006 |
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DIN : |
00231631 |
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Name : |
Mr. Rahul Gupta |
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Designation : |
Director |
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Address : |
House No.42, Sector - 21B, |
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Date of Birth/Age : |
14.03.1967 |
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Date of Appointment : |
01.10.2008 |
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DIN : |
00024732 |
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Name : |
Mrs. Rita Jain |
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Designation : |
Additional Director |
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Address : |
Survey No.32/38, Plot No. 103, Rakshak Society, Pimple Nilakh, Pune –
411 027, |
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Date of Birth/Age : |
19.12.1968 |
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Date of Appointment : |
01.10.2008 |
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DIN : |
02323833 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Pravin Devendra Jain |
|
288000 |
|
Mr. Anil Gopilal Jain |
|
100 |
|
Total |
|
288100 |
As on 30.09.2009
|
Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Services Provider |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Walker Chandiok and Company Chartered Accountant |
|
Address : |
L 41, Cannaught Circus, |
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Tel. No.: |
91-11-42787070 |
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Fax No.: |
91-11-42787071 |
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E-Mail : |
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PAN No.: |
AAAFW4298E |
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Subsidiaries : |
CIN : U72100DL2001PLC109841
CIN : U85110KA1996PTC021578 |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000 |
Equity Shares |
Rs.10/-each |
Rs.3.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
288,100 |
Equity Shares |
Rs.10/-each |
Rs.2.881 million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.881 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
282.118 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.941) |
(3.770) |
(1.350) |
|
|
NETWORTH |
284.058 |
(3.670) |
(1.250) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3.902 |
5.519 |
2.500 |
|
|
TOTAL BORROWING |
3.902 |
5.519 |
2.500 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
287.960 |
1.849 |
1.250 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.038 |
1.262 |
1.133 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
280.943 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.426 |
0.605 |
0.025 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
2.406
|
0.054 |
0.018 |
|
|
Cash & Bank Balances |
0.417
|
0.483 |
0.648 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
3.491
|
0.780 |
0.011 |
|
Total
Current Assets |
6.314
|
1.317 |
0.677 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.147
|
1.173 |
0.647 |
|
|
Other Current Liabilities |
0.591
|
0.173 |
0.012 |
|
|
Provisions |
0.023
|
0.075 |
0.041 |
|
Total
Current Liabilities |
0.761
|
1.421 |
0.700 |
|
|
Net Current Assets |
5.553
|
(0.104) |
(0.023) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.086 |
0.115 |
|
|
|
|
|
|
|
|
TOTAL |
287.960 |
1.849 |
1.250 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Consultancy Charges |
14.252 |
0.180 |
0.038 |
|
|
|
TOTAL |
14.252 |
0.180 |
0.038 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
2.797 |
1.248 |
|
|
|
TOTAL |
11.042 (Including
Depreciation) |
2.797 |
1.248 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
(2.617) |
(1.210) |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(2.617) |
(1.210) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.307 |
0.124 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.210 |
(2.924) |
(1.334) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.381 |
0.505 |
0.016 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.829 |
(2.419) |
(1.350) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3.769) |
(1.350) |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.940) |
(3.769) |
(1.350) |
|
|
|
|
|
|
|
|
|
|
Earning Per
Share (Rs.) |
9.82 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
19.85
|
(13.44) |
(35.53) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.66
|
(113.37) |
(73.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.80) |
(1.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
(1.89) |
(2.56) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.30
|
0.93 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
- Change In The Name Of The Company
With a view to project the Company’s true business, during the year,
name of the Company was changed from Sonoma Management Consultants Private
Limited to Sonoma Management Partners Private Limited at the Extra –ordinary
General meeting held on 8th April 2008.
Company received the certificate confirming the changed name on 3rd
June 2008 from the registrar of companies, Mumbai.
FIXED ASSETS
- Computers
- Office Equipments
- Furniture and Fittings
- Vehicles
- Air Condition
- Gensel
- Refrigerator
AS PER WEBSITE :
Subject is a technology and innovation focused mid-stage buyout and
incubation firm catering to India based technology companies, with the word
‘Technology’ defined in a much broader sense. In addition to buyouts, SMP
scouts for acquiring significant minority stakes in the potential investee
companies where it can add substantial operation value to support the growth of
the company.
Their team combines a unique mix of deep entrepreneurial, operating and
investing experience. They partner with existing management teams to achieve
significant growth.
They strive to build robust companies that accelerate entrepreneurial
returns and maximize
COMPANY PROFILE :
SMP is based in
SMP prides itself on the “high touch deep engagement” model. Their value
system is build around following key aspects:
- People are
the biggest asset
- Passionate
about developing the “Entrepreneurial Ecosystem” in
- Quality
maintenance in the midst of high growth
- Focused on
creating innovative solutions and operational excellence
TRACK RECORD
Judge them by their Track record:
SMP has successfully deployed India Buildout Fund I (IBF I), which has
invested $10.6 million across three companies since its inception in 2007,
generating a mark-to-market IRR in excess of 55 percent during the economic
downturn, including a partial exit with 2.04 times return on capital in less
than two years.
Since SMP’s investment, IBF I portfolio companies, all of which are
non-intermediary transactions, have witnessed revenue growth at a compounded
annual growth rate of greater than 40%.
SMP possesses a strong and well balanced team of professionals with
extensive and successful entrepreneurial experience, operations, investment
banking, compliance and governance and exit management In addition, team’s
extensive technology experience provides a unique ability to identify and
manage portfolio companies.
- Pravin Jain,
Managing Partner
- Rahul Gupta,
Managing Partner
- Indroneel Dutt,
Partner
- Jagmeet
Lamba, Vice President
- Mitesh
Agrawal, Associate
TEAM
Pravin Jain,
Managing Partner
Mr. Pravin Jain founded SMP in 2007 with proprietary capital as IBF I.
At SMP, Mr. Jain is responsible for the overall fund operations. He has been
instrumental in identifying and building the core team and been centre to the
investment strategy to position the IBF II in a unique niche in the Indian
private equity domain. On a continuous basis, Mr Jain leverages his network of
relationships to assist the investment management team in sourcing high quality
deals.
Mr Jain is also an investor in Motilal Oswal Private Equity’s India
Business Excellence Fund and has served on the Advisory Board of the fund.
Prior to founding SMP, Mr. Jain has generated a return of greater than 40 times
in his previous venture, cMango (that he sold to WIPRO), in a period of six
years by utilizing his global entrepreneurial experience, operational skills
and ability to leverage relationships across the board. Mr. Jain is a
successful serial entrepreneur and has personally driven and been accountable
for sales, marketing, technology, delivery and strategy. Out of more than 19
years of technology experience, Mr. Jain has 13 years of entrepreneurial
experience and has developed successful exit management strategies.
Before cMango, Mr. Jain co-founded Decide.com in
Rahul Gupta,
Managing Partner
Mr. Rahul Gupta joined SMP in 2007 and heads portfolio operations
support at SMP. Mr. Gupta has overall 20 years of investing and executive
experience and is well versed with financial structuring. Since 2000, Mr. Gupta
has been in operational roles, two of which were as CEO of technology enabled
global businesses. Mr Gupta actively supports portfolio companies in business
analysis, operational excellence, financial planning and capital raising.
Mr. Gupta has developed a significant relationship base across the
investment and banking industries in
Prior to joining SMP, Mr. Rahul Gupta served as CEO of IDES (
Mr. Rahul Gupta is one of the first few venture capitalists in India,
Mr. Gupta served as a GP at Risk Capital and Technology Corporation (RCTC) from
1993 to 2000 and achieved a return of 4.9 times on the fund. At RCTC, Mr. Gupta
analysed and sourced multiple investment opportunities employing proprietary
methods and bottoms-up approach. Mr. Gupta has completed his MBA in finance
from
Neel Dutt, Partner
Neel brings over fifteen years of experience of financial and
operational management experience within the technology and professional
services industries.
Mr. Indroneel Dutt is responsible for financial planning, investor
relations, internal reporting requirements, overall fiscal and risk management
for SMP’s operations.
Mr. Dutt has handled more than $200 M in MandA transactions on “buy” and
“sell” side, including strategic sell and acquisitions with 16+ years of
experience in major aspects of Investment Banking, Private Equity, Venture
Capital and Corporate Finance management. He is extensively networked in the
banking circuit in both
His specialties include complex corporate structuring, financial
modeling, turnaround expertise and he has led strategic business units.
Prior to SMP he was the cofounder of Finovant LLC, a sector specific
advisory services firm where he concluded multiple complex cross border
transactions focused on the technology vertical.. Prior to that he was
responsible for Finance and operations at eFORCEGlobal Inc, a software system integrator
with offices in multiple countries and prior to that he held various positions
of increasing within Tata Consultancy Services, one of India's largest software
and services providers.
Mr. Dutt is an Associate Member of the Institute of Chartered
Accountants of India, the
Jagmet Lamba, Vice
President
Mr. Jagmeet Lamba, before joining SMP, has worked with McKinsey and
Company for over 10 years in both strategy consulting and operational roles. At
McKinsey Mr. Lamba developed strategic business plans for Fortune 500 companies
including sales strategy, offshoring strategy, organisation model and cost
optimization strategy. Mr. Lamba created investment case and identified
acquisition targets to develop new $1B technology business in 5 years for a
Fortune 100 diversified healthcare firm. Mr. Lamba has also conducted due
diligence on the acquisition target for a global Private Equity firm that led
to a ~$1.5B leveraged buyout.
Prior to McKinsey and Company Mr. Lamba has worked in technology
advisory roles. Mr. Lamba holds a Master of Business Administration degree from
The Wharton School,
Mitesh Agrawal,
Associate
Mr. Mitesh Agrawal joined SMP in October 2009. As an associate at SMP
Mr. Agrawal supports fund raising activities by managing investor relations and
evaluation of investment opportunities by carrying out business due-diligence.
Mr. Agrawal started his career with management consulting assignments at
Deloitte and then moved on to play instrumental roles in strategy and
operations consulting for small and medium enterprises. There he developed
corporate strategy, sales and marketing strategy and business process
re-engineering blue-print for supply chain management.
Together with a strong educational background in biotechnology, Mitesh
brings forth a combination of advisory and domain skills to the team. Mitesh
has co-authored an article in Nature Genetics, a pioneer journal in field of
life-sciences.
Mr. Agrawal holds a bachelor’s degree and a master’s degree in
Biotechnology from IIT Madras and carried out his master’s thesis research at
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
YES |
|
--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.