MIRA
INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
INTARVO TECHNOLOGIES LIMITED (w.e.f 14.06.2010) |
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Formerly Known
As : |
RT OUTSOURCING SERVICES LIMITED |
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Registered
Office : |
B-81, Okhla Industrial Area, Phase II, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
28.02.2001 |
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Com. Reg. No.: |
55-109841 |
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CIN No.: [Company Identification
No.] |
U72100DL2001PLC109841 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELR08513B |
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PAN No.: [Permanent Account No.] |
AABCR7753B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Provider of Integrated Lifecycle Management (ILM) support
services for Technology Products for Original Equipment Manufacturers, EMS
Companies, Distributors, Large Corporation and Retail Chains |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 1600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION DENIED BY
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Name : |
Mr. Pawan Tyagi |
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Designation : |
Accountant |
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Date : |
09.03.2011 |
LOCATIONS
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Registered Office : |
B-81, Okhla Industrial Area, Phase II, |
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E-Mail : |
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Website : |
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Head Office : |
B-45, Sector 80, Phase II, Nodia – 201305, |
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Tel. No.: |
91-120-3381400 |
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Regional Office : |
Located at:
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Representative
Office : |
Located at |
DIRECTORS
As On 30.09.2009
|
Name : |
Shammi Moza |
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Designation : |
Chairman Cum Managing Director |
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Address : |
A-117 Sector 30, Noida – 201301, |
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Date of Birth/Age : |
20.04.1963 |
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Date of Appointment : |
28.02.2001 |
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DIN No.: |
00057137 |
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Name : |
Mr. Sanjeev Kakar |
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Designation : |
Whole Time Director |
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Address : |
B-5 and 6/4157 Vasant Kunj, |
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Date of Birth/Age : |
17.01.1965 |
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Date of Appointment : |
28.02.2001 |
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DIN No.: |
00057113 |
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Name : |
Mr. Rahul Gupta |
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Designation : |
Director |
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Address : |
42 Sector – 21B, |
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Date of Birth/Age : |
14.03.1967 |
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Date of Appointment : |
12.04.2007 |
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DIN No.: |
00024732 |
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Name : |
Mr. Pravin Devendra Jain |
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Designation : |
Director |
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Address : |
Bunglow No. 103 Rakshak Society, Aundh Camp, Pimple Nilakh, Pune –
411027, |
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Date of Birth/Age : |
09.03.1968 |
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Date of Appointment : |
16.10.2007 |
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DIN No.: |
00231737 |
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Name : |
Mr. Krishan Kant Rathi |
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Designation : |
Director |
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Address : |
B/72, |
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Date of Birth/Age : |
30.12.1961 |
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Date of Appointment : |
10.11.2008 |
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DIN No.: |
00040094 |
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Name : |
Benedict Jerome Mathias |
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Designation : |
Director |
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Address : |
185 Prestige Ozone Whitefield Lavender Close, |
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Date of Birth/Age : |
04.06.1968 |
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Date of Appointment : |
11.09.2009 |
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DIN No.: |
01837379 |
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Name : |
Mr. Bala Chaitanya Deshpande |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.04.1966 |
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Date of Appointment : |
11.09.2009 |
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DIN No.: |
00020130 |
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Name : |
Ms. Ashwani Kumar Dhar |
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Designation : |
Whole Time Director |
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Address : |
20 Lower Mothi Lakshmi Ngar, |
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Date of Birth/Age : |
28.12.1970 |
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Date of Appointment : |
28.02.2001 |
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Date of Cessation : |
10.08.2009 |
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DIN No.: |
00795059 |
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Name : |
Mr. Vishal Tulsyan |
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Designation : |
Director |
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Address : |
401, Madhu Kunj, |
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Date of Birth/Age : |
31.05.1975 |
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Date of Appointment : |
16.10.2007 |
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Date of Cessation : |
10.11.2008 |
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DIN No.: |
00139754 |
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Name : |
Mr. Indroneel Dutt |
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Designation : |
Additional Director |
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Address : |
15, |
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Date of Birth/Age : |
07.12.1970 |
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Date of Appointment : |
29.10.2010 |
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DIN No.: |
01513912 |
KEY EXECUTIVES
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Name : |
Mr. Anurag Sharma |
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Designation : |
Company Secretary |
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Address : |
128 Lalkurti Chota Bazar Maida Mohalla, |
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Date of Birth/Age : |
14.09.1980 |
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Date of Appointment : |
19.03.2007 |
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Pan No.: |
AYQPS8008J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2009
|
Category |
Percentage |
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Venture Capital |
2.26 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
5.62 |
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Bodies corporate |
59.97 |
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Directors or relatives of Directors |
22.15 |
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Other top fifty shareholders |
10.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of Integrated Lifecycle Management (ILM) support
services for Technology Products for Original Equipment Manufacturers, EMS Companies,
Distributors, Large Corporation and Retail Chains |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Arora and Bansal Chartered Accountants |
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Address : |
1401, 07, 09, |
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Pan No.: |
AAGFA7586B |
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Holding Company : |
CIN: U74140PN2006PTC133887 |
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Subsidiaries : |
CIN: U72200DL2008PTC180334
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CAPITAL STRUCTURE
As On 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
2100000 |
Zero Coupon Compulsorily Convertible Preferences Shares |
Rs. 10/- each |
Rs. 21.000 Millions |
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Total |
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Rs. 71.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3610836 |
Equity Shares |
Rs. 10/- each |
Rs. 36.108
Millions |
|
2100000 |
Zero Coupon Compulsorily Convertible Preferences Shares |
Rs. 10/- each |
Rs. 21.000 Millions |
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Total |
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Rs. 57.108 Millions |
Note:
The paid up capital include 1862000 (previous year
nil) equity shares of Rs. 10/- each fully paid up held by Sonoma Management
Partners Private Limited, The Holding Company w.e.f 13.03.2009. Thus, Sonoma
Management Partners Private Limited holds 51.58% (previous year nil) of the
paid up equity share capital of the company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
57.108 |
57.108 |
36.118 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
347.571 |
309.996 |
82.997 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
404.679 |
367.104 |
119.115 |
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LOAN FUNDS |
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1] Secured Loans |
376.621 |
100.298 |
111.147 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
376.621 |
100.298 |
111.147 |
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DEFERRED TAX LIABILITIES |
17.010 |
10.408 |
7.789 |
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TOTAL |
798.310 |
477.810 |
238.051 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
310.413 |
187.893 |
84.512 |
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Capital work-in-progress |
67.680 |
0.000 |
0.000 |
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Software development in process |
10.845 |
3.313 |
0.000 |
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INVESTMENT |
2.229 |
18.885 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
62.722
|
25.702 |
10.502 |
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Sundry Debtors |
395.651
|
255.938 |
137.031 |
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Cash & Bank Balances |
19.686
|
20.484 |
45.961 |
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Other Current Assets |
72.949
|
41.627 |
15.684 |
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Loans & Advances |
45.096
|
23.189 |
8.122 |
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Total
Current Assets |
596.104
|
366.940 |
217.300 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
26.868
|
5.244 |
12.935 |
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Other Current Liabilities |
129.822
|
73.829 |
30.154 |
|
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Provisions |
32.271
|
20.148 |
20.672 |
|
Total
Current Liabilities |
188.961
|
99.221 |
63.761 |
|
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Net Current Assets |
407.143
|
267.719 |
153.539 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
798.110 |
477.810 |
238.051 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
1114.058 |
728.452 |
449.217 |
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Other Income |
2.739 |
22.361 |
0.372 |
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|
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TOTAL (A) |
1116.797 |
750.813 |
449.589 |
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Less |
EXPENSES |
|
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|
|
|
|
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Cost of goods sold |
141.335 |
61.423 |
48.012 |
|
|
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Operational expenses |
164.007 |
102.279 |
68.533 |
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Employees remuneration and benefits |
392.738 |
310.823 |
181.572 |
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Administrative and other expenses |
291.942 |
179.445 |
101.051 |
|
|
|
Prior period adjustment |
0.000 |
(0.523) |
(0.005) |
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Extra ordinary item |
0.000 |
0.000 |
0.578 |
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TOTAL (B) |
990.022 |
653.447 |
399.741 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
126.775 |
97.366 |
49.848 |
|
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|
|
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
34.098 |
25.684 |
6.566 |
|
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|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
92.677 |
71.682 |
43.282 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.642 |
14.307 |
7.646 |
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PROFIT BEFORE
TAX (E-F) (G) |
67.035 |
57.375 |
35.636 |
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Less |
TAX (I) |
29.460 |
20.137 |
14.333 |
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PROFIT AFTER TAX
(G-I) (J) |
37.575 |
37.238 |
21.303 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
61.175 |
24.259 |
7.670 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.939 |
1.034 |
0.592 |
|
|
|
Income Tax Adjustments |
0.000 |
(0.712) |
0.031 |
|
|
|
Dividend |
0.000 |
0.000 |
0.507 |
|
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|
Proposed dividend on equity shares |
0.000 |
0.000 |
3.584 |
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BALANCE CARRIED
TO THE B/S |
97.811 |
61.175 |
24.259 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Fees |
94.696 |
NA |
NA |
|
|
TOTAL EARNINGS |
94.696 |
NA |
NA |
|
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
3.744 |
0.385 |
|
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|
|
Capital Spares |
0.000 |
0.000 |
|
|
|
|
Material, components and spares |
46.263 |
34.196 |
NA |
|
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TOTAL IMPORTS |
50.007 |
34.581 |
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Earnings Per
Share (Rs.) |
|
|
|
|
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|
- Basic |
10.41 |
10.55 |
5.98 |
|
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- Diluted |
7.64 |
9.03 |
5.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
3.36
|
4.96 |
4.74 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.02
|
7.88 |
7.93 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.39
|
10.34 |
11.81 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.16 |
0.30 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.40
|
0.54 |
1.47 |
|
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Current Ratio (Current Asset/Current Liability) |
|
3.15
|
3.70 |
3.41 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from D-1/3 Okhla
Industrial Area, Phase – II,
Form 8:
|
Corporate
identity number of the company |
U72100DL2001PLC109841 |
||||||
|
Name of the
company |
INTARVO
TECHNOLOGIES LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
B- 81 Okhla
Industrial Area, Phase - II, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Other Current
assets |
||||||
|
Particular of
charge holder |
|
||||||
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Nature of
instrument creating charge |
Deed of
hypothecation |
||||||
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Date of
instrument Creating the charge |
15.10.2010 |
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Amount secured by
the charge |
Rs. 285.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- CC sum of I-Base and spread p.a., subject to minimum rate of I-Base + 4.0%
p.a. WCDL: As
stipulated by bank BG Commission:
0.875% p.a. BG Handling
charges: 0.375% p.a. Terms of
Repayment - On demand / due dates Margin - Cash credit
/ WCDL: Uniform margin of 25%against all components of inventory and cover
period is 180 days. and 25% on book debts (cover period for book debts 90
days) Cash margin on
Bank Guarantee: Guarantees covering disputed liabilities - 100% Financial Guarantees
-20.0% Performance
Guarantees -20.0% Extent and
Operation of the charge - 1. First charge on entire stocks of raw materials,
semifinished and finished goods, consumable stores and spares and such other
moveable including book-debts, bills, outstanding monies, receivables, both
present and future, ranking pari passu with CITI Bank and HSBC Bank. 2 First charge on
moveable fixed assets except being specifically financed and hypothecated to
other term lenders, ranking pari passu with Citi Bank and HSBC Bank. Others - The
above is to secure the Cash Credit Rs. 275.00 millions, WCDL ( Negoatiated
Line as sublimit of CC) Rs. 200.000 millions, Bank Guarantee Rs. 10.000
million, Bank Guarantee ( as sublimit of Cash Credit) Rs. 20.000 million. |
||||||
|
Description of
the property charged indicating whether it is a charged on |
First charge on
entire stocks of raw materials, semifinished and finished goods, consumable
stores and spares and such other moveable including book-debts, bills,
outstanding monies, receivables, both present and future, ranking pari passu
with CITI Bank and HSBC Bank. First charge on moveable fixed assets except
being specifically financed and hypothecated to other term lenders, ranking
pari passu with Citi Bank and HSBC Bank. |
||||||
|
Particulars of
the present modification |
Total limits has
been enhanced to Rs. 285.000 millions, comprised of CC Rs. 275.000 millions,
WCDL ( Negoatiated Line as sublimit of CC) Rs. 200.000 millions, Bank Guarantee
Rs. 10.000 millions, Bank Guarantee ( as sublimit of Cash Credit) Rs. 20.000
millions. Terms and
conditions. Security has been
extended to cover the enhanced limits. |
Fixed Assets:
- Land
- Building
- Computers
- Plant and
machinery
- Vehicles
- Air
conditioner
- Office
equipments
- Furniture and
fixture
- Tools
- Computer
software development in process
AS PER WEBSITE DETAILS
PROFILE:
Subject (formerly known as RT Outsourcing Services Limited)
is
As leaders in ILM services they cover end-to-end services like Technical
Helpdesk, Installation and Commissioning, Repair and Refurbishment, E-Waste
recycling etc. with experience of more than 15 years with 3,500+ technical
experts in 200+ cities covering 400+ centers. Sonoma Management Partners, is
one of there promoting company
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.