MIRA
INFORM REPORT
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Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
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Name : |
APPLIED RESEARCH INTERNATIONAL PRIVATE LIMITED |
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Formerly Known As : |
APPLIED RESEARCH INTERNATIONAL |
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Registered Office : |
B – 1, Hauz Khas, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.12.1998 |
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Com. Reg. No.: |
55-97280 |
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CIN No.: [Company
Identification No.] |
U73100DL1998PTC097280 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Service Provided in Business Process Consulting, Off Shoring and
Outsourcing And Meeting Customer’s Outsourcing Need for Information
Technology Professionals. Expertise Includes Custom Application Development and Product
Engineering, IT System Integration and Migration Services, IT Audits and
Infrastructure Assessment, 24x7 Support, Web Design and Development,
Education and Training. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
|
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 550000 |
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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 an established company having satisfactory track records.
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 |
|
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 PARTED BY
|
Name : |
Mr. D. Sandhu |
|
Designation : |
Manager Marketing |
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Contact No.: |
91-11-46205123 |
LOCATIONS
|
Registered Office : |
B – 1, Hauz Khas, |
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Tel. No.: |
91-46205123 / 46205127 |
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Fax No.: |
91-11-46207151 |
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E-Mail : |
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Website : |
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Area : |
7501 Sq Fts |
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Location : |
Owned |
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Branch : |
B 510, Bsel Tech Park, Sector 30, Turbhe, Mumbai – 400705, |
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Tel. No.: |
91-22-78911334 |
DIRECTORS
|
Name : |
Mr. Shravan Rewari |
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Designation : |
Director |
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Address : |
B – 1, |
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Date of Birth/Age : |
26.12.1963 |
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Date of Appointment : |
02.12.1998 |
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Name : |
Mrs. Noami Rewari |
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Designation : |
Director |
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Address : |
B – 1, |
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Date of Birth/Age : |
29.11.1967 |
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Date of Appointment : |
02.12.1998 |
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Name : |
Mr. Amarjeet Rewari |
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Designation : |
Director |
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Address : |
B – 1, |
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Date of Birth/Age : |
08.04.1941 |
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Date of Appointment : |
12.12.1998 |
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KEY EXECUTIVES
|
Name : |
Mr. D. Sandhu |
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Designation : |
Manager Marketing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Shravan Rewari |
|
820200 |
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Noami Rewari |
|
366900 |
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Amarjeet Rewari |
|
342900 |
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Total |
|
1530000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provided in Business Process Consulting, Off Shoring and
Outsourcing And Meeting Customer’s Outsourcing Need for Information Technology
Professionals. Expertise Includes Custom Application Development and Product
Engineering, IT System Integration and
Migration Services, IT Audits and Infrastructure Assessment, 24x7 Support,
Web Design and Development, Education and Training. |
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Terms : |
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Selling : |
Cash Credit 30 Days |
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Purchasing : |
Cash Credit 30 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
101 to 500 Peoples |
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Bankers : |
·
Union Bank Of ·
ICICI Bank Limited, |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Dinkar Marla and Company Chartered Accountant |
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Address : |
D-4203, Vasant Kunj, |
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Tel. No.: |
91-11-41785399 / 26125709 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital : As On 25.09.2009
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
5000000 |
Equity shares |
Rs.10/-each |
Rs.50.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1530000 |
Equity shares |
Rs.10/-each |
Rs.15.300
Millions |
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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 |
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|
|
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1] Share Capital |
15.300 |
15.300 |
15.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
9.660 |
|
|
3] Reserves & Surplus |
122.671 |
107.969 |
55.977 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
137.971 |
123.269 |
80.937 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.035 |
8.046 |
9.271 |
|
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2] Unsecured Loans |
0.000 |
0.366 |
4.612 |
|
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TOTAL BORROWING |
10.035 |
8.412 |
13.883 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.215 |
0.446 |
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TOTAL |
148.006 |
131.896 |
95.265 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.636 |
25.298 |
23.085 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.080 |
0.080 |
0.000 |
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DEFERREX TAX ASSETS |
0.637 |
0.000 |
0.080 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
8.341
|
5.922 |
4.434 |
|
|
Sundry Debtors |
32.173
|
41.982 |
52.681 |
|
|
Cash & Bank Balances |
99.126
|
68.487 |
24.973 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
10.072
|
28.357 |
15.942 |
|
Total
Current Assets |
149.712
|
144.748 |
98.030 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
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Other Current Liabilities |
42.306
|
30.068 |
17.605 |
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Provisions |
6.753
|
8.162 |
8.515 |
|
Total
Current Liabilities |
49.059
|
38.230 |
26.120 |
|
|
Net Current Assets |
100.653
|
106.518 |
71.910 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.190 |
|
|
|
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|
|
|
|
TOTAL |
148.006 |
131.896 |
95.265 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
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Income |
214.787 |
182.576 |
165.513 |
|
|
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Other Income |
12.051 |
20.830 |
22.839 |
|
|
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TOTAL |
226.838 |
203.406 |
188.352 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
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TOTAL |
192.305 |
139.135 |
138.753 |
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
34.533 |
64.271 |
49.599 |
|
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|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.946 |
4.938 |
5.376 |
|
|
|
|
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PROFIT BEFORE
TAX |
29.587 |
59.333 |
44.223 |
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Less |
TAX |
4.667 |
7.341 |
8.749 |
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PROFIT AFTER TAX
|
24.920 |
51.992 |
35.474 |
|
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
16.29 |
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.99
|
25.56
|
18.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.60
|
29.17
|
26.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.07
|
44.98
|
36.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.48
|
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.38
|
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
3.79
|
3.75 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U73100DL1998PTC097280 |
|
Name of the
company |
APPLIED RESEARCH INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B – 1, Hauz Khas, |
|
Type of charge |
Others |
|
Particular of
charge holder |
Union Bank Of |
|
Nature of description
of the instrument creating or modifying the charge |
Hypothecation of
vehicles agreement |
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Date of
instrument Creating the charge |
30.08.2008 |
|
Amount secured by
the charge |
Rs.0.562 Million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
on shall be charged @ 12 % p.a. with monthly rates or at such other rates as
may specified by the bank to time to time Terms of
Repayment As per sanction
terms Margin As per sanction
terms Extent and
Operation of the charge The hypothecation
of vehicle is to secure term loan limit of Rs. 0.562 Million granted to the
company. |
|
Short particulars
of the property charged |
Hypothecation of vehicles
to be purchased from loan proceeds. |
Websites Details:
Overview
Simulation:
Subject is a knowledge centric organization offering a portfolio of
Simulation solutions to enterprises across the globe.
ARI Simulation is among the leading global suppliers of simulation
technologies. Headquartered in
ARI Simulation brings to the table over a decade of experience in
simulation equipment, dynamic modeling, real time graphics expertise, network
and distributed simulation, domain expertise and utilizes these in creating
world class solutions for its clients.
ARI Simulation has a range of Simulators that address a broad spectrum of
training requirements including Marine Education and Training. Based on the
STCW'95 convention simulation training requirements, our simulators have met
the DNV standards and are certified Class 'A' Simulators - highest in the
grade.
Their full range of simulators start from PC based personal trainers, part task
trainers to full mission solutions in Ship Handling; Marine Communications;
Liquid Cargo Handling; Propulsion and Power Management; Advanced Crane Handling
(in both ship and shore environment); Offshore Industry and Road Transport.
ARI delivers additional value to customers through unparalleled customization
options, the finest after-sales support, comprehensive usage training and
regular program upgrades.
Basis their expertise, leading edge technology platforms, customer
relationships and experience of around 70 simulator installations, we undertake
complete end to end simulation projects from manufacturing and installation to
development of training modules and training the trainers.
Overview:
ARI (Applied Research International) is a knowledge centric organization
offering a portfolio of Simulation solutions to enterprises across the globe.
Simulation
subject founded by Capt. S. S. S. Rewari, has developed a ‘global footprint’ in
simulation development in less than a decade by virtue of sheer dynamism of its
Managing Director, Mr. Shravan Rewari. ARI is also a premier provider of
maritime training solutions and of e business applications.
ARI has specifically been one of the key drivers of simulation in
Founder :
Captain S.S.S. Rewari dedicated his life to the Indian
seafarer from large maritime forums to simple, individual interactions. From
sweeping changes in marine education to a single phone call to help a student
in distress, for him the task was one and the same thing. To be a guru, guide
and guardian to his students was of utmost importance and any pain on the face
of a student reflected with pain in his own heart. He touched everyone in the
most personal way.
Captain S.S.S. Rewari was born on 14th February, 1937. His association with the
marine community began with the completion of his pre-sea training from T.S.
'Dufferin' in the ’53 – 54’ batch, where he secured an Extraordinary First
Class. He received numerous academic honours including, in 1958, the highest
marks in the Radar Observations Course examination. Capt. Rewari was awarded
the President’s Gold Medal in 1962 standing first in the country in the Master
Mariners Examination. He completed his Extra Master’s from
In addition to gaining the highest marine professional
qualifications, throughout his career Capt. Rewari was dedicated to continuous
learning. Professional development courses which he attended include: Trainer
of Trainers Course, Jamnalal Bajaj Institute of Management,
Captain Rewari began his career, spanning nearly five decades, as an active
seafarer and progressed through a series of remarkable academic roles that have
changed the face of marine education in
.
Captain Rewari’s sparkling career as an educationalist began in 1962 at LBS
CAMSAR (Lal Bahadur Shastri College of Advanced Maritime Studies and Research,
formerly LBS Nautical &
During his 8 year tenure as Vice-Principal, LBS College he was instrumental in
the commencement of some key courses for the first time in
In 1987 Capt. Rewari took the helm as Captain Superintendent of T.S. Rajendra
(Now T.S. Chanakya). His years there will be best remembered for pioneering
a full fledged degree program (BSc. Nautical Sciences), affiliated to
Captain Rewari returned to LBS in mid 1991 as Principal where he revolutionized
the institution through sweeping changes such as modernizing the curriculum;
completely renovating the campus; installing a Full Mission Bridge Simulator
and Cargo Simulator, and arranging procurement of a Full Mission Engine Room
Simulator. With these landmark installations of the first marine training
simulators in
Captain Rewari’s energy and dedication drove him to continue an active
professional life after retiring from LBS, when he assumed the post of
Director, Marine Education and Training, FOSMA and moved to
Captain Rewari then embarked on what was to become the final stroke in a
glorious professional innings – the establishing of Applied Research
International (ARI). Under his guidance, and benefiting from his immense
experience, knowledge and goodwill, ARI has grown to become one of the largest
maritime institutes in
At ARI, his greatest success was in building an organization capable of
delivering enduring quality which will stand the test of time. To enable this
he put to use a remarkable knack for assessing people, building on their
strengths, thereby creating an excellent team with each faculty member
carefully chosen and groomed by him. The ARI family today is more than
300 people and Captain Rewari enjoys the love and loyalty of each one of them.
He was affectionately known as ‘Uncle’ to a large and talented team of
mariners, HR professionals, trainers, technologists and managers.
The team that he groomed during his time heading ARI is a strong and dedicated
force. They have learnt from him his ideals and have shared his dreams. As the
future unfolds, they aim to move marine education to yet a further plane. Capt.
Rewari always welcomed change, and as ARI builds on the strong foundation of
solid maritime education, with ARI's expertise in technology and HR, new
developments and changes will continue. The platform for growth that he
established will be of immense value for years to come, and his legacy will be
carried forward.
Throughout his distinguished career, Captain Rewari's greatest pride and joy
remained the incredible relationships he enjoyed with his students. He was
deeply committed to moulding his students into better professionals and better
human beings. His departure leaves a void for his students that will be
difficult to fill, but it also leaves them, and the entire marine community,
with a responsibility to carry forward the values and the respect for knowledge
that were so close to his heart.
During his career, Captain Rewari co-authored with Captain T.K. Joseph
benchmark academic publications including “Principles of Navigation”, “Ship’s
Magnetic Compass”, and most recently, an updated edition of “Stability, Trim
and Cargo Calculations on M.V. ‘Hindship’ and Oil Tankers”
.
In 2001 Capt. Rewari was presented with the Fellowship of the Nautical
Institute in honour of his lifelong contribution to marine education. He was
Chairman, Northern and Eastern Branch of the Nautical Institute and had served
many times as a member of the UPSC Selection Board.
Perhaps his greatest achievement is that he not only guided his students professionally,
but by his example he also taught them how to love, share and forgive. It is
these lessons of life which shall be with his students forever.
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.44.59 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
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 |
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 |
|
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.