MIRA
INFORM REPORT
|
Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SONATA INFORMATION TECHNOLOGY LIMITED |
|
|
|
|
Registered
Office : |
No. 208, T. V. Industrial Estate, K. Ahire Marg, Worli, Mumbai – 400
030, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
29.06.2000 |
|
|
|
|
Com. Reg. No.: |
11-127476 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.33.754 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72300MH2000PLC127476 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Software Services |
|
|
|
|
No. of Employees : |
130 Approximately (In Office and In Branches) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Sonata Software Limited. It is a well
established company having satisfactory track. Trade relations are reported
as fair. Business is active. Payments are reported to be 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.
INFORMATION PARTED BY
|
Name : |
Mr. Darshan |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-24943055 |
|
Date : |
30.09.2011 |
LOCATIONS
|
Registered Office : |
No. 208, T. V. Industrial Estate, K. Ahire Marg, Worli, Mumbai – 400
030, |
|
Tel. No.: |
91-22-24943055 / 24923991 |
|
Fax No.: |
91-22-24396973 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate / Branch Office : |
193, R.V.Road, I Floor, Basavanagudi, |
|
Tel. No.: |
91-80-30972999 / 26575800 |
|
Fax No.: |
91-80-26567487 |
|
E-Mail : |
|
|
|
|
|
Branches : |
24, I Floor, Okhla, Industrial Estate,
Phase – III, No.1-10-176, Suite # N-215, C, I Floor, 127/1, Flat No.2, Above Vidya Sahakari
Bank, Next to Hotel Sarjaa, Sanewadi, Aundh, Pune - 411 007, Maharashtra,
India |
DIRECTORS
As on 15.06.2011
|
Name : |
Mr. Byanna Ramaswamy |
|
Designation : |
Director |
|
Address : |
No. 342/6, 4th |
|
Date of Birth/Age : |
15.05.1954 |
|
Date of Appointment : |
29.06.2000 |
|
DIN No.: |
00001400 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
L72200MH1994PLC082110 |
Sonata Software
Limited |
Managing
director |
01-04-10 |
18-10-94 |
18-08-11 |
Active |
NO |
|
2 |
U72300MH2000PLC127476 |
Sonata Information
Technology Limited |
Director |
29-06-00 |
29-06-00 |
16-08-11 |
Active |
NO |
|
|
|
|
Name : |
Mr. P. Srikar Reddy |
|
Designation : |
Director |
|
Address : |
306, |
|
Date of Birth/Age : |
30.05.1958 |
|
Date of Appointment : |
29.06.2000 |
|
DIN No.: |
00001401 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
L72200MH1994PLC082110 |
Sonata Software
Limited |
Whole-time
director |
20-10-09 |
20-10-99 |
Active |
NO |
|
2 |
U72300MH2000PLC127476 |
Sonata
Information Technology Limited |
Director |
29-06-00 |
29-06-00 |
Active |
NO |
|
|
|
|
Name : |
Mr. Sujit Mohanty |
|
Designation : |
Associate Vice President and Director |
|
Address : |
Flat # E 503, Fifth Floor, Block E, Sterling Terraces, No. 3, 100 ft Ring
Road, Banashankari IIIrd Stage, Bangalore – 560 085, Karnataka, India |
|
Date of Birth/Age : |
22.12.1966 |
|
Date of Appointment : |
29.06.2000 |
|
DIN No.: |
00001404 |
|
|
|
|
Name : |
Mr. Brijendra Kumar Syngal |
|
Designation : |
Director |
|
Address : |
218, Mandakini Enclave, Alaknanda, |
|
Date of Birth/Age : |
14.06.1940 |
|
Date of Appointment : |
17.01.2005 |
|
DIN No.: |
00002395 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
L92132MH1982PLC028767 |
Zee
Entertainment Enterprises Limited |
Director |
18-07-02 |
18-07-02 |
31-03-11 |
Active |
NO |
|
2 |
L72200MH1994PLC082110 |
Sonata Software
Limited |
Director |
15-01-04 |
15-01-04 |
- |
Active |
NO |
|
3 |
U72300MH2000PLC127476 |
Sonata
Information Technology Limited |
Director |
17-01-05 |
17-01-05 |
- |
Active |
NO |
|
4 |
U74999DL2003PTC121961 |
Oxigen Services
( |
Director |
25-09-06 |
13-05-06 |
31-01-08 |
Active |
NO |
|
5 |
L64200MH2006PLC160733 |
Wire And
Wireless ( |
Director |
05-12-06 |
05-12-06 |
- |
Active |
NO |
|
6 |
U92120MH2007PTC170515 |
Eklavya
Creations Private Limited |
Director |
01-05-07 |
01-05-07 |
07-09-07 |
Active |
YES |
|
7 |
U40109DL2008PTC179445 |
PowerMAX
Communications Private Limited |
Director |
13-06-08 |
13-06-08 |
29-04-10 |
Active |
YES |
KEY EXECUTIVES
|
Name : |
Mr. Feroza Noshir Byramji |
|
Designation : |
Company Secretary |
|
Address : |
# 301, Hilla Towers, Dr. S S Rao Road, Lalbaug, Mumbai – 400 012,
Maharashtra, India |
|
Date of Birth/Age : |
30.12.1963 |
|
Date of Appointment : |
11.10.2003 |
|
PAN No.: |
AHQPB6905N |
|
|
|
|
Name : |
Mr. Darshan |
|
Designation : |
Accountant |
|
|
|
|
Name : |
Mr. Heinz Kreuzer |
|
Designation : |
CEO - TUI InfoTec |
|
|
|
|
Name : |
Mr. Michael Ohm |
|
Designation : |
Managing Director - TUI InfoTec |
|
|
|
|
Name : |
Mr. Ramesh Shastri |
|
Designation : |
Chief Innovation Officer |
|
|
|
|
Name : |
Mr. Mahesh Shastry |
|
Designation : |
Head - Travel, Transportation and Logistics
Business, and the |
|
|
|
|
Name : |
Mr. P. V. S. N. Raju |
|
Designation : |
Head - |
|
|
|
|
Name : |
Mr. Gyana Pattnaik |
|
Designation : |
Head - Open Source, Testing and New
Technologies |
|
|
|
|
Name : |
Mr. Amit Kumar |
|
Designation : |
Head - US Sales and Operations |
|
|
|
|
Name : |
Mr. C. V. Narayanan |
|
Designation : |
Head - Managed Testing and Web Technologies |
|
|
|
|
Name : |
Mr. N. Venkatraman |
|
Designation : |
Head - Strategic Finance and Risk Management |
|
|
|
|
Name : |
Mr. Murali Swaminathan |
|
Designation : |
Head - Human Resources |
|
|
|
|
Name : |
Mr. N. Sridhara |
|
Designation : |
Head - Project Office |
|
|
|
|
Name : |
Mr. Sathyanarayana R. |
|
Designation : |
Head - Finance and Accounts |
|
|
|
|
Name : |
Mr. K. Srihari |
|
Designation : |
Head - Global |
|
|
|
|
Name : |
Mr. Ram Subramanya |
|
Designation : |
Head - SAP Business |
|
|
|
|
Name : |
Mr. D.V.S.S.R Murthy |
|
Designation : |
Head - Infrastructure Management Services |
|
|
|
|
Name : |
Ms. Swati Sengupta |
|
Designation : |
Head - Corporate Marketing and
Communications |
|
|
|
|
Name : |
Mr. Dinesh Ramachandran |
|
Designation : |
Head - Product Management and M and A |
|
|
|
|
Name : |
Mr. Anand Krishnan |
|
Designation : |
Head – Administration |
|
|
|
|
Name : |
Mr. Praveen Kumar D. |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.06.2011
|
Names of Shareholders |
No. of Shares |
|
Byanna Ramaswamy |
100* |
|
P Srikar Reddy |
100* |
|
R Sathyanarayana |
100* |
|
Praveen Kumar D |
100* |
|
Mohan Muthuraj A R |
100* |
|
Sujit Mohanty |
100* |
|
P V S |
100* |
|
Sonata Software Limited, |
3374694 |
|
Total |
3375394 |
* (Beneficial Interest held by Sonata Software Limited w.e.f. 26.09.2000)
As on 15.06.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
99.98 |
|
Directors or relatives of directors |
|
0.02 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Software Services |
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Products : |
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||||
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||||
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Terms : |
|
||||
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Selling : |
Cash and Credit |
||||
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|
|
||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Microsoft |
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Customers : |
End Users ·
Bharat Petroleum |
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No. of Employees : |
130 Approximately (In Office and In Branches) |
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|
Bankers : |
·
Standard Chartered Bank ·
ING Vysya Bank 22 Ground Floor, ING Vysya House, M ·
Axis Bank, Prabhadevi, Mumbai, |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N M Raiji and Company Chartered Accountant |
|
Address : |
|
|
|
|
|
Holding Company: |
Sonata Software Limited CIN No.: L72200MH1994PLC082110 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10 each |
Rs.100.000 millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000700 |
Equity Shares |
Rs.10 each |
Rs.60.007 millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3375394 |
Equity Shares Of the above 3,374,694
Equity Shares have been allotted as fully paid pursuant to a contract without
payment received in cash from Holding Company. |
Rs.10 each |
Rs.33.754 millions |
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 |
33.754 |
33.754 |
33.754 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
318.193 |
251.291 |
165.766 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
351.947 |
285.045 |
199.520 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
219.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
165.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
384.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.804 |
1.141 |
|
|
|
|
|
|
|
|
TOTAL |
735.947 |
285.849 |
200.661 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.974 |
6.940 |
9.309 |
|
|
Capital work-in-progress |
1.252 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
180.247 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
77.286
|
28.891 |
104.516 |
|
|
Sundry Debtors |
785.950
|
1205.226 |
925.774 |
|
|
Cash & Bank Balances |
87.213
|
169.184 |
164.020 |
|
|
Other Current Assets |
20.254
|
10.800 |
4.900 |
|
|
Loans & Advances |
1031.061
|
735.046 |
145.288 |
|
Total
Current Assets |
2001.764
|
2149.147 |
1344.498 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
934.099
|
1493.502 |
810.052 |
|
|
Other Current Liabilities |
335.712
|
375.772 |
520.809 |
|
|
Provisions |
1.232
|
0.964 |
2.532 |
|
Total
Current Liabilities |
1271.043
|
1870.238 |
1333.393 |
|
|
Net Current Assets |
730.721
|
278.909 |
11.105 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
735.947 |
285.849 |
200.661 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services (Net) |
5036.061 |
6390.929 |
5939.586 |
|
|
|
Other Income |
20.636 |
22.144 |
18.062 |
|
|
|
TOTAL (A) |
5056.697 |
6413.073 |
5957.648 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and Other Expenses |
393.289 |
423.224 |
431.440 |
|
|
|
Purchase of Traded Items |
4562.362 |
5758.975 |
5524.815 |
|
|
|
Provision for Doubtful Debts |
4.740 |
2.964 |
0.000 |
|
|
|
Increase/(Decrease) in Stocks |
(48.396) |
75.626 |
(94.922) |
|
|
|
TOTAL (B) |
4911.995 |
6260.789 |
5861.333 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
144.702 |
152.284 |
96.315 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
26.409 |
16.026 |
5.899 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
118.293 |
136.258 |
90.416 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.995 |
4.085 |
4.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
115.298 |
132.173 |
86.045 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.100 |
46.648 |
27.673 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
76.198 |
85.525 |
58.372 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
225.038 |
139.513 |
96.737 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Gratuity Provision as per revised AS 15 |
0.000 |
0.000 |
3.752 |
|
|
|
Compensated Absences as per revised AS 15 |
0.000 |
0.000 |
0.593 |
|
|
|
Transferred to Capital Redemption
Reserve |
0.000 |
0.000 |
11.251 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
301.236 |
225.038 |
139.513 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Software Services Rendered |
1.753 |
7.778 |
6.214 |
|
|
|
Sales Traded Products |
99.462 |
93.632 |
26.666 |
|
|
|
Total |
101.215 |
101.410 |
32.880 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
3512.208 |
3803.938 |
3281.064 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.57 |
25.34 |
14.48 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
5980.000 |
Expected Sales (2011-2012) : Rs.6000.000 millions
The above information has been parted by Mr. Darshan
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.51
|
1.33 |
0.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.29
|
2.07 |
1.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.75
|
6.13 |
6.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.46 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.70
|
6.56 |
6.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.15 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
|
Particulars |
31.03.2010
Rs.
In Millions |
31.03.2009 Rs.
In Millions |
31.03.2008 Rs.
In Millions |
|
Sundry Creditors |
934.099
|
1493.502 |
810.052 |
|
Sr. No. |
Check List by Info Agents |
|
|
1. |
Year of Establishment |
YES |
|
2. |
Locality of the firm |
NO |
|
3. |
Constitutions of the firm |
YES |
|
4. |
Premises details |
NO |
|
5. |
Type of Business |
YES |
|
6. |
Line of Business |
YES |
|
7. |
Promoter’s background |
-- |
|
8. |
No. of employees |
YES |
|
9. |
Name of person contacted |
YES |
|
10. |
Designation of contact person |
YES |
|
11. |
Turnover of firm for last two years |
YES |
|
12. |
Profitability for last three years |
NO |
|
13. |
Reasons for variations <> 20% |
NO |
|
14. |
Estimation for coming financial year |
-- |
|
15. |
Capital in the business |
YES |
|
16. |
Details of sister concerns |
NO |
|
17. |
Major Suppliers |
YES |
|
18. |
Major Customers |
YES |
|
19. |
Payment terms |
YES |
|
20. |
Export / Import details (is applicable) |
-- |
|
21. |
Market information |
-- |
|
22. |
Litigation that the firm / promoter involved
in |
-- |
|
23. |
Banking Details |
YES |
|
24. |
Banking facility details |
YES |
|
25. |
Conduct of the banking account |
-- |
|
26. |
Buyer visit details |
-- |
|
27. |
Financials, if provided |
NO |
|
28. |
Incorporation details, if applicable |
-- |
|
29. |
Last accounts filed at ROC |
-- |
|
30. |
Major Shareholders, is available |
-- |
BUSINESS REVIEW
The business of
the Company can be classified into three broad areas :
A. PRODUCTS
The Company has
consolidated its position in the Indian market and attained top position in most
of the business lines it is dealing. The Company has also seen a substantial
increase in the number of customers and won best Partner awards from various
Principals in appreciation of its services to customers.
The Company's
strategy for the current financial year is to add new business lines which have
more value adds for customers and also increase the number of customers. The
Company is also planning to add some more software products to its portfolio,
which can give higher returns to the Company.
B. BUSINESS
SOLUTIONS
The Company made
strong strides in this business line. The Company acquired Gold Partner status
– the highest level, in the SAP Partner Edge Program within a short period of
one and a half years of its alliance with SAP. The Company is one of the very
few system integrators in
Client additions
for end-to-end ERP implementation solutions were commendable. In particular,
The Company won a large deal to implement Oracle Apps ERP with a marquee client
in the discrete manufacturing space and two deals for implementation of Axapta
ERP for a market leader in real estate and for a Public Sector Organization.
Further, The
Company launched a number of add-on services like upgrade services and ERP
extension services and acquired a host of new clients.
IT CONSULTING
Under this
business line, The Company delivers IT Consulting and Services business cutting
across across various technologies and platforms. This business saw a strong
growth in revenues and new customer acquisitions both in the enterprise and
government sectors. The Company continues to enjoy preferred partner status
from Principals and many a customer for these services.
MANAGEMENT REVIEW-
INDIAN OPERATIONS
Revenues
Revenue has been
decreased by 21.20% to Rs.5036.06 million during the year ended 31st March
2010.
a) Products
Business
Products Business
Group constituted 96.22 % of the turnover of Indian Operations.
b) Business
Solutions
Business Solutions
Group constituted 3.78 % of the turnover of Indian Operations.
CONTINGENT
LIABILITIES (AS on 31.03.2010)
Contingent Liabilities not provided for on
disputed Income Tax demands (Inclusive of Interest Charged) Rs.957.917 millions
(Rs.Nil). explained below
·
An amount of Rs.218.200 millions has arisen on
account of an adverse decision given by the High Court of Karnataka holding that the Company failed to
deduct tax at source on amounts paid to overseas suppliers on purchase of
software. Based on legal opinion of a Senior Counsel, the Company has preferred
an appeal before the Supreme Court and the same has been admitted and stay
granted on the demand. Subsequently, the
·
An amount of Rs.739.700 millions represents demands
raised by the Income-tax officer at the initial assessment level for the
financial year 2006-07. The Company has preferred an appeal to the Commissioner
of Income Tax (Appeals) against the aforementioned demand. The substantial
issues leading to this demand is on account of the 'disallowance of expenditure
on which tax has not been deducted at source'.
FORM 8
|
Corporate identity number of the company |
U72300MH2000PLC127476 |
|
Name of the company |
SONATA INFORMATION TECHNOLOGY LIMITED |
|
Address of the registered office or of the principal place of business in |
No. 208, T. V. Industrial Estate, K. Ahire Marg, Worli, Mumbai – 400
030, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
80052004 |
|
Type of charge |
·
Book debts ·
Others o
Stocks, etc |
|
Particular of charge holder |
Standard Chartered Bank |
|
Nature of instrument creating charge |
Supplemental to memorandum of hypothecation |
|
Date of instrument Creating the charge |
30.05.2011 |
|
Amount secured by the charge |
Rs.170.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest As negotiated and agreed Terms of repayment Repayable on demand Margin As applicable Extent and operation of the charge Charge extends by way of first charge on all the assets throughout the
period of sanctioned limits. Others NA |
|
Short particulars of the property charged (Including location of the
property) |
Hypothecation of the whole of the present and future stocks of raw
materials, stock in process, outstanding monies, receivables, claims, bills,
etc. belonging to the company |
|
Particulars of the present modification |
Total limits enhanced from Rs.120.000 millions to Rs.170.000 millions. All other terms, conditions and existing securities to continue. |
TRADE REFERENCES
·
Bharat Petroleum
·
Microsoft
FIXED ASSETS
·
Leasehold Improvements
·
Plan and Machinery
·
Furniture and Fixtures
·
Motor Car and Vehicles
·
Air Conditioners and Other Equipments
WEB DETAILS
PRESS RELEASE
SANJAY VISWANATHAN SUCCEEDS B RAMASWAMY AS MD
AND CEO
Bangalore, August 29, 2011: Sonata Software, a leading IT consulting and software
services provider, has announced the appointment of Mr. Sanjay Viswanathan as CEO,
Managing Director and Member of the Board, and the promotion of Mr. Srikar
Reddy as Deputy Managing Director and Chief Operating Officer.
Sanjay
is an alumnus of
Prior
to his appointment at Sonata, Sanjay was based in London and has advised FTSE
100, Fortune 500, blue‐chip consulting firms, PE firms, and privately held companies
on driving operations excellence and value creation through Tech and
Outsourcing.
Sanjay
has previously served as Chief Outsourcing and Offshoring Officer and member of
group executive at Reed Elsevier Plc, Vice President at GE/Genpact, Head –
Global Strategic Relationships and Public Sector at Infosys and Brand Manager/S
and M Manager at 3M.
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.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.