MIRA
INFORM REPORT
|
Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
RANCORE TECHNOLOGIES PRIVATE LIMITED [w.e.f. 31.07.2007] |
|
|
|
|
Formerly Known
As : |
ANISHA COMMERCIAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao,
Mumbai-400002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.03.2007 |
|
|
|
|
Com. Reg. No.: |
11-168562 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2007PTC168562 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA29738C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCA2045L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing IT Services. |
|
|
|
|
No. of Employees
: |
Information denied by the management.
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (17) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established 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 on a secured 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 DECLINED BY
Management non co-operative.
LOCATIONS
|
Registered Office : |
5th Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao,
Mumbai-400002, Maharashtra, India |
|
Tel. No.: |
91-22-44776564 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Mumbai Office : |
MAB, First Floor, Thane Belapur Road, RCP, Ghansoli, Navi
Mumbai-400701, Maharashtra, India |
|
Tel. No.: |
91-22-66573566 |
|
|
|
|
Gurgaon Office : |
7th Floor, |
|
|
|
|
Bangalore Office : |
# 74, Prestige Feroze Building, V Floor, Cunningham Road,
Bangalore-560052, Karnataka, India |
|
|
|
|
Kolkata Office : |
Flat No. 1D, 1st Floor, Geetanjali Apartment, 8B, Middleton
Street, Kolkata-700071, West Bengal, India |
DIRECTORS
As on 20.09.2011
|
Name : |
Mr. Pradeepkumar Omprakash Bhatnagar |
|
Designation : |
Director |
|
Address : |
19, Chitra Vihar, New Delhi-110092, |
|
Date of Birth/Age : |
22.10.1948 |
|
Date of Appointment : |
14.05.2008 |
|
Din No.: |
02202033 |
|
|
|
|
Name : |
Mr. Kiran Mathew Thomas |
|
Designation : |
Director |
|
Address : |
77-A, Nandanvan CHS, Sector 17, Nerul, Navi Mumbai-400706,
Maharashtra, India |
|
Date of Birth/Age : |
12.09.1972 |
|
Date of Appointment : |
19.07.2011 |
|
Din No.: |
02242745 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Infotel Broadband Services Limited, India |
|
9994 |
|
Kandasamy
Sethuraman jointly with Infotel Broadband Services Limited, India |
|
1 |
|
Laxmidas Vallabhdas
Merchant jointly with Infotel Broadband Services Limited, India |
|
1 |
|
Raja Kolumum
Ramchandran jointly with Infotel Broadband Services Limited, India |
|
1 |
|
Pankaj Mohan
Pawar jointly with Infotel Broadband Services Limited, India |
|
1 |
|
Kiran Mathew
Thomas jointly with Infotel Broadband Services Limited, India |
|
1 |
|
Ramesh Kumar
Damani jointly with Infotel Broadband Services Limited, India |
|
1 |
|
|
|
|
|
Total |
|
10000 |
As on 27.01.2012
|
Names of Allottees |
|
No. of Shares |
|
Infotel Broadband Services Limited, India |
|
40000 |
|
|
|
|
|
Total |
|
40000 |
As on 20.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Services. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management.
|
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.P. Mehta and Company Chartered Accountant |
|
Address : |
17, Hem-Prakash, 3rd Floor, 90/92, |
|
Tel. No.: |
91-22-23400731/23434318 (Office) 91-22-25161668 (Resident) |
|
Pan No.: |
AACPM0001D |
|
|
|
|
Holding Company : |
Infotel Broadband Services Limited [w.e.f. 31.03.2011] CIN:
U72900PB2007PLC030897 |
|
|
|
|
Fellow Subsidiary : |
Reliance Corporate IT Park Limited [w.e.f. 31.03.2011] CIN:
U74140MH2001PLC131458 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
5000000 |
Preferences Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
As on 20.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
5000000 |
Preferences Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.851) |
(0.116) |
(0.399) |
|
|
NETWORTH |
(0.751) |
(0.016) |
(0.299) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.377 |
0.198 |
|
|
|
|
|
|
|
|
TOTAL |
(0.751) |
0.361 |
(0.101) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.572 |
34.958 |
41.744 |
|
|
Capital work-in-progress |
128.180 |
44.711 |
43.438 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.577 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.139
|
7.839 |
3.819 |
|
|
Cash & Bank Balances |
3.823
|
0.981 |
0.829 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.609
|
10.470 |
10.077 |
|
Total
Current Assets |
17.571
|
19.290 |
14.725 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
172.251
|
98.290 |
1.432 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
91.914 |
|
|
Provisions |
1.407
|
0.321 |
6.682 |
|
Total
Current Liabilities |
173.658
|
98.611 |
100.028 |
|
|
Net Current Assets |
(156.087)
|
(79.321) |
(85.303) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.007 |
0.013 |
0.020 |
|
|
|
|
|
|
|
|
TOTAL |
(0.751) |
0.362 |
(0.101) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
103.300 |
|
|
|
|
Other Income |
|
0.008 |
|
|
|
|
TOTAL |
59.083 |
103.308 |
103.675 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
52.576 |
95.029 |
103.064 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
TOTAL |
52.576 |
95.029 |
103.064 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.507 |
8.279 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.693 |
7.732 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(1.186) |
0.547 |
0.611 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.450) |
0.264 |
0.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(0.736) |
0.283 |
0.295 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
5.967 |
1.356 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
73.56 |
28.32 |
(29.53) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(1.25)
|
0.27 |
0.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.53 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.69)
|
1.00 |
1.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.57
|
(34.19) |
(2.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(231.23)
|
(6163.19) |
(334.54) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.10
|
0.20 |
0.15 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Others NOTE:
The
Company has not received intimation from vendors regarding their status under
the Micro, Small and Medium Enterprises Development Act, 2006 and hence
disclosures relating to amounts unpaid as at the yearend together with
interest paid / payable under this Act have not been given. |
172.251
|
98.290 |
1.432 |
FINANCIAL RESULTS:
During the year,
the company posted a net loss of Rs.0.736 Million after meeting necessary
expenditure and providing Rs. 7.693 Millions for depreciation and Rs.0.503
Million for current taxation. The Directors continue their efforts to improve
the working of the Company.
NEWS:
RANCORE TECHNOLOGIES WINS JBOSS INNOVATOR OF THE YEAR AWARD 2011 AT THE RED HAT SUMMIT / JBOSS WORLD EVENT MAY
16TH 2011, NAVI MUMBAI
The JBoss Innovator of the Year 2011 went to Rancore Technologies. The award was
announced at the Red Hat Summit in Boston on May 6th 2011. The award program is
designed to recognize the outstanding use, innovation and extension of Red
Hat's platform and middleware solutions by customers, partners and the open
source community.
BACKGROUND
Headquartered in Navi Mumbai, India, Rancore Technologies a technology R and D
firm focused on 4G telecom networks and services. Rancore is a privately held
company and a subsidiary of Reliance Industries Limited (RIL).
Rancore's product line ranges from LTE and WiMAX Base Stations to the LTE
Evolved Packet Core (EPC), the IP Multimedia Subsystem (3GPP IMS) to its own
Service Delivery Platform (SDP).
The company has approximately 200 engineers, which consist of core 4G product
designers, systems QA engineers, 4G telco subject matter experts and business
analysts.
BUSINESS CHALLENGE
The biggest challenge that Rancore faced for their project consisted of working on a state-of-art, but a very new technology. The 4G standards for mobile network technology, which has the power to transmit voice, video, text, and television data at the same time were still in a nascent stage of standardization. During this time, Rancore launched the Service Delivery Platform (SDP) project. Therefore, the products had to be flexible enough to cater to the ever-changing standards and requirements to remain competitive.
Moreover, working in the services space also presented new business
requirements which had to be inculcated in the product. Hence, product
development required a very strong "concept to realization"
capability. On the technical front, integration aspects with the 3GPP IMS core
and OSS/BSS stacks was a challenge.
This situation presented the need to be standards based (eg: SIP, DIAMETER) and
still provide open interfaces (eg: web services) to enable speedy systems
integration (SI) and reduce time to market. In addition, the platform needed to
be built in such a way that it could integrate with additional third-party
products of Tier-1 vendors and had to be built keeping in mind the open
architecture.
The final solution desired flexibility in terms of incorporating new
requirements imposed by the ever evolving 4G standards. Moreover, the solution
required a rich, feature-complete GUI for easy operations and maintenance of
the final product.
SOLUTION
Rancore selected JBoss Enterprise Application Platform deployed on Red Hat
Enterprise Linux, which played an extremely critical role in building a
state-of-the-art fault tolerant Service Delivery Platform (SDP). The complete
SDP infrastructure lies on the underlying JBoss servers. All parts of the SDP
viz. customer portal, managed services portal, Telecom services, and instant
messaging services are deployed on JBoss Enterprise Application Platform.
The entire SDP stack was powered on Red Hat Enterprise Linux to achieve
economies of scale. Hence, the project benefited from the Red Hat suite of
products - right from concept, design, development, to QA and finally towards
deployment readiness. The SDP has been built keeping in mind a philosophy of
"scale-linearly and scale-fast" due to the high volume demands in the
Indian mobile market and the upcoming broadband data growth opportunity in 4G.
BENEFITS
By leveraging upon open source solutions by JBoss and Red Hat, Rancore was able
to achieve the solution capabilities by a dedicated team of engineers which
provided significant savings in cost and time.
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.49.05 |
|
|
1 |
Rs.77.77 |
|
Euro |
1 |
Rs.65.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
17 |
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.