|
Report Date : |
20.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
CLOVER INFOTECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Clover Centrum, Plot No.5, Galaxy Society, 245 Boat Club Raod, Pune
411001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.05.2000 |
|
|
|
|
Com. Reg. No.: |
11-014922 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200PN2000PTC014922 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC05275E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC7544B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing IT Services |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRAs 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 140000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. The
company has recorded a better growth in the turnover and profitability of the
company during the current year. Trade relations are reported to be trustworthy. 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.
INFORMATION DENIED BY
|
Name : |
Mr. Anwar |
|
Designation : |
Accountant |
|
Date : |
20.06.2012 |
LOCATIONS
|
Registered Office : |
Clover Centrum, Plot No.5, Galaxy Society, 245 Boat Club Raod, Pune
411001, Maharashtra, India |
|
Tel. No.: |
91-20-26160022 |
|
Fax No.: |
91-20-26160020 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
2nd Floor, Ready Money Terrace, Dr. Annie Besant Raod,
Worli, Mumbai 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24823000 |
|
Fax No.: |
91-22-24823001 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Factory : |
Unit No.142, Raheja Arcade Koramangala industrial Layout, Bangalore
560095, Karnataka, India |
|
Tel. No.: |
91-80-32429248 |
|
|
|
|
Chennai : |
Nutech, Flat M, 3rd Floor, New No. 36, Old No. 30, Kirupasankari,
ST, West Mambalam, Chennai 600033, Tamilandu |
|
Tel. No.: |
91-44-32450059 |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Javed Faizullah Tapia |
|
Designation : |
Managing Director |
|
Address : |
121 Benett Villa, 27 Wode House Raod, Colaba, Mumbai 400039,
Maharashtra, India |
|
Date of Birth/Age : |
12.08.1966 |
|
Date of Appointment : |
25.05.2000 |
|
DIN No.: |
00056420 |
|
|
|
|
Name : |
Mr. Azim Faizulla Tapia |
|
Designation : |
Director |
|
Address : |
121 Benett Villa, 27 Wode House Raod, Colaba, Mumbai 400039,
Maharashtra, India |
|
Date of Birth/Age : |
23.02.1964 |
|
Date of Appointment : |
25.05.2000 |
|
DIN No.: |
00056539 |
|
|
|
|
Name : |
Mr. Farokh Keshushroo Banatwalla |
|
Designation : |
Director |
|
Address : |
603, neel Sagar Tps I, 28th Road, Bandra (West), Mumbai
400050, Maharashtra, India |
|
Date of Birth/Age : |
19.04.1949 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
02670802 |
KEY EXECUTIVES
|
Name : |
Mr. Anwar |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Javed Faizullah Tapia |
|
10 |
|
Azim Faizulla Tapia |
|
10 |
|
Clover Technologies Private Limited, India |
|
999980 |
|
|
|
|
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2011
|
Category |
Percentage |
|
Bodies corporate |
99.80 |
|
Directors or relatives of Directors |
0.20 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Services |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Standard Chartered Bank, Standard Chartered
Tower, 201, B/1, Western Express Highway, Goregaon, Mumbai 400063,
Maharashtra, India ·
Bank of Baroda |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs. in Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.D.Kudva and Associated Chartered Accountants |
|
Address : |
4, Kumar Panorama, 41/1B, Shankarsheth, Pune 411037, Maharashtra,
India |
|
PAN.: |
AGIPK4605M |
|
|
|
|
Holding Company : |
Clover Technologies Private Limited, India |
|
|
|
|
Associates Company: |
·
Clover Realty and
Infrastructure Private Limited ·
Clover Solar Private
Limited ·
Hexagaon Renewable
Energy Resource Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Note:
(9,99,980 Share are held by the Holding
Company Clover Technologies Private Limited)
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 |
10.000 |
10.000 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.513 |
15.226 |
8.751 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
36.513 |
25.226 |
8.851 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.576 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
56.697 |
57.560 |
29.394 |
|
|
TOTAL BORROWING |
64.273 |
57.560 |
29.394 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
100.786 |
82.786 |
38.245 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.830 |
8.395 |
8.826 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.972 |
11.971 |
12.422 |
|
|
DEFERREX TAX ASSETS |
0.009 |
0.157 |
0.213 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
35.818
|
30.764 |
29.063 |
|
|
Cash & Bank Balances |
3.876
|
12.696 |
1.593 |
|
|
Other Current Assets |
47.449
|
43.812 |
26.973 |
|
|
Loans & Advances |
2.131
|
2.415 |
1.460 |
|
Total
Current Assets |
89.274
|
89.687 |
59.089 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.258
|
5.819 |
1.127 |
|
|
Other Current Liabilities |
10.692
|
9.101 |
32.740 |
|
|
Provisions |
12.349
|
12.504 |
8.438 |
|
Total
Current Liabilities |
29.299
|
27.424 |
42.305 |
|
|
Net Current Assets |
59.975
|
62.263 |
16.784 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
100.786 |
82.786 |
38.245 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
TOTAL TURNOVER |
229.295 |
176.849 |
147.367 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
NA |
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.964 |
11.752 |
7.505 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
2.047 |
1.380 |
1.263 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
18.917 |
10.372 |
6.242 |
|
|
|
|
|
|
|
|
|
|
TAX |
6.460 |
3.680 |
3.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
12.457 |
6.693 |
3.241 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
14.009 |
8.204 |
5.345 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.246 |
0.669 |
0.324 |
|
|
|
Dividend |
1.000 |
0.186 |
0.050 |
|
|
|
Tax on Dividend |
0.170 |
0.031 |
0.008 |
|
|
BALANCE CARRIED
TO THE B/S |
24.051 |
14.010 |
8.204 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.92 |
1.04 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
8.25
|
5.86 |
4.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.19
|
11.56 |
10.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.41 |
0.71 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80
|
1.09 |
4.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
3.27 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
6.258
|
5.819 |
1.127 |
|
|
|
|
|
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoters background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U72200PN2000PTC014922 |
|
Name of the company |
CLOVER INFOTECH
PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Clover Centrum,
Plot No.5, Galaxy Society, 245 Boat Club Raod, Pune 411001, Maharashtra,
India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable
property |
|
Particular of charge holder |
Standard
Chartered Bank, Standard Chartered Tower, 201, B/1, Western Express Highway,
Goregaon, Mumbai 400063, Maharashtra, India Email: amitavijay1994@gmail.com |
|
Nature of instrument creating charge |
Memorandum of
Entry |
|
Date of instrument Creating the charge |
24.05.2012 |
|
Amount secured by the charge |
Rs.7.700
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Variable, Base Rate + 2.65%, Current Base Rate 9.75%, Applicable
Interest Rate 12.40% Terms of Repayment Reapyable in 144 Months Margin 55% of Market value of property. Extent and Operation of the charge First and Exclusive Charge Others As Per Facility
Letter |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Clover Centrum P+G+3,
plot no. 5, Galaxy Chs Limited. Revenue S No 353/a2, T P Scheme Sangamwadi,
Near Axis Bank Dhole Patil Rood, Gorpadi, Pune Personal
Guarantee of Directors and M/S Clover Technologies Private Limited |
Fixed Assets
·
Worli Office
·
Improvements
·
Plant and Machinery
·
Computers
·
Furniture and Fixture
·
Trade mark
·
Vehicle
AS PER WEBSITE DETAILS
Company Profile
"Founded in 1994, they at Clover Infotech have come a long way in establishing ourselves as a trusted partner to over 150 customers across various geographies, all the while maintaining their excellence in the niche high technology application areas in Oracle, Microsoft and Open Source.
They believe in bringing to the table tangible results through commercially
competitive solutioning. They strive to ensure greater efficiency and
predictability in businesses through a dependable IT infrastructure. Their
process based approach towards project execution and infrastructure support
matches upto the best in the industry. The delivery models and delivery
organization are structured around customer needs and flawless execution.
Their Strategic Technology Consulting and Business Solutions Consulting
practices address today's dynamic business needs from a technology, as well as,
from an insightful business know-how perspective, especially for transaction
centric industries / businesses such as Banking, Financial Services, Insurance,
Payments, Telecom and Retail.
They take pride in their agility, responsiveness and efficiency in execution
and consider these as the key parameters with which they measure ourselves at
all times.
Clover Infotech is a Gold Partner with Oracle and Microsoft. They operate from
Mumbai, Pune and Ahmedabad in the West and Chennai and Bangalore in the South.
Their centers are ISO 27001 certified."
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 Intl
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 companys 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.56.01 |
|
|
1 |
Rs.87.85 |
|
Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
This score serves as a reference to assess SCs 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 |
- |