MIRA
INFORM REPORT
|
Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BRICKWORK INDIA PRIVATE LIMITED (w.e.f. 26.06.2006) |
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Formerly Known
as : |
BRICKWORKS CONSULTANCY SERVICES PRIVATE LIMITED |
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Registered
Office : |
No. 29/3 and 32/2, 3rd Floor, Raj Alkaa Park, Kalena
Agrahara, Bannerghatta Road, Bangalore – 560076, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.11.2005 |
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Com. Reg. No.: |
08-037675 |
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Capital
Investment / Paid-up Capital : |
Rs.5.625 Millions |
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CIN No.: [Company Identification
No.] |
U72200KA2005PTC037675 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB05689F |
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PAN No.: [Permanent Account No.] |
AACCB7333E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT, Research and Consulting Services |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 330000 |
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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. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
S
LOCATIONS
|
Registered Office : |
No. 29/3 and 32/2, 3rd Floor, Raj Alkaa Park, Kalena
Agrahara, Bannerghatta Road, Bangalore – 560076, Karnataka, India |
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Tel. No.: |
91-80-40409999 |
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Fax No.: |
91-80-26481840 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vivek Kulkarni |
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Designation : |
Managing director |
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Address : |
No. 14, Mangesh, 5th Cross, 18th Main, IAS
Colony, BTM 2nd Stage, Bangalore – 560076, Karnataka, India |
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Date of Birth/Age : |
21.07.1957 |
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Date of Appointment : |
20.12.2005 |
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DIN No.: |
00191251 |
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Other Directorship :
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Name : |
Ms. Sangeeta Vivek Kulkarni |
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Designation : |
Director |
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Address : |
No. 14, Mangesh, 5th Cross, 18th Main, IAS
Colony, BTM 2nd Stage, Bangalore – 560076, Karnataka, India |
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Date of Birth/Age : |
22.12.1962 |
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Date of Appointment : |
16.11.2005 |
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DIN No.: |
01690333 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sangeeta Vivek Kulkarni |
|
18125 |
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Vivek Kulkarni |
|
544375 |
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Total |
|
562500 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing IT, Research and Consulting Services |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Canara Bank, Cantonment Branch, No. 88 M G Road, Bangalore – 560001,
Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. P. Rao and Company Chartered Accountants |
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Address : |
No. 5, Poorna Prasad Road, High Grounds, Bangalore – 560001,
Karnataka, India |
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Tel. No.: |
91-80-22200200/ 22200201 |
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Fax No.: |
91-80-22205030 |
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E-Mail : |
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PAN.: |
AAAFB0643G |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 Millions |
|
140000 |
Optionally Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs.14.000 Millions |
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TOTAL |
|
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
562500 |
Equity Shares |
Rs.10/- each |
Rs.5.625 Millions |
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|
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|
(Out of the above 490000 equity shares of
Rs.10/- each issued by capitalization of profit)
37500 shares were bought back by the company
during the year
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
1] Share Capital |
5.625 |
6.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
76.980 |
70.616 |
45.783 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.605 |
76.616 |
51.783 |
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LOAN FUNDS |
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1] Secured Loans |
61.711 |
1.121 |
2.205 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
61.711 |
1.121 |
2.205 |
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DEFERRED TAX LIABILITIES |
0.590 |
0.351 |
0.628 |
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TOTAL |
144.906 |
78.088 |
54.616 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
85.219 |
5.783 |
9.084 |
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Capital work-in-progress |
7.731 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
12.935 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
17.009
|
11.607 |
14.572 |
|
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Cash & Bank Balances |
11.319
|
7.977 |
22.231 |
|
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Other Current Assets |
4.228
|
3.044 |
0.000 |
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Loans & Advances |
31.607
|
46.893 |
22.107 |
|
Total
Current Assets |
64.163
|
69.521 |
58.910 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
3.884
|
2.548 |
4.416 |
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Other Current Liabilities |
3.929
|
1.679 |
4.510 |
|
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Provisions |
4.394
|
5.924 |
4.457 |
|
Total
Current Liabilities |
12.207
|
10.151 |
13.383 |
|
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Net Current Assets |
51.956
|
59.370 |
45.527 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
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|
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|
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TOTAL |
144.906 |
78.088 |
54.616 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income from Services |
102.109 |
114.586 |
110.173 |
|
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Other Income |
5.458 |
7.442 |
4.425 |
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TOTAL |
107.567 |
122.028 |
114.598 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
91.249 |
89.569 |
75.478 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
16.318 |
32.459 |
39.120 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.163 |
3.363 |
1.343 |
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PROFIT BEFORE
TAX |
14.155 |
29.096 |
37.777 |
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Less |
TAX |
2.916 |
4.264 |
5.095 |
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PROFIT AFTER TAX
|
11.239 |
24.832 |
32.682 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from Services |
101.109 |
105.892 |
110.173 |
|
|
TOTAL EARNINGS |
101.109 |
105.892 |
110.173 |
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|
Earnings Per
Share (Rs.) |
18.90 |
41.38 |
55.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.45
|
20.35 |
28.52 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.86
|
25.39 |
34.29 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.48
|
38.64 |
55.56 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.38 |
0.73 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
0.15 |
0.30 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
5.26
|
6.85 |
4.40 |
LOCAL AGENCY FURTHER INFORMATION
OVERVIEW ON
PERFORMANCE OF THE COMPANY
During the reporting
financial year, the Directors inform you that the Company was able to maintain
a healthy growth though there was a significant decrease in the Turnover and
Net Profit.
When compared to
previous year, the Total Income and the Net Profit have decreased by 11.85% and
54.74% respectively.
The economy is in
an upward trend and the market is witnessing healthy growth in each of the
lines of business the Company is engaged in. Hence, the management of the
Company is happy to state that the outlook is positive.
BUSINESS
PROSPECTS/ OUTLOOK AND BRICKWORKS PROFILE
Considering the
Services Portfolio, the management has planned the prospects of the Company
with many policies and methods. The business plans and strategies are designed
by the Management in such a way that the Services offered/ rendered by the
Company, have its brand image and quality when it reaches the Clients, so that
a strong, vibrant and definite
market is established.
The directors are
confident in achieving higher revenue and profits in the coming years as the
opportunities are huge and the
Company is capable of exploring the same productively.
They differentiate
ourselves from the others by the professional management, better qualified
team, and the large knowledge repository. They have implemented stringent IT
security policies with contractual safeguards to ensure confidentiality and IP
protection.
They pride
ourselves as a knowledge-based Company and their value proposition lies in
their knowledge infrastructure. They have a treasure house of information from
paid databases, articles and journals as well as a wealth of knowledge based on
the thousands of projects they have completed across industries.
SHIFT OF
REGISTERED OFFICE OF THE COMPANY
During the
reporting financial period, the Company shifted its Registered Office from No.
55, 2nd Floor, 1st Main Road, 3rd Phase, J. P. Nagar, Bangalore - 560 078 to
No. 2913 & 3212, 3rd Floor, Raj Alkaa Park, Kalena Agrahara, Bannerghatta
Road, Bangalore – 560076, Karnataka, India
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U72200KA2005PTC037675 |
|
Name of the
company |
BRICKWORK INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 29/3 and 32/2, 3rd Floor, Raj Alkaa Park, Kalena
Agrahara, Bannerghatta Road, Bangalore – 560076, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10315667 |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Canara Bank, Cantonment Branch, No. 88 M G Road, Bangalore – 560001,
Karnataka, India Email : krishnamurthyhn@gmail.com
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation Re machinery |
|
Date of
instrument Creating the charge |
31.10.2011 |
|
Amount secured by
the charge |
Rs.180.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 14%
p.a. (TL-I-Rs.71.000 Millions/
TL-II-Rs.109.000 Millions) Terms of
Repayment Repayable in 83
Monthly Installments of Rs.315.000 Millions and Last Installment of
Rs.155.000 Millions Margin Margin As
applicable from bank Extent and
Operation of the charge 100% Till the closure
of the Loan |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Equitable
Mortgage of Property at No.1324,Katha No.1324/46/5 culled out in Sy.No.46/5
situated at Arekere Village, Begur Hobli, Bangalore South Tq. And Sy.No.29/3
and 32/2 situated at Kalena Agrahara Begur Hobli, Bangalore South Tq.
belonging to the company |
|
Particulars of
the present modification |
Additional
Security of Hypothecation of Plant and
Machineries like Generators UPS Air Conditioners and Electrical Works
etc., given.(TL-I-Rs.71.000 Millions/ TL-II-Rs.109.000 Millions) All other
Terms Conditions and securities continues for the Limit of Rs.180.000
Millions |
FIXED ASSETS
·
Land
·
Computers and Software
·
Electrical Installation
·
Office Equipment
·
Furniture and Fixtures
·
Equipment
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.50.91 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
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 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.