MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLOVER INFOTECH PRIVATE LIMITED |
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Registered
Office : |
Clover Centrum, Plot No.5, Galaxy Society, 245 Boat Club Road, Pune –
411001, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
25.05.2000 |
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Com. Reg. No.: |
11-014922 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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|
CIN No.: [Company Identification
No.] |
U72200PN2000PTC014922 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC05275E |
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PAN No.: [Permanent Account No.] |
AABCC7544B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT Services. |
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No. of Employees
: |
Information denied by management |
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 192000 |
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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 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Rahim Sheikh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-67367946 |
|
Date : |
23.05.2013 |
LOCATIONS
|
Registered Office : |
Clover Centrum, Plot No.5, Galaxy Society, 245 Boat Club Road, Pune –
411001, Maharashtra, India |
|
Tel. No.: |
91-20-26160022 |
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Fax No.: |
91-20-26160020 |
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E-Mail : |
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Head Office : |
2nd Floor, Ready Money Terrace, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-24823000 |
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Fax No.: |
91-22-24823001 |
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E-Mail : |
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Website: |
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Factory : |
Unit No.142, Raheja Arcade Koramangala Industrial Layout, Bangalore –
560095, Karnataka, India |
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Tel. No.: |
91-80-32429248 |
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|
|
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Chennai Office : |
Nutech, Flat – ‘M’, 3rd Floor, New No. 36, Old No. 30,
Kirupasankari, ST, West Mambalam, Chennai – 600033, Tamilnadu, India |
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Tel. No.: |
91-44-32450059 |
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Gurgaon Office : |
Samba Cottage, K-17/4, DLF Phase 2, Gurgaon-122002, Haryana, India |
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International Office : |
# 14-02A, 150 Cecil Street, Pin Code 069543, Singapore |
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Tel No.: |
+65 62217026 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Javed Faizullah Tapia |
|
Designation : |
Managing Director |
|
Address : |
121 Benett Villa, 27 Wode House Raod, Colaba, Mumbai – 400039,
Maharashtra, India |
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Date of Birth/Age : |
12.08.1966 |
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Date of Appointment : |
25.05.2000 |
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DIN No.: |
00056420 |
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|
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Name : |
Mr. Azim Faizulla Tapia |
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Designation : |
Director |
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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 |
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Designation : |
Director |
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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. Rahim Sheikh |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Javed Faizullah Tapia |
|
10 |
|
Azim Faizulla Tapia |
|
10 |
|
Clover Technologies Private Limited, India |
|
999980 |
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|
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TOTAL
|
|
1000000 |
AS ON 28.09.2012
|
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 IT Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P.D. Kudva and Associates Chartered Accountants |
|
Address : |
4, Kumar Panorama, 41/1B, Shankarsheth, Pune – 411037, Maharashtra,
India |
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PAN No: |
AGIPK4605M |
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Holding Company: |
Clover Technologies Private Limited, India |
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Fellow Subsidiaries of Holding Company : |
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Subsidiary of Fellow Subsidiary of Holding Company : |
Clover Infotech (Singapore) Pte. Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
38.170 |
26.513 |
15.226 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
48.170 |
36.513 |
25.226 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
69.339 |
7.576 |
0.000 |
|
|
2] Unsecured Loans |
9.951 |
56.697 |
57.560 |
|
|
TOTAL BORROWING |
79.290 |
64.273 |
57.560 |
|
|
DEFERRED TAX LIABILITIES |
0.777 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
128.237 |
100.786 |
82.786 |
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|
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|
APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
32.432 |
28.830 |
8.395 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
12.977 |
11.972 |
11.971 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.009 |
0.157 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
51.477
|
35.818 |
30.764 |
|
|
Cash & Bank Balances |
3.950
|
3.876 |
12.696 |
|
|
Other Current Assets |
54.215
|
43.553 |
43.812 |
|
|
Loans & Advances |
7.484
|
6.027 |
2.415 |
|
Total
Current Assets |
117.126
|
89.274 |
89.687 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.645
|
6.257 |
5.819 |
|
|
Other Current Liabilities |
7.846
|
10.693 |
9.101 |
|
|
Provisions |
18.807
|
12.349 |
12.504 |
|
Total
Current Liabilities |
34.298
|
29.299 |
27.424 |
|
|
Net Current Assets |
82.828
|
59.975 |
62.263 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
128.237 |
100.786 |
82.786 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
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|
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TOTAL TURNOVER |
289.210 |
229.295 |
176.849 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
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|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
22.318 |
20.964 |
11.752 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.230 |
2.047 |
1.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
19.088 |
18.917 |
10.372 |
|
|
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|
|
|
|
|
|
Less |
TAX |
6.269 |
6.460 |
3.680 |
|
|
|
|
|
|
|
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|
|
PROFIT / (LOSS)
AFTER TAX |
12.819 |
12.457 |
6.693 |
|
|
|
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|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24.051 |
14.009 |
8.204 |
|
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APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.282 |
1.246 |
0.669 |
|
|
|
Dividend |
1.000 |
1.000 |
0.186 |
|
|
|
Dividend Distribution Tax |
0.162 |
0.170 |
0.031 |
|
|
BALANCE CARRIED
TO THE B/S |
34.426 |
24.051 |
14.010 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.82 |
18.92 |
1.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.57
|
16.02 |
10.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.52 |
0.41 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
1.65
|
1.76 |
2.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.41
|
3.05 |
3.27 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
7.645
|
6.257 |
5.819 |
|
Sr. No. |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations 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 |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from 1st Floor, D Wing, Clover Centre, Pune-411001, Maharashtra, India to the present address w.e.f.12.03.2008.
ACTIVITIES AND ACCOUNTS:
The turnover of products declined to Rs.48.900
Millions [Previous year Rs.54.900 Millions.] However, the turnover of database
services increased to Rs.238.700 Millions [Previous year Rs.172.800 Millions]
The company has revamped its practices and
strategies. This has resulted in the turnover of company showing rise of more
than 20% in the current financial year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10264146 |
|
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 Road, Pune –
411001, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] |
|
Particular of
charge holder |
Bank of Baroda, Backbay Reclamation Branch, Ram Mahal, Churchgate,
Mumbai-400020, Maharashtra, India Email: backba@bankofbaroda.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable
Machinery. |
|
Date of
instrument Creating the charge |
20.09.2012 |
|
Amount secured by
the charge |
Rs.40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate of Base rate + 3.50 % p.a. with mly rest or at such rate as may be
agreed by the Borrower Company with the Bank Terms of Repayment As agreed by the
borrower Company with the Bank Margin 25% on Book Debts Extent and Operation of the charge At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs. 30.000
Millions to Rs. 40.000 Millions against Hypothecation of book-debts, and
moveable machinery. The Charge stands
modified from Rs. 30.000 Millions to Rs. 40.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of
book-debts, and moveable machinery. |
|
Particulars of
the present modification |
At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs. 30.000
Millions to Rs. 40.000 Millions against Hypothecation of book-debts, and
moveable machinery. The Charge stands
modified from Rs. 30.000 Millions to Rs. 40.000 Millions |
FIXED ASSETS:
- Improvements
- Plant and
Machinery
- Computers
- Furniture and
Fixture
- Trade mark
- Vehicle
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 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.55.99 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.