MIRA
INFORM REPORT
|
Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
NETMAGIC IT SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor (North Side) - Netmagic Annex, Block B-2, Nirlon Knowledge
Park, Off Western Express Highway, Goregaon (East), Mumbai – 400063,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
10.06.2005 |
|
|
|
|
Com. Reg. No.: |
11-153896 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.45.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2005PTC153896 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMN13739F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN2366D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The
Company is in the business of managed IT Hosting Services. |
|
|
|
|
No. of Employees
: |
Information declined by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “NETMAGIC SOLUTIONS PRIVATE LIMITED”. It is an
established company having satisfactory track. The company has incurred loss from its operation during financial year
2013. However, the rating takes into consideration financial and managerial support
that company receives from its parent company marked by experienced promoter,
long track record of operations and diversified customer base. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of strong holding support, the company can be considered 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.
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
14.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1 |
|
Rating Explanation |
Strong degree of safety and lowest credit
risk. |
|
Date |
14.04.2014 |
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
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-400990999
LOCATIONS
|
Registered Office : |
2nd Floor (North Side) - Netmagic Annex, Block B-2, Nirlon Knowledge Park,
Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra,
India |
|
Tel. No.: |
91-22-40099099 |
|
Mobile No.: |
91-9321935577 (Mr. Mahesh) |
|
Fax No.: |
91-22-40099101 |
|
E-Mail : |
|
|
|
|
|
Branch Offices: |
Located at: · Mumbai · Chennai · Pune · Bangalore · Delhi |
DIRECTORS
(AS ON 27.09.2013)
|
Name : |
Mr. Sharad Kumar Sanghi |
|
Designation : |
Managing Director |
|
Address : |
23, Seagull Carmichal Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
28.10.1966 |
|
Date of Appointment : |
10.06.2005 |
|
DIN No.: |
00265977 |
|
|
|
|
Name : |
Mr. Varghese Thomas |
|
Designation : |
Director |
|
Address : |
Apt No.7A, Neptune Apt Juhu Tara Road, Juhu, Vile Parle (West), Mumbai
– 400049, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1977 |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
05259148 |
|
|
|
|
Name : |
Mr. Hideki Kurihara |
|
Designation : |
Director |
|
Address : |
310, Kamikitazaw3a Setagaya Tokyo Japan 1560057 |
|
Date of Birth/Age : |
14.06.1965 |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
05276363 |
|
|
|
|
Name : |
Mr. Sunil Gupta |
|
Designation : |
Director |
|
Address : |
148, Hopes Apt Sec 15 Part, Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
28.10.1966 |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
06361812 |
|
|
|
|
Name : |
Shigeki Hayashi |
|
Designation : |
Additional Director |
|
Address : |
131, 311 1 Naka Kunitachi Shi Tokyo Japan 1860004 |
|
Date of Birth/Age : |
22.06.1967 |
|
Date of Appointment : |
12.09.2013 |
|
DIN No.: |
06672452 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh |
|
Designation : |
Facility Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 27.09.2013)
|
Name of
Shareholders |
|
No of
Shares |
|
|
|
|
|
Netmagic Solution Private Limited, India |
|
4499999 |
|
Sharad Sanghi |
|
1 |
|
|
|
|
|
Total
|
|
4500000 |
(AS ON 27.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
99.99 |
|
Directors or relatives of directors |
|
0.01 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
Company is in the business of managed IT Hosting Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited Corporate Banking Branch, Axis House, Ground Floor, Wadia International
Centre, Worli, Mumbai – 400025, Maharashtra, India ·
Mizuho Bank Limited (Formerly known as
Mizuho Corporate Bank Limited) Maker
Chamber III, Nariman Point, Mumbai – 400021, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte,
Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th-32nd
Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat
Marg, Elphinstone (West), Mumbai, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company : |
·
Netmagic Solutions Private Limited, India |
|
|
|
|
Fellow Subsidiary : |
·
SKY N Land Video Networks Private Limited,
India ·
NTT Communications India Limited, India ·
NTT DATA Global Delivery Services Limited,
India ·
Dimension Data Cloud Solutions India
Private Limited, India ·
Dimension Data India Limited, India ·
NTT DATA India Enterprise Application
Services Private Limited, India |
|
|
|
|
Other Related Parties : |
·
India Parenting Private Limited, India |
CAPITAL STRUCTURE
(AS ON 27.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
45.000 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
63.200 |
72.840 |
54.690 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
108.200 |
72.940 |
54.790 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
999.020 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
3.410 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
222.150 |
0.000 |
0.000 |
|
(d) long-term provisions |
40.920 |
5.750 |
3.999 |
|
Total Non-current Liabilities (3) |
1,265.500 |
5.750 |
3.999 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
137.290 |
0.000 |
0.000 |
|
(b) Trade payables |
202.500 |
7.620 |
0.779 |
|
(c) Other current
liabilities |
221.640 |
2.500 |
1.330 |
|
(d) Short-term provisions |
5.700 |
0.060 |
4.672 |
|
Total Current Liabilities (4) |
567.130 |
10.180 |
6.781 |
|
|
|
|
|
|
TOTAL |
1,940.830 |
88.870 |
65.570 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,236.500 |
6.590 |
9.151 |
|
(ii) Intangible Assets |
15.990 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
12.730 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.720 |
1.736 |
|
(d) Long-term Loan and Advances |
107.720 |
13.200 |
7.041 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1,372.940 |
20.510 |
17.928 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
4.628 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
350.500 |
8.270 |
11.071 |
|
(d) Cash and cash
equivalents |
101.570 |
46.820 |
13.021 |
|
(e) Short-term loans and
advances |
115.820 |
13.240 |
18.922 |
|
(f) Other current assets |
0.000 |
0.030 |
0.000 |
|
Total Current Assets |
567.890 |
68.360 |
47.642 |
|
|
|
|
|
|
TOTAL |
1,940.830 |
88.870 |
65.570 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1295.940 |
70.250 |
66.425 |
|
|
|
Other Income |
5.340 |
3.910 |
2.559 |
|
|
|
TOTAL (A) |
1301.280 |
74.160 |
68.984 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
805.980 |
38.980 |
|
|
|
|
Administrative Expenses |
236.920 |
8.430 |
|
|
|
|
Advertising Expenses |
1042.9 |
47.410 |
50.341 |
|
|
|
TOTAL (B) |
|
|
|
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
258.380 |
26.750 |
(Including
Financial Expenses and Depreciation) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37.400 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
220.980 |
26.750 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
225.910 |
2.550 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(4.930) |
24.200 |
18.643 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.710 |
6.050 |
3.297 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(9.640) |
18.150 |
15.346 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
72.840 |
54.690 |
39.344 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
63.200 |
72.840 |
54.690 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.14) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.74) |
24.47 |
22.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.38) |
34.45 |
28.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.26) |
27.45 |
29.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.33 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
10.50 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
6.72 |
7.03 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
0.100 |
0.100 |
45.000 |
|
Reserves & Surplus |
54.690 |
72.840 |
63.200 |
|
Net worth |
54.790 |
72.940 |
108.200 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
999.020 |
|
Short term borrowings |
0.000 |
0.000 |
137.290 |
|
Total borrowings |
0.000 |
0.000 |
1136.310 |
|
Debt/Equity ratio |
0.000 |
0.000 |
10.502 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
66.425 |
70.250 |
1,295.940 |
|
|
|
5.758 |
1,744.754 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
66.425 |
70.250 |
1,295.940 |
|
Profit |
15.346 |
18.150 |
(9.640) |
|
|
23.10% |
25.84% |
(0.74%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Borrowings |
91.460 |
0.000 |
0.000 |
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Bonds/ Debentures |
628.080 |
0.000 |
|
|
|
|
|
Total |
628.080 |
0.000 |
NOTE:
The Registered office of the company has been shifted
from Building No.22, Nirlon Complex, W E Highway, Goregaon (East), Mumbai,
Maharashtra, India, to the present address w.e.f. 28.07.2009.
BUSINESS OPERATIONS
The Company is now a part of
the NTT Communications Group of Japan. The Company immediate parent/holding
company Netmagic Solutions Private Limited (“NSPL”) had earlier entered into a
Share Purchase Agreement with NTT Communications Corporation whereby subject to
applicable regulatory approvals NTT Communications Corporation would acquire
74% equity stake in NSPL. The transactional matters pursuant to this Share
Purchase Agreement (including the requisite regulatory approvals from Indian
Regulatory Authorities) concluded successfully and NTT Communications
Corporation acquired 74% direct equity stake in NSPL and consequently an
equivalent indirect stake in the Company with effect from August 29, 2012. This
transaction would enable the Company to leverage NTT Communications Corporation’s
existing infrastructure and network capability and accelerate enhancement of
the Company’s global cloud services for the provision of high-quality ICT
services. The addition of the Company’s datacenter services and sites will
expand NTT Communications Corporation’s capability to provide one-stop ICT
solutions in the fast-growing Indian market, as well as accelerate its offering
of globally seamless cloud services through expanded ICT infrastructure
Asia-wide.
The Company is India's only
Datacenter Infrastructure Lifecycle Management (DILM) service provider. It
delivers services to plan, design, manage, support and migrate IT
infrastructure running mission-critical applications for over 1200 enterprises
across the globe.
The Company along with NSPL
has been a pioneer in the Indian IT Infrastructure-as-a-service space and
amongst the first to bring to market several services including Public Cloud,
Computing (Simpli Cloud), Hybrid Cloud Computing, Managed Security Services and
Disaster recovery as a Service (DRaaS).
The Company delivers
services from 7 carrier-neutral, state-of-the-art datacenters located in
Mumbai, Bangalore, Noida (Delhi-NCR) and Chennai with over 2,00,000 sq. ft.
floor space. Its Chennai datacenter is the only Gold LEED certified datacenter
by USGBC in India.
The Company is ISO 27001,
ISO 9001:2008 and ISO 20000-1 certified and its processes are designed as per
the ITIL framework.
Considering the business
exigencies, as part of an internal group restructuring NSPL has transferred its
Data Center business (includes managed information technology services,
specializing in internet data center and managed hosting, infrastructure
management, managed security, cloud computing, application hosting, messaging
and collaboration, disaster recovery and availability and professional services
but excludes bandwidth services), to the Company with effect from July 1, 2012.
The Company achieved a
Turnover of Rs.1295.940 millions during the F.Y. 2012-13. Substantial
investment into business infrastructure and increase in provision for
depreciation led to a Net Loss before Tax of Rs.4.930 millions as against Net
Profit before Tax of Rs.24.200 millions in the previous year. The increase in
revenue and operations in the F.Y. 2012-13 compared to the last F.Y. 2011-12 is
due to acquisition of the Data Center business by the Company from its holding
company Netmagic Solutions Private Limited with effect from July 1, 2012.
The Company’s business
improved substantially due to better recognition and acceptance in IT enabled
Services market. The state-of-art data centers of the Company at across various
locations in India i.e. 3 in Mumbai and 1 each at Noida, Chennai and Bangalore)
are proving good business. The IDC operations of the Company at Vikhroli,
Mumbai (DC 2) went live during the year. The Company is in the process of
building out a new IDC facility at Bangalore. The Company added key customers
during the year under review and most of the existing customers renewed their
services for further terms.
The Company continued to
focus on high margin services like Cloud Services, Infrastructure Management
Services (IMS), Data Vault Storage, Disaster Recovery (DR), SAP Applications
and related Professional services which supplemented the existing Co-location
and Managed Services of the Company. Focus on automation and optimization of
data center operations and related processes have also lead to further
improvement of business efficiencies.
Considering
the overall business prospects, your Company is confident of continued growth
in its top line in the next year.
CORPORATE INFORMATION
Subject was incorporated on
June 10, 2005. It is 100% subsidiary of Netmagic Solutions Private Limited. The
Company is in the business of managed IT hosting services with state-of-the-art
datacenter spread across Bangalore, Chennai, Mumbai and Noida. The Company
provides Internet Data Centre and Managed Hosting, Cloud Computing, Disaster
Recovery, Managed Security, Application Hosting, Messaging and Collaboration
and Infrastructure Management services to many domestic and global enterprise
customers from across verticals.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10468389 |
26/12/2013 |
200,000,000.00 |
MIZUHO BANK LTD (formerly
known as Mizuho Corporate Bank Ltd) |
MAKER CHAMBER III,
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, India |
B92770551 |
|
2 |
10407118 |
25/02/2013 |
500,000,000.00 |
MIZUHO CORPORATE BANK
LTD. |
MUMBAI BRANCH, MAKER
CHAMBERS III, 1ST FLOOR,, JA |
B69230381 |
|
3 |
10407720 |
04/02/2014 * |
40,000,000.00 |
AXIS BANK LTD. |
CORPORATE BANKING BRANCH,
AXIS HOUSE, GROUND FLOOR, WADIA INTERNATIONAL CENTRE, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
C00270496 |
|
4 |
10407725 |
22/01/2013 |
397,600,000.00 |
AXIS BANK LTD. |
CORPORATE BANKING BRANCH,
AXIS HOUSE,, GROUND FLOOR, WADIA INTERNATIONAL CENTRE, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B69505113 |
* Date of charge modification
FIXED ASSETS:
· Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer
·
Leasehold improvements
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.61.02 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.