MIRA INFORM REPORT
|
Report Date : |
06.03.2014 |
|
|
|
|
Tel No.: |
91 40 65502234 |
Note: Correct name of the company is “PROARCH IT
SOLUTIONS PRIVATE LIMITED”.
IDENTIFICATION DETAILS
|
Name : |
PROARCH IT SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor Block 1, NLS Sez Arena, No 6, SY No 1, IDA
Uppal, Hyderabad – 500039, Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.03.2006 |
|
|
|
|
Com. Reg. No.: |
01-049561 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200AP2006PTC049561 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDP03616E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Software Services
|
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 78000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Management of the company has failed to file its financials after 2011
with government department. Mr. Venkkatesh Kadam, Accounts Manager denied to give any information
to us. As per previous financials of 2011, there appears drastic dip in
profit of the company. Business is active. Payments terms are reported to be unknown. The company can be considered for business dealings with some
caution. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP,
contracted for the sixth consecutive month in December, as orders dipped.
However, hiring has risen. Direct tax collections rose 12.3 % during the
April – December period of the current financial year. The
government has decided to retain 100 per cent foreign direct investment in both
greenfield (new) and brown field (existing) pharmaceutical companies, despite
concerns over genetic drugs going out of production, if multi-national
companies take over domestic ones. In M&A deals, a non compete clause would
not be allowed, except in special circumstances. The Department of Industrial
Policy and Promotion plans to release the next edition of its consolidated
foreign direct investment policy document on March 31, incorporating changes
made in the past year. DIPP compiles all policies related to India’s FDI
regime into a single document to make it easy for investors to understand. 185
million estimated number of mobile internet users in India by June 2014,
according to a report by the Internet & Mobile Association of India and
IMRB International. India had 110 million mobile internet users with 25
million in rural areas. $3.77 tn estimated global IT spending in 2014,
according to research firm Gartner Inc. The growth forecast for this year is
cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast
for telecom services – a segment that accounts for more than 40 % at
total IT spending – from 1.9 per cent to 1.2 per cent is the main reason
for this overall IT cut. A Reserve Bank of India committee has recommended
setting up a special category of lenders who would cater to small businesses
and households, to expand the number of customers with access to banking
services. These banks would focus onproviding payment services and deposit
products. Indian banks want the free use of automated teller machines to
be capped at five transactions in a month including that of the bank in which
the account is active. This follows state government order to banks to install
security guards at ATM booths after a woman banker was assaulted in Bangalore.
The government is likely to present a vote on Account in mid-February. The
annual Economic Survey will be tabled later in Parliament along with the full
Budget. A full Budget for 2014/15 is likely to be present in July by the new
government formed after the General Election. The government will soon launch
an internet spy system, called Netra, to detect malafide messages. Security
agency will deploy the system to capture dubious voice traffic on applications
such as Skype and Google Talk, as well as tweeters.
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 DENIED BY
|
Name : |
Mr. Venkkatesh Kadam |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9949771162 |
|
Date : |
04.03.2014 |
LOCATIONS
|
Registered Office : |
3rd Floor Block 1, NLS Sez Arena, No 6, SY No 1, IDA
Uppal, Hyderabad – 500039, Andhra Pradesh, India |
|
Tel. No.: |
91-40-65502234/ 23243270 |
|
Mobile No.: |
91-9949771162 (Mr. Venkkatesh Kadam) |
|
Fax No.: |
91-40-23249703/ 23240199 |
|
E-Mail : |
venkkateshk@proarchitsolutions.com |
|
Website : |
|
|
|
|
|
Bangalore Office
: |
DR Complex, #12/1, Uttarahalli Main Road, Subramanyapura
Post, Bangalore – 560061,Karnataka, India |
|
|
|
|
Overseas Office : |
1200 Abernathy Road,
Suite 1700, Atlanta, GA 30328, USA |
|
Tel. No.: |
404-259-3073 |
|
Fax No.: |
678-528-5674 |
|
E-Mail : |
DIRECTORS
As on 26.08.2011
|
Name : |
Mr. Santosh Kumar Kaveti |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
4-5-649, Kuthibiguda, Hyderabad – 500027, Andhra Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
22.06.1976 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.03.2006 |
|||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00023547 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Lakshman Kaveti |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
4-5-649, Kuthibiguda, Hyderabad – 500027, Andhra Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
04.09.1985 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.03.2006 |
|||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00023563 |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kaveti Swarnalatha |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
132, 4-5-649, Kuthibiguda, Hyderabad – 500027, Andhra Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.04.1979 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.12.2006 |
|||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01690821 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Venkkatesh Kadam |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
As on 26.08.2011
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Santosh Kumar Kaveti |
7000 |
70.00 |
|
Lakshman Kaveti |
3000 |
30.00 |
|
Total |
10000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 26.08.2011
|
Category |
Percentage |
|
Other |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Software Services.
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management
|
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Samba Siva Roan ad Associates Chartered Accountants |
|
Address : |
C-16, 1st Floor, Bharani Complex, Minister Road,
Secunderabad - 500003, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-66318544/ 45 |
|
E-Mail : |
|
|
PAN No.: |
ABUFS0393P |
|
|
|
|
Subsidiaries Companies : |
Proach IT Solutions LLC |
|
|
|
|
Companies / firms in which director are interested : |
Proach Elite Business Solutions Private Limited |
CAPITAL STRUCTURE
As on 26.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19.398 |
19.188 |
17.173 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19.498 |
19.288 |
17.273 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1.386 |
0.806 |
1.746 |
|
|
TOTAL BORROWING |
1.386 |
0.806 |
1.746 |
|
|
DEFERRED TAX LIABILITIES |
0.154 |
0.481 |
0.114 |
|
|
|
|
|
|
|
|
TOTAL |
21.038 |
20.575 |
19.133 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.547 |
3.447 |
4.098 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.359 |
13.248 |
8.248 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
5.912 |
0.000 |
0.106 |
|
|
Cash & Bank Balances |
1.794 |
1.358 |
4.842 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
6.173 |
6.372 |
6.733 |
|
Total
Current Assets |
13.879
|
7.730 |
11.681 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.972 |
2.137 |
1.651 |
|
|
Other Current Liabilities |
0.695 |
1.507 |
2.162 |
|
|
Provisions |
0.080 |
0.208 |
1.086 |
|
Total
Current Liabilities |
2.747 |
3.852 |
4.899 |
|
|
Net Current Assets |
11.132 |
3.878 |
6.782 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
21.038 |
20.575 |
19.133 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
INCOME |
NA |
29.753 |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
27.393 |
NA |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.406 |
2.360 |
10.772 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1.038 |
1.400 |
1.581 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER DEPRECIATION |
0.368 |
0.960 |
9.191 |
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
0.400 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(0.032) |
0.960 |
9.191 |
|
|
|
|
|
|
|
Less |
TAX |
0.246 |
0.575 |
1.070 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
0.214 |
0.385 |
8.121 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
19.789 |
NA |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.42 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.19) |
8.59 |
58.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.05 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.07 |
0.04 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.05 |
2.01 |
2.38 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
17.173 |
19.188 |
19.398 |
|
Net
worth |
17.273 |
19.288 |
19.498 |
|
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
1.746 |
0.806 |
1.386 |
|
Total
borrowings |
1.746 |
0.806 |
1.386 |
|
Debt/Equity
ratio |
0.101 |
0.042 |
0.071 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
one year |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
|
|
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 |
No |
|
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 |
No |
|
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 |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2011 Rs. In Millions |
31.03.2010 Rs. In Millions |
|
Unsecured Loans |
1.386 |
0.806 |
|
Total |
1.386 |
0.806 |
NOTE: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.90 |
|
|
1 |
Rs.103.26 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
27 |
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 |
||