MIRA INFORM REPORT
|
Report No. : |
337781 |
|
Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
AVEVA INFORMATION TECHNOLOGY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No 202, A Wing, 2nd Floor, Building No. 2, Supreme Business Park,
Supreme City, Powai, Mumbai – 400076, Maharashtra |
|
Tel. No.: |
91-22-67368400/11/30194405 |
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|
|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2014 |
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|
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|
Date of Incorporation
: |
18.04.2001 |
|
|
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|
Com. Reg. No.: |
11-167661 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.402 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2001PTC167661 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in business of marketing and development of
computer software and services for engineering and related solutions |
|
|
|
|
No. of Employees
: |
Information declined by the
management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (20) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Aveva Solutions Limited, U.K. It was
incorporated during the year 2001. The company is engaged in the business of marketing
and development of computer software and services for engineering and related
solutions. It has a moderate track record. For the financial year 2014, the company possesses below average
operational activity and it has incurred losses. Through there are no borrowings taken by the company, its net worth
has been eroded due to huge accumulated loss. However, trade relations are reported as fair. Business is active.
Payments terms are slow but correct. In view of below average liquidity profile, the company can be
considered for business dealings on safe and secure 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2013.
INFORMATION DENIED
Management non co-operative (91-22-67368400/11/30194405)
LOCATIONS
|
Registered Office : |
Unit No 202, A Wing, 2nd Floor, Building No. 2, Supreme Business Park,
Supreme City, Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-67368400/11/30194405 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.12.2014
|
Name : |
Mr. Richard Longdon |
|
Designation : |
Director |
|
Address : |
3 Belvoir Terrace, Trumpington Road, Cambridge- CB22AA United Kingdom,
|
|
Date of Birth/Age : |
20.12.1955 |
|
Date of Appointment : |
15.05.2001 |
|
DIN No.: |
01065311 |
|
|
|
|
Name : |
Mr. Bhagwandas Sahajwani |
|
Designation : |
Director |
|
Address : |
403, Janak Vasant Valley, Film City Road, Malad (E), Mumbai – 400097, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1972 |
|
Date of Appointment : |
21.12.2012 |
|
DIN No.: |
06468433 |
|
|
|
|
Name : |
Mr. James Singer Kidd |
|
Designation : |
Director |
|
Address : |
Robin Cottage, Long Lane, FowImere, Royston, SG87FA |
|
Date of Birth/Age : |
21.06.1970 |
|
Date of Appointment : |
01.01.2011 |
|
DIN No.: |
03349964 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.12.2014
|
Names of Shareholders |
|
No. of Shares |
|
Aveva Solutions Limited, United Kingdom |
|
140999 |
|
Aveva Group PLC, United Kingdom |
|
1 |
|
|
|
|
|
Total |
|
141000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.12.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of marketing and development of
computer software and services for engineering and related solutions |
|
|
|
|
Products : |
Not Divulged |
|
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. R. Batliboi and Associates Chartered Accountant |
|
Address : |
Golf View, Corporate Tower-B Sector 42, Sector Road Gurgaon 122002
Haryana, India |
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Tel No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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PAN No.: |
AABFS3421N |
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|
|
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company: |
Aveva Solutions Limited |
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|
|
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Fellow Subsidiaries : |
Aveva Asia Pacific Sdn Bhd |
CAPITAL STRUCTURE
As on 30.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs.10/- |
Rs.1.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140200 |
Equity Shares |
Rs.10/- |
Rs.1.402 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1.402 |
1.402 |
1.402 |
|
(b) Reserves & Surplus |
(12.386) |
183.897 |
175.338 |
|
(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) |
(10.984) |
185.299 |
176.740 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.280 |
1.180 |
0.526 |
|
Total
Non-current Liabilities (3) |
1.280 |
1.180 |
0.526 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
168.446 |
0.000 |
164.369 |
|
(c) Other current liabilities |
436.603 |
264.445 |
133.565 |
|
(d) Short-term provisions |
207.290 |
4.267 |
22.719 |
|
Total
Current Liabilities (4) |
812.339 |
268.712 |
320.653 |
|
|
|
|
|
|
TOTAL |
802.635 |
455.191 |
497.919 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
22.798 |
15.185 |
1.673 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
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) |
5.441 |
2.628 |
18.025 |
|
(d) Long-term Loan and Advances |
182.672 |
141.292 |
58.517 |
|
(e) Other Non-current assets |
11.715 |
3.882 |
1.314 |
|
Total
Non-Current Assets |
222.626 |
162.987 |
79.529 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
330.291 |
110.329 |
104.844 |
|
(d) Cash and cash equivalents |
185.411 |
151.929 |
304.004 |
|
(e) Short-term loans and
advances |
6.216 |
7.403 |
8.525 |
|
(f) Other current assets |
58.091 |
22.543 |
1.017 |
|
Total
Current Assets |
580.009 |
292.204 |
418.390 |
|
|
|
|
|
|
TOTAL |
802.635 |
455.191 |
497.919 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
318.637 |
330.105 |
|
|
Other Income |
|
1.508 |
0.578 |
|
|
TOTAL
|
NA |
320.145 |
330.683 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Sub-license fees |
|
182.508 |
194.122 |
|
|
Employees benefits expense |
|
58.911 |
19.342 |
|
|
Other expenses |
|
53.262 |
31.160 |
|
|
TOTAL
|
NA |
294.681 |
244.624 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
NA |
1.507 |
0.889 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
NA |
23.957 |
85.170 |
|
|
|
|
|
|
|
Less |
TAX |
NA |
15.398 |
30.304 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(196.283) |
8.559 |
54.866 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(1400.02) |
61.05 |
391.34 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
95.537 |
(89.184) |
166.230 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA |
2.69 |
16.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00 |
5.29 |
17.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.13 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
1.09 |
1.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1.402 |
1.402 |
1.402 |
|
Reserves & Surplus |
175.338 |
183.897 |
-12.386 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
176.740 |
185.299 |
-10.984 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION
Subject was incorporated in India with limited liability on April 18,
2001 and is a subsidiary of AVEVA Solutions Limited, United Kingdom (‘AVEVA
Solutions’) part of the AVEVA Group Plc (‘AVEVA Group’), with the principal
activities of marketing and development of computer software and services for
engineering and related solutions.
The company has earned into a non-exclusive distribution agreement with
AVEVA Solutions for the sub-licensing of the software product licenses of AVEVA
Solutions to the end customers on India. In accordance with the agreement, the
company pays sub licensing fees of AVEVA Solutions computed based on the rates
mentioned in the agreement, on the gross revenue earned by the company.
The Company also has a tripartite technical services agreement with
AVEVA Solutions and AVEVA Engineering IT Limited, UK, a fellow subsidiary, to
provide consultancy and other software development related services to AVEVA
Solutions and AVEVA Engineering. During the year, there are no transactions
under the agreement.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge
amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10238063 |
15/07/2010 |
6,000,000.00 |
STANDARD CHARTERED BANK |
BANGALORE BRANCH, RAHEJA TOWERS, SIXTH FLOOR, NO. |
A93597383 |
*Date of charge modification
FIXED ASSETS
- Office
Equipment
- Computer
Equipment
- 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 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.65.83 |
|
|
1 |
Rs.103.39 |
|
Euro |
1 |
Rs.74..27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
20 |
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.