MIRA INFORM REPORT
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Report No. : |
303730 |
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Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
NXTGEN DATACENTER AND CLOUD TECHNOLOGIES PRIVATE LIMITED
(w.e.f.30.08.2013) |
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Formerly Known
As : |
PVRR DATA CITY PRIVATE LIMITED |
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Registered
Office : |
Plot No. 72 and 73 EPIP Area, Hoodi Village, K.R Puram Hobli,
Whitefield, Bangalore – 560066, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.03.2012 |
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Com. Reg. No.: |
08-063135 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U72200KA2012PTC063135 |
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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
: |
The company is engaged in the business of building and operating data
- center, data - center management services, assembling of data – center
equipment/facility, cloud services and related it services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth
of the company. Liquidity Position of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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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
31-03-2014.
LOCATIONS
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Registered Office : |
Plot No. 72 and 73 EPIP Area, Hoodi Village, K.R Puram Hobli,
Whitefield, Bangalore – 560066, Karnataka |
|
Tel. No.: |
91-80-3098 6028/3098 60000 |
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Mobile No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Ritesh Khandelwal |
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Designation : |
Director |
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Address : |
# 341, 7th Cross, Laxmi Road, Shantinagar, Bangalore –
560027, Karnataka, India |
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Date of Birth/Age : |
21.04.1979 |
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Date of Appointment : |
21.03.2012 |
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DIN No.: |
00113619 |
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Other Directorship:
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Name : |
Mr. Sadashivappa Rudra Prasad |
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Designation : |
Director |
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Address : |
#13, 3rd Cross, 7th Block, Jayanagar, Bangalore
– 560086, Karnataka, India |
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Date of Birth/Age : |
31.08.1976 |
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Date of Appointment : |
21.03.2012 |
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DIN No.: |
00113660 |
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Other Directorship:
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Name : |
Mr. Srinivas Rajgopal Anasapurapu |
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Designation : |
Managing Director |
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Address : |
No. 81, Ferns City, Doddanekundi, marathahalli, Bangalore – 560037,
Karnataka, India |
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Date of Birth/Age : |
14.01.1970 |
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Date of Appointment : |
01.04.2014 |
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DIN No.: |
05146736 |
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Other Directorship:
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Name : |
Mr. Viral Bakulesh Thakkar |
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Designation : |
Whole - Time Director |
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Address : |
11/12, Ram Vatika CHS, 3rd Floor, Parthana Samaj Road, Vile
Parle – East, Mumbai – 400057, Maharashtra, India |
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Date of Birth/Age : |
23.11.1980 |
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Date of Appointment : |
01.04.2014 |
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DIN No.: |
05147263 |
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Other Directorship:
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Name : |
Mr. Kannan Venkatraman |
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Designation : |
Nominee director |
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Address : |
A – 203, Shtiram Srishti Apartments, Sumangali Seva, Ashram Road, R.T.
Nagar Po, Bangalore – 560032, Karnataka, India |
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Date of Birth/Age : |
28.04.1967 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
05333024 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Mr. Ritesh Khandelwal |
2500 |
24.98 |
|
Mr. Sadashivappa Rudra Prasad |
2500 |
24.98 |
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Mr. SRINIVAS RAJGOPAL ANASAPURAPU |
3500 |
34.97 |
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Mr. VIRAL BAKULESH THAKKAR |
1500 |
14.99 |
|
Nxtgen Technology Private Limited |
10 |
0.10 |
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Total |
10010 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
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 |
0.10 |
|
Directors or relatives of Directors |
99.90 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of building and operating data
- center, data - center management services, assembling of data – center
equipment/facility, cloud services and related it services. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
--- |
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Auditors : |
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Name : |
Walker Chandiok and Company LLP Chartered Accountants |
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Address : |
"WINGS" First Floor, 16/1, Cambridge Road, Ulsoor, Bengaluru
– 560008, Karnataka, India |
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Tel. No.: |
91-80-42430700 |
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Fax No.: |
91-80-41261228 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFW4298E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Entity under common control : |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000 |
Equity Shares |
Rs.10/- each |
Rs.0.150 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10010 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
|
0.100 |
0.100 |
|
(b) Reserves &
Surplus |
|
(109.863) |
(1.233) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
|
(109.763) |
(1.133) |
|
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(3) Non-Current
Liabilities |
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|
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(a) long-term borrowings |
|
510.400 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
2.145 |
0.000 |
|
(d) long-term provisions |
|
0.665 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
513.210 |
0.000 |
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(4) Current Liabilities |
|
|
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(a) Short term borrowings |
|
0.000 |
5.093 |
|
(b) Trade payables |
|
15.886 |
0.123 |
|
(c) Other current
liabilities |
|
21.760 |
13.219 |
|
(d) Short-term provisions |
|
0.631 |
0.000 |
|
Total Current Liabilities
(4) |
|
38.277 |
18.435 |
|
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TOTAL |
|
441.724 |
17.302 |
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II.
ASSETS |
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(1) Non-current assets |
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|
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(a) Fixed Assets |
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|
|
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(i) Tangible assets |
|
212.170 |
0.000 |
|
(ii) Intangible Assets |
|
7.067 |
0.000 |
|
(iii) Capital
work-in-progress |
|
28.332 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
81.419 |
16.115 |
|
(e) Other Non-current
assets |
|
|
|
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Total Non-Current Assets |
|
328.988 |
16.115 |
|
|
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|
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(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
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(b) Inventories |
|
6.295 |
0.000 |
|
(c) Trade receivables |
|
9.283 |
0.000 |
|
(d) Cash and cash
equivalents |
|
87.900 |
0.063 |
|
(e) Short-term loans and
advances |
|
9.079 |
1.124 |
|
(f) Other current assets |
|
0.179 |
0.000 |
|
Total Current Assets |
|
112.736 |
1.187 |
|
|
|
|
|
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TOTAL |
|
441.724 |
17.302 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
43.139 |
0.000 |
|
|
TOTAL |
|
43.139 |
0.000 |
|
|
|
|
|
|
|
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TOTAL EXPENSES |
|
151.769 |
1.233 |
|
|
|
|
|
|
|
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PROFIT/ (LOSS) BEFORE TAX |
|
(108.630) |
(1.233) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
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|
|
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|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(108.630) |
(1.233) |
|
|
|
|
|
|
|
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Earnings / (Loss) Per
Share (Rs.) |
|
(10855.00) |
(123.00) |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
|
(251.81) |
NA |
|
|
|
|
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|
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Operating Profit Margin (PBIDT/ Total Income) |
(%) |
|
(251.81) |
NA |
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|
|
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(26.28) |
(7.13) |
|
|
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.99 |
1.09 |
|
|
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|
|
|
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Debt Equity Ratio (Total Debt /Networth) |
|
|
(4.65) |
(4.50) |
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|
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
2.95 |
0.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
0.100 |
0.100 |
|
Reserves & Surplus |
(1.233) |
(109.863) |
|
Net worth |
(1.133) |
(109.763) |
|
|
|
|
|
long-term borrowings |
0.000 |
510.400 |
|
Short term borrowings |
5.093 |
0.000 |
|
Total borrowings |
5.093 |
510.400 |
|
Debt/Equity ratio |
(4.495) |
(4.650) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
0.000 |
43.139 |
|
|
--- |
--- |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
0.000 |
43.139 |
|
Profit |
(1.233) |
(108.630) |
|
|
--- |
(251.81)% |
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 |
No |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
No |
|
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 |
No |
Note : Registrar
office of the company has be shifted from No. 2A, 1st Floor,
Nanjappa Road, Shanthinagar, Bangalore – 560027, Karnataka, India, to the present
address w.e.f.21.06.2013
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10507158 |
20/06/2014 |
20,000,000.00 |
VIJAYA BANK |
SHANTHINAGAR BRANCH, K H ROAD, BANGALORE,
Karnataka - 560027, INDIA |
C09951393 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Compulsorily convertible debentures |
510.400 |
0.000 |
|
Short-term
borrowings |
|
|
|
Working capital loan |
0.000 |
5.093 |
|
Total |
510.400 |
5.093 |
|
Note : (a)Terms of
conversions of debentures The unsecured convertible 0.01% debentures shall be converted into
equity shares at the option of debentures holders on meeting specified
criteria or at the end of 18 months, whichever is earlier, from the date of
the issued, in the ratio of 1:1 47058 for the first tranche of Rs.1.914
Millions debentures and in the ratio of 1:1 3888 for the second tranche of
Rs. 3.190 Millions debentures, as set forth in the agreement with the NxtGen
Technology Private Limited dated 2 July, 2013. (b)Terms of
repayments The unsecured loan amounting to Rs. 13.098 Millions was availed at the rate of 14% in May, 2012 and was repayable within 2 years and Rs. 5093206 at the rate of 14% availed in February, 2013 and was repayable on demand. |
||
Background and Operational
Outlook
NextGen Datacenter and Cloud Technologies Private Limited (the Company,
formerly PVRR Data City Private Limited) is a private limited company domiciled
in India and incorporated on 21 March, 2012. The company is engaged in the
business of building and operating data-center, Data Center Management
services, assembling of data – center equipment/facility, cloud services and
related IT services.
At the end of the year, The Company has an accumulated deficit of Rs.
109.863 Millions. Subsequent to the year end, the company has received Rs.
156.426 Millions through debentures subscription from NxtGen Technology Private
Limited (entity under common control). NxtGen Technology Private Limited
continues to support the company in its operations and financial management.
The company expects to generate adequate surplus in the future and consequently
does not foresee any in ability to continue as a going concern or face
difficulty in setting liabilities as and when they arise. In view of the foregoing,
the management believes that the use of the going concern assumption continue
to be appropriate for preparation of the financial statements. Accordingly, the
assets and liabilities have been recorded in the financial statements on the
basis that the company will be able to realise its assets and discharge its
liabilities in the normal course of the business.
FIXED ASSETS
- Freehold Land
- Plant and
Machinery
- Office
Equipment’s
- Leasehold
Improvements
- Furniture and
Fixture
- Datacenter
Equipment’s
- Computer and
Peripherals
- Electrical
Fittings
- Vehicles
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.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RCH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
--- |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
--- |
|
--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 |
|
11 |
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.