MIRA INFORM REPORT
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Report No. : |
329553 |
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Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
FOCUS SOFTNET
PRIVATE LIMITED (W.E.F. 18.06.2010) |
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Formerly Known
As : |
SOFLINE SOFTWARE SERVICES PRIVATE LIMITED |
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Registered
Office : |
Ali Villa, 6-3-659 / A, Kapadia Lane, Somajiguda, Hyderabad – 500082, Telangana |
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Tel. No.: |
91-40-40353535 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.04.1994 |
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Com. Reg. No.: |
36-017314 |
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Capital
Investment / Paid-up Capital : |
Rs.1.806 Million |
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CIN No.: [Company Identification
No.] |
U72200TG1994PTC017314 |
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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 Computer software development. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established private limited company incorporated in
the year 1994, having satisfactory track. Company has achieved significant increase in its net profit in FY2014
as compared to previous year. Overall financial position of the company is decent. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The company can be considered for normal business dealings with 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.
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 |
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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
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 PARTED BY
|
Name : |
Ms. Geeta |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-61419786 |
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Date : |
30.06.2015 |
LOCATIONS
|
Registered / Corporate / Head Office : |
Ali Villa, 6-3-659 / A, Kapadia Lane, Somajiguda, Hyderabad – 500082, Telangana, India |
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Tel. No.: |
91-40-40353535 |
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Fax No.: |
91-40-2339 6674 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Regional Offices : |
403, 4th Floor, Embassy Chamber Plot No. 5, 3rd Road, Khar (West), Mumbai – 400052, Maharashtra, India Tel. No.: 91-22-6141 9786 Fax No.: 91-22-6141 9766 Email: mumbai@focussoftnet.com Also Located At
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Branch Offices : |
Locate At:
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DIRECTORS
As on 30.09.2013
|
Name : |
Mir Ahmed Ali Khan |
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Designation : |
Managing Director |
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Address : |
6-3-659/A, Kapadia Lane, Somajiguda, Hyderabad - 500082, Telangana, India |
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Date of Birth/Age : |
03.08.1970 |
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Date of Appointment : |
06.04.1994 |
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DIN No.: |
00474617 |
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Other Directorship :
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Name : |
Mir Hasnain Ali Khan |
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Designation : |
Whole-Time Director |
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Address : |
2-1-562/4, Nallakunta, Hyderabad - 500044, Telangana, India |
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Date of Birth/Age : |
17.12.1969 |
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Date of Appointment : |
06.04.1994 |
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DIN No.: |
00470674 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Ms. Geeta |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Mir Ahmed Ali Khan |
|
71915 |
|
Mir Rasheed Fathima |
|
10 |
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Mir Hasnain Ali Khan |
|
71916 |
|
Mir Mehdi Ali Khan |
|
10 |
|
Mir Fiaz Ali Khan |
|
34768 |
|
Ali Hyder |
|
2001 |
|
Total |
|
180620 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
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Directors or relatives of Directors |
100 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Computer software development. |
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Products : |
Not Available |
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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 : |
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Selling : |
Cash, Advance Payment , Cheque and Credit |
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Purchasing : |
Cash, Advance Payment , Cheque and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Manufacturer
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Auditors : |
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Name : |
G. R. Venkatesan and Company Chartered Accountants |
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Address : |
Flat: 102, Suraj Mansion, 7-1-27/2, Ameerpet, Hyderabad – 500016,
Telangana, India |
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PAN No.: |
ACPPG6067J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary : |
Focus Softnet FZ LLC |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180620 |
Equity Shares |
Rs.10/- each |
Rs.1.806
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
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I.
EQUITY AND LIABILITIES |
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|
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(1)Shareholders' Funds |
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(a) Share Capital |
1.806 |
1.806 |
1.806 |
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(b) Reserves &
Surplus |
38.220 |
42.563 |
39.195 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
28.194 |
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Total Shareholders’ Funds
(1) + (2) |
40.026 |
44.369 |
69.195 |
|
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(3) Non-Current
Liabilities |
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|
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|
(a) long-term borrowings |
69.072 |
60.860 |
0.918 |
|
(b) Deferred tax liabilities
(Net) |
2.096 |
2.188 |
1.673 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
71.168 |
63.048 |
2.591 |
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(4) Current Liabilities |
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|
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
123.582 |
41.810 |
55.387 |
|
(d) Short-term provisions |
34.931 |
0.325 |
0.750 |
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Total Current Liabilities
(4) |
158.513 |
42.135 |
56.137 |
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TOTAL |
269.707 |
149.552 |
127.923 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
32.289 |
27.012 |
25.007 |
|
(ii) Intangible Assets |
0.663 |
0.773 |
0.186 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
24.000 |
24.000 |
26.915 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.495 |
9.263 |
7.355 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
68.447 |
61.048 |
59.463 |
|
|
|
|
|
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(2) Current assets |
|
|
|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
93.854 |
66.856 |
40.251 |
|
(c) Trade receivables |
49.741 |
6.217 |
8.537 |
|
(d) Cash and cash
equivalents |
9.252 |
11.614 |
9.381 |
|
(e) Short-term loans and
advances |
48.413 |
3.817 |
10.291 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
201.260 |
88.504 |
68.460 |
|
|
|
|
|
|
TOTAL |
269.707 |
149.552 |
127.923 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
129.875 |
109.090 |
108.801 |
|
|
Other Income |
160.952 |
1.674 |
0.000 |
|
|
TOTAL |
290.827 |
110.764 |
108.801 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(23.949) |
(25.714) |
(12.175) |
|
|
Employees benefits
expense |
124.471 |
110.835 |
86.965 |
|
|
Other expenses |
21.655 |
19.538 |
28.411 |
|
|
TOTAL |
122.177 |
104.659 |
103.201 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
168.650 |
6.105 |
5.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.537 |
0.036 |
0.017 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
168.113 |
6.069 |
5.583 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.407 |
2.187 |
3.901 |
|
|
|
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|
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|
|
PROFIT/ (LOSS) BEFORE TAX |
162.706 |
3.882 |
1.682 |
|
|
|
|
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|
Less |
TAX |
34.108 |
0.514 |
0.464 |
|
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|
|
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|
|
|
PROFIT/ (LOSS) AFTER TAX
|
128.598 |
3.368 |
1.218 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
711.98 |
18.64 |
6.74 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
1.557 |
0.465 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
99.02 |
3.09 |
1.12 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
129.86 |
5.60 |
5.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
66.22 |
3.09 |
1.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
4.07 |
0.09 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.73 |
1.37 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
2.10 |
1.22 |
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 |
1.806 |
1.806 |
1.806 |
|
Reserves & Surplus |
39.195 |
42.563 |
38.220 |
|
Share Application money
pending allotment |
28.194 |
0.000 |
0.000 |
|
Net worth |
69.195 |
44.369 |
40.026 |
|
|
|
|
|
|
long-term borrowings |
0.918 |
60.860 |
69.072 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.918 |
60.860 |
69.072 |
|
Debt/Equity ratio |
0.013 |
1.372 |
1.726 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
108.801 |
109.090 |
129.875 |
|
|
|
0.266 |
19.053 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
108.801 |
109.090 |
129.875 |
|
Profit |
1.218 |
3.368 |
128.598 |
|
|
1.12% |
3.09% |
99.02% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 three 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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS
The company continues to the market leader in
providing accounting and related software to the SME sector. In spite of
increase in the gross turnover of the company the profit margins have come down
due to increase in the overhead cost and employee cost.
With a view to diversify and enter into
untapped markets the company has initiated the process of providing software as
a service (SAS). The new product would mainly cater to SME sector and
organizations which have restricted budgets in implementing high end ERP
software. The initial response for the product has been encouraging.
FUTURE PROSPECTUS
Though the company’s products are priced at
competitive rates entry of the other big players offering similar products at
lower prices would provide stiff competition. However given the market share
and worldwide presence of the company’s products the directors are confident of
achieving better results during the current year.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Long term loan from Directors, Shareholders and related persons |
63.643 |
58.898 |
|
Others |
|
|
|
Dealer Deposit |
0.850 |
0.850 |
|
Staff Security Deposit |
0.068 |
0.068 |
|
Total |
64.561 |
59.816 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Office Building
- Air Conditioner
- Electrical Equipment’s
- Office Equipment’s
- Computer
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.63.57 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
49 |
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.