MIRA INFORM REPORT
|
Report No. : |
312274 |
|
Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
INCTURE TECHNOLOGIES PRIVATE LIMITED |
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|
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Registered
Office : |
8th Floor, Vector Building, Prestige Technology Park, Sarjapur-Marthallai
Outer Ring Road, Bangalore – 560103, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.09.2005 |
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Com. Reg. No.: |
08-037156 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.500 Million |
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|
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CIN No.: [Company Identification
No.] |
U72200KA2005PTC037156 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI02819F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI4613F |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Product/ Solution Engineering Services. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Management has reported decent profitability for the financial year
2013-14. The company seems to be in sound financial position. Trade relations are fair. Business is active. Payments are reported to
be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
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
|
Registered Office/ Headquarters : |
8th Floor, Vector Building, Prestige Technology Park,
Sarjapur-Marthallai Outer Ring Road, Bangalore – 560103, Karnataka, India |
|
Tel. No.: |
91-80-42992047/ 66186264/ 66186263 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Sachin Verma |
|
Designation : |
Director |
|
Address : |
No. K-302, Sriram Spurthi Apartments, Kundalahalli, Brookefields,
Bangalore – 560037, Karnataka, India |
|
Date of Appointment : |
08.09.2005 |
|
DIN No.: |
00894120 |
|
|
|
|
Name : |
Mr. Sudarsan Parida |
|
Designation : |
Director |
|
Address : |
No. 1, Srivari Apartments, 3rd A Cross, 18th
Main, BTM II Stage, Bangalore – 560076, Karnataka, India |
|
Date of Appointment : |
08.09.2005 |
|
DIN No.: |
03551491 |
|
|
|
|
Name : |
Mr. Rajesh Veeramachaneni |
|
Designation : |
Director |
|
Address : |
85/5/4, Near Dsar Cosmos Apartment, Green Glen Layout, Bellandur,
Bangalore – 560103, Karnataka, India |
|
Date of Appointment : |
15.02.2011 |
|
DIN No.: |
03336801 |
|
|
|
|
Name : |
Mr. Ritesh Menon |
|
Designation : |
Additional director |
|
Address : |
410, Mahaveer Glacier, B.G. Road, Arakere, Bangalore – 560076,
Karnataka, India |
|
Date of Birth/Age : |
20.05.1984 |
|
Date of Appointment : |
24.03.2014 |
|
DIN No.: |
06777700 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Sachin Verma |
|
4965 |
|
Sudarsan Parida |
|
10 |
|
Ritesh Menon |
|
25 |
|
|
|
|
|
Total |
|
5000 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Product/ Solution Engineering Services. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
-- |
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Countries : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
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 : |
ING Vysya Bank Limited |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
SVA and Associates Chartered Accountants |
|
Address : |
5A, 3rd Floor, Narang Chambers, 99/2, N.R. Road, Opposite Town Hall,
Bangalore – 560002, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACGFS4166H |
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|
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Subsidiary Companies : |
· Incture Technologies Pte Limited (Singapore) · Incture Technologies LLC |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
0.500 |
0.500 |
0.500 |
|
(b) Reserves & Surplus |
17.318 |
3.085 |
3.191 |
|
(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) |
17.818 |
3.585 |
3.691 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
5.702 |
5.231 |
4.531 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
5.702 |
5.231 |
4.531 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
4.069 |
3.137 |
1.097 |
|
(c)
Other current liabilities |
29.103 |
8.448 |
0.000 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
10.687 |
|
Total
Current Liabilities (4) |
33.172 |
11.585 |
11.784 |
|
|
|
|
|
|
TOTAL |
56.692 |
20.401 |
20.006 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
0.889 |
0.772 |
0.982 |
|
(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 |
0.066 |
0.004 |
0.004 |
|
(c) Deferred tax assets
(net) |
0.568 |
0.536 |
0.358 |
|
(d) Long-term Loan
and Advances |
9.993 |
8.682 |
8.297 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
11.516 |
9.994 |
9.641 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
26.361 |
9.078 |
5.996 |
|
(d)
Cash and cash equivalents |
18.072 |
0.473 |
4.265 |
|
(e)
Short-term loans and advances |
0.743 |
0.856 |
0.104 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
45.176 |
10.407 |
10.365 |
|
|
|
|
|
|
TOTAL |
56.692 |
20.401 |
20.006 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
142.436 |
70.356 |
50.166 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
122.487 |
70.332 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
19.949 |
0.024 |
[Including Depreciation] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.117 |
0.209 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
19.832 |
(0.185) |
(2.562) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.599 |
(0.079) |
(0.288) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
14.233 |
(0.106) |
(2.274) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
3.085 |
3.191 |
5.465 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
17.318 |
3.085 |
3.191 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
90.434 |
36.822 |
NA |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
2846.55 |
(21.15) |
(454.80) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.38 |
(0.93) |
(13.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.11 |
(0.05) |
(0.69) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.32 |
1.46 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
0.90 |
0.88 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.500 |
0.500 |
0.500 |
|
Reserves & Surplus |
3.191 |
3.085 |
17.318 |
|
Net
worth |
3.691 |
3.585 |
17.818 |
|
|
|
|
|
|
Long-term borrowings |
4.531 |
5.231 |
5.702 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
4.531 |
5.231 |
5.702 |
|
Debt/Equity ratio |
1.228 |
1.459 |
0.320 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
50.166 |
70.356 |
142.436 |
|
|
|
40.246 |
102.450 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
50.166 |
70.356 |
142.436 |
|
Profit/ (Loss) |
(2.274) |
(0.106) |
14.233 |
|
|
(4.53%) |
(0.15%) |
9.99% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
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 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from Related parties |
|
|
|
Loan from Director |
5.702 |
4.531 |
|
Loan from Others |
0.000 |
0.700 |
|
|
|
|
|
Total |
5.702 |
5.231 |
CORPORATE INFORMATION
Subject is a company incorporated on 08th September, 2005
under the provisions of the Companies Act, 1956.
Incture Technologies is a global provider of product/ solution
engineering services. Incture is dedicated to helping clients compress time to
market, achive higher innovation yields and improve productivity to increase
the value from their R&D investments. Their portfolio of packaged solutions
and services enables SAP Customers to become more transparent and accountable,
lean, agile and customer centric.
FIXED ASSETS:
· Furniture and Fixture
· Office Equipment
· Computer
· 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. 62.67 |
|
|
1 |
Rs. 93.16 |
|
Euro |
1 |
Rs. 66.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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.