MIRA
INFORM REPORT
|
Report Date : |
04.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CFC
INDIA SERVICES PRIVATE LIMITED |
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Registered Office : |
9th
Floor, ‘A’ Wing, Paradigm, Mindspace, Malad [West], Mumbai – 400066,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
10.02.2004 |
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Com. Reg. No.: |
11-144446 |
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CIN No.: [Company
Identification No.] |
U72900MH2004PTC144446 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10575F |
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PAN No.: [Permanent
Account No.] |
AACCC3062D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Subject
is engaged in the IT enabled transaction processing services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company in India and a subsidiary of CFC International Mauritius
Limited. The
company has incurred substantial losses during the first year of its
operations. Trade relations are
reported as fair. Payments are
reported as slow but correct. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions, with slight caution initially. |
LOCATIONS
|
Registered/ Corporate Office : |
Paradigm
Building, 9th Floor, ‘A’ Wing, Paradigm, Mindspace, Malad [West],
Mumbai – 400066, Maharashtra, India |
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Tel. No.: |
91-22-66401100 |
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Fax No.: |
91-22-66401300 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Tower
1, 7th Floor, Logitech Park, Sakinaka, Andheri (East), Mumbai
400072
Tel :
91-40-66922500 |
DIRECTORS
|
Name : |
Mr.
Michael M. Keating |
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Designation : |
Director
|
|
Address : |
2050,
Hlastonbury Road, West Lake Village, CA 91361, U.S.A. |
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Date of Birth/Age : |
04.08.1948 |
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Date of Appointment : |
10.02.2004 |
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Name : |
Mr.
Thomas James Jones |
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Designation : |
Director
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Address : |
9,
Breary Lane East, Bramhope, Leeds, LS16 9BH, U.K. |
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Date of Birth/Age : |
02.07.1955 |
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Date of Appointment : |
10.02.2004 |
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Name : |
Mr.
Ramaswami S. Vasudevan |
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Designation : |
Director
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Address : |
6th
Floor, Woodhouse Apartments, Wodehouse Road, Colaba, Mumbai – 400039,
Maharashtra, India |
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Date of Birth/Age : |
10.05.1961 |
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Date of Appointment : |
10.05.2005 |
KEY EXECUTIVES
|
Name
: |
Mr.
Prashant J. Mirani |
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Designation
: |
Secretary
|
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Address
: |
B –
607, Green Park, Kulup Wadi, Raheja Estate, Borivli [East], Mumbai – 400066,
Maharashtra, India |
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Date
of Birth/Age : |
30.03.1972 |
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Date
of Appointment : |
10.05.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
CFC
International [Mauritius] Limited |
|
18631171 |
|
CWTech
Solutions Limited |
|
1863 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the IT enabled transaction processing services. |
GENERAL
INFORMATION
|
Bankers : |
Not
Available |
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Banking Relations : |
-- |
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Auditors : |
BSR
& Company Chartered
Accountants |
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Subsidiary : |
Countrywide
Financial Corporation |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 190.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
18633000 |
Equity
Shares |
Rs. 10/- each |
Rs. 186.330 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
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186.330 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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[116.270] |
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NETWORTH |
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70.060 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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|
352.000 |
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TOTAL BORROWING |
|
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352.000 |
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DEFERRED TAX LIABILITIES |
|
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0.959 |
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TOTAL |
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423.019 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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246.574 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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90.783 |
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Cash & Bank Balances |
|
|
131.112 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
26.311 |
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Total Current Assets |
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248.206 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
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71.761 |
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Total Current Liabilities |
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71.761 |
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Net Current Assets |
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176.445 |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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TOTAL |
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423.019 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.12.2004 |
|
Sales Turnover [including other income] |
|
|
120.316 |
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Profit/(Loss)
Before Tax |
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|
[115.311] |
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Provision
for Taxation |
|
|
0.959 |
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Profit/(Loss)
After Tax |
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|
[116.270] |
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Total
Expenditure |
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235.627 |
KEY
RATIOS
|
PARTICULARS |
|
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|
31.12.2004 |
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PAT / Total Income |
(%) |
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[96.63] |
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Net Profit
Margin (PBT/Sales) |
(%) |
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[95.84] |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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[23.30] |
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Return
on Investment (ROI) (PBT/Networth) |
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[1.64] |
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Debt
Equity Ratio (Total
Liability/Networth) |
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6.04 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
3.45 |
LOCAL AGENCY
FURTHER INFORMATION
The CFC India - A
SNAPSHOT
CFC India Services, a subsidiary of Countrywide Financial
Corporation (NYSE: CFC), provides high quality and specialized business and
knowledge processing and IT services to Countrywide in the mortgage and related
financial services industry.
Countrywide Financial Corporation, America’s
#1 home loan lender*has helped millions of American families realize their
dream of home ownership since 1969. One of America’s most admired
companies** and ranked 122nd in the Fortune 500 list of companies,
Countrywide Financial provides mortgage banking and diversified financial
services, including banking, insurance, capital markets, loan closing services
and global operations through its subsidiaries.
A member of the S&P 500, Fortune 500 and Forbes Global 2000, Countrywide
has a workforce of more than 56,000 with over 900 offices operating on three
continents. Countrywide’s culture of continuous improvement, individual
accountability and respect for diversity in the workplace and the marketplace
ensures its success as a financial services powerhouse.
At CFC India, you earn opportunity to use the competence, creativity,
entrepreneurial spirit and imagination. Their knowledge enrichment programmes,
leadership training, international workshops, rewards and recognition plans
will help you scale the corporate ladder with ease. They offer a stimulating
environment that helps sharpen the professional edge.
Established in February 2004, they have grown to
an over 2000 strong force supporting over 30 BPO processes and multiple IT
divisions across Countrywide. The Indian entity embodies all the values of its
parent and is committed to provide a highly collaborative, stimulating and
challenging environment for its employees. They reflect the same core values –
People, Passion and Principles. Their people, passion for their work and
their guiding principles of honesty, integrity and respect for others provide
the foundation for their culture and shape their reputation. CFC India has
ambitious growth plans and continues to look for talented and aspiring
individuals to join the company as it moves forward in pursuit of excellence.
ADVANTAGE CFC INDIA
By embarking on a
career with CFC India, you are doing more than joining a strong and vibrant
company. You have gained an opportunity to develop the technical, business,
interpersonal skills and domain expertise. You have become a part of the best
in class workforce with some of the most talented professionals in the
industry. CFC India nurtures innovation and entrepreneurship and provides a
challenging and intellectually stimulating work environment.
They are the 5th largest AS/400 user with over 1,400 network
routers, connected by more than 12,000 miles of cable network. They take pride
that they are the largest vendor for IBM Lotus Notes, IBM AS400 (I series),
Nortel Networks and the first to adopt .NET technology in western US.
Explore growth opportunities with their internal job postings. They also
believe in work life balance with cultural and sports activities. They take an
active role in promoting their objectives through the design of their benefit
programs, work environment and the activities/events they support.
Training
Excellent training
imparted for business and knowledge processing and IT services in domain
skills, technical training, soft skills, interpersonal communication skills,
voice and accent and leadership programme conducted by talented
trainers/experts.
Career Development
A world of opportunity
to grow and progress through our Internal Job Postings.
Pehchaan
Refer a candidate to
their Employee Referral Program through “Pehchaan” and get rewarded.
Fun Space
A chance to
participate in cultural and sports activities.
HR Initiatives
Strong HR initiatives
aimed at rewards and recognition.
Five working days.
EDGE (Employee
development growth through education)
Pursue further
education with some prestigious institutes like ICFAI, Welingkar Institute Of
Management Studies and Mumbai University.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.42 |
|
UK
Pound |
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.58.46 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|