MIRA INFORM REPORT
|
Report Date : |
10.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
DEUTSCHE
NETWORK SERVICES PRIVATE LIMITED |
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Registered Office : |
Kodak
House, 222 Dr. D. N. Road, Fort – 400001, Mumbai - 400001 |
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Country : |
India
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.032003 |
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Com. Reg. No.: |
11-139685 |
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CIN No.: [Company Identification No.] |
U74999MH2003PTC139685 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMD09011C |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Processing
of trade back office for Deutsche Bank |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company of Deutsche Bank for undertaking back office work. Available
information indicates high financial responsibility of the company. Trade
relations are fair. Financial position is satisfactory. Trade relations are
fair. Fundamentals are strong with total support from Deutsche Bank. It has
assured business from Deutsche Bank, worldwide. The
company can be considered as excellent business partners. |
LOCATIONS
|
Registered Office : |
Kodak
House, 222 Dr. D. N. Road, Fort – 400001, Mumbai - 400001 |
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Tel. No.: |
91-22-56584283 |
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Fax No.: |
91-22-22086177 |
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E-Mail : |
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Area : |
Leased
– 16000 sq. fts. |
DIRECTORS
|
Name : |
Mr.
Arindam Banerji |
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Designation : |
Director
|
|
Address: |
3A,
Sunny Side Apartment, 4, Bride Street, Lang Ford Town, Bangalore - 560025 |
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Date of Birth/Age : |
14.11.1964 |
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Date of Appointment : |
21.06.2004 |
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Name : |
Mr.
Gunit Chadha |
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Designation : |
Chairman |
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Address: |
181
– a, Maker Tower, Cuffe Parde, Mumbai – 400005 |
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Date of Birth/Age : |
31.07.1961 |
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Date of Appointment : |
31.01.2004 |
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|
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Name : |
Mr.
Jhangiani Hiranand Amita |
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Designation : |
Director
|
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Address: |
120,
Tanjong RHU 3 03-04, Casuarina Cove, Singapore – 436904 |
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Date of Birth/Age : |
15.06.1957 |
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Date of Appointment : |
23.04.2003 |
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Name : |
Ms.
Roopkala Bindiganavale Sethuram |
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Designation : |
Director
|
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Address: |
263,
River Valley Road, # 15 – 20, Aspen Heights , Singapore – 238309 |
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Date of Birth/Age : |
08.06.1957 |
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Date of Appointment : |
23.04.2003 |
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|
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Name : |
Mr.
Shrinath Bolloju |
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Designation : |
Director
|
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Address: |
Flat
No. 3-4S, Jivesh Terraces, B J Road, Bandstand, Bandra (West), Mumbai –
400050 |
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Date of Appointment : |
28.09.2006 |
|
Directorship in other company |
Deutsche Investor
Service Private Limited Cin –No.:
U65993MH2006PTC162490 |
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|
|
|
Name : |
Mr. Hari Shankar
Chaitanya |
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Designation : |
Director |
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Address: |
263, Bukit Timah Road,
02-01, Case Rosita, Singapore – 259704 |
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Date of Appointment : |
29.09.2006 |
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Directorship in other company |
DB Operations
International Private Limited Cin –No.:
U72900MH2005PTC158278 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Arora Vedprakash Vikas |
1 |
|
M/s.
Deutsche Asia Pacific Holding |
49998 |
|
Mr.
Banerrji C Arindam |
1 |
BUSINESS DETAILS
|
Line of Business : |
Processing
of trade back office for Deutsche Bank |
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|
|
|
Products : |
Back
office support services |
GENERAL INFORMATION
|
Bankers : |
Deutsche
Bank, Bangalore Branch, Raheja Tower, M G Road, Bangalore - 560001 and Mumbai
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Facilities : |
-- |
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Banking Relations : |
-- |
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Auditors : |
BSR
and Company Chartered
Accountants KPMG
House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, India |
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Tel. No.: |
91-22-24913030/24913131 |
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Mobile No.: |
91-22-24988368/24913132 |
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Associates/Subsidiaries : |
Nil |
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Holding Company |
Deutsche
Asia Pacific Holding Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10 each |
Rs. 0.500 miliions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10 each |
Rs. 0.500 miliions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
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3] Reserves & Surplus |
54.193 |
17.625 |
7.289 |
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NETWORTH
|
54.693 |
18.125 |
7.789 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
268.157 |
148.400 |
76.500 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL
BORROWING
|
268.157 |
148.400 |
76.500 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
322.850 |
166.525 |
84.289 |
|
|
|
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APPLICATION OF FUNDS
|
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|
|
|
|
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FIXED ASSETS [Net Block]
|
89.779 |
47.876 |
32.182 |
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Capital work-in-progress
|
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
1.360 |
2.770 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
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Sundry Debtors
|
203.700
|
68.169 |
22.020 |
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Cash & Bank Balances
|
12.947
|
21.919 |
27.613 |
|
|
Loans & Advances
|
104.700
|
61.003 |
11.549 |
Total Current Assets
|
321.347
|
151.091 |
61.182 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
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Current Liabilities
|
84.078
|
24.491 |
8.280 |
|
|
Provisions
|
5.558
|
10.721 |
0.795 |
Total Current Liabilities
|
89.636
|
35.212 |
9.075 |
|
Net Current
Assets
|
231.711
|
115.879 |
52.107 |
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|
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|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
322.850 |
166.525 |
84.289 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
237.669 |
84.159 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
15.764 |
7.744 |
Provision for Taxation
|
|
5.428 |
0.455 |
Profit/(Loss) After Tax
|
|
10.336 |
7.289 |
|
|
|
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Import Value
|
|
1.014 |
15.503 |
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|
|
|
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Total Expenditure
|
|
221.905 |
76.415 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
--
|
4.348 |
8.660 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
--
|
6.703 |
9.674 |
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|
Return on Total Assets
(PBT/Total Assets} |
(%) |
--
|
9.301 |
8.294 |
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|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
--
|
0.869 |
0.994 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
6.54
|
10.130 |
10.986 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
3.58
|
4.290 |
6.741 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Deutsche
Network Services Private Limited (DNSPL of the company) was incorporated on 24
March 2003as a private limited company under the companies Act, 1956. The
principal shareholder of the company is Deutsche Asia Pacific Holdings Pte
Limited (100%), a company incorporated in Singapore. The company is formed with
the objective of established a global processing center and is presently
engaged in undertaking services such as payments processing, collection of
payments, customers services, trade processing etc. for Deutsche Group
Entities.
Fixed
Assets :
- Leasehold improvements
- Furnitures and
fixtures
- Office equipments
- Telecommunication
equipments
- Computer (Hardware)
- Computer (Software)
|
Name
of the company |
DEUTSCHE NETWORK SERVICES
PRIVATE LIMITED |
|
Presented
by |
Deutsche Bank, Bangalore
Branch, Raheja Tower, M G Road, Bangalore - 560001 and Mumbai |
|
Date
and Description of the instrument creating charge |
Deed
of Hypothecation of movable fixed assets and book debts dated 09.06.2003 |
|
Amount
Secured by the charge or amount owing on security of the charge |
EUR
2.200 Equivalent
to approximately – Rs. 121.000 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of all the present and future movable fixed assets comprising of machineries,
office equipment, electrical fitting along with machinery. The company as and
by way of first charge in favour of the bank as security for the payment by
the company to the bank of the balance due to the bank at any time or
ultimately on the aforesaid facilities Hypothecation
of all the present and future book debts, outstanding, monies receivable,
claims, biils, contracts, or by the the Government of India or any state
department or office or any Muncipal or local or public or semi –
government first charge in favour of
the bank as security for the payment by the company to the bank of the
balance due to the bank at any time or ultimately on the aforesaid facilities
|
|
List
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
The
company shall pay to the bank interest on the aforesaid facilities at the
rate of Deutsche Bank of India prime lending rate per annum as prevalent from
time to time Right
of entry, view, insure, take possession of, recover, receive or receivers and
sell or realize by public auction or private contract or otherwise in favour
of the Bank as provide in the aforesaid Deed of Hypothecation |
|
Name,
address and description of the person entitled to charge |
Deutsche Bank, Bangalore
Branch, Raheja Tower, M G Road, Bangalore - 560001 and Mumbai |
|
Date
and brief of the description of instrument modifying the charge |
First
supplemental deed of hypothecation assets and book debts dated 20.12.2004 |
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
The
bank at the request of the borrower has agreed increased the maximum drawing
limits of the Borrowers in respect of the said facilities from Euro 2.200 to
Euro 4.200 The
hypothecation assets described in the principal agreement of hypothecation
nad hypothecation in favour the bank and hereafter in favour of the bank
shall be and stand hypothecation and charged also for future facilities |
AS PER WEBSITE
Deutsche Bank starts Deutsche Network Services in
Bangalore
Their Banking
Bureau
14 July 2003
Bangalore: Deutsche Bank
has announced the inauguration of Deutsche Network Services Pvt Ltd (dNETS) in
Bangalore, marking the bank's first step into business process outsourcing
(BPO) in India. A wholly-owned subsidiary of Deutsche Bank, dNETS will
initially commence a pilot processing centre in Bangalore for global cash
operations and electronic payment processing.
dNETS
will process payment transactions for Deutsche Bank entities around the world
including those located in New York, Frankfurt, London and several Asian
countries. Initially, electronic payments processing will be undertaken in US
dollars and euro and will eventually broaden to include other currencies.
Operating
from over 16,000 square feet of space and with state-of-the-art technology and
IT support, dNETS is located in the International Tech Park in Whitefield in
Bangalore and will commence with approximately 50 employees. It is anticipated
that staffing levels will grow to several times initial levels by the end of
2004.
Says
Deutsche Bank chief information officer (global transaction bank IT /
operations) Wolfgang Gaertner: "Deutsche Bank continually reviews all
options including hubbing and outsourcing to obtain maximum leverage for their
IT and processing expenditure. This allows us price their products
competitively and to meet the highest levels of client expectation in service
delivery. India has proven its ability to provide high-quality, cost-effective,
IT-processing solutions, within a conducive business environment and with an
impressive pool of well-trained and high-calibre professionals."
Adds
Deutsche Bank head of cash operations (Asia Pacific) Roopa Sethuram:
"dNETS will give Deutsche Bank additional capability to provide optimal
financial solutions to their clients. From the very start, dNETS has been
designed around the six sigma framework in order to deliver a clear focus on
providing the highest service standards, as well as to achieve best in class
cost performance. The entire dNETS project was made a reality in less than 90
days, making it one of the fastest BPO project executions of its kind in
India."
Says
Deutsche Bank global head of bulk payments and EDI operations Graeme Hosking:
"dNETS illustrates the bank's ability to combine its global strengths in
effective processing solutions, with local Indian expertise. As the first
example of a wholly-owned offshore operation for Deutsche Bank in Asia, it
clearly shows their continued commitment to expand their operations in India.
The quality of this development makes me confident that dNETS will add
considerable benefit to their global network."
With
roughly $802 billion in assets and approximately 70,900 employees, Deutsche
Bank offers its 13-million clients unparalleled financial services in 76
countries throughout the world. The bank aspires to be a leading global
provider of integrated financial solutions for demanding clients and the
pre-eminent bank in Germany generating exceptional value for its shareholders
and people.
Deutsche
Bank ranks among the global leaders in corporate banking and securities,
transaction banking, asset management, and private wealth management, and has a
significant private and business banking franchise in Germany and other
selected countries in Continental Europe.
In Asia Pacific, Deutsche Bank has over
30 offices in 15 countries with more than 5,900 staff. In India, the bank
employees around 480 people and operates branches in Bangalore, Chennai,
Kolkata, New Delhi and Mumbai with representations in all the major business
areas.
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.44.47 |
|
UK
Pound |
1 |
Rs.86.40 |
|
Euro |
1 |
Rs.57.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
TOTAL |
|
81 |
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
|
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 |