MIRA INFORM REPORT
|
Report
Date : |
27.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DEUTSCHE NETWORK SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Kodak House, 222 Dr. D. N. Road, Fort – 400001, Mumbai –
400001, Maharashtra |
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|
Country
: |
India |
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|
|
|
Financials
(as on) : |
31.03.2006 |
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|
|
Date
of Incorporation : |
24.03.2003 |
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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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|
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|
Legal
Form : |
Private Limited Liability Company |
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|
|
|
Line
of Business : |
Undertaking of back office work 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 |
|
Maximum
Credit Limit : |
USD
200000 |
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|
|
|
Status
: |
Good |
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|
|
|
Payment
Behaviour : |
Regular |
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|
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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 |
|
Tel.
No.: |
91-22-56584283 |
|
Fax
No.: |
91-22-22086177 |
|
E-Mail
: |
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|
Area : |
Leased – 16000 sq. ft. |
DIRECTORS
|
Name : |
Mr. Arindam Banerji |
|
Designation
: |
Director |
|
Address: |
3A, Sunny Side Apartment, 4, Bride Street, Lang Ford Town,
Bangalore - 560025 |
|
Date
of Birth/Age : |
14.11.1964 |
|
Date
of Appointment : |
21.06.2004 |
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|
|
|
Name : |
Mr. Gunit Chadha |
|
Designation
: |
Chairman |
|
Address: |
181 – a, Maker Tower, Cuffe Parde, Mumbai – 400005 |
|
Date
of Birth/Age : |
31.07.1961 |
|
Date
of Appointment : |
31.01.2004 |
|
|
|
|
Name : |
Mr. Jhangiani Hiranand Amita |
|
Designation
: |
Director |
|
Address: |
120, Tanjong RHU 3 03-04, Casuarina Cove, Singapore –
436904 |
|
Date
of Birth/Age : |
15.06.1957 |
|
Date
of Appointment : |
23.04.2003 |
|
|
|
|
Name : |
Ms. Roopkala Bindiganavale Sethuram |
|
Designation
: |
Director |
|
Address: |
263, River Valley Road, # 15 – 20, Aspen Heights ,
Singapore – 238309 |
|
Date
of Birth/Age : |
08.06.1957 |
|
Date
of Appointment : |
23.04.2003 |
|
|
|
|
Name : |
Mr. Shrinath Bolloju |
|
Designation
: |
Director |
|
Address: |
Flat No. 3-4S, Jivesh Terraces, B J Road, Bandstand,
Bandra (West), Mumbai – 400050 |
|
Date
of Appointment : |
28.09.2006 |
|
Directorship
in other company |
Deutsche Investor Service
Private Limited Cin –No.: U65993MH2006PTC162490 |
|
|
|
|
Name : |
Mr. Hari Shankar Chaitanya |
|
Designation
: |
Director |
|
Address: |
263, Bukit Timah Road, 02-01,
Case Rosita, Singapore – 259704 |
|
Date
of Appointment : |
29.09.2006 |
|
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 : |
Undertaking of back office work for Deutsche Bank |
|
|
|
|
Products
: |
Back office support services |
GENERAL INFORMATION
|
Bankers
: |
Deutsche Bank, Bangalore Branch, Raheja Tower, M G Road,
Bangalore - 560001 and Mumbai |
|
|
|
|
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 |
|
Tel.
No.: |
91-22-24913030/24913131 |
|
Mobile
No.: |
91-22-24988368/24913132 |
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|
|
|
Associates/Subsidiaries
: |
Nil |
|
|
|
|
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 million |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10 each |
Rs. 0.500 million |
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 |
|
|
3]
Reserves & Surplus |
54.193 |
17.625 |
7.289 |
|
NETWORTH
|
54.693 |
18.125 |
7.789 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
268.157 |
150.215 |
76.500 |
|
|
2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL
BORROWING
|
268.157 |
150.215 |
76.500 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
322.850 |
168.340 |
84.289 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
89.779 |
47.876 |
32.182 |
|
Capital work-in-progress
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
1.360 |
2.770 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Sundry Debtors
|
203.700
|
68.169 |
22.020 |
|
|
Cash & Bank Balances
|
12.947
|
21.919 |
27.613 |
|
|
Loans & Advances
|
104.700
|
56.630 |
11.549 |
Total Current Assets
|
321.347
|
146.718 |
61.182 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
84.078
|
22.676 |
8.280 |
|
|
Provisions
|
5.558
|
6.348 |
0.795 |
Total Current Liabilities
|
89.636
|
29.024 |
9.075 |
|
Net
Current Assets
|
231.711
|
117.694 |
52.107 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
322.850 |
168.340 |
84.289 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
576.089 |
237.669 |
84.159 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
48.553 |
15.764 |
7.744 |
Provision for Taxation
|
0.000 |
5.428 |
0.455 |
Profit/(Loss) After Tax
|
48.553 |
10.336 |
7.289 |
|
|
|
|
|
Import Value
|
N.A. |
1.014 |
15.503 |
|
|
|
|
|
Total Expenditure
|
527.536 |
221.905 |
76.415 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
8.42
|
4.348 |
8.660 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
8.42
|
6.703 |
9.674 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
11.80
|
8.10 |
8.294 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.88
|
0.86 |
0.994 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
6.54
|
9.88 |
10.986 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
3.58
|
5.05 |
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 Private Limited (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 them
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
records 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.44.24 |
|
UK Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
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 |