MIRA INFORM REPORT

 

 

Report Date :

18.07.2007

 

IDENTIFICATION DETAILS

 

Name :

SEQUOIA CAPITAL INDIA ADVISORS PRIVATE LIMITED

 

 

Formerly Known As :

WBCP ADVISORS PRIVATE LIMITED

 

 

Registered Office :

Divyasree Chambers, 7th Floor, A Wing, 11, O’Shaungnessy Road, Shanthi Nagar, Bangalore –560 025, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

21.06.2000

 

 

Com. Reg. No.:

33945

 

 

CIN No.:

[Company Identification No.]

U65999KA2000PTC033945

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business rendering Investments Advisory services to the Holding Company.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 121288

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Divyasree Chambers, 7th Floor, A Wing, 11, O’Shaungnessy Road, Shanthi Nagar, Bangalore –560 025, Karnataka, India

Tel. No.:

91-80-41245880

Fax No.:

91-80-41245884

Area :

About 1000 sq. fts.

Location :

Leased

 

 

Branches:

  • USA
  • China
  • Israel

 

 

DIRECTORS

 

Name :

Mr. K P Balraj

Designation :

Managing Director

 

 

Name :

Mr. Surendra Kumar Jain

Designation :

Director

 

 

Name :

Mr. Sumir Chadha

Designation :

Director

 

 

Name :

Mr. Hari Agarwal

Designation :

Director

 

 

Name :

Mr. Sandeep Singhal

Designation :

Director

 

 

Name :

Mr. Rishi Vavani

Designation :

Director

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Percentage of Holding

West Bridge Capital Partners, Mauritius and Nominees

--

100

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business rendering Investments Advisory services to the Holding Company.

 

 

 

GENERAL INFORMATION

 

No. of Employees :

10 (Approximately)

 

 

Bankers :

CITI Bank, Bangalore

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

BSR and Company

Chartered Accountants

Address :

Bangalore

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2500000

Equity shares

Rs. 10/- each

Rs. 25.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2500000

Equity shares

Rs. 10/- each

Rs.25.000 millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

25.000

25.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

5.322

2.320

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

30.322

27.320

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

0.000

0.000

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

30.322

27.320

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

1.554

1.290

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.348

0.172

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

4.404

0.512

 

Cash & Bank Balances
 

19.881

21.146

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

6.145

6.769

Total Current Assets
 

30.430

28.427

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

1.512

2.238

 

Provisions
 

0.498

0.331

Total Current Liabilities
 

2.010

2.569

Net Current Assets
 

28.420

25.858

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

30.322

27.320

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2005

31.03.2004

Total Income

 

40.000

32.000

 

 

 

 

Profit/(Loss) Before Tax

 

5.000

3.000

Provision for Taxation

 

2.000

1.000

Profit/(Loss) After Tax

 

3.000

2.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2005

31.03.2004

PAT / Total Income

(%)
 

7.5

6.25

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

12.5

9.37

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

10.42

7.88

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.16

0.10

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.6

0.09

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

15.13

11.06

 

 

LOCAL AGENCY FURTHER INFORMATION

 

History:

  • Subject was incorporated As Westbridge Capital Advisors Private Limited on 21st June 2000 in Maharashtra having Com. Reg. No. 11-27291
  • Its name was changed to WBCP advisors private limited (w.e.f. 25th January 2001)
  • On 28th April 2004 the company was transferred to Karnataka
  • Subject name was changed to Sequioa Capital India Advisors (Private) Limited w.e.f. 15th June 2006

 

 

Directors profile:

Hari Agrawal is the CFO of subject. Subject has been formed with WestBridge Capital Partners, which Hari joined in 2000. At Subject, Hari is responsible for overseeing the firm’s legal, financial and administrative activities. Prior to joining WestBridge, Hari was the Financial Controller at Ford Credit Kotak Mahindra, where he was responsible for setting up and monitoring accounting systems, financial analysis and management reporting systems, and working capital management including fund raising for the Indian operations. Prior to Ford Credit, he was the Head of Operations for long term lending products at Kotak Mahindra Finance. Hari is a Chartered Accountant having secured a merit list in the final year and has a B. Com from Sydenham College, Mumbai.

 

 

KP Balaraj is a Managing Director with subject. Subject has been formed with WestBridge Capital Partners which Balaraj co-founded in 2000. Prior to founding WestBridge, Balaraj was part of the Whitehall Group of Goldman Sachs & Co., where he served as a member of Goldman-backed funds and operating companies that invested over $1 billion of private equity in Southeast Asia. Prior to that, Balaraj was a co-founder and CFO of Miradiant, a financial services venture-backed startup. Earlier, Balaraj was an investment banker at Salomon Brothers. Balaraj is a founding board member of Young Entrepreneur's Organization (YEO) Bangalore. Balaraj received an MBA from Harvard Business School and a BS in Business Management from Brigham Young University, where he graduated as valedictorian of his class.

 

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.40.40

UK Pound

1

Rs.82.93

Euro

1

Rs.55.81

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--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

TOTAL

 

45

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions