MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
S – 1 SERVICES INDIA PRIVATE LIMITED |
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Registered Office : |
1st & 2nd Floor Building, ‘E’ Estate Tower Survey
No. 15, Kalyani Nagar, Pune – 411014, Maharashtra |
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Country : |
India |
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Financials (as on) : |
-- |
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Date of Incorporation : |
12.04.2004 |
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Com. Reg. No.: |
25-19122 |
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CIN No.: [Company
Identification No.] |
U72200PN2004PTC019122 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Offshore Development Centre |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
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Status : |
Undetermined |
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Payment Behaviour : |
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Litigation : |
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Comments : |
The company carries out FRS project at caption address. Thus financial reporting services is not a legal entity in India. More details on S 1 Services India Private Limited, will follow soon. |
LOCATIONS
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Registered Office : |
1st & 2nd Floor Building, ‘E’ Estate Tower
Survey No. 15, Kalyani Nagar, Pune – 411014, Maharashtra, India |
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Tel. No.: |
91-20-24121901 |
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Fax No.: |
91-20-24121600 |
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E-Mail : |
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Website : |
KEY EXECUTIVES
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Name : |
Mr. Shekhar Ganapati |
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Designation : |
Chief Executive Officer |
MANAGEMENT
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Name : |
Mr. Steve Husk |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Jeroen Faas |
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Designation : |
Vice President Europe |
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Name : |
Mr. David Coad |
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Designation : |
Vice President Americas |
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Name : |
Mr. Khee Joo Tan |
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Designation : |
Vice President Asia Pacific and Japan |
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Name : |
Mr. Kieran Leahy |
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Designation : |
Vice President Alliances & Marketing |
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Name : |
Mr. Kurt Van Looveren |
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Designation : |
Vice President Products & Technology |
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Name : |
Mr. Jeroen Gruijters |
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Designation : |
Vice President Global Professional Services |
BUSINESS DETAILS
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Line of Business : |
Offshore Development Centre |
GENERAL
INFORMATION
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No. of Employees : |
Above 500 |
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Bankers : |
Unknown |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Associates/Subsidiaries : |
S – 1 Corporation, USA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are yet filed for the company with Registry.
Efforts are continued for more information and if available it will
follow soon.
LOCAL AGENCY
FURTHER INFORMATION
Business
Subject is an Offshore Development Centre for Financial Reporting
Services, FRS Group, Belgium.
It operates from large leased premises where + 500 persons are employees.
S-1 Corporation and group companies employ + 200 people.
FRS provides enterprises wide risk and
regulatory compliance solutions to international financial institutions
worldwide.
As per website
FRS provides financial institutions worldwide with enterprise risk and
regulatory compliance solutions that enables them to increase operational efficiency,
reduce costs and mitigate risks.
FRS FinancialAnalytics is a leading application that allows financial
institutions to overcome regulatory, risk and compliance obstacles by providing
Basel II, IFRS, COREP, FINREP, Regulatory reporting and Sarbanes-Oxley
solutions that satisfy the reporting requirements of more than 28 countries.
With offices in 13 countries, FRS brings its expertise to over 1000
customers including 40 of the Top 50 global financial institutions.
Vision
Recognised in the market as the leading company for regulatory and compliance
solutions internationally.
Mission
To provide an unparalleled subscription content service and supporting software
applications that assists their customers to be compliant with their
regulators’ demands wherever they are located.
FRS History
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Established in 1989.
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Focused solely on the global financial services marketplace.
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Markets and supports a unique set of enterprise risk and regulatory
compliance solutions.
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Historically helped clients support local regulatory reporting in 28
countries and comply with the Basel I directive on capital adequacy.
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Today, helping clients prepare for and comply with multiple compliance
directives such as Basel II and International Accounting Standards and
Sarbanes-Oxley.
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Acquired in July 2005 the RiskResolve operational risk management and
compliance solution from Providus, a wholly-owned, independently operated
subsidiary of Zions Bancorporation.
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200 employees spread over 13 offices
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more than 1000 customers worldwide
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Partners with leading edge enterprises
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Acquired by The Carlyle Group and Kennet Partners in 2006
Management Team
Steve Husk - Chief Executive Officer
Steve Husk’s key role will be to oversee the growth of FRS worldwide in
response to the growing demand by organisations for technology that allows them
to respond swiftly and effectively to compliance requirements from different
regulators across the globe.
Steve’s expertise is focused on building successful IT firms, notably in
the financial services sector. Before joining FRS as Chairman in 2006,
Steve was President of SunGard Trading and Risk for five years, where he led a
team of more than 500 specialists responsible for marketing, developing and
installing solutions to global capital market institutions.
Prior to SunGard, Steve held a series of senior management positions at
Iris Financial Engineering, Infinity Financial Technology, Oracle, Sybase and
Comshare.
Jeroen Faas - Vice President Europe
As VP Europe, Jeroen Faas is responsible for the European Sales and
Services organisation. His role is to provide the FRS FinancialAnalytics suite
of global risk and regulatory solutions to financial institutions. Before
taking this responsibility, Jeroen held several positions at FRS such as
Regional Manager in Asia and Director of Business Development, overlooking the
relationships with the FRS Solution Partners and FRS Alliance Partners. Prior
to join FRS, Jeroen was Sales Manager in the Netherlands for S1, the electronic
and internet banking solutions company. He started his career in the ICT sector
in 1988, and gained a broad and in depth experience in the financial sector,
where he held a number of sales and managerial positions.
David Coad - Vice President Americas
David Coad is VP of Americas, responsible for developing and executing
the company´s growth strategy and further cultivating the risk and regulatory
compliance business. David brings over 18 years experience providing financial
services software and consulting solutions to leading financial institutions
worldwide. His management experience includes marketing, sales and general
management positions at Digital Equipment Corporation, SunGard and IBM,
including eight years in Asia based in Tokyo. Most recently David managed major
accounts for BusinessEdge Solutions in Boston.
Khee Joo Tan - Vice President Asia Pacific and Japan
As VP Asia Pacific and Japan, Khee Joo Tan is responsible for leading
the sales and the services delivery as well as establishing new regional
partnerships in the Asia Pacific and Japan region.
Khee Joo has over 20 years of experience in sales, business and
partnership development, including Consultancy services in many asian
countries.
Prior to join FRS, he was the General Manager for Temenos Greater China and VP
for TIBCO North Asia.
Kieran Leahy - Vice President Alliances & Marketing
Kieran Leahy VP Alliances, is responsible for managing the various
relationships with FRS´ existing Alliance Partners as well as exploring and
developing new partner co-operations. Kieran is also responsible for Marketing.
Previously, Kieran managed the European, Asia Pacific and North American sales
and operations for the company's Regulatory and Financial Intelligence &
Analytics products. Prior to joining FRS, Kieran was director at CMG where he
was chief executive officer of the joint venture between CMG & SopraGroup.
Kieran was also responsible for CMG´s global regulatory reporting business,
including the international sales of regulatory reporting and risk management
solutions. Prior to CMG, he held various positions in the HSBC Group and Banque
Nationale de Paris.
Kurt Van Looveren - Vice President Products & Technology
Kurt Van Looveren, VP Products & Technology, is responsible for
leading and managing all aspects of FRS´ solutions development activities
across its multiple facilities, primarily located in BrusselsBelgium, Pune
India and Boston USA.
Kurt joined FRS from Real Software, where he led the Java & Oracle Centre
of Expertise. Previously, he served as general manager of the Belgian
Development Group of EMC². Prior to taking on that responsibility, he held the
position of Vice President of Operations for Ubizen Software, after having
served in key management roles with OLIVETTI and Unisys.
Jeroen Gruijters - Vice President Global Professional Services
In his role of VP Professional Services, Jeroen Gruijters is responsible
for delivering the FRS Risk and Regulatory solution to their customers. He is
heading up a team of consultants and domain experts advising financial
institutions to meet international and local reporting challenges. Before
taking this responsibility Jeroen held several positions at FRS such as
Regional Manager in the Netherlands and Europe Customer Engagement Director.
Jeroen started his career in 1994 at Bank Labouchere, working as an analyst
advising the board on Capital Adequacy and ROI.
Reducing the cost
of compliance: delivering financial insight
FRS provides enterprise-wide risk and regulatory compliance solutions to
international financial institutions worldwide.
Regulation causes a cost burden and distractions. It is cited as
the greatest risk facing the financial sector in the latest CSFI report.
FRS Financial Analytics helps institutions to overcome
regulatory and compliance obstacles, including prudential reporting requirements,
Basel II, IFRS and Sarbanes-Oxley,
by leveraging a common data foundation and operational risk management
framework to harness financial intelligence across the enterprise.
Regulatory Reporting: the only vendor addressing reporting
standards in 28 countries
Risk Measurement and reporting for Basel II, CRD, COREP and 28
national discretions
Financial Disclosure: coherent strategy to comply with IFRS,
IAS, local GAAP and FINREP
Performance Measurement: using compliance assests to support strategic
performance management
"FRS helps us to conduct integrated
regulatory reporting in line with international regulators in a single system,
creating a more streamlined, better-informed, efficient operation
--BNPP-BFI—
Some of the challenges they have helped their clients address
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Keeping abreast of regulatory requirements at both international and 28
local levels
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Turning the compliance timetable into an opportunity to improve
performance
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Taking advantage of changing regulations to improve business control and
performance
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Meeting international and local reporting needs from a central data
repository
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Implementing compliant risk and reporting models
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Addressing the 4 data challenges: availability, movement, consolidation
and quality
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Preparing for MiFID, SOX, Basel II to time and to budget in a risk
managed project
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Addressing regulatory risk and compliance risk in a changing supervisory
environment
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Establishing regional hubs to manage compliance, external and internal
reporting needs
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Improving business performance through better understanding of
enterprise-wide data
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Integrating legacy systems efficiently: data quality, normalisation,
rationalisation and analysis
Alliances
FRS and selected Partners are committed to providing their
clients with world-class solutions for Regulatory Compliance and
Reporting.
They are continually seeking to build alliances with software
manufacturers, consulting firms and technology vendors where, together, they
improve the solution available, its deployment and use and the complete
integration with the current and developing business imperatives and IT
architectures.
Events
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Tackle the
COREP/FINREP Regulatory Requirements in time...
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IBM Risk &
Compliance Briefing
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.14 |
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UK Pound |
1 |
Rs.84.71 |
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Euro |
1 |
Rs.57.58 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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