MIRA INFORM REPORT

 

 

Report Date :

22.10.2007

 

IDENTIFICATION DETAILS

 

Name :

BASIZ FUND SERVICE PRIVATE LIMITED

 

 

Registered Office :

26, Ramasami Street, Off Usman Road, T Nagar, Chennai – 600 017, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

17.01.2006

 

 

Com. Reg. No.:

18-58603

 

 

CIN No.:

[Company Identification No.]

U65999TN2006PTC058603

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEB05923B

 

 

PAN No.:

[Permanent Account No.]

AACCB8229K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

To conceive, plan, execute as a KPO (Knowledge Process Outsourcing) unit process related to fund accounting and services.

 

To design, develop and market software for various organizations in India and Abroad and to provide services in the area of Information Technology and computer related technology. 

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 65000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new company having moderate track, so far. Its payment records are unknown. Financial position can be regarded as moderate. The company can be considered for small to mediocre business dealings at usual trade terms and conditions, initially.   

 

 

LOCATIONS

 

Registered Office :

26, Ramasami Street, Off Usman Road, T Nagar, Chennai – 600 017, Tamilnadu, India

Tel. No.:

91-44-24362751 to 54

Mobile No.:

91-9840168554

Fax No.:

91-44-24362756

E-Mail :

contactus@basizfa.com  , dilipp@tutistech.com  , sesha@basizfa.com  , sutheshn@tutistech.com

Website :

http://www.basizfa.com

 

 

Overseas Office :

UK

110,Pentax House,Southhill Avenue,Northolt Road,South Harrow, HA2ODU, London, United Kingdom

 

 

DIRECTORS

 

Name :

Mr. Adityapuram Venkatraman Seshadrinathan (Sesh)

Designation :

Managing Director

Address :

Flat 6E, Block III, rani Meyyammai Towers, R A Puram, Chennai – 600 028, Tamilnadu, India

Date of Birth/Age :

05.04.1967

Date of Appointment :

17.01.2006

Profile :

Sesh heads the Fund services business at Basiz Fund Accounting. He has more than half a decade of background in International Fund Accounting and Administration Industry. He started his Fund accounting and administration career with Fortis Fund Services subsidiary of Fortis Bank (Headquartered in the Benelux region) in Curacao, Netherlands Antilles. Here Sesh had under his watch funds in both varying from Plain equity funds to the complex derivative and Mortgage backed funds. Sesh has also handled complex structures like Offshore Master feeder structures to simple single structure funds. His next assignment was with PFPC (subsidiary of PNC Bank) in Wilmington Delaware U.S. Here Sesh administered 1940 act funds, Municipal Bonds Fund of Funds and REIT funds. One of Sesh's relevant achievements in the Fund industry was to conceive & implement the "Straight through Processing” concept for the Funds he worked with especially in the area pertaining to automated pricing of swaps. This concept greatly reduces the need for manual intervention in Fund accounting. Most recently Sesh was with InterPro Global (a Maryland U.S.A based BPO) with interests in Mutual Fund Industry back office processing based out of Chennai India. Sesh is a Chartered Accountant by training

 

 

Name :

Mr. Dilip Chandulal Parekh

Designation :

Director

Address :

128, Cumballa Hill, Nawaz Court, 2nd Floor, A K Marg, Mumbai – 400 036, Maharashtra, India

Date of Birth/Age :

01.04.1946

Date of Appointment :

31.03.2006

Other Directorship :

*      Tutis Technologies Limited

*      Vishal Information Technologies Limited

*      Stock Planet Private Limited

 

 

Name :

Mr. Suthesh Nair

Designation :

Additional Director

 

 

Name :

Mr. Gopalasamudram Subramanian Chandrashekhar

Designation :

Director

Address :

6/ 67- 68, Amarkunj, Pestom Sagar Road No. 2, Thilak Nagar, P O Mumbai – 400 089, Maharashtra, India

 

 

KEY EXECUTIVES

 

Name :

Forum Gandhi and Associates

Designation :

Company Secretary

Address :

1/ 32, Dasha Shrimali Nagar, Narasing Lane, Malad (West), Mumbai – 400 064, Maharashtra, India

Tel. No.:

91-22-28086688

Mobile No.:

91-9820598670

E-Mail :

forum_1979@yahoo.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Mr. Gopalasamudram Subramanian Chandrashekhar

 

5000

Mr. Adityapuram Venkatraman Seshadrinathan

 

5000

 

 

BUSINESS DETAILS

 

Line of Business :

To conceive, plan, execute as a KPO (Knowledge Process Outsourcing) unit process related to fund accounting and services.

 

To design, develop and market software for various organizations in India and Abroad and to provide services in the area of Information Technology and computer related technology. 

 

 

GENERAL INFORMATION

 

Bankers :

HDFC Bank Limited

 

 

 

Banking Relations :

Unknown

 

 

Auditors :

 

Name :

K G Purushothaman and Company

Chartered Accountants

Address :

3B, Cresent Park Apartments, 11/4, Cresent Park Street, T Nagar, Chennai – 600 017, Tamilnadu, India

 

 

Holding Company :

Vishal Information Technologies Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs. 10/- each

Rs. 20.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1714285

Equity Shares

Rs. 10/- each

Rs. 17.143 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

17.01.2006

To

 31.03.2007

(15 months)

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

17.143

2] Reserves & Surplus

 

 

0.000

4] Profit and Loss Account

 

 

(0.941)

NETWORTH

 

 

16.202

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.452

2] Unsecured Loans

 

 

0.306

TOTAL BORROWING

 

 

0.758

DEFERRED TAX LIABILITIES

 

 

1.106

 

 

 

 

TOTAL

 

 

18.066

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

16.365

Capital work-in-progress

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

0.000

 

Sundry Debtors
 

 

2.533

 

Cash & Bank Balances
 

 

1.268

 

Loans & Advances
 

 

0.077

Total Current Assets
 

 

3.878

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

2.282

 

Provisions
 

 

0.065

Total Current Liabilities
 

 

2.347

Net Current Assets
 

 

1.531

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.170

 

 

 

 

TOTAL

 

 

18.066

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

17.01.2006

To

 31.03.2007

(15 months)

Total Income

 

 

8.396

 

 

 

 

Profit/(Loss) Before Tax

 

 

0.230

Provision for Taxation

 

 

0.000

Profit/(Loss) After Tax

 

 

0.230

 

 

 

 

Total Expenditure

 

 

7.074

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

17.01.2006

To

 31.03.2007

(15 months)

PAT / Total Income

(%)
 

 

2.74

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

2.74

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

1.36

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.01

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

1.26

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

1.65

 

 

LOCAL AGENCY FURTHER INFORMATION

 

As Per Web:

 

Profile

 

*      Basiz has a client portfolio that consists of major fund admnistrators

*      Specialized fund accounting service provider offering fund accounting,administration & consulting support services.

*      B2B focussed firm and a pure skill player with a wholesale focus

*      Group company of Tutis Information Technologies Limited, a company listed on the BSE, Mumbai,India.Tutis specialises in biometric software

*      Managed by personnel who have hands on & Onsite Fund Accounting experience in the US and European Fund accounting & administration Industry

*      Full range of services in fund accounting space:Trade accounting to Financial reporting

*      End to end or module offerings

*      Emphasis is placed on in-depth application of knowledge in fund accounting interwoven with process discipline

 

Services :

 

*      Investment Accounting/NAV for Hedge Funds

*      Financial Statement Preparation

*      Portfolio Accounting for Insurance Companies

*      Investment Accounting/NAV for Prime Brokers

*      Investment Accounting for Family Offices

*      Investment Accounting/NAV for Private Equity

*      Investment Accounting for Portfolio Management Services

*      SEC Filings

*      Hedge Fund Processes Consulting

*      Legacy Conversion

*      Accounting package implementation

*      Fund Services Capability Matrix

 

End to End or decoupled Fund accounting and administration solutions for funds with:

*      Multi series-Master and non-master, Multi asset class & Multi managers

*      Varied structures like Offshore Master feeder, Reverse master feeders, Registered Investment Companies, Real estate –REITs, Municipal bonds, Managed accounts & Partnerships

*      Varied portfolio strategies like Absolute return, Convertible Arbitrage, Derivative, Long short bias, Loan Swaps, distressed securities, Global Macro asset allocation and special events

*      Varied Investee geographies like US, UK, EU, Latin America and Japan America & Japanese capital markets End to end services from trade processing to NAV strikes and financial statements

 

Hands on experience in handling accounting systems like Mfact, Advent and Total return. 

 

 

 

 

 

 

 

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.39.69

UK Pound

1

Rs.80.90

Euro

1

Rs.56.42

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

27

 

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.

 

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