MIRA
INFORM REPORT
|
Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GLOBAL PORTFOLIO MANAGEMENT LLC |
|
|
|
|
Registered Office : |
A-24, Sector 65, NCR, Noida, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Date of Incorporation : |
2008 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
To Carry out the business of debt collection on behalf of USA company. |
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 4000 |
|
|
|
|
Status : |
New Concern |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is primarily a US Collection company and trying to find out
collection opportunities in US, after sub-prime mortgage problems. Subject started recently in India. No payment are available. Initially, it can be considered for any business dealings an merits at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sandeep Bhatnagar |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9810479433/ 9899024323/ 9871588538 |
|
Date : |
25.04.2008 |
LOCATIONS
|
Registered Office : |
A-24, Sector 65, NCR, Noida, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4208824 |
|
Mobile No.: |
91-9810479433 |
|
Fax No.: |
91-120-4208824 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
300 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch/ Head Office : |
138 Palm Coast, Parkway, NE, Suit 221, Palm Coast Florida – 32137 |
|
Tel. No.: |
91-386-4455075/ 4469077 (Overseas) |
|
Mobile : |
91-5166070161 |
|
Fax No.: |
91-904-2120294 |
|
Location : |
Leased |
SOLE PROPRIETOR
|
Name : |
Mr. Sandeep Bhatnagar |
|
Designation : |
Proprietor |
|
Address : |
Noida |
|
Date of Birth/Age : |
38 years |
|
Qualification : |
Post Graduate |
BUSINESS DETAILS
|
Line of Business : |
To Carry out the business of debt collection on behalf of USA company. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (30 days), Sight |
GENERAL
INFORMATION
|
Customers : |
Retailers |
|
|
|
|
No. of Employees : |
8 |
|
|
|
|
Bankers : |
· Bank of Baroda,
Noida · Bank of America,
USA |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
Not Appointed |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.1.000 Million |
|
Borrowed : |
- |
|
Total : |
Rs.1.000 Million |
FINANCIAL DATA
Expected Service Turnover (2008-09): 4.000 Millions $
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Global Portfolio Management, Florida USA
As per website:
Profile:
Subject has
an established network of attorneys throughout all 50 states. Partner and
attorney Mark Spatz heads the litigation team on their asset based litigations.
This is a one stop for litigation nationally with the ability to view the
status of any litigation account at any time. The legal portion of their
collection process makes up a sizable portion of the Return on Investment (ROI)
for their investors, clients and joint venture partners and is a pivotal
portion of their process. Many agencies lose money by not pursuing qualified
legal accounts. This type of aggressive collection policy is what separates Global from the rest of the industry.
Subject has the ability to place with any of their
nationally licensed collection agencies both domestically and internationally
and has the strength of hundreds of collectors in their network. Global
specializes in the purchasing and contingency placement of FRESH, secondary,
tertiary and out of stat accounts from national banks and financial
institutions for their clients. They also specialize in the liquidation of
contingency debt from other purchasers and other agencies that send their
overflow work to Global.
Another reason Global is so innovative and unique is our
24-7-365 Customer Service. In many cases track on line production of the
investment or placement any time by accessing their database. They can also
customize the type of collection program from the long term collection
litigation programs which include accounts going to judgment and then into
asset execution and property liens and mortgage refinancing to use new income
sources for the purchasing of bankruptcies and judgments. The strategy or
programs choose will determine the length of the lifetime of the debt. Their
believe one of the keys to this opportunity is the diversity of Global to have
access to all of the originator banks, financial institutions, collectors
internationally, and attorneys all under one roof.
Michael
G. Kolodin
Managing Partner
Michael Kolodin has been in the collections industry since 1979. He has owned and operated
many collection agencies during that period specializing in consumer, corporate
and medical debt. As a debt purchaser, Michael has purchased hundreds of
millions of dollars in face value debt directly from originators and brokers
and in 2005 set up three turn key collection call center operations in India.
Michael's duties as managing partner will consist of supervising and running
the daily operations of all domestic and international
call centers and the debt placements, sales and purchases.
Kaitia Coby
Director of Operations, US
Kaitia has been in third party collections for over a decade. Her specialty is
legal collections as well as operations. She brings her 10 years of experience
to Global to head their operations and collections as Director of Domestic
Operations and Collections. She has managed asset recovery departments, client
services departments and at one point was heading the training of new staff and
has supervised dozens of legal collectors.
Bruce J. Reingold
Certified Public Accountant
Bruce Reingold has joined subject as a partner and his duties will include
those of a CFO, Chief Financial Officer of the company and will oversee all
financial matters including the general accounting and auditing of all bank
accounts for Global and will also oversee all vendor, client and investor
dibursements. Bruce graduated the state university of New York at Oswego in
1981 and received a BS in business with a minor in economics. Bruce has had a
very successful private accounting practice since 1987.
Mark Spatz, Esquire
General Counsel
Mark Spatz has joined subject as a partner and his duties will include those of
general counsel for Global. Mark will oversee all legal accounts and portfolios
and coordinate all Attorneys nationally in their network, on all litigation
cases. Mark graduated from Hofstra University in New York in 1981 with a BBA in
accounting and graduated Pace University Law School in 1984. Mark has a very
successful law practice and has been managing partner there since 1994.
Sandeep
Bhatnagar
Director of Operations – India
Sandeep has over 15 years of experience with various ITES technology, Telecom,
Software and Manufacturing organization in UK and India. He has worked for
organizations like Bharti, Stratsoft Inc, Telecom Italia and Air Liquide. He
has vast experience in Operations, Business Development, Technology issue
resolutions and to structure and establish organizations in India.
Joint Ventures and Goal
Subject is currently pursuing national clients, US
Collection agencies and debt purchasers to enter into Joint Ventures with us on
existing inventory or new purchases. These JVs are attractive because of the
reduced cost in the overseas collection call center and yet the same or better
liquidation or Return on Investment (ROI). This attraction will bring steady
strength and growth to both Global and their partners in industry.
Services:
Debt Purchasers and Overflow Collection Agency Placement
Opportunities
Debt purchasers and many collection agencies place accounts
and their overflow debt with Subject
because of their overseas collection call centers that produce the same
liquidation on collection portfolios as most US agencies, but Global can get it done for less and
this enables their collection call centers to get optimum liquidation and ROI
(return on investment) for their investors, clients and joint venture partners.
Collection Program
Subject offers a state of the art collection services
program. By signing up with Global to handle the collection needs the following
steps are taken to ensure the recovery.
·
Send the client an acknowledgement report of receiving that
particular portfolio for liquidation with a breakdown of accounts.
·
Run all placed accounts through their verification
department to get the most updated addresses and phone numbers available.
·
Send out the initial demand letter within 24 hours of
receiving the accounts to all debtors.
·
Assign accounts to their team of highly qualified collection
and asset location agents.
·
Collect on the portfolio and send back the money.
·
Can report the accounts to Experian, Equifax and Trans Union
credit bureaus.
·
Can send the asset based accounts through their network of
attorneys nationally for litigation.
·
Can sell the portfolio to any of Globals existing debt
purchasers or brokers after they determine the accounts to be un-collectable.
Investor and Investment Group Opportunities
Subject also attracts many investors and investment groups
that purchase debt and place it out for collection. Due to their ability to get
the job done for less, it maximizes profits for investors and investment groups
and gives them a wonderful stock market alternative. Global makes monthly
purchases of fresh, secondary, tertiary and out of statue credit card debt for
collection and liquidation through their network of collection call centers and
attorneys offices both domestically and internationally. Global has in place
forward flow commitments from many different investment and venture capital
groups to make monthly purchases of accounts. This gives Global an advantage
over those collection agencies that depend on contingency placements only.
Throughout the identification process of supply-demand source imbalances in
capital, product types and information availability, Global achieves attractive
risk adjusted returns by investing in real estate, non-performing loans,
distressed assets, real estate dependent operating companies, and select
commercial and residential development opportunities Throughout the world. This
strategy is designed to consistantly achieve attractive risk-adjusted returns
by minimizing competition with outer capital sources, while maximizing value
through intensive post-aquisition management. Three themes define this
strategic approach;
(1). Cautious contarianism during downturns or secular
changes, investing in out of favor sectors or markets tp exploit capital or
product misalignments.
(2). Exploitation of inefficiencies capitalizing on
information advantages to identify micro market imbalances and secure
investment on favorable terms.
(3). Value-added management to optimal exits creating
capital appreciation opportunities through repositioning, restructuring,
development and intensive management. Global has effectively applied its
investment strategy throughout a variety of market conditions. As competitive eprssures
in the asset backed porfolio sector reduced expected yields, Global will expand
the geographic and product scope of its activities while maintaining the
decipline of its historically successful strategy.
Franchise and Liquidator Opportunities
Subject also offers collection agencies and call centers an
opportunity to become part of their fast growing network of domestic and
international collection call centers. Global offers an all inclusive program
for franchises as well as a monthly program for those call centers wanting to
become part of the network as a liquidator and paying costs.
Overseas Information:
When
people talk about having a call center in India, they generally are talking
about a single call center in India. Subject
has opened several collection call centers and intends to open and support many
more that they are currently discussions with. Subject plans to have 10-12
India Collection Call centers by the end of 2008. This will make Global one of
the largest outsourcers of debt in the United States.
Subject is able to give large debt purchasers or contingency placement clients
the same or better production than agencies throughout the United States and
get it done for a little less. Global likes to pass these savings onto their
clients to maximize ROI (return on investment) for their investors, contingency
placement clients and joint venture partners. Their India locations have access
to all of the best collection and skip tracing tools available in the industry
today and that along with an aggressive asset based litigation program really
does give the best return available in today’s changing marketplace.
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.40.04 |
|
UK Pound |
1 |
Rs.79.11 |
|
Euro |
1 |
Rs.63.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
25 |
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 |
|