MIRA
INFORM REPORT
|
Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MINDCREST INDIA PRIVATE LIMITED |
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Formerly Known As : |
MINDCREST NETSEARCH (INDIA) PRIVATE
LIMITED |
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Registered Office : |
DGP House, Ground Floor, 88-C, Old Prabhadevi Road, Mumbai – 400 025,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.05.2001 |
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Com. Reg. No.: |
11-132028 |
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CIN No.: [Company
Identification No.] |
U74140MH2001PTC132028 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM14717D |
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PAN No.: [Permanent
Account No.] |
AACCM5872D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provider of Legal and Business Support Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Mindcrest Inc, USA. Trade relations are
fair. Business is active. Payments are reported as usually made as per
commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
DGP House, Ground Floor, 88-C, Old Prabhadevi Road, Mumbai – 400 025,
Maharashtra, India |
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Tel. No.: |
91-22-24384471 - 74 |
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Fax No.: |
91-22-24384475 |
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E-Mail : |
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Website : |
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Corporate Office
: |
Suite 3 A 3rd Floor, Diamond House 35th Road,
Bandra West, Mumbai – 400 050, Maharashtra, India |
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E-Mail : |
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Branches : |
603 / 604, Block D, 6th Floor, Weikfield IT-CITI Info Park, Nagar Road, Vadgaonsheri, Pune - 411 014, India |
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Tel. No.: |
91-20-6628 7000 / 7222 |
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Fax No.: |
91-20-6628 7111 |
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Overseas Office
: |
One East Wacker Drive, Suite 2900, Chicago, Illinois 60601, U.S.A. |
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Tel. No.: |
+1 312 467 9744 |
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Fax No.: |
+1 312 245 021 |
DIRECTORS
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Name : |
Mr. Ganesh Natrajan |
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Designation : |
Director |
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Address : |
1906, N. Larrabee, Chicago Illinois
60614, USA |
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Date of Birth/Age : |
22.01.1961 |
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Date of Appointment : |
18.05.2001 |
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E-mail: |
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Name : |
Mr. George III Backus Hefferan |
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Designation : |
Director |
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Address : |
1525 N Wieland Street, # 2 Chicago,
Illinois 60610, USA |
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Date of Birth/Age : |
16.06.1962 |
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Date of Appointment : |
24.06.2001 |
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E-Mail: |
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Name : |
Mr. Rohan Dhimant Dalal |
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Designation : |
Director |
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Address : |
24, Sadhna, N Gamadia Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
20.01.1964 |
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Date of Appointment : |
18.05.2001 |
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Tel No.: |
91-22-24384471 |
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E-Mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mindcrest INC |
2394665 |
|
Mr. Rohan Dalal |
1 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
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Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non
–Resident Indian(s) Or Overseas Corporate Bodies Or Others |
99.99 |
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Directors or relative of directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of Legal and Business Support Services |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
----- |
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Auditors : |
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Name : |
S S Kulkarni and Associates Chartered Accountants |
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Address : |
105-C, Hiren Industrial Estate, Behind Johnson House, Mogul Lane,
Mahim, Mumbai – 400 016, Maharashtra, India |
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Holding Company : |
Mindcrest INC USA |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2636208 |
Equity Shares |
Rs. 10/- each |
Rs.26.362
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
26.362 |
2.366 |
0.140 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.843 |
0.372 |
0.440 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.205 |
2.738 |
0.580 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.205 |
2.738 |
0.580 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.986 |
1.444 |
0.461 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.948 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
12.870
|
2.037 |
0.420 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
15.650
|
3.520 |
0.156 |
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Total
Current Assets |
28.520
|
5.557 |
0.576 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.090
|
7.517 |
0.365 |
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Provisions |
0.304
|
0.000 |
0.141 |
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Total
Current Liabilities |
6.394
|
7.517 |
0.506 |
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Net Current Assets |
22.126
|
[1.960] |
0.070 |
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MISCELLANEOUS EXPENSES |
0.145 |
0.055 |
0.049 |
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Profit & Loss A/C |
0.000 |
3.199 |
0.000 |
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TOTAL |
27.205 |
2.738 |
0.580 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
25.332 |
7.240 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
25.332 |
7.240 |
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Profit/(Loss) Before Tax |
|
3.166 |
[3.595] |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.166 |
[3.595] |
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Expenditures : |
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Depreciation & Amortization |
|
0.515 |
0.175 |
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Other Expenditure |
|
21.651 |
10.660 |
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Total Expenditure |
|
22.166 |
10.835 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
12.50
|
[49.65] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
12.50
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[49.65] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.46
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[51.34] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
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[1.31] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.24
|
2.75 |
0.87 |
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Current Ratio (Current Asset/Current Liability) |
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4.46
|
0.74 |
1.14 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:-
Subject
pioneered offshore legal services in India and is the largest and one of the most
recognized and respected legal services companies in the industry. They count Fortune 1000 corporations as well
as top US and UK law firms among their clients.
They currently have 450
lawyers on staff in Mumbai and Pune and
are planning to add a 300 seat facility in Mumbai in the second half of 2008.
This makes them the largest employer of lawyers in India.
Subject employees are experienced lawyers (more than
70% of their employees have many years of experience). 65% of their employees
are women. In addition, many of their employees are former law school
professors. Their employees speak over 40 languages and dialects and bring a
wide variety of experiences and talents to subject.
Honesty, integrity and commitment to excellent client
service are core business values on which subject has built and sustained
successful client relationships. They empower their attorneys by providing a
work culture that fosters continuous learning, teamwork and tools that are
effective in the global marketplace.
The fact that Subject pioneered offshore legal
services in India and seven years later continues to be the leader in this
space validates their business ethos.
PRESS RELEASES:-
Mindcrest ranked in IAOP's 2008 Global Outsourcing 100 list
GLOBAL OUTSOURCING 100 AWARDS
CHICAGO,
IL—FEBRUARY, 2008—Mindcrest, Inc., a leader in the outsourced legal services
industry, has been recognized by The International Association of Outsourcing
Professionals (IAOP) in The Global Outsourcing 100. The Global Outsourcing 100
and its sub-lists serve as essential reference guides for companies seeking new
and expanded relationships with the best companies in the industry. The lists
includes companies from around the world providing the full spectrum of
outsourcing services – not just information technology and business process
outsourcing, but areas such as facility services, real estate and capital asset
management, manufacturing, and logistics.
“We are thrilled to be recognized by the IAOP. We
intend and hope to keep up the progress in the coming years and focus on
becoming the most trusted provider of legal services to customers in the
markets that we serve, says Ganesh Natarajan, President of Mindcrest.
The evaluation process by the IAOP mirrors that
employed by many top customers and considers four key criteria including the
size and growth in revenue, employees, centers, and countries served, customer
experience as demonstrated through the value being created at the company's top
customers, the depth and breadth of competencies as demonstrated through
industry recognition, relevant certifications, and investment in the
development of people, processes, and technologies and management capabilities
as reflected in the experience and accomplishments of the business's top
leaders and its investment in management systems that ensure outsourcing
success.
The 100 companies recognized by the IAOP will be
unveiled publicly in a spring issue of Fortune Magazine.
The company is a pioneer in providing offshore legal
services, and is expanding its presence in India to meet rapidly growing demand
for its expert services. The Chicago-based company recently opened a second
office in Pune, India, about 90 miles from the original office in Mumbai. The
company’s professional staff has expanded to over 450 from a little over 150 a
year ago. Mindcrest is meeting the soaring demand that has seen business triple
in the past 12 months.
Mindcrest offers a wide variety of legal services,
from basic document review to complex legal services required by Fortune 500
companies, at a cost savings of 50 to 90 percent of the conventional expense.
The overseas offices are staffed by experienced lawyers with superior academic
achievement from India's top law schools. The employees are trained in the
common law system. Mindcrest’s staff thoroughly understands the service level
and quality expected by its clients. Mindcrest emphasizes detailed process
planning, stringent quality control and strong client partnerships to ensure
excellent results.
ABOUT MINDCREST: Mindcrest provides legal outsourcing
services, utilizing attorneys in India and the United States. The company
provides document review, contract analysis and administration, HR
legal/administrative processing, legal research and drafting, and legal content
services at compelling cost savings.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.28 |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.65.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--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. |
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 |
|