MIRA
INFORM REPORT
|
Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PANGEA3 GLOBAL SERVICES PRIVATE LIMITED |
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Registered Office : |
514/521, Maker Chambers V, Nariman Point, Mumbai - 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.03.2005 |
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Com. Reg. No.: |
151988 |
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CIN No.: [Company
Identification No.] |
U72900MH2005PTC151988 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject provides legal process outsourcing services
(often referred to as legal BPO
and legal KPO in
India) |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 120000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is engaged as legal BPO [Business Process Outsourcing] and KPO
[Knowledge Process Outsourcing] Trade relations are fair. Financial position is moderate. Payments are unknown. The company’s bankers can be Citibank, Mumbai. Management remained non-cooperative during current investigation. It can be regarded for moderate business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
514/521, Maker Chambers V, Nariman Point, Mumbai - 400021, Maharashtra,
India |
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Tel. No.: |
+1.866.394.7414 |
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Fax No.: |
91-22-30922206 |
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E-Mail : |
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Corporate Office : |
Combata Building, S/W Wing, 5th Floor, 42 M.K. Road, Mumbai
– 400020 |
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Tel. No.: |
91-22-660100640-41 |
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Fax No.: |
91-22-66100650 |
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Website : |
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Branches : |
396 Villa Centre Way, Suite 512, San Jose, CA 95128, USA |
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Tel. No.: |
+1.212.689.3819 |
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Fax No.: |
+1.212.820.9784 |
DIRECTORS
|
Name : |
Mr. Mohan Muralidhar Ayyangar |
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Designation : |
Director |
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Address : |
101, Kamal Avenue, Holy Cross Road, I C Colony, Borivali [West],
Mumbai – 400103, Maharashtra, India |
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Date of Birth/Age : |
01.09.1973 |
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Date of Appointment : |
14.08.2006 |
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Other Directorship : |
Pangea3 Legal Database Systems
Private Limited CIN No.: U72200MH2006PTC160867 |
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Name : |
Mr. Ravi Padmanabhan |
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Designation : |
Director |
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Address : |
A/2, Shalaka Chs Limited, Nar Anand Nagar, Manpada Road, Dombivli
[East], Thane – 421201, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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99.58 |
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Directors or relatives of directors |
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0.42 |
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Total
|
|
100.00 |
AS ON 10.07.2006
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Pangea3 LLC |
|
890090 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides legal process outsourcing services
(often referred to as legal BPO
and legal KPO in
India) |
GENERAL
INFORMATION
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No. of Employees : |
60 |
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Bankers : |
Citibank N.A., Mumbai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjay Surana and Associated Chartered Accountants |
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Address : |
5th Floor, Khetan Bhawan, 198, J T Road, Churchgate, Mumbai
– 400020, Maharashtra, India |
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Associates/Subsidiaries : |
Pangea3 Legal Database
Systems Private Limited CIN No.: U72200MH2006PTC160867 Cambata Building,
3rd Floor, Churchgate, Mumbai 400 020, INDIA Phone:
+1.866.394.7414 Phone:
91-22-30922206 102-B, Ground
Floor, Leela Business Park, Andheri-Kurla Road, Andheri East, Mumbai 400 059,
INDIA Phone:
+1.866.394.7414 Phone:
91-22-30922206 Pangea3 LLC 18 East 41st
Street, 18th Floor, New York, NY 10017, USA Phone:
+1.212.689.3819 eFax:
+1.212.820.9784 |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1603300 |
Equity Shares |
Rs. 10/- each |
Rs. 16.033
Millions |
|
|
Share Application |
|
Rs. 7.287
Millions |
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TOTAL |
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Rs. 23.320 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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16.033 |
7.132 |
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2] Share Application Money |
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7.287 |
3.972 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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23.320 |
11.104 |
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LOAN FUNDS |
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1] Secured Loans |
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0.185 |
0.347 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.185 |
0.347 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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23.505 |
11.451 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.200 |
2.049 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.330 |
0.396 |
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Cash & Bank Balances |
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2.430 |
0.656 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
3.787 |
2.947 |
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Total
Current Assets |
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6.547 |
3.999 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.681 |
8.596 |
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Provisions |
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0.000 |
0.108 |
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Total
Current Liabilities |
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9.681 |
8.704 |
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Net Current Assets |
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[3.134] |
[4.705] |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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Profit and Loss |
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23.439 |
14.107 |
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TOTAL |
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23.505 |
11.451 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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6.912 |
0.445 |
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Profit/(Loss) Before Tax |
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[9.220] |
[13.972] |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
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[9.220] |
[13.972] |
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Earnings in Foreign Currency |
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5.199 |
-- |
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Total Expenditure |
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16.132 |
14.417 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
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[133.39] |
[3139.78] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[133.39] |
[3139.78] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[94.59] |
[231.02] |
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Return on Investment (ROI) (PBT/Networth) |
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0.40 |
1.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.42 |
0.82 |
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Current Ratio (Current Asset/Current Liability) |
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0.68 |
0.46 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Pangea was
the single super-continent that existed before the continental drift that
separated the world's seven continents. The second Pangea occurred when mass transportation
re-connected people from the separated continents, enabling global commerce. In
the third Pangea (Pangea3),
the internet and global telecommunications systems have electronically
reconnected the continents and their inhabitants, making continental and
national borders irrelevant-creating once again, a single super-continent.
Today, a professional in India lives with her family in a local suburb,
commutes to her office in Mumbai and enters the global workplace, interacting
and communicating directly and seamlessly with a professional in New York City
via private fiber optic cable lines, a global IP infrastructure and other
technology systems, working seamlessly as if the two individuals were in the
same office. In Pangea3,
the world has re-connected to create a single, workplace and marketplace for legal outsourcing and global legal solutions.
This is what makes Pangea3 one of the top
legal outsourcing companies in the world
Technology
Overview
Pangea3 has developed and uses a
seamless global virtual delivery platform, which serves as the focal point
around which all of the technology layers are built. The efficient, yet secure
and controlled, global data flows are manifestations of the Network Infrastructure
and Applications Infrastructure layers. This platform enables seamless delivery
of the service offerings and integration of the people with the customers in
what is effectively a virtual office, providing global legal solutions. They
understand that delivery and efficiency are of the highest importance when
companies are deciding on outsourcing
of legal work overseas.
Network Infrastructure
High speed, secure and "always on" MPLS IP WAN backbone managed by top-tier
ISPs bound by tight SLAs. Capability to prioritize and control traffic and
bandwidth allocation at user / application level with QoS monitoring.
Capability to seamlessly integrate into client networks using MPLS VPNs with
the highest levels of security and confidentiality. High availability, hybrid
LAN setup employing fiber backbone, Layer 3 distribution layer and 802.11g+
WiFi desktop connectivity, secured using policy based firewalls, WPA and Radius
for authentication and authorization.
The network is capable of hosting converged data and voice based applications
with guaranteed latencies for VOIP traffic. The Linux on Intel based servers,
hosting mission-critical applications, are co-located at a state-of-the-art
managed Datacenter with network uptime guarantees, SLAs on temperature and
power, top notch access security systems and fire protection.
At Pangea3,
data security is paramount. In addition to the security measures deployed at
the network level, they have policies
in force to restrict access to removable media where required. The
communication and collaboration tools they use for Messaging, E-mail and VoIP
calls support Blowfish / AES encryption. They have the capability to encrypt
all intermediate and final work products to prevent access outside the intended
work group. The security measures make them one of the safest India legal outsource companies.
News
Pangea3 Joins the General Counsel Roundtable's Vendor
Preferred Pricing Program
Pangea3 Becomes the First Legal
Process Outsourcing (LPO) Provider to participate in the General Counsel
Roundtable's Vendor Preferred Pricing Program
NEW YORK, April 1 /PRNewswire/ -- Pangea3 LLC, the
recognized global leader in legal process outsourcing services to corporate
in-house counsel and U.S. law firms, announced today that it has joined the
General Counsel Roundtable's (GCR) preferred pricing program -- making it the
first legal process outsourcing provider to be included in the program. GCR
members will receive exclusive discounts on Pangea3's high quality legal
outsourcing services in the areas of litigation support and document review;
compliance; patent litigation, patent drafting, analysis and competitive
intelligence; contract abstraction, drafting and administration; and corporate
governance and corporate secretarial services.
"With law firms' rates skyrocketing, our member general
counsel are concerned with decreasing their outside legal spend. Legal process
outsourcing is one of the innovative cost-saving solutions they are
implementing," said Steven Williams, Managing Director, GCR. "By
partnering with Pangea3, we hope to provide our members with the opportunity to
benefit from this trend."
"The General Counsel Roundtable is renowned for its
thought leadership, its best practices research studies and benchmark advisory
services to hundreds of legal departments around the world," said David
Perla, Co-CEO of Pangea3. "We are excited to participate in the GCR's new
program and provide its members with high quality and cost-effective legal solutions.
As a former general counsel, I have first hand knowledge of the challenges
associated with the rising cost of legal services. This program is a unique
opportunity to provide tremendous and immediate value to corporate legal
departments."
Consistent with its role as an objective source of
information for its members, the GCR does not endorse specific vendors and will
continue its policy of not accepting any remuneration from a vendor. All
program discounts will go directly to GCR members. Over time, GCR plans to
expand the program to include qualified vendors used by GCR member legal
departments.
GCR members who have questions about this new program are
encouraged to contact the GCR. Member questions regarding the specific
discounts related to Pangea3 should be addressed to David Perla, 212-689-3819
or to GCR@pangea3.com.
About Pangea3 LLC
Pangea3 is the recognized global leader in legal process
outsourcing (LPO), providing outsourced legal, patent and IP technical support
services to U.S. corporations and law firms. The company combines top talent --
lawyers, engineers and technologists in the U.S. and India -- with a secure
global technology infrastructure in order to provide low-cost, high-quality legal
support services to a global client base. Pangea3 is headquartered in New York
City and Mumbai, India. For more information, visit http://www.pangea3.com/
About The General Counsel Roundtable
The General Counsel Roundtable (http://www.gcr.executiveboard.com)
is a membership program of the Corporate Executive Board (Nasdaq: EXBD) (http://www.exbd.com),
and a leading provider of best practices research, executive education, and
decision-support services to general counsel and their legal departments. The
General Counsel Roundtable serves hundreds of corporate legal departments
around the world, providing practical guidance relating to legal and compliance
issues, proprietary tools designed to save in-house lawyer time, and robust
data to help general counsel make decisions, business cases, and board
presentations.
Website: http://www.pangea3.com
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.42.00 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
30 |
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 |
|