MIRA
INFORM REPORT
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Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
VFS GLOBAL SERVICES PRIVATE LIMITED |
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Formerly Known As : |
FAST RAC VISA FACILITATION SERVICES PRIVATE LIMITED |
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Registered Office : |
A, Kuoni House, Colaba, Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.07.2001 |
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Com. Reg. No.: |
132683 |
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CIN No.: [Company
Identification No.] |
U93090MH2001PTC132683 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV09558D |
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PAN No.: [Permanent
Account No.] |
AAACF5564B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing services regarding visas. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1269896 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Trade relations are fair. Business is active. General financial position is
satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal for business at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mrs. Jyoti Desai |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-67779100 |
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Date : |
15.03.2008 |
LOCATIONS
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Registered Office : |
A, Kuoni House, Colaba, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-66562000 |
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Fax No.: |
91-22-66562049 |
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E-Mail : |
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Website : |
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Branch Office : |
Modern House, 2nd Floor, Vip Industrial Complex, Prabhadevi,
Mumbai – 400025, Maharashtra, India |
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Tel. No.: |
91-22-66135500 |
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Fax No.: |
91-22-66135600 |
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E-Mail : |
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Branch Office : |
301, Palm Court M, Above D’Mart, Malad Link Road, Mumbai – 400064,
Maharashtra, India |
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Tel. No.: |
91-22-67779100 |
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Fax No.: |
91-22-67779200 |
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Branch Office : |
Alta Mount Road, Grant Road, India |
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Tel. No.: |
91-22-66195000 |
DIRECTORS
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Name : |
Mr. Zubin Karkaria |
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Designation : |
Managing Director |
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Name : |
Mr. Max-Ernst-Katz |
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Designation : |
Director |
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Address : |
Feldblumenstrasse 9, 8134 Adliswil, Switzerland |
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Date of Birth/Age : |
24.04.1955 |
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Date of Appointment : |
10.07.2001 |
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Email: |
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Name : |
Mr. Hans Fritz Lerch (Foreign) |
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Designation : |
Director |
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Address : |
Stoetzlistrasse 57, 8707 Uetikonamsee, Switzerland |
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Date of Birth/Age : |
22.03.1950 |
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Date of Appointment : |
10.07.2001 |
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Name : |
Mr. Ranjit Gobindram Malkani |
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Designation : |
Director |
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Address : |
73 NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Date of Birth/Age : |
09.03.1950 |
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Date of Appointment : |
10.07.2001 |
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Name : |
Mr. Reto Andreas Wihelm |
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Designation : |
Director |
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Address : |
Zelglistrasse – 2, Brutten 8311, Switzerland |
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Date of Birth/Age : |
08.02.1961 |
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Date of Appointment : |
25.04.2005 |
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Email: |
KEY EXECUTIVES
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Name : |
Mr. Raju Ananthanarayan |
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Designation : |
Company Secretary |
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Address : |
1002, Jamnadas Tower, Jalaram Bappa Road, off LBS Road, Ghatkopar,
Mumbai – 400086, Maharashtra, India |
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Date of Birth/Age : |
19.05.1965 |
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Date of Appointment : |
30.04.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 10.07.2001)
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Names of Shareholders |
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No. of Shares |
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Mr. Ranjit Gobindram Malkani |
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1 |
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Mr. Sam B. Jijina |
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1 |
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Kuoni Travel India Private Limited |
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4999998 |
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Total |
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5000000 |
(As on 31.12.2006)
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing services regarding visas. |
GENERAL
INFORMATION
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No of Employees : |
100 |
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Bankers : |
Duetsche Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
K P M G Chartered Accountant |
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Address : |
Lower Parel, Mumbai |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
KPMG House, Kamala Mills Compound, 448 Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, Maharashtra, India |
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Holding Company : |
Kuoni Travel (India) Private Limited U63090MH1992PTC070074 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
267.474 |
165.310 |
63.019 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
317.474 |
215.310 |
113.019 |
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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 |
23.266 |
4.986 |
14.889 |
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TOTAL BORROWING |
23.266 |
4.986 |
14.889 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
340.740 |
220.296 |
127.908 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.343 |
76.147 |
43.271 |
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Capital work-in-progress |
0.000 |
0.193 |
0.296 |
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INVESTMENT |
59.045 |
59.045 |
30.495 |
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DEFERREX TAX ASSETS |
2.874 |
3.830 |
1.940 |
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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 |
47.113 |
23.139 |
7.856 |
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Cash & Bank Balances |
39.326 |
29.664 |
23.406 |
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Other Current Assets |
0.420 |
1.173 |
0.000 |
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Loans & Advances |
238.114 |
88.329 |
43.062 |
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Total
Current Assets |
324.973 |
142.305 |
74.324 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
81.745 |
54.303 |
19.123 |
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Provisions |
5.750 |
6.921 |
3.295 |
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Total
Current Liabilities |
87.495 |
61.224 |
22.418 |
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Net Current Assets |
237.478 |
81.081 |
51.906 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
340.740 |
220.296 |
127.908 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.12.2006 |
31.12.2005 |
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Sales Turnover |
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625.622 |
446.548 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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625.622 |
446.548 |
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Profit/(Loss) Before Tax |
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165.022 |
143.772 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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165.022 |
143.772 |
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Expenditures : |
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Interests |
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0.037 |
0.012 |
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Depreciation |
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23.024 |
25.192 |
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Other Expenditure |
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437.539 |
277.572 |
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Total Expenditure |
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460.600 |
302.776 |
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KEY RATIOS
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PARTICULARS |
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31.12.2006 |
31.12.2005 |
31.12.2004 |
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PAT / Total
Income |
(%) |
26.38
|
32.20 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
26.38
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32.20 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
45.05
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65.81 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.52
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0.67 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.35
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0.31 |
0.33 |
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Current Ratio (Current Asset/Current Liability) |
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3.71
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2.32 |
3.31 |
LOCAL AGENCY
FURTHER INFORMATION
Profile:
Part of the Zurich based Kuoni Travel Group; Subject was
established in 2001, in Mumbai (India), as a specialist partner for diplomatic
missions worldwide. Subject diplomatic missions by managing all the
administrative and non-judgmental tasks related to the entire lifecycle of a
visa application process, enabling diplomatic missions to focus entirely on the
key tasks of assessment and interview.
Subject the interests of 19 diplomatic missions in 42 countries worldwide
and processes in excess of 4 million visa applications (contracted) annually.
In early 2007 VFS Global was awarded a £ 195 million contract (spread over 5
years) with UKvisas to provide visa outsourcing services in 7 geographical
regions, covering close to about 70% of UKvisas visa applications globally.
In addition subject is also the first Indian company to be awarded contracts
for visa outsources services by the Government of India. As on date, subject
has been awarded contracts to provide outsource service to the Indian Embassy's
at Thailand, China, France, and the Indian High Commissions in Sri Lanka,
Australia and United Kingdom.
Milestones:
2001 - Launched visa application services for US consulate
in Western India (Mumbai, Ahmedabad & Pune)
2002 - Started Dubai Visa Processing Centre (DVPC). Won UK
all-India contract
2003 - Set-up operations for UK in India
2004 - VFS went international with its 1st overseas
operation in Singapore
2005 - Became sole provider of visa services for US in
India
2006 - Opened first office in Eastern Europe in Russia
2007 - Awarded the UKvisas global contract for countries
across 7 geographical regions
-Became the first Indian company to be awarded
contract to provide visa outsource services to the Embassies of India at
Thailand, China, France, Sri Lanka,Australia and United Kingdom
-Started pilot project for the Embassy of Switzerland
in New Delhi, India. The first of its kind anywhere in the world where the
Government of Switzerland has outsourced its visa processing services
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.40.62 |
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UK Pound |
1 |
Rs.81.29 |
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Euro |
1 |
Rs.64.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--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 |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
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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 |
|
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 |
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