MIRA
INFORM REPORT
|
Report Date : |
24.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
COFACE INDIA CREDIT MANAGEMENT SERVICES PRIVATE LIMITED |
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Registered Office : |
74, Russell House, 2nd Hansnabad Road, Santacruz (W),
Mumbai – 400054, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
02.02.2001 |
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Com. Reg. No.: |
130702 |
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CIN No.: [Company
Identification No.] |
U74140MH2001FTC130702 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC08095D |
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PAN No.: [Permanent
Account No.] |
AABCC5275H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Information Services to its customers |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 20760 |
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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 the Indian Arm of Coface worldwide. Indian operations
continue to incur losses and has good amount of accumulated losses, which
might take some time to be wiped-off. Trade relations are fair. Payments are
reported as usually correct and as per commitments. Since, it is a part of a very well-known group, it can be considered
normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
74, Russell House, 2nd Hansnabad Road, Santacruz (W),
Mumbai – 400054, Maharashtra, India |
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Tel. No.: |
91-22-26464141 |
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Fax No.: |
91-22-26464142 |
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E-Mail : |
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Website : |
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Corporate Office : |
Shree Complex, 73 St, Johns Road, 313-316 Room No, Bangalore – 560042,
Karnataka, India |
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Tel. No.: |
91- 80 -41239351 |
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Fax No.: |
91- 80- 41239321 |
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Division : |
Coface India Credit Management
Services PRIVATE LIMITED
Tel. +91-22-26464141, Fax
+91-22-26464142 Email: Samuel_jesuratnam@cofaceindia.com
Tel. 91-22-26464141, Fax
+91-22-26464142 Email Mohan_apte@cofaceindia.com
Tel. 91-22-26464141, Fax
+91-22-26464142 Email: gladys_tejura@cofaceindia.com Tel. 91-22-26464141, Fax +91-22-26464142 email: akshay_salian@cofaceindia.com
Tel. 91-22-26464141, Fax
91-22-26464142 Email: sunil_jagtap@cofaceindia.com Coface InfoIndia, a Division of Coface India Credit Management Services Private
Limited. Mr. Rajendra
Tadanki: AGM Production ( Data Centre and
Commercial Information) Tel: 91 80 41121800/ Extn: 112, Fax 91
80 41121900 |
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Kompass India, a Division of Coface India
Credit Management Services Private Limited |
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Mumbai Branch : |
Mr. Shaikh Mukhtar
Ahmed Quadri (AGM - Kompass India) email: mukhtar@kompassindia.com Mr. Rajeev Vig
(Marketing Consultant) email: rajeev@kompassindia.com Mr. Kamaal Shaikh
(Marketing Consultant) Tel. +91-22-26464141, Fax +91-22-26464142 email: kamaal@kompassindia.com
email: mamta@kompassindia.com
email : rujuta@kompassindia.com
email: prashant@kompassindia.com
email: pooja@kompassindia.com
email: purvee@kompassindia.com |
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New Delhi Branch: |
330, 3rd Floor, Ansal Chamber II, 6,
Bhikaji Cama Place, New Delhi 110066, Tel: 91-11-26165874, 26162359,
26168825, Fax 91-11-26165041
email: akash@cofaceinfoindia.com
email: firoz@kompassindia.com
email: sonia@kompassindia.com Mr. Praphul Jain -
Sr. Sales Consultant email: praphul@kompassindia.com
email : roopak@kompassindia.com
email : gurpreet@kompassindia.com |
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Bangalore Branch : |
Mr. Barun
Chatterjee - Branch Manager Email barun@kompassindia.com
E-mail: dinesh@kompassindia.com
E-mail: rathi@kompassindia.com
Email : suman@kompassindia.com |
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Chennai Branch : |
Ceebros Garden, Flat No. A1, Old 76 (New 14), Kamaraj Salai, R.A. Puram,
Chennai – 600028, Telephone: 91-44-42303660, Fax 91-44-4230 3661
email: raja@kompassindia.com
Email: suri@kompassindia.com |
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Hyderabad Branch : |
Unit No. 5, 3rd Floor, Amsri Plaza, S.
D. Road, Secunderabad 500003
email: aruna@kompassindia.com Mr. Sreenivas
Mateti – Sr. Information Consultant email: Sreenivas@kompassindia.com
email : anupama@kompassindia.com |
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Kolkata Branch : |
P-41, Princep Street, 5th Floor, Suite
No. 522, Kolkata-700072, Mobile: 98364 88782 email: kol@kompassindia.com |
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Gujarat Branch : |
A / 15, Harekrishna Appartments,
Subhashbridge, Ahmedabad 380027 , Tel: 91-79-27556819, Mobile: 98980 74674
Email: guj@kompassindia.com |
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Pune Branch : |
Flat No 19, Bldg No 4, Gopinathnagar
Society, Gandhibhavan, Kothrud, Pune 411038 Mobile No. 98817 23932
Email: pune@kompassindia.com |
DIRECTORS
|
Name : |
Mr. Samuel Jesuratnam |
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Designation : |
Director |
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Address : |
Flat No.301, Jaldarshan Chiombai Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
03.03.1967 |
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Date of Appointment : |
02.02.2001 |
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Name : |
Mr. Jean Claude Speitel (Foreign) |
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Designation : |
Director |
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Address : |
19, Rue Faraday, Paris France – 75017 |
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Date of Birth/Age : |
28.10.1948 |
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Date of Appointment : |
02.02.2001 |
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Name : |
Mr. Yves Wilmots (Foreign) |
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Designation : |
Director |
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Address : |
Saint – Laurent Cruet France – 73800 |
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Date of Birth/Age : |
13.03.1946 |
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Date of Appointment : |
02.02.2001 |
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Name : |
Mr. Bart Pattyn (Foreign) |
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Designation : |
Director |
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Address : |
Izegemsestraat 305 B-8501 Korjrijk, Belgium |
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Date of Birth/Age : |
27.06.1962 |
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Date of Appointment : |
02.02.2001 |
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Name : |
Mr. Bertrand Macabeo (Foreign) |
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Designation : |
Director |
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Address : |
82, Rue De Suresnes, Garches – 92380 |
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Date of Appointment : |
30.06.2006 |
KEY EXECUTIVES
|
Name: |
Robert Pavrey And Associates |
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Designation: |
Company Secretaries |
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Address: |
A/1, Rainbow View, 345 Vakola, Santacruz (East), Mumbai 400055 |
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Tel No.: |
91-22-22670170 |
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Fax No.: |
91-22-22675671 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 01.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Kompass Holding S A |
|
63908 |
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Coface Services South Asia Pacific Pte. Limited |
|
1066912 |
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Coface Services South Asia Pacific Pte. Limited |
|
30000 |
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Total |
|
1160820 |
(As on 31.12.2006)
|
Category |
|
Percentage |
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Foreign Holdings (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Information Services to its customers |
GENERAL
INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
N Shingala And Associates Chartered Accountant |
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Address : |
703/704, 7th Floor, Tardeo A. C. Market, Mumbai 400034, India |
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Tel. No.: |
91-22-23520680, 23520679 |
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Fax No.: |
91-22-23513199 |
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E-Mail : |
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Name : |
Deloitte Haskins and Sells |
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Address : |
12, Dr. Annie Besant Road, Opp.Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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Holding Company: |
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CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1700000 |
Equity Shares |
Rs. 10/- each |
Rs.17.000 millions |
|
30000 |
Preference Shares |
Rs. 100/- each |
Rs.3.000 millions |
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|
|
|
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Total |
|
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1508985 |
Equity Shares |
Rs. 10/- each |
Rs.15.089
Millions |
|
30000 |
Preference Shares |
Rs. 100/- each |
Rs.3.000
Millions |
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Total |
|
Rs.18.089 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2006 |
31.12.2005 |
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|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
|
18.089 |
18.089 |
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|
2] Share Application Money |
|
14.177 |
10.635 |
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3] Reserves & Surplus |
|
0.811 |
0.811 |
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4] (Accumulated Losses) |
|
(27.887) |
(26.675) |
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NETWORTH |
|
5.190 |
2.860 |
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|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
2.250 |
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TOTAL BORROWING |
|
0.000 |
2.250 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
|
5.190 |
5.110 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
9.690 |
7.566 |
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|
Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.003 |
0.005 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
0.018 |
0.233 |
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Sundry Debtors |
|
14.707 |
12.607 |
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Cash & Bank Balances |
|
4.505 |
8.230 |
|
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Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
7.334 |
3.749 |
|
Total
Current Assets |
|
26.564 |
24.819 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
31.067 |
27.280 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
31.067 |
27.280 |
|
|
Net Current Assets |
|
(4.503) |
(2.461) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
5.190 |
5.110 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
|
|
Sales Turnover |
|
45.091 |
22.656 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
45.091 |
22.656 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(0.888) |
(2.809) |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
(0.888) |
(2.809) |
|
|
|
|
|
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|
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Expenditures : |
|
|
|
|
|
|
Interests |
|
0.038 |
0.110 |
|
|
Depreciation |
|
3.680 |
0.762 |
|
|
Other Expenditure |
|
42.261 |
24.593 |
|
Total Expenditure |
|
45.979 |
25.465 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2006 |
31.12.2005 |
|
PAT / Total
Income |
(%) |
|
(1.97) |
(12.40) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(1.97) |
(12.40) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.45) |
(8.67) |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.17) |
(0.98) |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.98 |
10.32 |
|
|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.85 |
0.10 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:
- Air Conditioner
- Office Equipment/Appliances
- Computer Systems
- Furniture and Fixtures
- Electrical Fittings
- Leasehold Improvement.
Press
Release:
Coface’s
position in India
Coface announces today that it is reinforcing its presence in India with the launch of 3 new lines of business:
Solvency information on Indian
companies:
Coface needs first class information on
Indian companies for its credit insurance and factoring business worldwide. It
has decided to reinforce its information center in Bangalore and to make it
available to interested Indian banks and companies.
Multinational credit insurance cover for
multinational Indian companies:
More and more Indian multinationals need to cover credit
risk on the operations of their subsidiaries world-wide. Coface is offering its
network to them. To meet its clients’ needs throughout the world, Coface has
established subsidiaries and branch offices in 60 countries and 191 cities.
This network has no equivalent in the
world. Credit insurance cover will be delivered in each country by Coface
companies and in India by Coface partners. Coface has concluded partnership
agreements with two general private insurers ICICI Lombard General Insurance
(“ICICI Lombard”) and ITGI (“IFFCO-Tokio General Insurance”), which are major
players in the Indian market.
Political risk cover for banks and
companies:
More and more Indian companies sell abroad, sometimes in
difficult countries. Coface is one of the first players in political risk
cover. Cover will be extended through the same features as for multinational
cover.
Coface’s mission is to facilitate global
business-to-business trade by offering companies the means to manage with
precision the credit routinely agreed (of 30 days, 60 days or sometimes more)
in the course of commercial relations with client-companies and suppliers in
home and foreign markets. This credit is commonly known as a company’s “trade
receivables”.
Coface has been active in India since 2001 and created a
subsidiary, Coface India Credit Management Services (“Coface India”), which has
become a leading player in credit management services, marketing and solvency
information. Coface India has established five offices throughout the country:
Mumbai (head office), Hyderabad, New Delhi, Chennai and Bangalore.
Jérôme Cazes,
CEO of Coface, is committed to this growing market and states that, “Our
development in India allows us to offer credit management services of
international standards to our clients and to the increasing number of Indian
multinational companies. We will continue to develop in India and intend to
introduce in 2007 debt collection and invoice management services”
Founded in
1946, Coface, rated AA by Fitch, AA- by Standard & Poor’s and Aa3 by
Moody’s, is a subsidiary of Natexis Banques Populaires and Group Banque
Populaire whose share capital (Tier 1) was 14.63 billion euros at end 2005.
Coface’s mission is to facilitate global business-to-business trade by offering
its clients four product lines to fully or partly outsource trade relationship
management and to finance and protect their receivables: credit insurance,
company information and ratings, receivables management and factoring. Coface
also offers three other business lines: guarantee insurance, receivables
management training, and, in France, management of government export
guarantees. Coface operates a quality local service for its 85,000 clients
thanks to its 4,850 staff in 60 countries where Coface has a direct presence.
This local service also covers in 93 countries via partners in the Credit
Alliance worldwide network, organised around an integrated credit risk
management tool, the Common Risk System.
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.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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 |
|