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MIRA
INFORM REPORT
|
Report Date : |
24.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CREDENCE ANALYTICS INDIA PRIVATE LIMITED |
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Registered Office : |
301, Tower 3, Palm Spring, Next to D Mart, New link Road, Malad
(West), Mumbai 400064, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.10.1999 |
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Com. Reg. No.: |
11-122358 |
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CIN No.: [Company
Identification No.] |
U73100MH1999PTC122358 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC13400C |
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PAN No.: [Permanent
Account No.] |
AABCC3563G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Financial Solutions |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 58000 |
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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 well established and reputed company having satisfactory
track records. Trade relations are reported as fair. Business is active.
Payments are reported as usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
301, Tower 3, Palm Spring, Next to D Mart, New link Road, malad
(West), Mumbai, Maharashtra 400064 India |
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Tel. No.: |
91-22-40611000 |
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Fax No.: |
91-22-40611000 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Vivek S. Sinha |
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Designation : |
Whole time Director |
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Address : |
102 / 1ST Floor, Park View, Building No. 24, New Link Road,
Andheri (West), Mumbai 400053 Maharashtra, India |
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Date of Birth/Age : |
30.12.1967 |
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Date of Appointment : |
25.10.2000 |
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|
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Name : |
Mr. Vijaya S. Sinha |
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Designation : |
Whole time Director |
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Address : |
B 20, Dhyaneshwar Nagar, Chs. D G Mahajan Road, Sewree, Mumbai
400015, Maharashtra, India |
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Date of Birth/Age : |
12.04.1966 |
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Date of Appointment : |
25.10.2000 |
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|
|
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Name : |
Mr. Prasad K.Guru Chettiar |
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Designation : |
Whole Time Director |
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Address : |
F 12, 3rd Floor Golden Pubbles Chs, Road No. 2, Sunder
Nagar, Kalina, Santacruz [East], Mumbai 400098, Maharashtra, India |
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Date of Birth/Age : |
17.11.1967 |
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Date of Appointment : |
25.10.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Vivek Sinha |
|
53407 |
|
Mrs. Vijaya Sinha |
|
53407 |
|
Mr. K. Guru Prasad Chettiar |
|
43628 |
|
Mr. Alok Sharma |
|
1584 |
|
Mr. Vasudev Jagannath |
|
476 |
|
Mr. Vinit Kumar |
|
159 |
|
Mr. Rajeev Pawar |
|
317 |
|
Mr. Vikas Goel |
|
317 |
|
Mr. Harshad Shah |
|
1584 |
|
Mr. Sanjeev Shah |
|
792 |
|
Mr. Achalal Mehra |
|
317 |
|
Mrs. Shefali Sachdev |
|
2376 |
Equity Share Breakup (Percentage of Total Equity)
|
Category |
|
Percentage of
Holding |
|
|
|
|
|
Directors or relatives of Directors |
|
95.00 |
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Other top fifty (50) shareholders (other than listed above) |
|
5.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Financial Solutions |
GENERAL
INFORMATION
|
|
|
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Bankers : |
State Bank of Mysore, Lokhandwalla Branch, Andheri (West), Mumbai
400053, Maharashtra, India |
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Auditors : |
|
|
Name : |
M.S. Kulkarni and Associates Chartered Accountants |
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Address : |
4th Rama Apartment, 2nd Floor, Opposite Pawar
Industrial Estate, Charai, Thane 400601, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- Each |
Rs. 2.500 Millions |
Issued, Shared Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
158367 |
Equity Shares |
Rs.10/- Each |
Rs. 1.584
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.584 |
1.584 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
12.829 |
8.101 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
14.413 |
9.685 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.750 |
0.478 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.750 |
0.478 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.030 |
|
|
|
|
|
|
|
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TOTAL |
|
15.163 |
10.193 |
|
|
|
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|
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FIXED ASSETS [Net Block] |
|
1.649 |
2.167 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
|
6.550 |
5.050 |
|
|
DEFERREX TAX ASSETS |
|
0.011 |
0.00 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Sundry Debtors |
|
9.205 |
1.578 |
|
|
Cash & Bank Balances |
|
1.195 |
2.692 |
|
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Other Current Assets |
|
1.706 |
1.372 |
|
|
Loans & Advances |
|
5.613 |
4.613 |
|
Total
Current Assets |
|
17.719 |
10.255 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
2.626 |
2.097 |
|
|
Provisions |
|
8.140 |
5.182 |
|
Total
Current Liabilities |
|
10.766 |
7.279 |
|
|
Net Current Assets |
|
6.953 |
2.976 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
15.163 |
10.193 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover [Including Other Income] |
|
51.883 |
35.777 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
6.916 |
1.098 |
|
|
Provision for Taxation |
|
-- |
-- |
|
|
Profit/(Loss) After Tax |
|
6.916 |
1.098 |
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|
|
|
|
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Expenditures : |
|
|
|
|
|
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Depreciation & Amortization |
|
1.112 |
0.806 |
|
|
Other Expenditure |
|
43.855 |
33.873 |
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Total Expenditure |
|
44.967 |
34.679 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
13.33 |
3.07 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
13.33 |
3.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
35.71 |
8.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.48 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.80 |
0.80 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.65 |
1.41 |
LOCAL AGENCY
FURTHER INFORMATION
Registered office of the company has been shifted from 228 / 2nd
Floor, Laxmi Plaza Industrial Estate, New Link Road, Andheri [West], Mumbai 400003,
Maharashtra [Old Tel No.: 91-22-56921553 / Old Fax No.: 91-22-26313627] to the
present address w.e.f. 01.07.2007
FORM NO. 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U73100MH1999PTC122358 |
|
Name of the
company |
CREDENCE ANALYTICS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
301, Tower 3, Palm Spring, Next to D Mart, New link Road, Malad
(West), Mumbai, Maharashtra 400064, India |
|
Type of charge |
|
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Particular of
charge holder |
State Bank of
Mysore Lokhandwalla
Branch, Andheri [West], Mumbai 400053, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods and assets |
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Date of
instrument Creating the charge |
22.08.2007 |
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Amount secured by
the charge |
Rs. 2.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Not Applicable
since bank guarantee [non Fund Based] Terms of
Repayment Not Applicable
since bank guarantee [non Fund Based] Margin Guarantee Cash
Margin 50 % Extent and
Operation of the charge First charge for
12 months from the date of sanction for Bank Guarantee facility |
|
Short particulars
of the property charged |
Stock and Book Debts,
Furniture Plant and Machinery at the registered office of the company. |
AS PER WEBSITE
Profile
A niche focused player
Subject is an
India-based, specialist financial solutions company with strong domain and technology
skills in the banking and financial services arena.
Subject offers a wide range of
specialised software products and outsourced services which translate into high
value propositions for their customers.
Subject works through a network
of partners to provide comprehensive implementation and maintenance support in
local markets.
Delivering value through software solutions
Subject offers
a wide range of highly specialised solutions focused at integrated treasury, investment
management and risk management. Subject
has been designing, developing and delivering these solutions since 1993
with a dedicated team of domain specialists.
Subject manages
the entire development, deployment and support processes of its products. The
company thus has full control over the complete life cycle of its products.
Being a treasury and risk products company, they are proactive to market
changes and keep their solutions current with the market and regulatory
requirements.
Delivering value through KPO services
Subject offers
high value outsourcing solutions to its clients by delivering research and
information services in the areas of treasury, investment management and risk
& compliance.
Banks and financial services companies including mutual funds, hedge funds,
insurance companies and mortgage companies can outsource their research and
analytics processes to their trained domain experts and process specialists.
Overview
Subject offers
a range of functionally superior and cost-effective software products for the
financial services industry. Their solutions reflect the combination of their
domain and technology skill sets. These products have evolved over the years
with the changes in the global markets and with the in-depth client
interaction.
Their vision is to offer world-class financial software products offering very
high value to the global financial players through superior delivery and
impeccable service standards. Their product range caters to the following
businesses:
Banks
iDEAL Banker - An integrated treasury STP solution
with facility to track product-wise and desk/dealer-wise performance. Online
limits for regulatory and internal compliance.
Quadryx - A complete derivatives transaction
processing solution to manage the derivatives operations and life cycle of all
exchange-traded and OTC equity, interest rate and currency products.
Mercury-fx - An online branch dealing and
work-flow management solution for currency and derivatives operations with
real-time rate broadcast, rate requests, rate negotiation and deal
confirmation. This solution is also extendible to corporate clients as a
web-based front-end for the treasury.
CALMs - A comprehensive asset-liability
management (ALM) solution at balance sheet level for enterprise-wide risk
management by tracking intermediation risk and net-worth risk.
Mutual Funds
iDEAL Funds A complete funds and investment
management solution with pre-trade compliance monitoring, portfolio management
and accounting
iDEAL PMS For discretionary, non-discretionary
and advisory business with investor servicing modules and web-interface.
Quadryx A complete derivatives transaction
processing solution to manage the derivatives operations and life cycle of all
exchange-traded and OTC equity, interest rate and currency products.
Insurance
iDEAL Funds An integrated investments planning,
funds management, deal management and regulatory compliance.
Quadryx A complete derivatives transaction
processing solution to manage the derivatives operations and life cycle of all
exchange-traded and OTC equity, interest rate and currency products.
Asset Managers
iDEAL Funds For discretionary, non-discretionary
and advisory business with investor servicing modules and web-interface.
Quadryx A complete derivatives transaction
processing solution to manage the derivatives operations and life cycle of all
exchange-traded and OTC equity, interest rate and currency products.
Wealth Managers
iDEAL Funds For discretionary, non-discretionary
and advisory business with investor servicing modules and web-interface.
Quadryx A complete derivatives transaction
processing solution to manage the derivatives operations and life cycle of all
exchange-traded and OTC equity, interest rate and currency products.
Mortgage Firms
iDEAL Finance A complete treasury
management solution for any mortgage firm or financial services house to manage
its whole-sale liabilities, investments and asset-liability management.
Trading Firms
iDEAL Trader An integrated treasury STP solution
for bonds & securities trading operations with facility to track
product-wise and desk/dealer-wise performance. Online limits for regulatory and
internal compliance.
All financial service companies including banks, insurance
companies, mutual funds and broking houses are always looking for improving the
processes and reducing the costs of producing research, producing analysis and
MIS for internal consumption and client communication, managing the post-trade
activities in their treasury and investment operations. Such cost reductions
would translate to finer pricing of the products & services offered. This
would mean improved servicing and better pricing for their clients implying
increased business and growth.
Many of these processes are routine and do not add much value to the final
offering to the customer. In fact most of these processes only add to the costs
of the entire transaction.
Today such institutions have a viable option of outsourcing such processes to Credence
Analytics who would be able to offer uninterrupted, high quality services
resulting in improved servicing at lower costs.
Subject is uniquely
positioned to offer these services given their:
Strong domain knowledge and understanding of the treasury
markets and investment operations/ processes.
Rich experience base of delivering treasury, investment and
risk solutions to leading financial services companies.
In-house availability of software solutions and products to
manage these processes.
Experienced team with comprehensive techno-domain skills.
Services Offered
Research Services
Content management
Data updates
Data template updation
Market analysis and reporting
MIS production
Process Outsourcing
Post deal/ trade processes
Deal documentation
Account reconciliation
Document tracking
Bill/ product life-cycle tracking
Risk reporting
Limits/ exposure monitoring
Valuation/ MTM
Data migration/ audit
Back-testing & reporting
Partners
India
Oracle (OPN)
Philippines
IP- Converge
Indonesia
Pundi Technologies
Srilanka
DMS Software Technologies Private Limited
Bahrain
Almoayed Group
UAE
OCS Infotech
Raqmiyat
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 Intl
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 companys 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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
NO |
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SCs 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 |
|