MIRA
INFORM REPORT
|
Report Date : |
03.01.2011 |
Note: Given
address could not be confirmed.
IDENTIFICATION DETAILS
|
Name : |
GOLDMAN SACHS SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Crystal Downs, Embassy Golf Links, Business Park, Off Intermediate
Ring Road, Bangalore-560071, Karnataka |
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|
Country : |
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|
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|
Financials (as
on) : |
31.03.2010 |
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|
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|
Date of
Incorporation : |
19.09.2003 |
|
|
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|
Com. Reg. No.: |
08-032606 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72400KA2003PTC032606 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRG03407F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Providing IT Enabled Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 14000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Sarita |
|
Designation : |
Accounts Department |
|
Date : |
31.12.2010 |
LOCATIONS
|
Registered Office : |
Crystal Downs, Embassy Golf Links, Business Park, Off Intermediate Ring
Road, Bangalore-560071, Karnataka, India |
|
Tel. No.: |
91-80-41271600 |
|
Fax No.: |
91-80-41271601 |
|
E-Mail : |
DIRECTORS
AS ON 28.06.2010
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
B-402, |
|
Date of Birth/Age : |
24.05.1958 |
|
Date of Appointment : |
18.10.2004 |
|
|
|
|
Name : |
Mr. David T Simons |
|
Designation : |
Director |
|
Address : |
17, Cedar Hills, |
|
Date of Birth/Age : |
09.01.1962 |
|
Date of Appointment : |
18.10.2004 |
|
|
|
|
Name : |
Mr. Randolph Lee Cowen |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
09.03.1951 |
|
Date of Appointment : |
18.10.2004 |
|
|
|
|
Name : |
Mr. Thomas Mcloone Dowling |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 14, Mantri Atrius 17, Raj |
|
Date of Birth/Age : |
02.07.1960 |
|
Date of Appointment : |
08.09.2006 |
|
|
|
|
Name : |
Mr. Vivek Bunty Bohra |
|
Designation : |
Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
26.04.1974 |
|
Date of Appointment : |
08.09.2009 |
KEY EXECUTIVES
|
Name : |
Ms. Sarita |
|
Designation : |
Accounts Department |
|
Date : |
31.12.2010 |
|
|
|
|
Name : |
Ms. Priyanka Ruia |
|
Designation : |
Secretary |
|
Address : |
Flat No. 103, ‘A’ Block, Golden Palm Apartments, Nagappa, Reddy
Layout, Kagadaspura, Bangalore-560093, |
|
Date of Birth/Age : |
14.09.1977 |
|
Date of Appointment : |
05.11.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.06.2010
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preferences Shares |
|
Goldman Sachs ( |
19162045 |
8636785 |
|
Goldman Sachs (Asia) Finance, |
221280 |
87240 |
|
|
|
|
|
Total |
19383325 |
8724025 |
AS ON 28.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Enabled Services. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|
|
|
|
No of Employee: |
Information Denied |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
10th Floor ‘C’ Wing, Mittal Tower, |
|
|
|
|
Holding Company : |
Goldman Sachs ( |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26250000 |
Equity Shares |
Rs.10/- each |
Rs.262.500 Millions |
|
9375000 |
Preferences Shares |
Rs.100/- each |
Rs.937500 Millions |
|
|
Total |
|
Rs.1200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19383325 |
Equity Shares |
Rs.10/- each |
Rs.193.833
Millions |
|
8724025 |
Preferences Shares |
Rs.100/- each |
Rs.872.403
Millions |
|
|
Total |
|
Rs.1066.236 Millions |
Note:
- During the year ended March 31, 2010 the company has bought back
1649055 shares of Rs.10 each (2009: Nil)
- 19162045 (2009:20811100) equity shares and 8636785 (2009:8636785)
preferences shares are held by Goldman Sachs (
- Preferences shares are redeemable no later than 20 years from the
date of allotment.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1066.236 |
1082.727 |
1082.727 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2603.685 |
2132.927 |
1028.540 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3669.921 |
3215.654 |
2111.267 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3669.921 |
3215.654 |
2111.267 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
336.890 |
619.511 |
635.415 |
|
|
Capital work-in-progress |
186.576 |
137.214 |
9.787 |
|
|
|
|
|
|
|
|
INVESTMENT |
15.146 |
15.146 |
0.000 |
|
|
DEFERREX TAX ASSETS |
195.961 |
121.713 |
83.550 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
2296.388
|
495.123 |
1450.675 |
|
|
Cash & Bank Balances |
1640.306
|
2026.718 |
636.802 |
|
|
Other Current Assets |
355.039
|
295.278 |
239.216 |
|
|
Loans & Advances |
1385.808
|
1093.698 |
537.062 |
|
Total
Current Assets |
5677.541
|
3910.817 |
2863.755 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2186.035
|
1197.838 |
1120.113 |
|
|
Other Current Liabilities |
328.776
|
280.420 |
274.577 |
|
|
Provisions |
227.382
|
110.489 |
86.550 |
|
Total
Current Liabilities |
2742.193
|
1588.747 |
1481.240 |
|
|
Net Current Assets |
2935.348
|
2322.070 |
1382.515 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3669.921 |
3215.654 |
2111.267 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8673.733 |
6281.412 |
|
|
|
|
Other Income |
23.085 |
238.549 |
|
|
|
|
TOTAL (A) |
8696.818 |
6519.961 |
5926.708 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Cost |
5141.438 |
3061.471 |
|
|
|
|
Administrative and Other Expenses |
2319.130 |
1985.964 |
|
|
|
|
TOTAL (B) |
7460.568 |
5047.435 |
5109.017 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1236.250 |
1472.526 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1236.250 |
1472.526 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
308.597 |
324.833 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
927.653 |
1147.693 |
817.691 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(66.512) |
22.893 |
22.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
994.165 |
1124.800 |
795.448 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
8664.111 |
6278.365 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
15.347 |
145.195 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
49.78 |
52.51 |
35.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.43
|
17.25 |
13.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.69
|
18.27 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.42
|
25.33 |
23.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.36 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
0.49 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
2.46 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.20120 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Dues to micro
enterprises and small enterprises |
0.200 |
0.016 |
0.000 |
|
Payable to fellow
subsidiaries |
1760.644 |
875.927 |
786.132 |
|
Others |
425.191 |
321.895 |
333.981 |
|
Total |
2186.035 |
1197.838 |
1120.113 |
BACKGROUND:
Goldman Sachs Services Private Limited, (‘the company’) was incorporated
on September 19, 2003 under the companies Act, 1956 of India and is a
subsidiary of Goldman Sachs (Mauritius) LLC.
The company is registered under Software Technology Parks of India
(STPI) scheme and has been set up as a global support centre for Goldman Sachs
Group Entities.
Fixed Assets:
- Leasehold Improvements
- Computer Equipment
- Software
- Office Equipments
- Furniture and Fixtures
- Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.81 |
|
|
1 |
Rs.69.28 |
|
Euro |
1 |
Rs.59.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.