MIRA
INFORM REPORT
|
Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
D-4 Cypress Building, SEZ Manyata Embassy Business Park, Hebbal-Outer Ring
Road, K.R. Puram Section, Bangalore-560045, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
06.12.2005 |
|
|
|
|
Com. Reg. No.: |
08-037857 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74110KA2005PTC037857 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing LPO (Legal Process Outsourcing) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 PARTED BY
|
Name : |
Ms. Jayalakshmi |
|
Designation : |
Accounts Department |
|
Date : |
05.01.2011 |
LOCATIONS
|
Registered Office : |
D-4 Cypress Building, SEZ Manyata Embassy Business Park, Hebbal-Outer
Ring Road, K.R. Puram Section, Bangalore-560045, Karnataka, India |
|
Tel. No.: |
91-80-40704400 |
|
Fax No.: |
91-80-40704500 |
|
E-Mail : |
|
|
Area : |
10000 sq. ft. (Rented) |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Sajan Poovayya |
|
Designation : |
Director |
|
Address : |
No. 9, 3rd Floor, Aqua Forte, |
|
Date of Birth/Age : |
22.05.1974 |
|
Date of Appointment : |
06.12.2005 |
|
|
|
|
Name : |
Mr. Jaithirth Rao |
|
Designation : |
Director |
|
Address : |
61 Umang, KFashibhai Navrang Marg, Gamdevi, Mumbai-400007, |
|
Date of Birth/Age : |
12.07.1952 |
|
Date of Appointment : |
27.12.2006 |
|
|
|
|
Name : |
Mr. Abhijat Amit Shah |
|
Designation : |
Managing Director |
|
Address : |
B-3/13, Skylark Apartment, |
|
Date of Birth/Age : |
04.02.1979 |
|
Date of Appointment : |
27.12.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep S |
|
Designation : |
Company Secretary |
|
Address : |
No. 486, Kammanahalli Main Road Cross, Near Sridhar Glass and Plywood,
Bangalore-560084, Karnataka, India |
|
Date of Birth/Age : |
23.06.1981 |
|
Date of Appointment : |
08.09.2008 |
|
Date of Ceasing: |
05.10.2009 |
|
|
|
|
Name : |
Ms. Ritu Maheshwari |
|
Designation : |
Company Secretary |
|
Address : |
76/4, 2nd |
|
Date of Birth/Age : |
26.03.1984 |
|
Date of Appointment : |
01.06.2010 |
|
|
|
|
Name : |
Ms. Jayalakshmi |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shishira Rudrappa |
|
199907 |
|
Sajan Poovayya |
|
2136872 |
|
Abhijat Amit Shah |
|
10073903 |
|
Vijayendra Rao |
|
3052707 |
|
Abhijat Shah, Trustee, The Jurimatrix Employee Benefit |
|
4837112 |
|
Rajat K Gupta |
|
616734 |
|
Jaithirth Rao |
|
1845940 |
|
Laya and Tia Infotechnologies Private Limited, |
|
216181 |
|
Arthur Ralph Flew |
|
1005866 |
|
Jeroen Tas |
|
406730 |
|
Bhaskar Menon and Smita Menon |
|
439548 |
|
Kennet Ake |
|
200811 |
|
Yoav Griver and Sabrina P. Shroff |
|
742129 |
|
Mohan Krishnan |
|
1213396 |
|
Tarun Khanna |
|
222631 |
|
Ashish Nanda |
|
103755 |
|
Gurvirendra Singh Talwar |
|
394514 |
|
R M Parakh |
|
298367 |
|
Victor J Menezes and Tara A Menezes |
|
197257 |
|
V |
|
204563 |
|
Chowdry Associates |
|
199693 |
|
Regency Exports Private Limited, |
|
197744 |
|
Rene Hautle |
|
180515 |
|
Alan j Weber |
|
99238 |
|
Cetus Investment Limited, |
|
116879 |
|
G. Marmol Trust, Dallas |
|
194817 |
|
Kantic Das Gupta and Manoranjana Das Gupta |
|
79875 |
As on 28.09.2010
|
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] |
|
22.90 |
|
Bodies
corporate |
|
1.36 |
|
Directors
or relatives of directors |
|
56.34 |
|
Other
top fifty shareholders |
|
19.40 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing LPO (Legal Process Outsourcing) |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit |
|
|
|
|
Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Corporates |
|
|
|
|
No. of Employees : |
80 (Approximately) |
|
|
|
|
Bankers : |
Citibank N.A, 506-507, Level 5, Prestige Meridian 2, M G Road,
Bangalore-560001, Karnataka, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR Associates Chartered Accountant |
|
Address : |
Maruthi Info-Tech Centre, |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30370145 |
Equity Shares |
Rs.10/- each |
Rs.303.701
Millions |
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 |
303.701 |
303.701 |
303.701 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
199.712 |
199.712 |
199.712 |
|
|
4] (Accumulated Losses) |
(104.132) |
(60.486) |
(50.950) |
|
|
NETWORTH |
399.281 |
442.927 |
452.463 |
|
|
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 |
|
|
STOCK OPTION OUTSTANDING |
5.433 |
3.035 |
1.613 |
|
|
|
|
|
|
|
|
TOTAL |
404.714 |
445.962 |
454.076 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.268 |
20.615 |
20.202 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.570 |
|
|
|
|
|
|
|
|
INVESTMENT |
411.933 |
410.968 |
414.299 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1.643
|
10.989 |
4.002 |
|
|
Cash & Bank Balances |
3.192
|
33.403 |
16.833 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.156
|
11.630 |
4.746 |
|
Total
Current Assets |
12.991
|
56.022 |
25.581 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.218
|
1.964 |
0.784 |
|
|
Other Current Liabilities |
31.525
|
38.895 |
5.525 |
|
|
Provisions |
0.735
|
0.784 |
0.267 |
|
Total
Current Liabilities |
33.478
|
41.643 |
6.576 |
|
|
Net Current Assets |
(20.487)
|
14.379 |
19.005 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
404.714 |
445.962 |
454.076 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
40.070 |
66.930 |
6.520 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
83.720 |
76.240 |
41.730 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
83.720 |
76.240 |
41.730 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(43.650) |
(9.310) |
(35.210) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.230 |
0.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(43.650) |
(9.540) |
(35.320) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(60.490) |
(50.950) |
(15.660) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(104.140) |
(60.490) |
(50.980) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
40.104 |
53.664 |
0.241 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.44) |
(0.31) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(108.93)
|
(14.25) |
(541.72) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(166.23)
|
(12.15) |
(76.91) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
(0.02) |
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.08
|
0.09 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39
|
1.35 |
3.89 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Dues to micro an
small enterprises |
0.000 |
0.017 |
0.000 |
|
Dues to other
than micro and small enterprises |
1.218 |
1.947 |
0.784 |
|
Total |
1.218 |
1.964 |
0.784 |
NOTE: The
registered office of the company has been shifted from The Estate, 403, 4th Floor,
BACKGROUND:
Jurimatrix Services India Private Limited (‘the company’) is a private
limited company incorporated under the provisions of the companies act 1956 on
6 December 2005. The company is in the business of providing legal support
services to its clients.
OPERATION:
The company was incorporated on 06.12.2005 and its main business
activity is offering and undertaking outsourced professional legal and
consultancy services in
The company focuses exclusively on document review, contract management,
M and A due diligence, compliance and legal research. The company active
clients included over a third of the top 100 global law firms, as well as
numerous fortune 500 companies. Jurimatrix currently has offices in
FINANCIAL
POSITION:
The company is in a comfortable financial position as a reason of strong
financial discipline and cost control.
Bankers Charges Report
as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74110KA2005PTC037857 |
|
Name of the
company |
JURIMATRIX
SERVICES INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
The Estate, 403,
4th Floor, |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
Citibank N.A, 506-507, Level 5, Prestige Meridian 2, M G Road,
Bangalore-560001, Karnataka, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Goods Security
Agreement |
|
Date of
instrument Creating the charge |
14.11.2007 |
|
Amount secured by
the charge |
Rs.225.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate as agreed
between the company and the bank from time to time. Terms of
Repayment Working capital
facilities (Non- Fund Based) repayable on demand Margin 44% against
machinery 36% against
Stocks 44% against Book
Debts or such other
margin as agreed between the company and the bank from time to time Extent and
Operation of the charge First charge |
|
Short particulars
of the property charged |
The whole of
Plant and Machinery The whole of
movable assets, including stocks of raw materials, goods in process of
manufacture, semi-finished goods and all finished and manufactured goods;
present and future book debts, outstanding Monies, receivables, claims,
bills, investments, rights to or on moveable properties and moveable assets
forming part of current assets , Located at the
Borrowers godowns or premises wherever situated in |
FIXED ASSETS:
- Computer
Equipment
- Furniture and
Fixtures
- Office
Equipment
- Electrical
Fittings
- Leasehold
Fittings
- Leasehold
Improvements
- Software
TRADE REFERENCES:
- Goldman Sacks
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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
26 |
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.