MIRA
INFORM REPORT
|
Report Date : |
07.01.2010 |
IDENTIFICATION DETAILS
|
Name : |
VFS GLOBAL SERVICES PRIVATE LIMITED |
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Formerly Known
As : |
KUONI VISA SERVICES PRIVATE LIMITED |
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Registered
Office : |
Kuoni House, Colaba, Mumbai 400001, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
10.01.2006 |
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Com. Reg. No.: |
11-158812 |
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CIN No.: [Company Identification
No.] |
U75210MH2006FTC158812 |
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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 : |
Ba |
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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 1870000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ashish |
|
Designation : |
Accountant |
|
Date : |
06.01.2011 |
LOCATIONS
|
Registered Office : |
Kuoni House, Colaba, Mumbai 400001, |
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Tel. No.: |
91-22-67289000 / 66562000 |
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Fax No.: |
91-22-67289292 / 66561759 |
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E-Mail : |
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Website : |
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Area : |
3000 sq.ft |
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Location : |
Owned |
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Corporate Office : |
1st Floor, Kamalacharan, Plot No. 179/180, Jawahar Nagar,
Goregaon (West), Mumbai 400062, |
DIRECTORS
|
Name : |
Mr. Zubin Karkaria |
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Designation : |
Managing Director |
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Date of Birth/Age : |
21.05.1968 |
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Date of Appointment : |
14.05.2009 |
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Name : |
Mr. Max-Ernst-Katz |
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Designation : |
Director |
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Address : |
Feldblumenstrasse 9, 8134 |
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Date of Birth/Age : |
24.04.1955 |
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Date of Appointment : |
14.05.2009 |
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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 |
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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, |
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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, |
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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: |
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Name : |
Mr. Bernard A Martyris |
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Designation : |
Director |
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Date of Birth/Age : |
23.01.1949 |
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Date of Appointment : |
01.07.2006 |
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Name : |
Mr. Stefan R Leser |
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Designation : |
Director |
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Date of Birth/Age : |
16.02.1967 |
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Date of Appointment : |
01.01.2010 |
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Name : |
Mr. Maliekkal Paul John |
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Designation : |
Director |
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Date of Birth/Age : |
22.04.1969 |
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Date of Appointment : |
14.10.2008 |
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Name : |
Mr. Peter Francis Rothwell |
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Designation : |
Director |
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Date of Birth/Age : |
15.04.2010 |
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Date of Appointment : |
15.04.2010 |
KEY EXECUTIVES
|
Name : |
Mr. N Venkatesan |
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Designation : |
Secretary |
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Date of Birth/Age : |
12.07.1963 |
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Date of Appointment : |
11.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.06.2010
|
Names of Shareholders |
No. of Shares |
|
Equity Shares |
|
|
Kuoni Asian Investments ( |
746100 |
|
Kuoni Travel Holding Limited, |
3900 |
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Total |
750000 |
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Preference
Shares |
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|
Kuoni Travel ( |
27617001 |
AS ON 28.06.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Services Regarding Visas. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
Corporate |
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No. of Employees : |
800 Approximately |
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Bankers : |
Standard Chartered Bank , Fort, Mumbai |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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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, |
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Sister Concern: |
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Holding Company: |
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Ultimate Holding Company: |
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Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
750000 |
Equity Shares |
Rs. 10 each |
Rs.7.500 millions |
|
27750000 |
Preference Shares |
Rs. 10 each |
Rs.277.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares (of the above 746100 equity shares are held by Kuoni Asian Investment Mauritius
Limited the holding company and 3900 equity shares are held by Kuoni Travel
Holding Limited , Zurich the ultimate holding company) |
Rs. 10 each |
Rs.7.500 millions |
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|
27617001 |
10% Cumulative Redeemable Preference Share (redeemable within a period of 20 years held entirely by Kuoni Travel
India Priavte Limited the fellow subsidiary of the company along with its
nominees.) |
Rs. 10 each |
Rs.276.170 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
283.670 |
283.670 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
185.363 |
82.795 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(50.088) |
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NETWORTH |
469.033 |
366.465 |
(42.588) |
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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 |
0.000 |
44.381 |
62.874 |
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TOTAL BORROWING |
0.000 |
44.381 |
62.874 |
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DEFERRED TAX LI |
0.000 |
0.000 |
0.000 |
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TOTAL |
469.033 |
410.846 |
20.286 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
210.152 |
230.419 |
12.600 |
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Capital work-in-progress |
30.932 |
11.608 |
0.000 |
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INVESTMENT |
30.495 |
30.495 |
0.000 |
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|
DEFERREX TAX ASSETS |
36.712 |
26.688 |
0.000 |
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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 |
43.774
|
15.888 |
3.934 |
|
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Cash & Bank Balances |
97.525
|
69.766 |
5.979 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
332.140
|
334.028 |
0.000 |
|
Total
Current Assets |
473.439
|
419.682 |
9.913 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
210.251
|
228.282 |
2.176 |
|
|
Other Current Liabilities |
38.027
|
71.348 |
0.051 |
|
|
Provisions |
64.419
|
8.416 |
0.000 |
|
Total
Current Liabilities |
312.697
|
308.046 |
2.227 |
|
|
Net Current Assets |
160.742
|
111.636 |
7.686 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
469.033 |
410.846 |
20.286 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
1301.660 |
1316.580 |
7.186 |
|
|
|
Other Income |
23.870 |
29.890 |
0.000 |
|
|
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TOTAL (A) |
1325.530 |
1346.470 |
7.186 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
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|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1112.730 |
1225.030 |
43.126 |
|
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|
Advertising Expenses |
|
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TOTAL (B) |
1112.730 |
1225.030 |
43.126 |
|
|
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|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
212.800 |
121.440 |
(35.940) |
|
|
|
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|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
212.800 |
121.440 |
(35.940) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
NA |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
212.800 |
121.440 |
(35.940) |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
77.910 |
59.440 |
0.000 |
|
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|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
134.890 |
62.000 |
(35.940) |
|
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|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.820 |
(50.090) |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
27.620 |
0.080 |
NA |
|
|
|
Tax on Dividend |
4.700 |
0.010 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
114.390 |
11.820 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
179.85 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
10.17
|
4.60 |
(500.13) |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
16.34
|
9.22 |
(500.13) |
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.12
|
18.68 |
(159.64) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.33 |
0.84 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.66
|
0.96 |
(1.52) |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.36 |
4.45 |
LOCAL AGENCY FURTHER INFORMATION
BONUS SHARES
The Directors
proposes to issue Bonus Equity shares subject to approval in Annual General
Meeting to the existing members of the Company with a view to reward members
and with a view to bring in the subscribed and paid-up capital of the Company
in proportion to the resources and the size of the undertaking. It is therefore
proposed to capitalize a sum of Rs. 90.000 millions by way of issuing Bonus
Equity shares of Re.101- each in the proportion of 12 (Twelve) Bonus Equity
Share of Re.101- each for every existing 1 (One) equity share of the Company
held by such members. The said amount will be drawn from the Profit & Loss
Account of the Company and will be capitalized and transferred to the Share
Capital as appearing in the Books of the Company as at 31 December 2009, and
will be issued to those persons who are members of the Company on the date of the
Annual General Meeting.
BUSINESS OPERATIONS
The Directors have
pleasure to inform the that at present, the Company has 112 Visa Application
centers servicing 23 missions in
CHANGE OF NAME OF THE COMPANY
Post amalgamation,
the name of the Company was changed from Kuoni Visa Services Private Limited to
VFS Global Services Private Limited. The Company has received the fresh
certificate of incorporation consequent to the change of name from Registrar of
Companies effective from 16 January 2009.
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2009
|
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
Sundry Creditors |
210.251
|
228.282 |
2.176 |
Note:
Registered office of the company has been shifted from 4, Tulsiani
Chambers, Nariman Point, Mumbai 400021,
FIXED ASSETS:
- Computer
Software
- Leasehold
Improvements
- Office
Equipment
- Vehicles
- Computers
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.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
|
|
--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 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.