MIRA
INFORM REPORT
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Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
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Name : |
VITEOS CAPITAL MARKET SERVICES LIMITED |
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Formerly Known
As : |
VITEOS TECHNOLOGIES LIMITED |
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Registered
Office : |
No. 43, Electronics City, Phase II, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.01.2002 |
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Com. Reg. No.: |
08-30004 |
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CIN No.: [Company Identification
No.] |
U72900KA2002PLC030004 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV01199C |
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PAN No.: [Permanent Account No.] |
AABCV37923 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Asset Management Servicing and Fund Administration. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 320000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. There appears a huge accumulated loss
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.
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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
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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 DECLINED BY
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Name : |
Mr. Prasanna |
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Designation : |
Accounts Manager |
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Contact No.: |
91-80-30982200 |
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Date : |
06.01.2011 |
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Name : |
Mr. H Nagaraj |
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Designation : |
Chief Financial Officer |
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Date : |
06.01.2011 |
LOCATIONS
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Registered Office : |
No. 43, Electronics City, Phase II, |
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Tel. No.: |
91-80-30982200 |
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Fax No.: |
91-80-30982201 |
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E-Mail : |
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Website : |
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Overseas Offices : |
Located at: ·
·
·
Norht ·
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Kiron Dhirajlal Shah |
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Designation : |
Director |
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Address : |
No. 8/1l, |
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Date of Birth/Age : |
25.11.1961 |
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Date of Appointment : |
17.01.2002 |
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Name : |
Mrs. Sreedhara Menon |
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Designation : |
Director |
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Address : |
176, |
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Date of Birth/Age : |
06.12.1936 |
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Date of Appointment : |
03.05.2002 |
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Name : |
Mr. Shankarm Narayan Iyer |
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Designation : |
Director |
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Address : |
92, |
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Date of Birth/Age : |
26.11.1964 |
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Date of Appointment : |
17.01.2002 |
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Name : |
Mrs. Chitra Baskar |
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Designation : |
Director |
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Address : |
28, |
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Date of Birth/Age : |
20.04.1966 |
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Date of Appointment : |
15.05.2005 |
KEY EXECUTIVES
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Name : |
Mr. Rajnish Kumar Pal |
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Designation : |
Secretary |
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Address : |
# 245, Ground Floor, Jayanagar, 4 T Block, Bangalore-560041, |
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Date of Birth/Age : |
26.09.1977 |
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Date of Appointment : |
23.06.2008 |
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Date of Ceasing: |
20.04.2010 |
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Name : |
Mr. Prasanna |
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Designation : |
Accounts Manager |
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Name : |
Mr. H Nagaraj |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Viteos Mauritius Limited, |
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1996992 |
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Shankar Iyer (Nominee of Viteos Mauritius Limited) |
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1 |
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Kiron D Shah (Nomines of Viteos
Mauritius Limited) |
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1 |
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Navin Nair (Nominess of Viteos Mauritious Limited) |
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4 |
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Hemali Sanghvi (Nominess of Viteos Mauritus Limited) |
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1 |
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Anita Shah (Nominess of Viteos Mauritius Limited) |
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1 |
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Anju Prakash (Nominee of Viteos Mauritius Limited) |
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1 |
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H Nagaraj (Nominess of Viteos Mauritius Limited) |
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1 |
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Total |
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1997002 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Asset Management Servicing and Fund Administration. |
GENERAL INFORMATION
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No. of Employees : |
Approximately 500 (Above) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Delloitte Haskins and Sells Chartered Accountant |
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Address : |
Deloitte Centre |
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Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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E-Mail : |
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Holding Company: |
Viteos Mauritius Limited, |
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Fellow Subsidiaries: |
Viteos Fund Services Limited, Cayman Viteos Fun Services LLC |
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Enterprises owned or significantly influenced by key management personnel: |
Velankani Information Systems Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1997002 |
Equity Shares |
Rs. 10/-
each |
Rs. 19.970
Millions |
Note:
All the above shares are held by Viteos
Mauritius Limited,
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.970 |
19.970 |
19.071 |
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2] Share Application Money |
0.000 |
0.000 |
61.084 |
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3] Reserves & Surplus |
219.508 |
219.508 |
159.323 |
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4] (Accumulated Losses) |
[157.671] |
[147.349] |
[158.137] |
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NETWORTH |
81.807 |
92.129 |
81.341 |
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LOAN FUNDS |
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1] Secured Loans |
0.177 |
0.992 |
14.203 |
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2] Unsecured Loans |
2.240 |
2.240 |
2.281 |
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TOTAL BORROWING |
2.417 |
3.232 |
16.484 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.224 |
95.361 |
97.825 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
137.925 |
103.994 |
51.007 |
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Capital work-in-progress |
2.720 |
22.327 |
18.441 |
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INVESTMENT |
55.027 |
83.781 |
56.460 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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 |
15.914
|
24.876 |
14.243 |
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Cash & Bank Balances |
17.737
|
14.483 |
9.658 |
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Other Current Assets |
15.872
|
35.015 |
14.941 |
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Loans & Advances |
49.234
|
45.770 |
34.744 |
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Total
Current Assets |
98.757
|
120.144 |
73.586 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
67.065 |
62.313 |
47.309 |
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Other Current Liabilities |
130.978
|
163.599 |
48.619 |
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Provisions |
12.162
|
8.973 |
5.741 |
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Total
Current Liabilities |
210.205
|
234.885 |
101.669 |
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Net Current Assets |
[111.448]
|
[114.741] |
[28.083] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.224 |
95.361 |
97.825 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Export Service Income |
308.436 |
468.849 |
311.114 |
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Other Income |
21.561 |
3.694 |
4.989 |
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TOTAL (A) |
329.997 |
472.543 |
316.103 |
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Less |
EXPENSES |
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Personnel Expenses |
101.280 |
106.539 |
135.433 |
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Operating Administrative Expenses |
197.186 |
336.676 |
171.754 |
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Loss on Discarded assets |
0.000 |
0.000 |
3.867 |
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TOTAL (B) |
298.466 |
443.215 |
311.054 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31.531 |
29.328 |
5.049 |
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Less |
FINANCIAL
EXPENSES (D) |
0.093 |
0.847 |
1.105 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.438 |
28.481 |
3.944 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
41.760 |
16.293 |
14.336 |
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PROFIT BEFORE
TAX (E-F) (G) |
[10.322] |
12.188 |
[10.392] |
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Less |
TAX (I) |
0.000 |
1.400 |
0.653 |
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PROFIT AFTER TAX
(G-I) (J) |
[10.322] |
10.788 |
[11.045] |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[147.349] |
[158.137] |
[147.092] |
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BALANCE CARRIED
TO THE B/S |
[157.671] |
[147.349] |
[158.137] |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
308.436 |
468.849 |
311.114 |
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TOTAL EARNINGS |
308.436 |
468.849 |
311.114 |
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IMPORTS |
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Capital Goods |
2.444 |
9.031 |
15.118 |
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TOTAL IMPORTS |
2.444 |
9.031 |
15.118 |
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Earnings Per
Share (Rs.) |
[5.17] |
5.46 |
[5.79] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[3.13]
|
2.28 |
[3.49] |
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Net Profit Margin (PBT/Sales) |
(%) |
[3.35]
|
2.60 |
[3.34] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[4.36]
|
5.44 |
[8.34] |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.13]
|
0.13 |
[0.13] |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.60
|
2.58 |
1.45 |
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Current Ratio (Current Asset/Current Liability) |
|
0.47
|
0.51 |
0.72 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Dues to Micro and Small Enterprises |
-- |
-- |
-- |
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- Due to others |
67.065 |
62.313 |
47.309 |
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Total |
67.065 |
62.313 |
47.309 |
Operations and
Future Outlook:
During the financial year 2009-10, the company recorded a total income
from operations of Rs. 308.436 Millions and has an overall loss of Rs. 10.321
Millions as against a total income form operations of Rs. 468.849 Millions and
profit of Rs. 10.787 Millions during the previous financial year.
Over the past 2 year the Financial industry has seen a severe turmoil
because of which the market has also experiences a severe downturn. Several
hedge funds have closed operation of there was significant depletion in the
value of their assets. Viteos has also been impacted by these factors and hence
lower revenues. However Viteos continues to be an important player in the
market and is targeting to see improvements in the coming year.
The company has made a mark for in the Industry of Hedge Fund
Administrators and has already become a well recognized name in the Hedge Fund
community as a young and diligent service provider. The company differentiates
itself from other administrators by providing end to end fund administration
and unbundled the middle office services as needed by a fund. This strategy
allows the company to tap the larger funds and it has proved very successful to
the company and today the company has added some marque clients to its list
during the past years.
During the period, the company
has continuously added employee strengths and made hiring in operations, It and
business development. The company continues to launch various marketing and
image building campaigns through direct mail marketing, advertising and
participation in industry events as speakers on panels.
A key channels for acquiring new business for the company is through
introductions from prime Borkers. During the past year, the company kept on
meeting with all the key prime brokers and will continue to explore strategic
partnership with some of them to further its business.
Bankers Charges
Report as per Registry
|
Name of the company |
VITEOS TECHNOLOGIES LIMITED |
|
Presented By |
State Bank of VITEOS TECHNOLOGIES LIMITED |
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1) Date and description of instrument creating the change |
Date: 19.07.2002 Agreement of hypothecation of goods and assets. Letter regarding the grant of individual limits within the overall limited (Both the above pertain to same charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 100.000 Millions (Term Loan – Rs. 50.000 Millions and EPC – RS. 50.000 Millions) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all present and future goods, book debts and all other movable assets of the borrower including documents of title to goods outstanding monies, receivables including receivable by way of cast assistance and / or cash incentives under the cash incentive scheme or any other scheme, claims, including claims by way of refund of other scheme, bills, Invoices, Documents, Contracts, Insurance policies Guarantees, Engagements, Securities, Investments, Rights and Pledge / Hypothecation of the present Machinery listed in the schedule hereunto and all future machinery belonging to or in the possession or under the control of the borrower wherever lying, stores and kept and whether in possession or the borrower or of the bank or of any third party whether in India or elsewhere through out the world including all such goods, other movable assets as may be in course of shipment, transit or delivery, by way of First Charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest: EPC – 8% per annum at monthly rests. TL: 1.25% above SBMTLR : Eff Rate 12.75% per annum with monthly rests Margin: 25% on Book Debts/ Receivables and 33% on Land and Building/ Plant and Machinery Repayment: EPC- on Demand, TL- In 12 quarterly Installments. Firs 8 installments of Rs. 3.750 Millions and Last 4 installments of Rs. 5.000 Millions each commencing from 31.07.2002 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Fixed Assets:
·
Network Equipments and Accessories
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Leasehold Improvements
·
Application Software
·
Internally
Developed Application Software
AS PER WEBSITE
Overview:
They focus intently on creating value for the clients. At Viteos,
problem-solving is the top business priority. For each client, they determine
how the services can be tailored to extract more value from the business, deliver
on the commitments, keep the business secure and propel the business forward.
They believe you should expect more from the fund administration and
outsourcing relationships. They measure the success by how they fundamentally
impact, grow and make the business more successful. The commitment to the
overall success drives them to think and behave differently.
The philosophy of value creation is supported by a full range of
administration, middle office and accounting services for the alternative investment
community. The solutions offered by Viteos are tailored for each client’s
specific needs. The global delivery model combines the real-time cutting edge
technology using an open architecture approach with highly qualified
professional staffs in the
Services:- Client
Sector:
What differentiates them is the focus on value creation. Through
efficiency, accuracy and timeliness of the services, they play a vital role in
extending the clients’ existing operations and building scalability.
Ultimately, the delivery model is designed to enable fund managers to focus on
generating returns and growing assets. Both the leadership team and the
operations/service delivery professionals have a deep understanding of the marketplace,
technology and needs of the clients. Whether you are a hedge fund manager,
trader, fund of funds or institutional investor, they understand and address
the needs effectively.
Hedge fund manager/trader: Emerging managers are building a business
and need help with real-time trading support, reporting and compliance while
established managers derive value from efficient scalable outsourcing and
reliable operations.
Fund of funds: The focus is on services that provide aggregation
of underlying managers, transparency and analytics/valuations. Funds of funds
are particularly concerned with position exposure, market risk and overall
reporting issues such as accuracy, timeliness and seamless reporting to clients
.
Institutional investor: They are well positioned to create value
through third party pricing/valuation services, including application to
complex portfolios, while they offer scalability, data aggregation, risk
analysis and internal controls to meet the concerns of increasingly astute
investors.
Press Release:
(
In addition, according to the Survey, VITEOS is among the top 10 fastest
growing Fund Administrators in the industry, having moved to 42nd as measured
by assets under administration from 50th in April.
Said Jonathan White, Director of Business Development in the
It’s not just the growth in fund administration that is setting VITEOS
apart from other Administrators. According to Francis Rainsford, Executive Vice
President: “It’s a misnomer to measure our business solely on fund
administration, we have a large presence in middle office outsourcing with over
$30 billion in assets being processed on a daily basis. Clients also look to
VITEOS for consultative services in implementing technology solutions. Our
ability to identify solutions to the challenges the industry faces is creating
a unique opportunity for clients to leverage our domain expertise whether it’s
post-trade reconciliation, collateral management, compliance/risk reporting or
implementing technology solutions.”
VITEOS growth is not limited to the
Concludes Francis Rainsford: “We are extremely proud of the business we
are building and truly appreciate our clients’ commitment to our business.
First and foremost we are focused on providing solutions to the challenges our
clients face. By being innovative we consistently demonstrate that VITEOS is
the one conversation funds need to have.”
About Viteos Fund Services
Viteos Fund Services, is a hedge fund administrator with offices in the
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 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--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.