%20PRIVATE%20LIMITED%20-%20149800%2029-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
BNY MELLON INTERNATIONAL OPERATIONS (INDIA) PRIVATE LIMITED
(w.e.f.06.06.2008) |
|
|
|
|
Formerly Known
As : |
MELLON INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Tower III, Cybercity, 3rd Floor, Magarpatta City, Hadapsar,
Pune-411028, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
02.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-022163 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 834.737 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900PN2004FTC022163 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
The company provides Business Process Outsourcing Services. |
|
|
|
|
No. of Employees
: |
2053 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is a subsidiary of MBC Investment Corporation, USA. It is an
established and reputed company having satisfactory track. Trade relations
are reported as fair. The company is doing well. 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.
INFORMATION DECLINED BY
|
Name : |
Ms. Laren D’souza |
|
Designation : |
Account Manager |
|
Date : |
28.07.2011 |
LOCATIONS
|
Registered Office : |
Tower III, Cybercity, 3rd Floor, Magarpatta City, Hadapsar,
Pune-411028, Maharashtra, India |
|
Tel. No.: |
91-20-66073600 |
|
Fax No.: |
91-20-66073604 |
|
E-Mail : |
DIRECTORS
AS ON 16.08.2010
|
Name : |
Mr. Dinesh Umeshchandra Deo |
|
Designation : |
Director |
|
Address : |
Flat No. 201, Amruta Apartment, CTS 55, FP 82, PL 8, Ashok Path, Erandawana,
Pune-411004, Maharashtra, India |
|
Date of Birth/Age : |
21.12.1970 |
|
Date of Appointment : |
16.02.2007 |
|
DIN No : |
01662530 |
|
|
|
|
Name : |
Mr. Kathleen J Geis |
|
Designation : |
Director |
|
Address : |
1386, Royal Oka, DR Wexford-15090,
USA |
|
Date of Birth/Age : |
27.11.1959 |
|
Date of Appointment : |
31.05.2005 |
|
DIN No : |
02378052 |
|
|
|
|
Name : |
Mr. Frank Devid Dittrich |
|
Designation : |
Director |
|
Address : |
1642, Blackburn Hgts, Sewickley PA, Pennsylvania-15143, USA |
|
Date of Birth/Age : |
04.07.1957 |
|
Date of Appointment : |
08.01.2007 |
|
DIN No : |
01868692 |
|
|
|
|
Name : |
Mr. James C Mceleney |
|
Designation : |
Director |
|
Address : |
Flat A-1002, Waterfront SR No.212/A, South Avenue, Kalyani Nagar,
Pune-411006, Maharashtra, India |
|
Date of Birth/Age : |
25.10.1965 |
|
Date of Appointment : |
21.07.2009 |
|
DIN No : |
02726873 |
KEY EXECUTIVES
|
Name : |
Ms. Laren D’souza |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.08.2010
|
Names of Shareholders |
No. of Shares |
|
MBC Investments Corporation, USA |
83473665 |
|
The Bank of New York Mellon Corporation, New York |
1 |
|
|
|
|
Total |
83473666 |
AS ON 16.08.2010
|
Category |
Percentage |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company provides Business Process Outsourcing Services. |
|
|
|
|
Products : |
Software Services |
GENERAL INFORMATION
|
No. of Employees : |
2053 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
|
|
|
|
Holding Company : |
MBC Investments Corporation, USA |
|
|
|
|
Ultimate Holding Company : |
The Bank of New York Mellon Corporation, New York |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
83473666 |
Equity Shares |
Rs.10/- each |
Rs. 834.737
Millions |
|
|
|
|
|
Note:
83473665 (2009:58782176 shares) equity shares are
held by MBC Investments Corporation, the holding Company.
1 (2009:1 share) equity share is held by The
Bank of New York Mellon Corporation the ultimate holding company
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 |
834.737 |
587.822 |
311.662 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
535.634 |
276.242 |
100.591 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1370.371 |
864.064 |
412.253 |
|
|
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 |
1370.371 |
864.064 |
412.253 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
404.586 |
215.204 |
182.919 |
|
|
Capital work-in-progress |
206.343 |
145.959 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
23.932 |
10.717 |
4.116 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
430.898
|
165.007 |
169.920 |
|
|
Cash & Bank Balances |
326.817
|
376.242 |
70.228 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
188.665
|
92.370 |
41.261 |
|
Total
Current Assets |
946.380
|
633.619 |
281.409 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
179.943
|
121.349 |
38.673 |
|
|
Other Current Liabilities |
15.194
|
12.033 |
1.977 |
|
|
Provisions |
15.733
|
8.053 |
15.541 |
|
Total
Current Liabilities |
210.870
|
141.435 |
56.191 |
|
|
Net Current Assets |
735.510
|
492.184 |
225.218 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1370.371 |
864.064 |
412.253 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1476.453 |
824.240 |
542.846 |
|
|
|
Other Income |
10.970 |
31.629 |
7.243 |
|
|
|
TOTAL |
1487.423 |
855.869 |
550.089 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Financial |
1283.886 |
706.467 |
468.549 |
|
|
|
Depreciation |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1283.886 |
706.467 |
468.549 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
203.537 |
149.402 |
81.540 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(1.026) |
7.167 |
1.905 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
204.563 |
142.235 |
79.635 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Income |
1476.453 |
824.240 |
542.846 |
|
|
|
Reimbursement of Expenses |
27.603 |
0.000 |
10.220 |
|
|
TOTAL EARNINGS |
1504.056 |
824.240 |
553.066 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
147.273 |
122.736 |
57.603 |
|
|
TOTAL IMPORTS |
147.273 |
122.736 |
57.603 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.37 |
3.46 |
4.29 |
|
%20PRIVATE%20LIMITED%20-%20149800%2029-Jul-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20149800%2029-Jul-2011_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20149800%2029-Jul-2011_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.75
|
16.62 |
14.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.79
|
18.13 |
15.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.80
|
17.38 |
17.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.25 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.15
|
0.16 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.49
|
4.48 |
5.01 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
-
Micro and Small
Enterprises |
11.938 |
5.015 |
0.000 |
|
-
Others |
168.005 |
116.334 |
38.673 |
|
Total |
179.943 |
121.349 |
38.673 |
PRESENT OUTLOOK
AND FUTURE PROSPECTS OF THE COMPANY
The Company was
incorporated on June 2, 2004 and the financial year is for a period of 12 months. During this period,
the Company made a profit of Rs. 204.600
millions on sales of Rs. 1476.400 millions. The revenue growth has been due to
the steady increase in headcount during the period. The headcount at the end of
March 2010 was 2,053 employees, which reflects an addition in headcount of 792 employees during the
year.
There has been an
increased commitment from the Corporation to offshore additional work to the
local site. This has necessitated the company to have infrastructure readiness
for operations. As a
consequence of this growth the company has taken on the lease additional office
premises to accommodate the increasing head count.
The Company has
been receiving guidance and support from all groups of its parent The Bank of New
York Mellon Corporation in building out the new infrastructure.
BACKGROUND
Subject was incorporated on 2nd June 2004 under the Indian
Companies Act, 1956 as a subsidiary of MBC Investments Corporation, USA. Which
is a subsidiary of The Bank of New York Mellon Corporation, USA.
The company provides Business Process Outsourcing Services exclusively
to its group companies. The Company is registered under the Software Technology
Parks of India as a 100% Export Oriented Unit.
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. 44.12 |
|
|
1 |
Rs. 72.05 |
|
Euro |
1 |
Rs. 63.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.