MIRA
INFORM REPORT
|
Report Date : |
25.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
HUTCHISON 3 GLOBAL SERVICES PRIVATE LIMITED (w.e.f.28.04.2008) |
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Formerly Known
As : |
HUTCHISON WHAMPOA PROPERTIES ( |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.01.2006 |
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Com. Reg. No.: |
11-159149 |
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CIN No.: [Company Identification No.] |
U72900MH2006PTC159149 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH10286D |
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PAN No.: [Permanent Account No.] |
AABCH8136L |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
The company is engaged in the business of providing Information
Technology Enabled Services Call Centre Operations. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Hutchison Whampoa Group. It is a well established
and reputed company having fine track records. The company is doing well.
Financial position is good. Trade relations are fair. Payments are reported
to 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 |
|
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 DENIDED BY
|
Name : |
Mr. Rajesh |
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Designation : |
Accountant |
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Date : |
24.03.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-66763333 / 66763010 |
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E-Mail : |
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Website : |
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Branch Office : |
1,2,3 Office Floor Level Commerzone,
Building No.3, Survey No. 144 and 145, Samrat, Ashok Path, Off Airport Road,
Yerwada, Pune-411006, Maharashtra, India |
|
Tel. No.: |
91-20-66252211 |
DIRECTORS
As On : 27.09.2010
|
Name : |
Mr. Susan Mo Fong Chow Woo |
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Designation : |
Director |
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Address : |
9A, Po Graden 9 , Brewin Path, Mid Levels, |
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Date of Birth/Age : |
17.11.1953 |
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Date of Appointment : |
12.02.2007 |
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DIN No : |
00749738 |
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Name : |
Mr. Edith Shih |
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Designation : |
Director |
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Address : |
13c, 9, Brewin Path, Mid Levels, |
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Date of Birth/Age : |
19.01.1952 |
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Date of Appointment : |
12.02.2007 |
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DIN No : |
01253852 |
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Name : |
Mr. Frank John Sixt |
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Designation : |
Director |
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Address : |
Flat G/B, Knights Bridge Court No.28, |
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Date of Birth/Age : |
29.11.1951 |
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Date of Appointment : |
12.02.2007 |
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DIN No : |
00339932 |
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Name : |
Mr. Sanjay Jagdish Luthra |
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Designation : |
Director |
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Address : |
Building No.C-12, Road No.93, MIG Colony, Bandra (East),
Mumbai-400051, |
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Date of Birth/Age : |
24.11.1965 |
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Date of Appointment : |
06.06.2007 |
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DIN No : |
01625586 |
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Name : |
Mr. Hait Nagpal |
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Designation : |
Director |
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Address : |
Flat No.1101, 11th Floor, Sterling Sea Face, Dr. Annie
Besant Road, Worli, Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
02.11.1961 |
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Date of Appointment : |
12.02.2007 |
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Name : |
Mr. Makarand Madhusudan Joshi |
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Designation : |
Director |
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Address : |
B/5, Trimurti, Gavanpada, Mulund (East), Mumbai-400081, |
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Date of Birth/Age : |
01.08.1977 |
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Date of Appointment : |
23.01.2006 |
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Name : |
Ms. Madhuri Makarand Joshi |
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Designation : |
Director |
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Address : |
B/5, Trimurti, Gavanpada, Mulund (East), Mumbai-400081, |
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Date of Birth/Age : |
03.07.1977 |
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Date of Appointment : |
23.01.2006 |
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Name : |
Mr. Christopher John Sanderson |
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Designation : |
Director |
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Address : |
Flat No.2, Shakti Villa L A Burnum road, Gamdevi, Mumbai-400007, |
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Date of Birth/Age : |
30.08.1964 |
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Date of Appointment : |
01.05.2010 |
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DIN No : |
01080223 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
HWP Investment Holdings ( |
|
9999 |
|
Colonial Nominees (BVI) Limited |
|
1 |
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Total |
|
10000 |
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Names of Preference Shareholders |
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No. of Shares |
|
HWP Investment Holdings ( |
|
473 |
AS ON 27.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
Bodies Corporate |
|
100.00 |
|
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of providing Information
Technology Enabled Services Call Centre Operations. |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged to the management |
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Bankers : |
Not divulged |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veersavarkar Marg, |
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Holding Company : |
HWP Investment Holdings ( |
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Ultimate Holding Company : |
Hutchison Whampoa Limited |
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Associates : |
·
Hutchison 3G UK Limited ·
Vodafone Hutchison Australia Pty Limited (Formerly
known as Hutchison 3G Australia Pty Limited) ·
Hutchison 3G Ireland Limited |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
|
676 |
Preference Shares |
Rs. 1000000/- each |
Rs. 676.000 millions |
|
|
Total |
|
Rs. 676.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
million |
|
473 |
Redeemable Non-Convertible Cumulative
Preference Shares |
Rs. 1000000/- each |
Rs. 473.000
millions |
|
|
Total |
|
Rs. 473.100 millions |
Note : of the above 9999 Equity Shares of Rs. 10 each
are held by HWP Investment Holdings (India) Private Limited, the holding company,
which pursuant to section 4(1)(C) is a subsidiary of Hutchison Whampoa Limited.
(Redeemable on April 29, 2007 as per the terms of issue bearing fixed
coupon rate of dividend of Rs. 10 per annum per Preference Shares per year.)
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 |
473.100 |
676.100 |
676.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1492.800 |
1013.797 |
209.278 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1965.900 |
1689.897 |
885.378 |
|
|
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 |
1965.900 |
1689.897 |
885.378 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
512.631 |
392.505 |
371.689 |
|
|
Capital work-in-progress |
15.910 |
19.383 |
50.219 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
12.526 |
16.653 |
12.891 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
967.912
|
751.276 |
257.096 |
|
|
Cash & Bank Balances |
759.409
|
677.460 |
389.540 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
626.521
|
440.409 |
261.819 |
|
Total
Current Assets |
2353.842
|
1869.145 |
908.455 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
416.887
|
272.715 |
298.274 |
|
|
Other Current Liabilities |
435.721
|
270.689 |
112.524 |
|
|
Provisions |
78.693
|
68.052 |
52.120 |
|
Total
Current Liabilities |
931.301
|
611.456 |
462.918 |
|
|
Net Current Assets |
1422.541
|
1257.689 |
445.537 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.292 |
3.667 |
5.042 |
|
|
|
|
|
|
|
|
TOTAL |
1965.900 |
1689.897 |
885.378 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operational Income |
5608.120 |
4941.750 |
1456.532 |
|
|
|
Other Income |
17.432 |
156.190 |
6.478 |
|
|
|
TOTAL |
5625.552 |
5097.940 |
1463.010 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees Remuneration |
3928.949 |
3299.435 |
954.435 |
|
|
|
Miscellaneous Expenditure Written Off |
1.375 |
1.375 |
0.478 |
|
|
|
Administrative Expenses |
899.906 |
772.920 |
229.592 |
|
|
|
Prior Period Adjustment |
16.364 |
0.000 |
0.000 |
|
|
|
TOTAL |
4846.594 |
4073.730 |
1184.505 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
778.958 |
1024.210 |
278.505 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
211.742 |
214.321 |
79.673 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
567.216 |
809.889 |
198.832 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.127 |
5.370 |
(10.458) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
563.089 |
804.519 |
209.290 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1013.797 |
209.278 |
(0.012) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
203.000 |
0.000 |
0.000 |
|
|
|
Premium on Redemption of Preference Shares |
84.086 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1289.800 |
1013.797 |
209.278 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Operational Income |
5608.120 |
4941.750 |
1456.532 |
|
|
TOTAL EARNINGS |
5608.120 |
4941.750 |
1456.532 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
146.012 |
83.611 |
23.518 |
|
|
TOTAL IMPORTS |
146.012 |
83.611 |
23.518 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
56.31 |
80.45 |
20.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.01
|
15.78 |
14.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.11
|
16.39 |
13.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.70
|
35.55 |
15.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.48 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
0.36 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
3.06 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
-
Dues to Micro and Small Enterprises |
0.000 |
0.000 |
0.104 |
|
-
Dues to Other than Micro and Small Enterprises |
0.000 |
0.000 |
0.000 |
|
-
Capital Goods |
0.848 |
12.993 |
8.295 |
|
-
Expenses |
416.039 |
259.722 |
289.875 |
|
Total |
416.887 |
272.715 |
298.274 |
Note : Registered Office
of the company has been shifted from 3rd Floor, Jyoti Chambers, Lokmanya
Tilak Road, Mulund (East), Mumbai – 400 081, Maharashtra, India to the present
address w.e.f. 31.01.2007
FIXED ASSSETS
ü Trademark
ü Goodwill
ü Computer Software
ü Plant and
Machinery
ü Computer Hardware
ü Furniture,
Fixtures and Office Equipments
ü Motor Vehicles
ü Leasehold
Improvements
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] 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.44.77 |
|
|
1 |
Rs.72.66 |
|
Euro |
1 |
Rs.63.06 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.