MIRA
INFORM REPORT
|
Report Date : |
16.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOLDSHIELD SERVICES PRIVATE LIMITED |
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Registered
Office : |
Akurti Trade Centre, 5th Floor, JVG Industrial Lane, MIDC, Andheri
(East), Mumbai-400088, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.06.1999 |
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Com. Reg. No.: |
11-120396 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500
Millions |
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CIN No.: [Company Identification
No.] |
U74990MH1999FTC120396 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Computer Software and IT Enable Services. |
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No. of Employees
: |
150 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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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 4700000 |
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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 well established company having fine track. Financial position
of the company is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular 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 PARTED BY
|
Name : |
Mr. Pranish |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-66784444 |
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Date : |
15.11.2011 |
LOCATIONS
|
Registered Office : |
Akurti Trade Centre, 5th Floor, JVG Industrial Lane, MIDC,
Andheri (East), Mumbai-400088, Maharashtra, India |
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Tel. No.: |
91-22-66784444 |
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Fax No.: |
91-22-66771262 / 66771264 |
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E-Mail : |
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Website |
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Head Office : |
No. 1, Croydon, 12-16, Addiscombe Road, Croydon, Surrey, CRo oXT,
United Kingdom |
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Tel. No.: |
(020) 8649 8500 |
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Fax No.: |
(020) 8686 0807 |
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E-Mail : |
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Branch Office : |
Chandler House, Castle Street, Roscrea, County Tipperary, Republic of
Ireland |
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Tel. No.: |
+353 505 24150 |
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Fax No.: |
+353 505 23416 |
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E-Mail : |
DIRECTORS
As on 28.09.2011
|
Name : |
Philipp Theodar Schwalber |
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Designation : |
Additional Director |
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Address : |
Flat No. 10, Durham Terrace, London, United Kingdom |
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Date of Birth/Age : |
19.02.1974 |
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Date of Appointment : |
03.05.2010 |
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Din No.: |
02995224 |
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Other Directorship:
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Name : |
Lisa Jane Stone |
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Designation : |
Director |
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Address : |
Tattleton, Hammerpond Road, Plummers Plain, Horsham, Pin Code RH13
6PF, United Kingdom |
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Date of Birth/Age : |
10.04.1962 |
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Date of Appointment : |
03.05.2010 |
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Din No.: |
03026492 |
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Other Directorship:
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Name : |
Mr. Venkateswaran Subramanian |
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Designation : |
Director |
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Address : |
Block 7, Plot 207, Bhaveshwar Sadan, Sion (East), Mumbai-400022,
Maharashtra, India |
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Date of Birth/Age : |
28.09.1956 |
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Date of Appointment : |
25.09.2002 |
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Date of Ceasing: |
23.06.2011 |
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Din No.: |
00058398 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Pranish |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
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No. of Shares |
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Goldshield Healthcare Private Limited, India |
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300 |
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Antigen International Limited, Ireland |
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249700 |
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Total |
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250000 |
As on 28.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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99.88 |
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Bodies
corporate |
|
0.12 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Computer Software and IT Enable Services. |
GENERAL INFORMATION
|
No. of Employees : |
150 [Approximately] |
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Bankers : |
HDFC Bank Limited, Andheri, Mumbai, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Ladha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi
Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-39836000 |
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Pan No.: |
AAIFB7357B |
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Holding Company: |
Antigen International Limited |
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Ultimate Holding Company: |
Goldshield Group Limited, UK |
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Subsidiaries of Ultimate Holding Company: |
·
Goldshield Healthcare Private Limited [GHPL] ·
Complete Wellbeing Publishing Private Limited
[CWPL] ·
Goldshield Real Estate Private Limited [GREPL] ·
B and S House of Health Private Limited [B and S] |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1175.024 |
1080.296 |
952.016 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1177.524 |
1082.796 |
954.516 |
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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 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
23.845 |
20.445 |
3.320 |
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TOTAL |
1201.369 |
1103.241 |
957.836 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
192.208 |
265.802 |
156.840 |
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Capital work-in-progress |
5.376 |
0.000 |
65.533 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CAPITAL ADVANCES |
0.000 |
1.586 |
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 |
595.767
|
433.045 |
567.290 |
|
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Cash & Bank Balances |
356.035
|
363.658 |
154.032 |
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Other Current Assets |
5.658
|
0.804 |
0.752 |
|
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Loans & Advances |
141.650
|
127.571 |
93.955 |
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Total
Current Assets |
1099.110
|
925.078 |
816.029 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
89.769
|
85.015 |
72.840 |
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Other Current Liabilities |
5.556
|
4.210 |
7.726 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
95.325
|
89.225 |
80.566 |
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Net Current Assets |
1003.785
|
835.853 |
735.463 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1201.369 |
1103.241 |
957.836 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Operating Income |
652.565 |
659.518 |
641.767 |
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Other Income |
48.202 |
39.163 |
43.810 |
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TOTAL |
700.767 |
698.681 |
685.577 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
520.251 |
547.612 |
468.638 |
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Advertising Expenses |
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TOTAL |
520.251 |
547.612 |
468.638 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
180.516 |
151.069 |
216.939 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
80.391 |
55.775 |
29.780 |
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PROFIT BEFORE
TAX |
100.125 |
95.294 |
187.159 |
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|
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|
|
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Less |
TAX |
5.398 |
21.251 |
19.736 |
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PROFIT AFTER TAX
|
94.727 |
74.043 |
167.423 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1026.059 |
952.016 |
784.593 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1120.786 |
1026.059 |
952.016 |
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Income |
652.398 |
659.519 |
641.767 |
|
|
TOTAL EARNINGS |
652.398 |
659.519 |
641.767 |
|
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|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Software Licenses |
0.000 |
3.119 |
0.000 |
|
|
|
Computers and Networking Equipments |
0.000 |
0.000 |
7.645 |
|
|
TOTAL IMPORTS |
0.000 |
3.119 |
7.645 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
378.91 |
296.17 |
669.69 |
|
Expected Sales (2011-12) : Rs.700.000 Millions.
The above information has been parted by Mr. Pranish.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.52
|
10.60 |
24.42 |
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.34
|
14.45 |
29.16 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.75
|
8.00 |
19.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.08
|
0.08 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.53
|
10.37 |
10.13 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Micro Small and
Medium Enterprises |
0.916 |
0.000 |
0.000 |
|
Other |
88.853 |
85.015 |
72.840 |
|
Total |
89.769 |
85.015 |
72.840 |
|
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
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6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
BACKGROUND:
Subject ('GSPL' or
the 'Company') is incorporated in India as a private limited company. Antigen
International Limited (Ireland) (the 'immediate holding company) holds 99.88%
of the equity shares of the Company. Antigen International Limited is a subsidiary
of Goldshield Group Limited. (UK) (The 'Group'). The Group is engaged in
development, marketing, trading and distribution of pharmaceuticals and
healthcare products.
The Company's
business is to provide accounting, management and call centre services to the
Goldshield group companies and other external customers. The Company is a 100%
Export Oriented Unit ('EOU') and is registered with the Software Technology
Parks of India, ('STPI') Mumbai as a STP Unit.
BUSINESS REVIEW:
During the year,
the company recorded a marginal drop in operating income compared to previous
year. The highlights for the year included:
Operating income
for the year marginally declined from Rs. 659.518 Millions to Rs.652.565
Millions in the previous year.
Profit after tax
for the year has increased from Rs.74.043 Millions to Rs.94.727 Millions in the
previous year, thereby reflecting an upward trend in profit 28%. The profit for
2010 carries an impact of prior period expenses.
PROSPECTS
The Company
provides Management services to its Holding Company and Companies within the
same Group. With the ultimate holding company becoming private in beginning of
the last quarter of report year due to a Management Buy Out supported by a
private equity firm, it is likely that income from Management services will
decline in the current year due to group's strategic focus getting restricted
only to pharmaceutical product business.
FIXED ASSETS:
·
Freehold Land
·
Land Development
·
Office Building
·
Leasehold Improvement
·
Furniture and Fixtures
·
Office Equipments
·
Motor Vehicles
·
Computer and Networking
Equipments
·
Software
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.50.56 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.