MIRA INFORM REPORT

 

 

Report Date :

09.09.2011

 

IDENTIFICATION DETAILS

 

Name :

J. P. MORGAN SERVICES INDIA PRIVATE LIMITED

 

 

Formerly Known As :

DIPLOMAT INFOTECH PRIVATE LIMITED 

 

 

Registered Office :

Technopolis Knowledge Park, 3rd Floor, Office No. 1 to 9, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

07.02.2000

 

 

Com. Reg. No.:

11-124073

 

 

Capital Investment / Paid-up Capital :

Rs. 79.538 Millions

 

 

CIN No.:

[Company Identification No.]

U72900MH2000PTC124073

 

 

Legal Form :

Private Limited Liability Company  

 

 

Line of Business :

Providing Financial Investment Advisory Services.  

 

 

No. of Employees :

Not divulged by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (66)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

 

 

           

 

Maximum Credit Limit :

USD 31121904

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of J. P. Morgan group. It is a well established and a reputed company having good track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

Company can be considered good for normal business dealing 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

 

Management Non-Cooperative (Name Not Disclosed)

 

 

LOCATIONS

 

Registered Office :

Technopolis Knowledge Park, 3rd Floor, Office No. 1 to 9, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-66954400

Fax No.:

91-22-66953648

E-Mail :

geetha.v.viswanathan@jpmorgan.com 

Website :

http://www.jpmorgan.com

 

 

Head Office :

Mindspace Link Road, Malad (West), Mumbai – 400064, Maharashtra, India 

 

 

Corporate Office :

18, Spott Road, Vakils House, Ballard Estate, Mumbai – 400001, Maharashtra, India 

Tel. No.:

91-22-2702201/ 2681355/ 2305433/ 4606621/ 22/ 27 ext 138

 

 

DIRECTORS

 

As on 31.07.2009

 

Name :

Mr. Ranbir Saravjit Singh

Designation :

Director

Address :

Apartment No. 1902-1903 C W NG Ekta Meadows, near Siddharth Nagar, Off The Western Express Highway Borivali East, Mumbai – 400101, Maharashtra, India  

Date of Birth/Age :

17.08.1974

Date of Appointment :

29.09.2008

 

 

Name :

Mr. Brian Richard Harold Duffy

Designation :

Director

Address :

31 Twelfth Street, Hong Lok Yuen Tai Po, New Territories, Hong Kong

Date of Birth/Age :

10.07.1961

Date of Appointment :

05.12.2006

 

 

Name :

Mr. David Delellis 

Designation :

Director

Address :

18 Harvest Bend Road, Robbinsville, New Jersey 08691 

Date of Birth/Age :

29.08.1968

Date of Appointment :

06.09.2007

 

 

Name :

Mr. Dominic Edward Salter Price 

Designation :

Director

Address :

Benreeza, 2nd Floor, Khan Abdul Gaffar Khan Road, Worli Seaface, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

23.05.1960

Date of Appointment :

26.04.2002

 

 

Name :

Mr. Christine Elizabeth Larsen

Designation :

Director

Address :

One Edgewood Terrace, Montclair NJ 070421908

Date of Birth/Age :

02.05.1961

Date of Appointment :

27.06.2006

 

 

Name :

Mr. John William Jones

Designation :

Director

Address :

901 Chandler Dr. Landenburg 193501392

Date of Birth/Age :

22.06.1955

Date of Appointment :

17.12.2003

 

 

Name :

Mr. Paula Jo Hilbert

Designation :

Director

Address :

24 st Nickolas Way, Basking Ridge, New Jersey 07920

Date of Birth/Age :

07.12.1955

Date of Appointment :

14.09.2004

Date of Ceasing :

01.05.2008

 

 

Name :

Mrs. Kalpana Morparia

Designation :

Director

Address :

B 92, Ocean Gold CHS, Twin Towers Lane, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

30.05.1949

Date of Appointment :

18.09.2008

 

 

Name :

Mr. Kevin James Bowdler

Designation :

Director

Address :

Flat No. 133/143, Unit 3, Union Park, Bandra, Mumbai – 400050, Maharashtra, India 

Date of Birth/Age :

28.07.1959

Date of Appointment :

08.03.2005

 

 

Name :

Mr. James Frankin Krass 

Designation :

Director

Address :

1609 Masters Way, Chadds Ford, 19317, United States of America 

Date of Birth/Age :

10.07.1957

Date of Appointment :

06.06.2005

 

 

Name :

Mr. Michael James Looney

Designation :

Director

Address :

242 Acadia Terrace, Celebration, Florida 34747

Date of Birth/Age :

11.10.1950

Date of Appointment :

29.09.2008

 

 

Name :

Mr. Andrew Anton Papamarcos

Designation :

Director

Address :

140 Carnoustie Way, Media 19063, United States of America 

Date of Birth/Age :

19.07.1955

Date of Appointment :

13.09.2005

 

 

Name :

Mr. Lawrence Michael O Donnell

Designation :

Director

Address :

14209 South 35th Place, Phoenix, United State of America

Date of Birth/Age :

02.12.1959

Date of Appointment :

27.06.2006

 

 

Name :

Mr. Lester Joseph Owens

Designation :

Director

Address :

9, Randall drive, Manalapan, New Jersey - 077268964

Date of Birth/Age :

17.03.1957

Date of Appointment :

18.09.2008

 

 

Name :

Mr. Rajat K Mehta 

Designation :

Director

Address :

10-A, Navjug Adarsh Apartments, Vikas Puri, New Delhi – 100 018, India 

Date of Birth/Age :

16.10.1961

Date of Appointment :

16.03.2006

 

 

Name :

Mr. Ajith Sundaresh

Designation :

Director

Address :

Apartment No.1502, Odyssey 2 Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

24.11.1967

Date of Appointment :

31.07.2009

 

 

Name :

Mr. Nandita Chakravartti

Designation :

Director

Address :

B – 1208, Maple Leaf Apartment, Raheja Vihar, Powai – 400072, Maharashtra, India

Date of Birth/Age :

04.10.1955

Date of Appointment :

31.07.2009

 

 

Name :

Mr. Ravikanth Konteti

Designation :

Director

Address :

311-C Wing, Sunrise, Raheja Vihar, Powai Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

02.07.1966

Date of Appointment :

31.07.2009

 

 

Name :

Mr. Paula Jo Hibert

Designation :

Director

Address :

24 ST Nikolas Way Basking Ridge, New Jersey 07920

Date of Birth/Age :

07.12.1955

Date of Appointment :

01.05.2008

 

 

KEY EXECUTIVES

 

Name :

Mrs. Geetha Vishwanathan

Designation :

Secretary

Address :

4/28, Prabhat B Road, Marine Drive, Mumbai – 400 020, Maharashtra, India 

Date of Birth/Age :

12.06.1967

Date of Appointment :

08.03.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As on 31.07.2009)

 

Names of Equity Shareholders

No. of Shares

 

 

J P Morgan Services Asia Holdings Limited, Mauritius

2353740

J P Morgan International Finance Limited

10

 

 

Total

2353750

 

Names of Preference Shareholders

No. of Shares

 

 

J P Morgan Services Asia Holdings Limited

5600000

 

 

Total

5600000

 

 (As on 31.07.2009)

 

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 :

Providing Financial Investment Advisory Services.  

 

 

GENERAL INFORMATION

 

No. of Employees :

Not divulged by the management  

 

 

Bankers :

Not Available

 

 

 

Banking Relations :

-

 

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountant

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India

 

 

Holding Company :

J P Morgan Services Asia Holdings Limited, Mauritius

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5,000,000

Equity Shares

Rs.10/- each

Rs. 50.000 Millions

23,000,000

5% Non-Cumulative Redeemable Preferences Shares

Rs.10/- each

Rs. 230.000 Millions

 

 

 

 

 

Total

 

Rs. 280.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,353,750

Equity Shares

Rs.10/- each

Rs. 23.538 Millions

5,600,000

5% Non-Cumulative Redeemable Preferences Shares

Rs.10/- each

Rs. 56.000 Millions

 

 

 

 

 

Total

 

Rs. 79.538 Millions

 

Notes

 

1)       Of the above, 2,353,750 equity shares of Rs. 10 each and 5,600,000 5% Non-cumulative Redeemable Preferences Shares of Rs. 10/- each are held by J P Morgan Services Asia Holdings Limited, Mauritius, the holding company and its nominee.

 

2)       The 5% non-cumulative redeemable preferences shares of Rs. 10/- each are redeemable at a premium of Rs. 90 per share at the end of seven years from the date of allotment. i.e. September 29, 2012 or earlier at the discretion of the Board of Directors of the company. The company has redeemed preferences shares of face value of Rs.  167.300 millions during the financial 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

79.538

246.838

246.838

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

7700.938

7397.230

5502.926

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

7780.476

7644.068

5749.764

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

7780.476

7644.068

5749.764

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2891.615

2554.185

2416.663

Capital work-in-progress

632.156

120.246

252.109

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

177.942

133.393

88.215

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
1995.572

1424.819

1728.232

 

Cash & Bank Balances
2545.865

4029.823

1986.400

 

Other Current Assets
7.960

21.003

13.092

 

Loans & Advances
2027.662

1050.549

863.995

Total Current Assets
6577.059

6526.194

4591.719

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1788.341

1197.994

973.314

 

Other Current Liabilities
0.000

0.000

0.000

 

Provisions
709.955

491.956

625.628

Total Current Liabilities
2498.296

1689.950

1598.942

Net Current Assets
4078.763

4836.244

2992.777

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

7780.476

7644.068

5749.764

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2010 

31.03.2009

31.03.2008

Sales Turnover

16039.274 

12817.576 

10354.970

Other Income

0.000 

0.000 

0.000

Total Income

16070.505 

12817.576  

10354.970

 

 

 

 

Profit/(Loss) Before Tax

1826.320 

1915.769 

1278.180

Provision for Taxation

16.912 

21.465 

124.241

Profit/(Loss) After Tax

1809.408 

1894.304 

1153.939

 

 

 

 

Total Expenditure

14212.954 

10901.807 

9076.790

 

 

 

 

Earnings Per Share (Rs.)

768.73

804.80

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
11.25
14.78

11.14

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
11.38
14.95

12.34

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
19.28
19.95

18.24

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.23
0.25

0.22

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.32
0.29

0.28

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.63
3.19

2.87

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

Sundry Creditors

 

 

 

Total Outstanding dues of micro enterprises and small enterprises

0.399

0.619

2.100

Total Outstanding dues of creditors other than micro enterprises and small enterprises

1787.942

1197.375

971.214

 

 

 

 

 

FIXED ASSETS

 

·         Leasehold Improvements

·         Office Equipments

·         Computers

·         Furniture and Fixtures

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 46.17

sUK Pound

1

Rs. 73.64

Euro

1

Rs. 64.95

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

7

--CREDIT LINES

1~10

8

--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

 

66

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.