MIRA
INFORM REPORT
|
Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BARCLAYS TECHNOLOGY CENTRE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Block C, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2010 |
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|
|
Date of
Incorporation : |
30.03.2007 |
|
|
|
|
Com. Reg. No.: |
132479 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200PN2007FTC132479 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB06395E MUMB17195D |
|
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|
|
PAN No.: [Permanent Account No.] |
AADCB1173D |
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|
Legal Form : |
Private Limited Liability Company
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|
Line of Business
: |
Providing Software Development and Services. |
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|
|
No. of Employees
: |
Not Divulged |
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 2719760 |
|
|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having fine track. The company is
doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be correct and as pr 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 : |
Madam Deepali Jain |
|
Designation : |
Accounts Manager |
|
Date : |
09.09.2011 |
LOCATIONS
|
Registered Office : |
3rd Floor, Block C, |
|
Tel. No.: |
91-20-41002500/41002558 |
|
E-Mail : |
DIRECTORS
AS ON 26.08.2010
|
Name : |
Mr. Vivek M Gokarn |
|
Designation : |
Managing Director |
|
Address : |
471, 481, Clover Watergardens, Kalyani Nagar, Pune-411006, |
|
Date of Birth/Age : |
19.04.1960 |
|
Date of Appointment : |
10.07.2008 |
|
Date of Cessation : |
31.10.2010 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U72200PN2007FTC132479
|
Barclays
Technology Centre India Private Limited |
Managing director |
10/07/2008 |
- |
31/10/2010 |
Active |
NO |
|
Name : |
Mr. Manoj R Menon |
|
Designation : |
Whole Time Director |
|
Address : |
No. 193, |
|
Date of Birth/Age : |
03.08.1966 |
|
Date of Appointment : |
10.07.2008 |
|
Date of Ceasing : |
22.02.2010 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U72200PN2007FTC132479
|
Barclays
Technology Centre India Private Limited |
Whole-time
director |
10/07/2008 |
- |
22/02/2010 |
Active |
NO |
|
Name : |
Mr. AH Boon Thiam Lee |
|
Designation : |
Director |
|
Address : |
15 A Leith Park, Singapore-1954, |
|
Date of Birth/Age : |
17.11.1950 |
|
Date of Appointment : |
16.06.2009 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U72200PN2007FTC132479
|
Barclays
Technology Centre India Private Limited |
Director |
31/07/2009 |
16/06/2009 |
15/09/2010 |
Active |
NO |
|
2 |
U65191TN1994PLC079235
|
Fullerton India Credit Company Limited |
Additional
director |
24/11/2010 |
24/11/2010 |
- |
Active |
NO |
|
3 |
U74120HR2008PLC037606
|
Fullerton
Securities & Wealth Advisors Limited |
Additional
director |
03/01/2011 |
03/01/2011 |
- |
Active |
NO |
|
Name : |
Mr. Derek Keneth Hubbard |
|
Designation : |
Director |
|
Address : |
35 Lloyd Road, #02-10 The Botanic Singapore-239126, |
|
Date of Birth/Age : |
20.11.1972 |
|
Date of Appointment : |
16.06.2009 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U72200PN2007FTC132479
|
Barclays
Technology Centre India Private Limited |
Director |
31/07/2009 |
16/06/2009 |
26/07/2011 |
Active |
NO |
|
Name : |
Mr. Sameer Jawahar Chadha |
|
Designation : |
Director |
|
Address : |
190 Golf Links, New Delhi-110003, |
|
Date of Birth/Age : |
21.12.1966 |
|
Date of Appointment : |
16.06.2009 |
|
Dare of Cessation : |
25.01.2011 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U72200PN2007FTC132479
|
Barclays Technology Centre India Private Limited |
Director |
31/07/2009 |
16/06/2009 |
25/01/2011 |
Active |
NO |
|
2 |
U72900TN2007PTC072681
|
Barclays Shared Services Private Limited |
Whole-time
director |
28/07/2010 |
19/07/2010 |
- |
Active |
NO |
|
Name : |
Mr. Sanjay Sarkar |
|
Designation : |
Director |
|
Address : |
B-710 Bianca Of Panch Marg, |
|
Date of Birth/Age : |
08.07.1961 |
KEY EXECUTIVES
|
Name : |
Mr. Jack K Thalakottur |
|
Designation : |
Secretary |
|
Address : |
Plot No. 8, Defence Po, |
|
Date of Birth/Age : |
22.01.1971 |
|
Date of Appointment : |
29.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.08.2010
|
Names of Shareholders |
No. of Shares |
|
Barclays |
99999 |
|
Barclays Bank PLC, |
1 |
|
Total |
100000 |
AS ON 26.08.2010
|
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 : |
Providing Software Development and Services. |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers, End Users, OEM’s |
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No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
Mutha Towers, 5th Floor, Suite No. 08, Airport Road,
Yerwada, Pune 411006, Maharashtra, India |
|
|
|
|
Holding Company : |
Barclays Mauritius Overseas Holdings Limited, Mauritius |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares (out of the above shares, 99999 shares of Rs. 100 each are held by
Barclays Mauritius Overseas Holdings Limited, the holding company and 1 share
by Barclays Bank Plc, the Ultimate Holding Company) |
Rs.100/-
each |
Rs. 10.000
Millions |
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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
669.940 |
286.192 |
78.278 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
679.940 |
296.192 |
88.278 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
49.967 |
295.625 |
0.000 |
|
|
TOTAL BORROWING |
49.967 |
295.625 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
729.907 |
591.817 |
88.278 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
455.586 |
454.965 |
198.942 |
|
|
Capital work-in-progress |
0.000 |
2.141 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
35.922 |
11.854 |
4.910 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
335.197
|
145.497 |
24.176 |
|
|
Cash & Bank Balances |
343.499
|
118.448 |
113.098 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
136.317
|
71.527 |
47.712 |
|
Total
Current Assets |
815.013
|
335.472 |
184.986 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
441.852
|
146.185 |
112.992 |
|
|
Other Current Liabilities |
75.091
|
36.619 |
176.381 |
|
|
Provisions |
59.671
|
29.811 |
11.187 |
|
Total
Current Liabilities |
576.614
|
212.615 |
300.560 |
|
|
Net Current Assets |
238.399
|
122.857 |
(115.574) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
729.907 |
591.817 |
88.278 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3069.713 |
1727.506 |
758.654 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
3069.713 |
1727.506 |
758.654 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
2472.811 |
1391.162 |
624.358 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
2472.811 |
1391.162 |
624.358 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
596.902 |
336.344 |
134.296 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION AND FINANCIAL EXPENSES |
227.823 |
115.550 |
25.378 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
369.079 |
220.794 |
108.918 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(14.668) |
12.880 |
30.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
383.747 |
207.914 |
78.278 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
286.192 |
78.278 |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
669.940 |
286.192 |
78.278 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3069.713 |
1727.506 |
726.270 |
|
|
|
Other Earnings |
-- |
13.653 |
13.101 |
|
|
TOTAL EARNINGS |
3069.713 |
1741.159 |
739.371 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
73.742 |
171.234 |
33.360 |
|
|
TOTAL IMPORTS |
73.742 |
171.234 |
33.360 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3837.47 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.50
|
12.03 |
10.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.02
|
12.78 |
14.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.04
|
27.93 |
28.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.74 |
1.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
1.71 |
3.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
1.57 |
0.61 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
441.852
|
146.185 |
112.992 |
NOTE:
The register office has been shifted from
801/808, Ceejay House, Shivsagar Estate,
OPERATIONS AND FUTURE PROSPECTS
In the
Financial Year 2009-10, the Company completed its third year of operation
providing Software Development and services. During the year, the company has
expanded its operations in the Special Economic Zone (SEZ) with an additional
capacity of around 400 seats. The company has achieved a turnover of Rs.
3069.713 millions and a Net Profit of Rs. 383.747 millions. The Company
proposes to expand its operations by setting up another SEZ with an additional
capacity of around 1000 seats. As a result, the company expects to achieve
substantial growth in Turnover and Net Profit during the next financial year.
FIXED ASSETS:
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Lease Hold Improvements
·
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.46.38 |
|
|
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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.