MIRA
INFORM REPORT
|
Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
HUTCHISON GLOBAL SERVICES PRIVATE LIMITED w.e.f. (21.05.2011) |
|
|
|
|
Formerly Known
As : |
HUTCHISON 3 GLOBAL SERVICES PRIVATE LIMITED w.e.f (28.04.2008) HUTCHISON WHAMPOA PROPERTIES ( |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
23.01.2006 |
|
|
|
|
Com. Reg. No.: |
11-159149 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.283.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2006PTC159149 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMH10286D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH8136L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in the business of providing Information Technology
Enabled Services Call Centre Operations. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9926000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Hutchison Whampoa Group. It is a well established
and reputed company having fine track. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Anil |
|
Designation : |
Finance Manager |
|
Date : |
23.04.2012 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-66763333 / 66763010 |
|
Fax No: |
91-22-66763344 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
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. 09.09.2011
|
Name : |
Mr. Susan Mo Fong Chow Woo |
|
Designation : |
Director |
|
Address : |
9A, Po Graden 9 , Brewin Path, Mid Levels, |
|
Date of Birth/Age : |
17.11.1953 |
|
Date of Appointment : |
12.02.2007 |
|
DIN No : |
00749738 |
|
|
|
|
Name : |
Mr. Edith Shih |
|
Designation : |
Director |
|
Address : |
13c, 9, Brewin Path, Mid Levels, |
|
Date of Birth/Age : |
19.01.1952 |
|
Date of Appointment : |
12.02.2007 |
|
DIN No : |
01253852 |
|
|
|
|
Name : |
Mr. Sanjay Jagdish Luthra |
|
Designation : |
Director |
|
Address : |
Building No.C-12, Road No.93, MIG Colony, Bandra (East),
Mumbai-400051, |
|
Date of Birth/Age : |
24.11.1965 |
|
Date of Appointment : |
06.06.2007 |
|
DIN No : |
01625586 |
|
|
|
|
Name : |
Mr. Christopher John Sanderson |
|
Designation : |
Director |
|
Address : |
Flat No.2, Shakti Villa L A Burnum road, Gamdevi, Mumbai-400007, |
|
Date of Birth/Age : |
30.08.1964 |
|
Date of Appointment : |
01.05.2010 |
|
DIN No : |
01080223 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As. On. 09.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hutchison 3 Global Services Holdings Limited, |
|
9999 |
|
Colonial Nominees (BVI) Limited, |
|
1 |
|
Total |
|
10000 |
|
Names of Preference Shareholders |
|
|
|
Hutchison 3 Global Services Holdings Limited, |
|
283 |
|
|
|
|
As. On. 09.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
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 Available |
|
|
|
|
Bankers : |
Not divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
252, Veersavarkar Marg, |
|
|
|
|
Holding Company : |
HWP Investment Holdings ( |
|
|
|
|
Ultimate Holding Company : |
Hutchison Whampoa Limited |
|
|
|
|
Associates : |
·
Hutchison 3G UK Limited ·
Vodafone Hutchison Australia Pty Limited (Formerly
known as Hutchison 3G Australia Pty Limited) ·
Hutchison 3G Ireland Limited |
|
Entities: |
·
Hutch Info Systems Private Limited ·
Three Info Systems Private Limited |
CAPITAL STRUCTURE
As. On 31.03.2011
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 Share |
Rs.10/- each |
Rs. 0.100 million |
|
283 |
Preference Shares |
Rs.1000000/- each |
Rs. 283.000
Million |
|
Total |
|
|
Rs. 283.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
283.100 |
473.100 |
676.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2198.376 |
1492.800 |
1013.797 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2481.476 |
1965.900 |
1689.897 |
|
|
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 |
2481.476 |
1965.900 |
1689.897 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
594.849 |
512.631 |
392.505 |
|
|
Capital work-in-progress |
48.809 |
15.910 |
19.383 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
32.980 |
12.526 |
16.653 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
959.826 |
967.912
|
751.276 |
|
|
Cash & Bank Balances |
584.807 |
759.409
|
677.460 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
892.204 |
626.521
|
440.409 |
|
Total
Current Assets |
2436.837
|
2353.842 |
1869.145 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
334.614 |
416.887
|
484.721 |
|
|
Other Current Liabilities |
215.620 |
435.721
|
58.683 |
|
|
Provisions |
82.682 |
78.693
|
68.052 |
|
Total
Current Liabilities |
632.916
|
931.301 |
611.456 |
|
|
Net Current Assets |
1803.921
|
1422.541 |
1257.689 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.917 |
2.292 |
3.667 |
|
|
|
|
|
|
|
|
TOTAL |
2481.476 |
1965.900 |
1689.897 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
5608.120 |
4941.750 |
|
|
|
Other Income |
|
17.432 |
158.190 |
|
|
|
TOTAL
(A) |
6922.526 |
5625.552 |
5097.940 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
3928.949 |
3299.435 |
|
|
|
Operating and Administrative
Expenses |
|
899.906 |
772.920 |
|
|
|
Miscellaneous Expenditure Written off |
|
1.375 |
1.375 |
|
|
|
TOTAL (B) |
5879.868 |
4830.230 |
4073.730 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1042.658 |
795.322 |
1024.210 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1042.658 |
795.322 |
1024.210 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
247.480 |
211.742 |
214.321 |
|
|
|
|
|
|
|
|
|
Less |
Profit prior
adjustment |
0.000 |
16.364 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
795.178 |
567.216 |
809.889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(20.454) |
4.127 |
5.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
815.632 |
563.089 |
804.519 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
1013.797 |
209.278 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
203.000 |
0.000 |
|
|
|
Premium on Redemption of preference shares
|
0.000 |
84.086 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
815.632 |
1289.800 |
1013.797 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Other Earnings |
6900.893 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
81,563 |
56,309 |
80,452 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.79
|
10.01 |
15.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
16.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.23
|
19.79 |
35.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.29 |
3.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26
|
0.47 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.85
|
2.53 |
3.06 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
No |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
NOTE:
Registered Office of the company has been shifted from 3/F,
BUSINESS OVERVIEW:
The operational income during the financial year 2010-11 is
Rs.6900.893 Millions. The profit before tax is Rs 795.178 Millions. The Company
has provided for a Minimum Alternate Tax ( MAT) of 158.843 Millions during the year. The Company
is also entitled to a MAT Credit Entitlement of (Rs.158.843 Millions)
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due others |
334.614 |
416.887
|
484.721 |
|
|
|
|
|
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] 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.52.79 |
|
|
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
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.