MIRA
INFORM REPORT
|
Report Date : |
26.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
OCWEN FINANCIAL SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4th and 6th Floor, Salarpuria Arena, 24 Luskar
Hosur Road, Bangalore – 560030, Karnataka |
|
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|
Country : |
India |
|
|
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|
Financials (as
on) : |
31.03.2011 |
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|
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|
Date of
Incorporation : |
17.05.2000 |
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|
Com. Reg. No.: |
08-027095 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.19.491 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67190KA2000PTC027095 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRO00347E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO3764E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT Enabled Services. |
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|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3400000 |
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|
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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 and a reputed company having a good
track record. The latest financials are not made available with the
government department. As per previous year’s, the company performance seem good. Financially
seems to be strong. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management non Co-operative
LOCATIONS
|
Registered Office : |
4th and 6th Floor, Salarpuria Arena, 24 Luskar Hosur
Road, Bangalore – 560030, Karnataka, India |
|
Tel. No.: |
91-80-66177416 |
|
Fax No.: |
91-80-66177411 |
|
E-Mail : |
DIRECTORS
As on: 26.07.2012
|
Name : |
Mr. William Charles Erbey |
|
Designation : |
Director |
|
Address : |
#4701, Northside Drive, Atlanta 30326, Georgia |
|
Date of Birth/Age : |
28.05.1967 |
|
Date of Appointment : |
24.05.2000 |
|
DIN No.: |
00228623 |
|
|
|
|
Name : |
Mr. Ronald Mathew Faris |
|
Designation : |
Director |
|
Address : |
#1 1970, Torreyanna Circle, West Palm Beach, Florida 33412, United States of America |
|
Date of Birth/Age : |
28.05.1967 |
|
Date of Appointment : |
24.05.2000 |
|
DIN No.: |
00228794 |
|
|
|
|
Name : |
Mr. Shihabudin Malikayil Abdulkhader |
|
Designation : |
Director |
|
Address : |
3114, Sobha Daffodil Apartment, HSR Layout, Somasundarapalya, Bangalore – 560102, Karnataka, India |
|
Date of Birth/Age : |
10.07.1973 |
|
Date of Appointment : |
10.08.2011 |
|
DIN No.: |
03458036 |
|
|
|
|
Name : |
Mr. Ravi Sarukkai Parthasarathy |
|
Designation : |
Director |
|
Address : |
D 702, Laburnum, Brigade Millenium, J P Nagar, Phase 7, Bangalore – 560078, Karnataka, India |
|
Date of Birth/Age : |
01.02.1966 |
|
Date of Appointment : |
26.07.2012 |
|
DIN No.: |
05191642 |
KEY EXECUTIVES
|
Name : |
Ms. Prakriti Sarvouy |
|
Designation : |
Secretary |
|
Address : |
No. 689. 19th Main, 22nd Cross, H R Layout, Sector 2,
Bangalore – 560102, Karnataka, India
|
|
Date of Birth/Age : |
11.03.1983 |
|
Date of Appointment : |
29.06.2010 |
|
PAN No.: |
CAIPS9670J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ocwen Asia Holdings Limited 1, Mauritius |
|
17900417 |
|
Shihabudin Abdulkhader |
|
1 |
|
|
|
|
|
Total |
|
17900418 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.07.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Enabled Services. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
Wells Fargo Bank |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore –
560025, Karnataka, India |
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PAN No.: |
AACFD3771D |
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Ultimate Holding
Company : |
Ocwen Financial Corporation, USA |
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|
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Others : |
Ocwen Loan Servicing LLC, USA |
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Holding Company : |
Ocwen Luxembourg S.A.R.L., Luxembourg |
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Immediate Holding
Company : |
Ocwen Asia Holdings I Limited, Mauritius |
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|
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Group Company : |
Altisource Business Solutions Private Limited, India |
CAPITAL STRUCTURE
As on: 26.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.1/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17900418 |
Equity Shares |
Rs.1/- each |
Rs.17.900
Millions |
|
|
|
|
|
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.1/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19491000 |
Equity Shares |
Rs.1/- each |
Rs.19.491
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 |
19.491 |
23.929 |
239.288 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
834.010 |
1218.963 |
933.734 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
853.501 |
1242.892 |
1173.022 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.824 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
22.824 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
876.325 |
1242.892 |
1173.022 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
114.261 |
46.384 |
73.666 |
|
|
Capital work-in-progress |
1.220 |
0.489 |
2.495 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
42.954 |
31.607 |
48.780 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
208.554
|
215.031 |
392.464 |
|
|
Cash & Bank Balances |
452.349
|
814.054 |
605.286 |
|
|
Other Current Assets |
102.796
|
106.208 |
172.382 |
|
|
Loans & Advances |
262.169
|
273.595 |
119.103 |
|
Total
Current Assets |
1025.868
|
1408.888 |
1289.235 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
91.830
|
68.428 |
120.871 |
|
|
Other Current Liabilities |
12.704
|
25.135 |
35.537 |
|
|
Provisions |
203.444
|
150.913 |
84.746 |
|
Total
Current Liabilities |
307.978
|
244.476 |
241.154 |
|
|
Net Current Assets |
717.890
|
1164.412 |
1048.081 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
876.325 |
1242.892 |
1173.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
2207.832 |
|
|
|
Other Income |
|
|
200.981 |
|
|
|
TOTAL |
1321.899 |
1075.802 |
2408.813 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
1114.206 |
925.576 |
1842.844 |
|
|
|
TOTAL |
1114.206 |
925.576 |
1842.844 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
204.654 |
150.226 |
565.969 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
33.499 |
11.743 |
73.939 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
171.155 |
138.483 |
492.030 |
|
|
|
|
|
|
|
|
|
|
TAX |
79.931 |
11.394 |
(9.505) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
91.224 |
127.089 |
501.535 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
881.749 |
380.214 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
881.749 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1331.129 |
1065.851 |
2207.832 |
|
|
TOTAL EARNINGS |
1331.129 |
1065.851 |
2207.832 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.22 |
5.31 |
20.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.90 |
11.81 |
20.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
22.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.01 |
9.52 |
36.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.11 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.39 |
0.20 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.33 |
5.76 |
5.34 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
0.130 |
0.026 |
0.014 |
|
Creditors due others |
91.700 |
68.402 |
120.857 |
|
|
|
|
|
|
Total |
91.830
|
68.428 |
120.871 |
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
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 |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATIONS
Ocwen Group is engaged in providing services in the areas of Residential and Commercial Servicing. Ocwen India provided IT enabled back office services to support these services of Ocwen Group.
CONTINGENT
LIABILITIES:
(Rs. In
Millions)
|
Particular |
31.03.2011 |
31.03.2010 |
|
Estimated amount of contracts to be executed on capital account (net of advances) and not provided for |
1.213 |
0.000 |
|
For guarantees given by the Company’s bankers |
4.369 |
4.369 |
|
Claims against the Company not acknowledged as debts: |
|
|
|
Income Tax matters under appeal |
169.388 |
153.695 |
Notes:
i) Excluding guarantees given by the Company’s bankers as mentioned in Note (ii).
ii) On December 29, 2010, the India tax authorities has issued a draft income tax assessment order with respect to the assessment year 2007-08 with a demand of Rs. 92.634 Millions (2010: Rs. Nil), the company has filed an application with the Dispute Resolution Panel on February 3, 2011 .
On December 21, 2009, the India tax authorities issued a draft income tax assessment order with respect to assessment year 2006-07. The Company has received the final assessment order (the Second Order) during the current year on November 24, 2010. The second order imposes upon the Company an additional tax of Rs. 56.437 Millions (2010: Rs.41.761 Millions). The Company has invoked Mutual Agreement Process (MAP) with the relevant Competent Authority in USA and has provided Bank Guarantee of Rs.76.754 Millions (2010: 60.058 Millions), including anticipated interest of Rs.20.317 Millions (2010: Rs.18.297 Millions). The Company has also paid Rs.7.648 Millions towards non-transfer pricing issues on which further appeal is filed.
FIXED ASSETS:
Tangible Assets
· Land
· Building
· Plant and Machinery
· Office Equipments
· Factory Equipments
· Computer Equipments
· Furniture and Fixtures
· Vehicles
· Ships Vessels
· Aircrafts Helicopters
· Motor Vehicles
Intangible Assets
· Acquired Goodwill
· Knowhow
· Computer Software
· Patents Trademarks Design
· Commercial Contractual Rights
· Licenses
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 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.55.09 |
|
|
1 |
Rs.89.10 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
YES |
|
--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 |
|
54 |
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.