|
Report Date : |
21.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUTHERLAND GLOBAL
SERVICES PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
SUTHERLAND
TECHNOLOGIES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
383, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2011 |
|
|
|
|
Date of
Incorporation : |
16.08.2000 |
|
|
|
|
Com. Reg. No.: |
18-45578 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 26.323 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200TN2000PTC045578 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES06280B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS8093A |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business
: |
Offers high
quality labour, multi-channel contact centre technology solutions and the
expertise of its proven processes to provide the operational footing for a diverse
portfolio of BPO services, including process consulting, technology support
and help desk, customer care and account management. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 23000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. There appears some
dip in the profitability of the company. However, overall 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 good 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
383, |
|
Tel. No.: |
91-44-42007884 |
|
Fax No.: |
91-44-42048329 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Located at : ·
·
|
|
|
|
|
Branches : |
Located at : ·
·
·
·
·
·
·
|
DIRECTORS
As on 28.12.2011
|
Name : |
Mr. Dilip R.
Vellodi |
|
Designation : |
Director |
|
Address : |
Malbar House, 9, |
|
Date of Appointment : |
16.08.2000 |
|
DIN No.: |
00714332 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U72200TN2000PTC045578 |
SUTHERLAND
GLOBAL SERVICES PRIVATE LIMITED |
Director |
16-08-00 |
16-08-00 |
Active |
NO |
|
2 |
U45200TN2006PTC061186 |
KRV PROPERTIES
PRIVATE LIMITED |
Director |
25-09-06 |
25-09-06 |
Active |
NO |
|
3 |
U45400TN2010PTC074648 |
SUTHERLAND
DEVELOPMENT COMPANY PRIVATE LIMITED |
Director |
18-02-10 |
18-02-10 |
Active |
NO |
|
Name : |
Mr. D. Muthunarayanan |
|
Designation : |
Director |
|
Address : |
Old No.: 38, New
No.: 6, Bhagirathi Ammal STT Nagar, Chennai – 600017, |
|
Date of Birth/ Age: |
07.02.1954 |
|
Date of Appointment : |
01.01.2003 |
|
DIN No.: |
00713741 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U72200TN2000PTC045578 |
SUTHERLAND GLOBAL
SERVICES PRIVATE LIMITED |
Director |
01-01-03 |
01-01-03 |
Active |
NO |
|
2 |
U45200TN2006PTC061186 |
KRV PROPERTIES
PRIVATE LIMITED |
Director |
25-09-06 |
25-09-06 |
Active |
NO |
|
3 |
U45400TN2010PTC074648 |
SUTHERLAND DEVELOPMENT
COMPANY PRIVATE LIMITED |
Director |
18-02-10 |
18-02-10 |
Active |
NO |
|
4 |
U72900MH2001PTC132057 |
ADVENTITY GLOBAL
SERVICES PRIVATE LIMITED |
Director |
03-12-10 |
07-05-10 |
Active |
NO |
|
5 |
U72300MH2007PTC173848 |
ADVENTITY FINANCIAL
SERVICES PRIVATE LIMITED |
Director |
03-12-10 |
07-05-10 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Suresh M. Gupta |
|
Designation : |
Company Secretary |
|
Address : |
23/22 Vijay Villa – 2, |
|
Date of Birth/ Age: |
27.08.1962 |
|
Date of
Appointment : |
01.12.2005 |
|
|
|
|
Name : |
Mr. Balasubramanian Sivanesapandian |
|
Designation : |
Senior VP and Head - APAC |
|
Date of Birth/ Age: |
41 Years |
|
Qualification : |
BE;MS |
|
Experience : |
7 Years |
|
Date of
Appointment : |
29.10.2002 |
|
|
|
|
Name : |
Mr. Muthunarayanan |
|
Designation : |
Senior Vice President |
|
Date of Birth/ Age: |
56 Years |
|
Qualification : |
B com, FCA, Grad CWA |
|
Experience : |
31 Years |
|
Date of
Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mr. K S Kumar |
|
Designation : |
EVP and Head – Global Operations |
|
Date of Birth/ Age: |
53 Years |
|
Qualification : |
MA |
|
Experience : |
30 Years |
|
Date of
Appointment : |
01.05.2004 |
|
|
|
|
Name : |
Mr. Ashok .T.
Clement |
|
Designation : |
Vice President - HR |
|
Date of Birth/ Age: |
50 Years |
|
Qualification : |
BCOM;MBA |
|
Experience : |
22 Years |
|
Date of
Appointment : |
20.07.2005 |
|
|
|
|
Name : |
Mr. Ranjit Pisharoty |
|
Designation : |
Senior Vice President |
|
Date of Birth/ Age: |
53 Years |
|
Qualification : |
BTECH;MTECH |
|
Experience : |
15 Years |
|
Date of
Appointment : |
27.01.2006 |
|
|
|
|
Name : |
Mr. Ratul Sengupta |
|
Designation : |
Vice President |
|
Date of Birth/ Age: |
34 Years |
|
Qualification : |
CA;MBA |
|
Experience : |
8 Years |
|
Date of
Appointment : |
25.09.2007 |
|
|
|
|
Name : |
Mr. R S Reddy |
|
Designation : |
Vice President -FAO |
|
Date of Birth/ Age: |
52 Years |
|
Qualification : |
BCOM, FCA;ICWA:CIA |
|
Experience : |
26 Years |
|
Date of
Appointment : |
20.05.2009 |
|
|
|
|
Name : |
Mr. Vikram Lalvani |
|
Designation : |
Head – |
|
Date of Birth/ Age: |
36 Years |
|
Qualification : |
B.E (Mechanical Engineering) and MBA (Marketing) |
|
Experience : |
12 Years |
|
Date of
Appointment : |
23.09.2009 |
|
|
|
|
Name : |
Mr. Abbi Rochit |
|
Designation : |
Vice President |
|
Date of Birth/ Age: |
39 Years |
|
Qualification : |
B.com and MBA |
|
Experience : |
14 Years |
|
Date of
Appointment : |
28.12.2009 |
|
|
|
|
Name : |
Mr. Vivek Arora |
|
Designation : |
Senior VP and Head -Travel Services |
|
Date of Birth/ Age: |
33 Years |
|
Qualification : |
B.E (Electronics engineer) |
|
Experience : |
20 Years |
|
Date of
Appointment : |
01.06.2010 |
|
|
|
|
Name : |
Mr. Bharat Chadda |
|
Designation : |
Senior VP Client Services |
|
Date of Birth/ Age: |
49 Years |
|
Qualification : |
BTECH;PG DIP |
|
Experience : |
9 Years |
|
Date of
Appointment : |
17.02.2003 |
|
|
|
|
Name : |
Mr. Asit Sinha |
|
Designation : |
Vice President |
|
Date of Birth/ Age: |
42 Years |
|
Qualification : |
BE;PG DIP |
|
Experience : |
16 Years |
|
Date of Appointment : |
20.04.2007 |
|
|
|
|
Name : |
Mr. Subramanian Kumar |
|
Designation : |
Senior Vice President |
|
Date of Birth/ Age: |
48 Years |
|
Qualification : |
B.E (Mechanical engineer) |
|
Experience : |
25 Years |
|
Date of Appointment : |
01.06.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.12.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sutherland Global
Services Inc. |
|
2495490 |
|
Dilip R. Velodi |
|
10 |
|
Total |
|
2495500 |
As on 28.12.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
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 : |
Offers high
quality labour, multi-channel contact centre technology solutions and the
expertise of its proven processes to provide the operational footing for a diverse
portfolio of BPO services, including process consulting, technology support
and help desk, customer care and account management. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Canara Bank, Mylapore, Chennai - 600004, Tamil |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins And Sells Chartered Accountants |
|
Address : |
|
|
Pan No.: |
AACFD3771D |
|
|
|
|
Holding Company : |
Sutherland Global Services Inc. |
|
|
|
|
Fellow
Subsidiaries : |
|
|
|
|
|
Associates/Subsidiaries : |
Adventity Global Services Private Limited, |
CAPITAL STRUCTURE
As on 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2632345 |
Equity Shares |
Rs. 10/- each |
Rs. 26.323 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
26.323 |
24.955 |
24.955 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5936.485 |
5501.787 |
4237.665 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5962.808 |
5526.742 |
4262.620 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
121.844 |
1.638 |
0.175 |
|
|
2] Unsecured Loans |
1119.337 |
722.300 |
239.350 |
|
|
TOTAL BORROWING |
1241.181 |
723.938 |
239.525 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7203.989 |
6250.680 |
4502.145 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
GOODWILL ON CONSOLIDATION |
316.956 |
0.000 |
0.000 |
|
|
FIXED ASSETS [Net Block] |
839.006 |
769.439 |
632.617 |
|
|
Capital work-in-progress |
41.609 |
38.863 |
43.033 |
|
|
|
|
|
|
|
|
INVESTMENT |
2348.446 |
1604.281 |
338.578 |
|
|
DEFERREX TAX ASSETS |
377.900 |
112.400 |
104.100 |
|
|
FINANCE LEASE RECEIVABLES LONG-TERM |
492.000 |
492.000 |
503.875 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1494.233
|
982.464 |
1162.044 |
|
|
Cash & Bank Balances |
1271.626
|
2192.872 |
1883.249 |
|
|
Other Current Assets |
391.247
|
470.734 |
92.143 |
|
|
Loans & Advances |
1008.856
|
802.934 |
549.129 |
|
Total
Current Assets |
4165.962
|
4449.004 |
3686.565 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
923.374
|
825.590 |
448.675 |
|
|
Other Current Liabilities |
156.364
|
104.042 |
112.871 |
|
|
Provisions |
298.152
|
285.675 |
245.077 |
|
Total
Current Liabilities |
1377.890
|
1215.307 |
806.623 |
|
|
Net Current Assets |
2788.072
|
3233.697 |
2879.942 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7203.989 |
6250.680 |
4502.145 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6377.877 |
6086.717 |
6026.026 |
|
|
|
Other Income |
870.242 |
1440.672 |
1537.028 |
|
|
|
TOTAL (A) |
7248.119 |
7527.389 |
7563.054 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
6377.877 |
6086.717 |
6026.026 |
|
|
|
|
TOTAL (B) |
6377.877 |
6086.717 |
6026.026 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
870.242 |
1440.672 |
1537.028 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.316 |
12.701 |
10.159 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
837.926 |
1427.971 |
1526.869 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
461.716 |
294.958 |
298.637 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
376.210 |
1133.013 |
1228.232 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
19.000 |
60.550 |
25.507 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
357.210 |
1072.463 |
1202.725 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from IT Enabled / BPO Services |
5981.107 |
6009.404 |
6026.026 |
|
|
|
Income from Software Development |
49.632 |
0.000 |
3.112 |
|
|
|
Reimbursement/Recovery of Expenses |
117.811 |
130.985 |
212.051 |
|
|
TOTAL EARNINGS |
6148.550 |
6140.389 |
6241.189 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
31.372 |
142.947 |
69.216 |
|
|
TOTAL IMPORTS |
31.372 |
142.947 |
69.216 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
138.12
|
429.76 |
481.96 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
4.93
|
14.25 |
15.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.90
|
18.61 |
20.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.99
|
21.25 |
27.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.21 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.44
|
0.35 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.02
|
3.66 |
4.57 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s 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 in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
--------- |
|
Litigations that the firm/ Promoters Involved in |
---------- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
------------ |
|
Buyer visit details |
----------- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
OPERATIONS
During the year, the
Company’s turnover was static at last year level in view of economic down turn
in the
VESTING OF BUSINESS
In terms of the
scheme of demerger agreed to between the company and Adventity Global Services
Private Limited the export division of Adventity Global Services Private
Limited has been vested with the company with effect from 1st April 2009 in
terms of the scheme of arrangement approved by the High Courts of Bombay and
Madras vide Court Orders dated September 17, 2010 and September 23, 2010
respectively.
The vesting of the export division with the Company brings in lot of
synergies and expertise in managing international business.
Form 8
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90291196 |
|
Corporate
identity number of the company |
U72200TN2000PTC045578 |
|
Name of the
company |
SUTHERLAND GLOBAL
SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
383
Velacherry-Tambaram Main Road, Vijayanagaram Chennai – 600042, Tamil Nadu, |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Canara Bank,
Mylapore, Chennai – 600004, Tamil Email: chn0915@canbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of closure
issued by the Bank for the Term Loan of Rs. 150.000 Millions, availed by the
company |
|
Date of
instrument Creating the charge |
24.10.2006 |
|
Amount secured by
the charge |
Rs. 130.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
7.00% compounded quarterly. Extent and Operation of the charge The charge shall
cover the due repayment of Loan amount mentioned in para No. 11 together with
interest, penal Interest and other levies payable as per loan agreement. |
|
Short particulars
of the property charged |
All Plant and
machinery, tools and accessories and motor vehicles, tools and accessories
already purchased as described in schedule such as software computers,
equipments, other accessories, furnitures and fittings and also the Machinery
and motor vehicles etc., to be purchased / kept at borrowers premises
situated at Santhome, Tidel Park, Velachery and Mumbai. |
|
Date of latest
modification prior to the present modification |
15.06.2005 |
|
Particulars of
the present modification |
Partial closure
of facility availed ie. Term Loan availed by the Company of Rs. 150.000
Millions satisfied fully and hence the total limits brought down from Rs.
280.000 Millions to Rs. 130.000 Millions. |
FIXED ASSETS:
CONTINGENCIES AND COMMITMENTS:
|
Particulars |
Rs.
In Millions 30.06.2011 |
Rs.
In Millions 30.06.2010 |
|
Claims Against
the Company Not Acknowledged as Debt - Demands
Received from TNEB - Other Legal
Cases - Income Tax Demands |
37.133 6.184 3.984 0.000 |
37.133 0.761 2.697 0.000 |
|
Other Service Tax Demands |
2.736 |
0.000 |
|
Estimated amount
of contracts remaining to be executed on capital account (net of advances)
and not provided for |
44.853 |
43.283 |
|
Guarantees issued
by Bankers against Company’s Counter Guarantees |
24.644 |
25.103 |
Notes:
a. The Company had received demands of Rs. 26.327 Millions from the Tamil Nadu Electricity Board (TNEB) relating to reclassification disputes on the tariff category applicable to the Company in respect of its operation from various locations with retrospective effect from September 2005 to June 2010. The Company has filed a writ petition and obtained an interim stay order from the Honorable High Court of Madras against one of the claims, has paid an amount of Rs. 7.362 Millions under protest and has shown the same as amounts receivable under Loans and Advances as at June 30, 2011.
The Company considers the claim to be erroneous and as not payable under the specified tariff category applicable to IT Enabled Services (ITES) Units. The Company has obtained a legal opinion in respect of the above issue and is confident of a favorable outcome.
b. In April 2009, the Company had received a demand of Rs 10.806 Millions from Americorp Business Services Private Limited (the Lessor), the owner of the Padi Facility (which the Company had taken on lease), relating to reclassification disputes on the tariff category applicable to the Company based on the demand received by the Lessor from TNEB for the period April 2006 to January 2009. In terms of the Leave and License Agreement dated February 2, 2007, the Company is liable to pay electricity charges to the Lessor on actual basis. Subsequently, the Lessor obtained an interim stay order from the Honorable High Court of Madras against this claim.
During the previous year ended June 30, 2010, the Company had vacated the above premises at Padi. However, considering the contractual obligations as per the original lease contract, the Company has considered the demand as a contingent liability as at June 30, 2011. In view of the legal opinion obtained by the Company mentioned in Note (a) above, the Company is confident of a favourable outcome.
c. The Company is a defendant in a few legal cases relating to vehicle accident related insurance claims, employment in the Company etc. The Company is confident of a favourable outcome. The Management believes that none of the claims or actions individually or in the aggregate will have a material adverse effect on the results of operations or statement of affairs of the Company.
d. Income Tax Demands
During the previous year ended June 30, 2010, the Company had received a demand of Rs. 2.697 Millions from the Income Tax Authorities for the year ended March 31, 2006 relating to the treatment of excess amounts received from customers towards cost of certain Fixed Assets purchased relating to their projects for which the Company preferred an appeal before the Commissioner of Income Tax (CIT)- (Appeals). During the current year ended June 30, 2011, the Company received a favourable order from the CIT (Appeals) directing the Assessing Officer to pass consequential orders giving effect to the CIT (Appeals) Orders. The Company is yet to receive the consequential orders from the Assessing Officer.
During the current year ended June 30, 2011, the Company has received a demand of Rs. 7.597 Millions from the Income Tax Authorities for the year ended March 31, 2007 relating to the treatment of excess received from customers towards cost of certain Fixed Assets purchased relating to their projects and disallowing the Section 10A benefits for the Interest received on Bank Deposits. The Company filed a rectification petition under Section 154 of the Income Tax Act, 1961 requesting rectification of mistakes made by the Assessing Officer apparent on record amounting to Rs. 6.310 Millions. Notwithstanding the rectification petition, the Company remitted the tax amount of Rs. 1.287 Millions under protest.
Further, the Company had also filed an appeal before the CIT(Appeals) disputing the above items and had subsequently received favourable orders from the CIT(Appeals) directing the Assessing Officer to pass consequential orders giving effect to the CIT(Appeals) Orders with respect to treatment of excess amount received from customers towards cost of certain Fixed Assets purchased relating to their projects and on treatment of Interest on Bank Deposits. The Company is yet to receive the consequential orders from the Assessing Officer.
e. During the current year ended June 30, 2011, the Service Tax Authorities vide their Order No. 03/2011 dated February 25, 2011 passed order confirming the penalty on short and belated payments of Service Tax relating to financial years 2005-06 and 2006-07 @ INR 200 per day or 2% per month, whichever is higher, starting from the first day after the due date till the date of actual payment of the Service Tax on the Company. Aggrieved by the order of the Additional Commissioner, the Company filed an appeal before the Commissioner of Central Excise (Appeals) seeking setting aside of the order passed by the Additional Commissioner and stay for the recovery of the penalty amount as estimated by the Company amounting to Rs. 2.736 Millions.
AS PER WEB DETAILS
PROFILE
Sutherland Global Services is a multi-national technology-enabled BPO services company providing integrated Platform-based and Analytics enabled business-cycle support solutions for major Industry Verticals and global industry leaders.
Having started operations in 1986 in Rochester, New York, Sutherland now employs over 30,000 professionals offering RightSourcing™, seamlessly blended services from its 35 operation centers in Bulgaria, Canada, Colombia, Egypt, India, Mexico, Philippines, the United Arab Emirates, the United Kingdom, and the United States. By integrating highly trained people with state-of-the-art technology and proven business methodologies, Sutherland collaborates with clients to help them excel in their industry and maximize their customers’ lifetime value.
GOVERNMENT BUSINESS
PROCESS OUTSOURCING
With today’s ever increasing need for services and solutions, Governments find themselves in a position of need with respect to resources, scalability, and knowledge. At the same time, Governments are faced with the realities to produce more efficiency, operate more effectively and provide cost savings to their constituents. Current resources are stressed as constituent expectations rise for faster and more in-depth “round the clock” service. Strategic Business Process Outsourcing continues to grow as a necessary solution for government decision makers to deliver constituent services, IT Help Desk and back-office processing of information and documents.
Sutherland Global Services is Business Process Outsourcing technology enabled Services Company offering government both front and back-office services. Sutherland Global Services resources can be rapidly deployed both on-site government property and off site from a secure center. Sutherland offers multi-channel constituent care via telephone, email, chat and self-service. The service portfolio and integration of front office and back office services allow Government’s to focus on their core mission – providing services to their citizens, while improving the citizen experience and reduce overall cost of Government services.
·
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. 54.87 |
|
|
1 |
Rs. 86.46 |
|
Euro |
1 |
Rs. 69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
61 |
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.