|
Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
HEWLETT PACKARD FINANCIAL SERVICES (INDIA) PRIVATE LIMITED (w.e.f.
04.04.2003) |
|
|
|
|
Formerly Known
As : |
COMPAQ FINANCIAL SERVICES ( |
|
|
|
|
Registered
Office : |
3rd Floor, Calcot House, 8/10, M. P. Shetty Marg, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.01.2001 |
|
|
|
|
Com. Reg. No.: |
11-130514 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 6188.439 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65910MH2001PTC130514 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in the business of Financing IT Related
Products. |
|
|
|
|
No. of Employees
: |
Information denied by 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 53650000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Hewlett Packard company. It is an established
company having good track record. The company has seen an increase in the sales turnover as well as net profitability
during 2012. There are no external borrowings recorded by the company.
Financial position seems to be healthy. Trade relations are fair. Business is active. Payment terms are
regular. The company can be considered good 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.
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
|
Contact No.: |
91-22-66273900 / 61360360 |
|
Date : |
30.07.2013 |
LOCATIONS
|
Registered Office : |
3rd Floor, Calcot House, 8/10, M. P. Shetty Marg, |
|
Tel. No.: |
91-22-22042310/ 66308000 |
|
Fax No.: |
91-22-22816192 |
|
E-Mail : |
DIRECTORS
As on : 20.08.2012
|
Name : |
Mr. Irving Harold Rothman |
|
Designation : |
Director |
|
Address : |
15, |
|
Date of Birth/Age : |
08.12.1946 |
|
Date of Appointment : |
28.05.2001 |
|
DIN No.: |
01910077 |
|
|
|
|
Name : |
Mr. George Daniel Mccarthy |
|
Designation : |
Director |
|
Address : |
91, |
|
Date of Birth/Age : |
23.03.1949 |
|
Date of Appointment : |
28.05.2001 |
|
DIN No.: |
01904204 |
|
|
|
|
Name : |
Mr. David Anthony Gill |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
21.04.1972 |
|
Date of Appointment : |
14.07.2006 |
|
DIN No.: |
01885406 |
|
|
|
|
Name : |
Mr. Rajinder Vruddhula |
|
Designation : |
Director |
|
Address : |
9, Krishna Apartments, |
|
Date of Birth/Age : |
30.10.1973 |
|
Date of Appointment : |
28.10.2008 |
|
DIN No.: |
02046121 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 20.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
HPFS Ventures Holdings Limited, |
|
618060944 |
|
HPFS International |
|
783000 |
|
Total |
|
618843944 |
Equity Share Break up (Percentage of Total Equity)
As on : 20.08.2012
|
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 : |
The company is engaged in the business of Financing IT Related
Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management. |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountants |
|
Address : |
12th Floor, Canbera Block, UB City, 24 Vittal Mallya Road, |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Holding Company : |
HPFS Ventures Holdings Limited, |
|
|
|
|
Ultimate Holding Company : |
Hewlett- Packard Company |
|
|
|
|
Fellow Subsidiaries : |
v Hewlett Packard
AP ( v Hewlett Packard
India Sales Private Limited v Hewlett Packard v Hewlett Packard
Financial Services ( v Hewlett Packard Financial
Services ( v Mphasis Limited |
CAPITAL STRUCTURE
As on : 20.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
619653964 |
Equity Share |
Rs.10/- each |
Rs. 6196.539 Millions |
|
63609 |
Equity Share |
Rs.10/- each |
Rs. 0.636 Million |
|
|
Total |
|
Rs. 6197.175
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
618843944 |
Equity Share |
Rs.10/- each |
Rs. 6188.439 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
6188.439 |
6008.739 |
|
(b) Reserves & Surplus |
|
7226.376 |
5434.712 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
13414.815 |
11443.451 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
326.373 |
201.004 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
1349.913 |
921.721 |
|
Total Non-current
Liabilities (3) |
|
1676.286 |
1122.725 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
640.274 |
522.709 |
|
(c)
Other current liabilities |
|
73.363 |
1818.991 |
|
(d)
Short-term provisions |
|
9.859 |
6.458 |
|
Total Current
Liabilities (4) |
|
723.496 |
2348.158 |
|
|
|
|
|
|
TOTAL |
|
15814.597 |
14914.334 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
0.000 |
277.952 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
8951.166 |
8392.871 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
8951.166 |
8670.823 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
1085.695 |
614.193 |
|
(d)
Cash and cash equivalents |
|
792.323 |
1102.275 |
|
(e)
Short-term loans and advances |
|
4985.213 |
4523.800 |
|
(f)
Other current assets |
|
0.000 |
3.243 |
|
Total
Current Assets |
|
6863.231 |
6243.511 |
|
|
|
|
|
|
TOTAL |
|
15814.397 |
14914.334 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
5917.119 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4540.531 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10457.650 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
111.027 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10568.677 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
414.649
|
|
|
Cash & Bank Balances |
|
|
201.977
|
|
|
Other Current Assets |
|
|
7879.589
|
|
|
Loans & Advances |
|
|
2823.475
|
|
Total
Current Assets |
|
|
11319.690 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
329.780
|
|
|
Other Current Liabilities |
|
|
9.191
|
|
|
Provisions |
|
|
412.042
|
|
Total
Current Liabilities |
|
|
751.013 |
|
|
Net Current Assets |
|
|
10568.677 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10568.677 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Income |
1705.474 |
1650.637 |
1387.326 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
1.126 |
1.099 |
1.647 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
0.862 |
48.574 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
358.363 |
269.602 |
213.929 |
|
|
|
|
|
|
|
|
|
|
TAX |
184.000 |
200.000 |
8.249 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
174.363 |
69.602 |
205.680 |
|
|
|
|
|
|
|
|
|
|
PROVISION
TRANSFER TO STATUTORY RESERVE |
34.872 |
13.920 |
41.136 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
139.491 |
55.682 |
164.544 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
847.381 |
1613.107 |
1261.356 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.28 |
0.12 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.22
|
4.22 |
14.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.27
|
1.84 |
1.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.02 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.12
|
0.10 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
21.86
|
6.23 |
15.07 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
Yes |
|
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 |
NOTE:
1)
The Registered Office of the company has been
shifted from 20th Floor, Nirmal, Nariman Point, Mumbai,
2)
CURRENT MATURITIES OF LONG TERM DEBT : NOT AVAILABLE
3) NO CHARGE EXIST FOR COMPANY.
BUSINESS RESULTS :
The performance of the
Company during the year is as follows: The Company has achieved consolidated
revenue of Rs. 1705.470 millions. The Company has no subsidiary companies. The
Company operated in three major areas of operations consisting of
hire-purchase, asset leasing and loan financing. Income from hire-purchase
remained at Rs. 3.680 millions. Income from leasing was Rs. 1139.880 millions
compared to Rs. 980.090 millions in the previous year. Income from loan
financing was Rs. 233.570 millions compared to Rs. 221.230 millions in the
previous year.
During the year, the total income from operations was
Rs. 1705.470 million compared to Rs. 1650.640 millions in the previous year.
Gross Profit was at Rs. 483.730 millions as against Rs. 433.82 million in the
previous year. The profit after tax was Rs. 174.360 millions as against Rs.
69.600 millions in the previous year. During the year Rs. 34.87 millions was
appropriated to reserves u/s 45IC of RBI Act 1935 and NIL to General Reserves.
Earning per share is Rs. 0.280 against Rs. 0.120 in the previous year on a
weighted average basis as per Accounting Standard 20 issued by the Institute of
Chartered Accountants of India.
SEGMENT REPORTING
:
The company operates as a financer of IT related products throughout
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. 59.30 |
|
|
1 |
Rs. 91.18 |
|
Euro |
1 |
Rs. 78.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.