MIRA
INFORM REPORT
|
Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
AEGIS LIMITED (w.e.f.29.10.2008) |
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Formerly Known
as : |
AEGIS BPO SERVICES LIMITED (w.e.f. 21.10.2004) TELEQUEST (INDIA) LIMITED |
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Registered
Office : |
Essar House, 11, K K Marg, Mahalaxmi, Mumbai – 400034, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.01.1992 |
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Com. Reg. No.: |
11-064767 |
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Capital
Investment / Paid-up Capital : |
Rs. 2786.000
Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1992PLC064767 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA29517F |
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PAN No.: [Permanent Account No.] |
AAACE8354Q |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
The Company is engaged in providing global business process outsourcing (BPO). These services include customer relationships management ('CRM') services and back office services such as detailed engineering designing services, finance and accounting services, human resource processing services, spend management and information technology related services to companies in various industries through their services centers in India. |
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No. of Employees
: |
53000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 51900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “ESSAR GROUP”. It is a well established and
reputed company having a satisfactory track record. There is sharp dip in the profit of the company during 2013. However,
financial postion is sound and healthy. Fundamentally the company is strong. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of reputed and resourceful businessmen, the company can be
considered 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the end
of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “A” |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
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Date |
31.03.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: “A1” |
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Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
31.03.2014 |
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 DECLINED BY
|
Name : |
Mr. Ranjan Dalela |
|
Designation : |
Vice Precident in Finance |
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Contact No.: |
91-22-67335000 |
|
Date : |
18.04.2014 |
LOCATIONS
|
Registered Office : |
Essar House, 11, K K Marg, Mahalaxmi, Mumbai – 400034, |
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Tel. No.: |
91-22-66601100 / 67335000 |
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Fax No.: |
91-22-23544490 / 67082190 |
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E-Mail : |
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Website : |
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Corporate Office : |
Equinox Business Park (Peninsula Techno Park), Off Bandra Kurla,
Mumbai - 400070, Maharashtra, India |
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Branches : |
Locate
at Ahmedabad Bangalore Gurgaon Hazira Hyderabad Jamshedpur Kolkata Lucknow Mumbai Noida Pune Kenya New Zealand Philippines South Africa Sri Lanka United Sates |
DIRECTORS
As on 28.08.2013
|
Name : |
Mr. John Michael Lind |
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Designation : |
Non-Executive Director |
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Address : |
515, VIA Sinuosa Santa Barbara, CA, New York – 93110, United States of America |
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Date of Birth/Age : |
11.02.1965 |
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Qualification : |
Bachelor's degree in arts from Mackenna College, a major in economics and a jurists doctorum from Hasting College of Law, University of California and a joint MBA degree from Berkeley Haas School of Business, University of California. |
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Date of Appointment : |
15.11.2010 |
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DIN No. : |
01516635 |
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Name : |
Mr. Sudip Rungta |
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Designation : |
Non-Executive Director |
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Address : |
Subhada Appartment, Flat No.101, 1st Floor, 63, Sir Pchkanwala Road, Worli, Mumbai – 400030, Maharashtra, India |
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Date of Birth/Age : |
13.09.1971 |
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Qualification : |
B.Com and C.A. |
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Date of Appointment : |
04.07.2011 |
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DIN No. : |
03146989 |
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|
Name : |
Mr. Sandip Sen |
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Designation : |
Non-Executive Director |
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Address : |
S/301, Palmsprings, 7th Cross, 16th Main, 4th Block, Kora Mangalam, Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
04.10.1966 |
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Qualification : |
Honors degree in economics from Presidency College, Kolkata and master’s degree in business f rom XLRI, Jamshedpur |
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Date of Appointment : |
10.10.2012 |
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DIN No. : |
00466225 |
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Name : |
Haseeb Ahmad Drabu |
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Designation : |
Non-Executive Director |
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Address : |
Flat No.1101, 11th Floor, Hicon Residency, 26th Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
10.04.1961 |
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Qualification : |
Professional Economist Banker |
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Date of Appointment : |
05.12.2012 |
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DIN No. : |
00489888 |
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Name : |
Mr. Milind Chalisgaonkar |
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Designation : |
Non-Executive Director |
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Address : |
I-1103, Springfields, Sarjapur Road, Bangalore – 560102, Karnataka, India |
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Date of Birth/Age : |
15.02.1965 |
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Date of Appointment : |
12.08.2013 |
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DIN No. : |
00057579 |
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Name : |
Mr. Jatinder Romi Malhotra |
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Designation : |
Non-Executive Director |
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Address : |
112m 1st Phase, Palm Meadows, Whitefield, Bangalore – 560066, Karnataka, India |
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Date of Birth/Age : |
24.08.1962 |
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Date of Appointment : |
12.08.2013 |
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DIN No. : |
01117972 |
KEY EXECUTIVES
|
Name : |
Mrs. Shruti A Jain |
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Designation : |
Secretary |
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Address : |
20/6, Mehta House, |
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Date of Birth/Age : |
04.03.1982 |
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Date of Appointment : |
23.03.2007 |
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PAN No.: |
AFKPJ7697F |
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Name : |
Divya Dutta |
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Designation : |
Sr. Vice President - Operations |
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Name : |
Mr. Himanshu Dhabalia |
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Designation : |
Sr. Vice President - Technology |
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Name : |
Mr. Salman Khan |
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Designation : |
VP Level 1-Operations |
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Name : |
Lata Menon |
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Designation : |
VP Level 1-Human Resources |
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Name : |
Mr. Sumit Sabharwal |
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Designation : |
Sr. Vice President - Sales |
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Name : |
Mr. Yogeshwar Dutt |
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Designation : |
Executive Assistant - Global CEO |
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Name : |
Mr. Vinod Kumar M |
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Designation : |
Vice President - Marketing |
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Name : |
C M Sharma |
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Designation : |
Global Corporate Office |
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|
Name : |
Mr. Ranjan Dalela |
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Designation : |
Vice Precident in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
AGC Holdings Limited, Mauritius |
|
271861635 |
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AGC Holdings Limited, Mauritius and B. Shivakumar |
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4 |
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AGC Holdings Limited, Mauritius and Sreehari Iyer |
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4 |
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AGC Holdings Limited, Mauritius and A Mohanan |
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4 |
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AGC Holdings Limited, Mauritius and Vipul Shah |
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4 |
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AGC Holdings Limited, Mauritius and Santosh Purohit |
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4 |
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AGC Holdings Limited, Mauritius and Manohar Kanade |
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4 |
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Swift Response Inc NJ, USA |
|
1016564 |
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Imperial Consultants and Securities Private Limited, India |
|
1000 |
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Aegis Tech Limited, India |
|
5714285 |
|
Total |
|
278593508 |
As on 28.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
98.00 |
|
Bodies corporate |
2.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in providing global business process outsourcing (BPO). These services include customer relationships management ('CRM') services and back office services such as detailed engineering designing services, finance and accounting services, human resource processing services, spend management and information technology related services to companies in various industries through their services centers in India. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
53000 (Approximately) |
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Bankers : |
· Axis Bank Limited, "Esquire Centre", No.9, M G Road, Bangalore - 560001, Karnataka, India ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018,
Maharashtra, India ·
Ing Vysya Bank Limited, Narian Manzil,Ground
Floor, Shop No. G1 To G5, I Floor, Shop No.1001 To 1007,Barakhamba Road, New
Delhi - 110001, India ·
Kotak Mahindra Bank Limited, 15 - 16, Ugf,
Ambadeep Building, 14 K G Marg,, New Delhi - 110001, India ·
Export Import Bank of India, Centre One Building,
Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005,
Maharashtra, India ·
State Bank Of India, Specialized Commercial
Branch, 1st Floor, Kiran Chambers, Opposite J. K. Tower, Ring
Road, Surat - 395002, Gujarat, India · ING Vysya Bank Limited, 22,Ground Floor,Ing Vysya House, M.G.Road, Bangalore – 560001, Karnataka, India |
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Facilities : |
NOTE LONG TERM
BORROWINGS Foreign currency
loan from banks (Secured) Security First pari passu charge on the moveable and immovable fixed assets and second pari passu charge on the entire current assets of the Company. Repayment This loan is repayable in 14 equal quarterly installments with first repayment beginning after 21 months from the date of loan agreement viz, June 15, 2010 Interest Rate The rate of interest on above term loan is based on LIBOR + 3% margin p.a Finance Lease
obligations Finance Lease obligations are payable as per the schedule prescribed in the respective agreements and are secured against the assets financed. (Current portion of Long Term Borrowings has been disclosed under the head "other current liabilities") SHORT TERM BORROWINGS Security: First pari passu charge on the current assets of the
Company, current and future. Second exclusive charge on all movable fixed
assets of the Company, current and future. The above cash credits from banks
are repayable on demand. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. R. Batlibol and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AABFS3421N |
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Holding Company: |
AGC Holdings Limited (FKA Essar Services Holdings Limited) |
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Ultimate Holding
Company: |
Essar Global Fund Limited (FKA Essar Global Limited) |
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Subsidiaries: |
· Aegis Communications Group LLC (FKA Aegis Communications Group Inc.) Aegis People Support, Inc Aegis Receivable Management Inc Aegis Outsourcing South Africa (Pty) Ltd (FKA Aegis BPO
Holdings (South Africa)(Pty) Limited) Aegis Global Services FZ LLC Aegis Outsourcing UK Ltd (FKA Aegis BPO (UK) Ltd) Aegis Netherlands Holdings Cooperatief U.A. Aegis BPO (Costa Rica) SRL Aegis Netherlands II BV Aegis Services Lanka Pvt Limited Main Street 741 Pty Limited Aegis Services Philippines Inc Essar Services (Mauritius) AGC Network Limited CIN No.: L32200MH1986PLC040652 Essar Engineering Services Limited AGC Networks PTE Limited Aegis BPO Services Australia Holdings Pty Limited Aegis Services Australia Pty Limited ( FKA UCMS Pty
Limited) Aegis Employment Services Pty Limited Aegis USA INC (AUI) Aspire People Solutions Inc. UCMS Group Pty Limited (UCMS) Aegis Philippines Inc. Aegis BPO Services Australia Pty Limited Aegis Tech Pty Limited Aegis Peru (S.A.C) Aegis Argentina S.A. (FKA Sur Contact Centre S.A.) Partnerships Australia Pty Limited AGC Networks Australia Pty Limited Multiple Stories Pty Limited Aegis New Zealand Limited AGC Networks Inc Actionline de Argentina SA Martin Dawes Telecommunications Pty Limited (Liquidated
during the current year) Aegis Rapid Text Inc. (FKA People Support Rapidtext, Inc.)
(Merged with AUI in FY 11-12) Innovative Land Development Solutions, Inc. (ILDSI)
(Merged with AUI in FY 11-12) Aegis Netherlands I BV (Merged with Aegis Netherlands II
BV in FY 11-12) Diversity @ Work Pty Limited (Dissolved during FY 11-12) People Support Guatemala Y Compania Limitada (Sold during
the FY 11-12) |
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Fellow Subsidiaries
(where Transactions exist): |
· Bhander Power Limited CIN No.: U31101GJ1995PLC065146 Essar Project Limited Dubai Equinox Realty and Infrastructure Private Limited CIN No.: U45202MH2008PTC180525 Essar Projects (PNG) Limited Essar Bulk Terminal Limited CIN No.: U13100GJ2004PLC043477 Essar Projects Singapore PTE Limited Essar Bulk Terminal (Salaya) Limited CIN No.: U63032MH2007PLC176225 Essar Shipping Limited CIN No.: U61200GJ2010PLC060285 Essar Exploration and Production India Limited CIN No.: U11101MH2007PLC171125 Essar Telecom Limited CIN No.: U64201GJ1995PLC025241 Essar Logistics Limited CIN No.: U63000MH2004PLC149214 PT Essar Indonesia Essar Mineral Resources Limited CIN No.: U13100GJ2006PLC047506 PT Manoor Bultan Lestari Indonesia Essar Offshore Subsea Limited CIN No.: U11101MH2008PLC179089 Trinity Coal Corporation Essar Oil Limited CIN No.: L11100GJ1989PLC032116 Ambeshwar Engineering Private Limited (Joint Venture) Essar Oilfields Services Limited Essar Concessions Limited (FKA Essar Infrastructure
Limited) Essar Power Gujarat Limited CIN No.: U74900GJ2007PLC066273 Essar Energy Overseas Limited Essar Power Hazira Limited CIN No.: U40300GJ2006PLC063146 Essar Multi User Coal Terminal Beira Mozambique Limitada Essar Power Limited CIN No.: U40100GJ1991PLC064824 Essar Projects (USA) LLC Essar Power MP Limited CIN No.: U40100DL2005PLC201961 Essar Africa Holdings Limited Essar Power Orissa Limited CIN No.: U31101DL2005PLC208862 Equinox Business Parks Private Limited CIN No.: U70102MH2007PTC172950 Essar Project (India) Limited CIN No.: U99999MH1989PLC053280 Essar Steel India Limited (FKA Essar Steel Limited) Essar Shipping Ports and Logistics Limited Essar Global Services Limited, Mauritius Essar Steel Algoma Inc Highband Communications Private Limited CIN No.: U64204MH1997PTC111999 Essar Steel Minnessota LLC Global Vantedge Private Limited CIN No.: U74999DL2001PTC112501 Essar Wind Power Private Limited CIN No.: U31101MH2006PTC164542 Essar Paradip Terminal Limited (ESPLL) Vadinar Power Company Limited CIN No.: U40100GJ1997PLC033108 The MobileStore Services Private Limited CIN No.: U74999MH2007PLC169998 Vadinar Oil Terminal Limited CIN No.: U35111GJ1993FLC053434 Essar Global Services FZE, UAE Vadinar Ports and Terminal Limited CIN No.: U63023GJ2009FLC056684 Aegis BPO Services (Gurgaon) Limited CIN No.: U72900DL2003PLC119377 Essar Energy Services (Mauritius) Limited Aegis Tech Limited CIN No.: U72900MH2009PLC192075 Essar Steel Middle East FZE Essar Steel Holdings Limited Essar Steel Chattisgarh Limited Essar Oilfield Services India Limited CIN No.: U93090MH2006PLC163779 Essar Power (Jharkhand) Limited CIN No.: U31101DL2005PLC211274 Essar Bulk Terminal Beria Mozambique Limiteda Navabharat Power Private Limited CIN No.: U40109DL2005PTC231302 Essar Global Services Limited, UK Mahan Coal Limited (Joint Venture) CIN No.: U01010MP2006PLC018586 Aegis Aspire Consultancy Services Limited CIN No.: U74140MH2008PLC185432 Essar Bulk Terminal Paradip Limited CIN No.: U63000GJ2009PLC058496 Essar Oil UK Limited Essar Power Transmission Company Limited CIN No.: U99999DL2005PLC208864 Essar Power Salaya Limited CIN No.: U40300GJ2009PLC062729 Essar Power East Africa Limited Essar Ports Limited CIN No.: L85110GJ1975PLC054824 Essar Steel India Limited CIN No.: U27100GJ1976FLC013787 |
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Joint Venture: |
Contact Center Company |
CAPITAL STRUCTURE
After 28.08.2013
Authorised Capital : Rs. 100000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
2827.345 Millions
As on 28.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9980000000 |
Equity Shares |
Rs.10/- each |
Rs. 99800.000 Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 100000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
278593508 |
Equity Shares |
Rs.10/- each |
Rs. 2786.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
2786.000 |
2786.000 |
2702.000 |
|
(b) Reserves & Surplus |
10190.000 |
9933.000 |
7574.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12976.000 |
12719.000 |
10276.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
462.000 |
658.000 |
830.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
114.000 |
120.000 |
145.000 |
|
Total Non-current Liabilities (3) |
576.000 |
778.000 |
975.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1445.000 |
1093.000 |
76.000 |
|
(b) Trade payables |
504.000 |
770.000 |
554.000 |
|
(c) Other current
liabilities |
2054.000 |
1847.000 |
2328.000 |
|
(d) Short-term provisions |
185.000 |
129.000 |
18.000 |
|
Total Current Liabilities (4) |
4188.000 |
3839.000 |
2976.000 |
|
|
|
|
|
|
TOTAL |
17740.000 |
17336.000 |
14227.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1233.000 |
1200.000 |
690.000 |
|
(ii) Intangible Assets |
520.000 |
313.000 |
115.000 |
|
(iii) Capital
work-in-progress |
107.000 |
165.000 |
326.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7406.000 |
7140.000 |
4532.000 |
|
(c) Deferred tax assets (net) |
133.000 |
182.000 |
214.000 |
|
(d) Long-term Loan and Advances |
1324.000 |
1496.000 |
1348.000 |
|
(e) Other Non-current assets |
131.000 |
39.000 |
280.000 |
|
Total Non-Current Assets |
10854.000 |
10535.000 |
7505.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1089.000 |
236.000 |
2004.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
3894.000 |
2305.000 |
2025.000 |
|
(d) Cash and cash
equivalents |
230.000 |
326.000 |
1281.000 |
|
(e) Short-term loans and
advances |
451.000 |
868.000 |
469.000 |
|
(f) Other current assets |
1222.000 |
3066.000 |
943.000 |
|
Total Current Assets |
6886.000 |
6801.000 |
6722.000 |
|
|
|
|
|
|
TOTAL |
17740.000 |
17336.000 |
14227.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
8630.000 |
9865.000 |
8690.000 |
|
|
|
Other Income |
383.000 |
335.000 |
150.000 |
|
|
|
TOTAL (A) |
9013.000 |
10200.000 |
8840.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expenses |
5276.000 |
4978.000 |
3924.000 |
|
|
|
Other Expenses |
2526.000 |
3349.000 |
3182.000 |
|
|
|
Prior Period items |
0.000 |
0.000 |
17.000 |
|
|
|
Exceptional Items |
35.000 |
57.000 |
300.000 |
|
|
|
TOTAL (B) |
7837.000 |
8384.000 |
7423.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1176.000 |
1816.000 |
1417.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
242.000 |
136.000 |
209.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
934.000 |
1680.000 |
1208.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
606.000 |
557.000 |
1320.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
328.000 |
1123.000 |
(112.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
70.000 |
425.000 |
101.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
258.000 |
698.000 |
(213.000) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Export Services |
2723.000 |
2140.000 |
2078.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
323.000 |
307.000 |
267.000 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.92 |
2.52 |
(0.84) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.86
|
6.84
|
(2.41) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.80
|
11.38
|
(1.29) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.25
|
11.40
|
(1.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.09
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.15
|
0.14
|
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.77
|
2.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2702.000 |
2786.000 |
2786.000 |
|
Reserves & Surplus |
7574.000 |
9933.000 |
10190.000 |
|
Net
worth |
10276.000 |
12719.000 |
12976.000 |
|
|
|
|
|
|
long-term borrowings |
830.000 |
658.000 |
462.000 |
|
Short term borrowings |
76.000 |
1093.000 |
1445.000 |
|
Total
borrowings |
906.000 |
1751.000 |
1907.000 |
|
Debt/Equity
ratio |
0.088 |
0.138 |
0.147 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8690.000 |
9865.000 |
8630.000 |
|
|
|
13.521 |
(12.519) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8690.000 |
9865.000 |
8630.000 |
|
Profit |
(213.000) |
698.000 |
258.000 |
|
|
(2.45%) |
7.08% |
2.99% |
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 |
Yes |
|
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 |
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 |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10311251 |
31/07/2013 * |
750,000,000.00 |
ING VYSYA BANK LIMITED |
22, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA |
B83129783 |
|
2 |
10243801 |
31/07/2013 * |
940,000,000.00 |
AXIS BANK LIMITED |
CREDIT MANAGEMENT CENTRE, ANAND RAO CIRCLE, BANGALORE - 560009, KARNATAKA, INDIA |
B83151571 |
|
3 |
10235319 |
19/08/2010 |
2,350,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A92128636 |
|
4 |
10163729 |
31/07/2013 * |
500,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH, EXPRESS BUILDING, 2ND F |
B83151654 |
|
5 |
10096952 |
31/07/2013 * |
1,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B85517654 |
|
6 |
10080756 |
06/12/2007 |
615,000,000.00 |
AXIS BANK LIMITED |
"ESQUIRE CENTRE", NO.9, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA |
A29394657 |
|
7 |
10043029 |
29/10/2007 * |
240,000,000.00 |
AXIS BANK LIMITED |
"ESQUIRE CENTRE", NO.9, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA |
A27967504 |
|
8 |
90385077 |
11/10/2005 * |
5,000,000.00 |
STATE BANK OF INDIA |
RESIDENCY ROAD, BANGALORE, KARNATAKA, INDIA |
- |
|
9 |
90381419 |
16/02/2004 |
349,000.00 |
THE KARUR VYSYA BANK LTD. |
HYDERABAD, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
10 |
90384873 |
10/11/2002 |
446,405.00 |
SUNDARAM FINANCE LTD. |
NO. 21. PATULLOS ROAD, CHENNAI, TAMIL NADU, INDIA |
- |
|
11 |
90385063 |
17/08/2002 |
17,000,000.00 |
STATE BANK OF INDIA |
RESIDENCY ROAD, BANGALORE, KARNATAKA, INDIA |
- |
|
12 |
90381163 |
28/06/1985 |
800,000.00 |
WRUKKOPMENT CO- OP. BANK LTD. |
DONGRI, S.V.D. ROAD, MUMBAI, MAHARASHTRA, INDIA |
- |
|
13 |
90381158 |
09/04/1985 |
200,000.00 |
BANK OF INDIA |
THANE, THANE, MAHARASHTRA, INDIA |
- |
* Date of charge modification
GENERAL INFORMATION ABOUT
COMPANY
The Company is engaged in providing global business process outsourcing (BPO). These services include customer relationships management ('CRM') services and back office services such as detailed engineering designing services, finance and accounting services, human resource processing services, spend management and information technology related services to companies in various industries through their services centers in India.
FINANCIAL RESULTS
During the current year ended March 31, 2013, the consolidated income from operations has increased from Rs 48011.000 millions to Rs 54266.000 millions, an increase of 13% over the previous year ended March 31, 2012. The consolidated net profit for the year has increased from Rs 1740.000 millions to Rs 2019.000 millions, an increase of 16% over the previous year ended March 31, 2012.
MANAGEMENTS
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
The global macro environment continues to remain challenging. While there are concerns around Europe and performance of emerging economies, weak macroeconomic indicators in some important geographies, regulatory and policy challenges in global economic environment and continuing inflationary pressure, the US economy is displaying early signs of recovery which are promising as the largest and most influential market for the Business outsourcing (BPO) services. Inspite of challenged macro environment, BPO industry continues to grow due to its nature of non-discretionary spend. Large corporations worldwide find outsourcing as one of the significant ways to reduce cost in difficult times while continuing to enhance the experience.
Considering the overall scenario, Aegis was able to deliver an EBITDA of Rs 5,588 (US$ 103) million over a revenue base of Rs 54,266 (US$ 997) million. However, the overall Aegis performance has been impacted due to lower than expected performance of Technology and Engineering services.
The year also saw Aegis undertaking several profitability enhancement initiatives across geographies, including improvement in operational efficiencies, exiting non-core business verticals, optimization of manpower, and reduction in IT costs including reduction in bandwidth and annual maintenance costs reduction in administrative costs, facility consolidation and other initiatives. These initiatives, amongst other reasons, saw earnings before interest, depreciation and tax (EBITDA) growth of around 9% in BPO business (1) alongwith increase in EBITDA margin from 12% in financial year 2011-12 to about 13% in financial year 2012-13.
COMPANY OVERVIEW
Aegis is a leading global provider of outsourcing services to its clients worldwide. Aegis provides its clients with customized solutions that cover the entire spectrum of end-user experiences across business processes, technologies and shared services. The services offered by Aegis include customer care, account activation, order processing, technical support, collection services, customer acquisition and retention, finance and accounting, human resource processing, engineering services and spend management services.
Aegis has presence across North America, Asia-Pacific, South Africa, Latin America and the Middle East, with a total of 69 delivery centers in 13 countries, including 51 delivery centers for its BPO services and 18 delivery centers for its technology services. Aegis currently has more than 53,000 employees across the global. Aegis's number of employees is greater than its total seats due to efficient utilization of seats using shift based service coverage. Aegis’s global reach, scale and capacity provide a competitive advantage and allow the company to take on large projects that meet the geographic scope, regulatory requirements and quality standards demanded by clients. Aegis further differentiates itself from its competitors by following a right-shoring approach, which provides its clients with a mix of services in a local jurisdiction or offshore location depending on each client’s specific needs and the mix of skills and cost of labor in each location. For the year ended March 31, 2013, 68% of
BPO revenue was from services delivered offshore and 32% from services delivered onshore.
The company has multilingual capabilities, providingservicesinmore than 40 languages including English, Spanish, French, German, Italian, Cantonese and over 12 Indian languages.
During the year ended March 31, 2013, the Company has incurred capital expenditure of Rs.1,575 million which primarily pertains to maintenance of delivery centers, IT upgradation and creation of additional capacity in various locations.
(1) BPO business consists of Customer Lifecycle Management business, Back Office business and Engineering business
REWARDS AND
RECOGNITION
Aegis received CUSTOMER Magazine’s 2013 MVP Quality Award for its superior customer experience and quality best practices.
Aegis ranked # 1 in Dataquest CMR BPO E-SAT Survey 2012 - 13 in India.
Aegis has been recognized by Confederation of Indian Industry (CII) for Strong Commitment to HR Excellence in 2012 in India.
Aegis evaluated in 2012 Gartner Competitive Landscape as The Rise of Indigenous BPO Providers in Asia Pacific.
Aegis named as Best and Brightest Companies to Work For in the US by National Association for Business Resources.
Aegis recognized as a Leader in the IDC MarketScape: Worldwide Customer Care BPO Services 2013 Vendor Analysis.
Aegis ranked Amongst the Top 12 on IAOP’s 2013 Global Outsourcing 100 List. Aegis positioned in 2012 Magic Quadrant for Customer
Management Contact Center BPO, Worldwide by leading industry analyst firm Gartner.
Aegis LISAn is awarded with the 2012 TMC Labs Innovation Award and 2012 Social Business Award Honoree sponsored by TMC’s Customer magazine.
Aegis ranked number 3 in NASSCOM Top 15 BPO Exporters 2012.
Aegis ranks among Top Global BPO Leaders and Global Customer Management Leaders in the 2012 global services 100 list.
Aegis honored as 'Outsourcing Service Provider of the Year' at Asia Communication Awards 2012.
Aegis engagement with British Gas recognized at UK’s NOA Outsourcing Professional Awards.
Aegis recognized as the 2013 Best Company in USA by the Indo-American Chamber of Commerce.
Aegis won NCPEDP-Shell Helen Keller Award 2012 in the category of Role Model Companies.
Aegis has been conferred with Excellence in Diversity and Inclusion at First, People 2012 award by SHRM India.
Aegis Philippines was awarded a Certificate of Appreciation by the Department of Labor and Employment (DOLE) for proactively providing employment opportunities for Persons with Disabilities in 2012.
Aegis Australia has been conferred with The Partnership Award by The Australian Government Department of Human Services for fostering a partnership that has led to accredited training, on the job training and employment placements for local CRS Australia job seekers.
Aegis has been conferred with four distinct awards by Great Place to Work (GPW) Institute.
- India’s Best Companies to Work For 2012 Ranked among top 50 companies in India in the category of more than 1000 employees.
- One of the Best Companies in the IT/ ITES industry.
- Ranked first among ?Best Companies in Career Growth, and
- Ranked third among companies having Unique Company Initiatives and HR Practices
BUSINESS OVERVIEW
They are a worldwide provider of outsourcing services, comprising business process outsourcing (BPO) services such as customer lifecycle management (CLM) services, back-office services and technology services. They specialize in providing customized solutions which cover the entire spectrum of end-user experiences across business processes, technologies, shared services and analytics, and offer engagement and delivery models which focus on creating value for clients and improving their revenues and profits.
INDUSTRY OVERVIEW
Corporations historically began outsourcing non-core processes that were deemed to be too costly to administer or pursue internally. The BPO market has transitioned away from the outsourcing of low value, transaction-intensive, back-office business processes in order to save costs. The rationale for outsourcing has changed from only savings costs to also include a focus on core operations. Corporations are now outsourcing a substantial portion of their business processes, thereby focusing on their core operations in order to develop flexibility and increase shareholder returns.
The total BPO market that Aegis caters to is a $167.8 billion market that is expected to grow at a 5.7% CAGR to $209.4 billion by 2017. Within this market Aegis caters to the largest and highest growth segments. While Aegis operates in most segments of the BPO market, the customer care segment, which is Aegis primary revenue contributor, accounts for ~36% of the total BPO market.
There is significant upside in the customer care segment as the majority of customer care remains in-house today, providing the potential for rapid growth as an increasing number of corporations outsource these services. Aegis is uniquely positioned to capitalize on these opportunities because of its leadership position in the market, its highly differentiated next-generation service offerings focused on the holistic customer experience, and its right-shoring model that provides a competitive advantage. Aegis offers on-shore, near-shore and off-shore model to its customers. Where the off-shore model provides the benefit of competitive pricing, the on-shoring model allows provisioning of services in the same time zone and withculturalaffinity, thereby enhancing the quality of servicesoffered while minimizing service disruptions and reducing geo-political risks.
Key market trends in the BPO market
- Customers transformation experience with BPO:As customers continue to have a positive experience and see the benefits of outsourcing have a positive impact on their operations and balance sheet, they will increasingly outsource their processes, including some that were once considered core.
- Pricing model: Outcome-based solutions and gain share pricing are beginning to appear in many RFPs as customers seek to move beyond the traditional labor pricing models. Vendors are stepping up to the challenge and offering outcome-based pricing on a case-to-case basis.
- Global delivery model maturity: As vendors continue to leverage the availability of global talent, tax breaks offered by various countries/state governments, establish presence across the globe and so forth, customers will reap the benefits from the global flexible delivery capability and multi-shore delivery offering.
- Business analytics services: Customers are increasingly adopting outsourced BPO analytics capabilities that leverage their BPO service providers domain expertise, services infrastructure, and consulting capabilities coupled with business intelligence tools. These services provide value to customers by empowering them with appropriate business levers to address the day-to-day tactical decision-making process as well as plan their long-term strategy
OUTLOOK
During the next financial year (FY 2013-14), Aegis is targeting an accelerated growth in margins on the back of margin improvement initiatives taken in FY 2012-13 and EBITDA with a focus on enhanced performance, maintaining cost leadership and an increased focus on free cash flows.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(i) Guarantees |
|
|
|
Corporate Guarantee of USD 33 million given by the Company for its 100% subsidiary, Essar Services Mauritius, to EXIM Bank under the credit facility of USD 30 million taken by Essar Services Mauritius. The outstanding loan amount as on the Balance Sheet date is USD 30 million. |
1795.000 |
1535.000 |
|
Corporate Guarantee of USD 19 million given by the Company for its 100% subsidiary, Main Street 741 (Pty) Ltd, to Axis Bank, Hong Kong under the credit facility of USD 16 million taken by Main Street 741 (Pty) Ltd. The outstanding loan amount as on the Balance Sheet date is USD 12 million. |
1033.000 |
972.000 |
|
Corporate Guarantee of USD 20 million ( previous year USD 50 million) given by the Company for its 100% subsidiary, Essar Services Mauritius, to EXIM Bank , Mumbai under the credit facility of USD 50 taken by Essar Services Mauritius. The outstanding loan amount as on the Balance Sheet date is USD 18 million. |
1088.000 |
2558.000 |
|
Corporate Guarantee of USD 180 million given by the Company for its 100% subsidiary, Essar Services Mauritius and Aegis USA Inc (100% subsidiary of Essar Services Mauritius), to Deutsche Bank AG, Singapore Branch, ING Bank N.V., Singapore Branch, Macquarie Capital (Singapore) Pte. Limited, Societe Generale Mumbai, UBS AG Hong Kong Branch for credit facility taken by Essar Services Mauritius and Aegis USA Inc (100% subsidiary of Essar Services Mauritius). The outstanding loan amount as on the Balance Sheet date is USD 117 million. |
9790.000 |
9209.000 |
|
Performance Guarantee of USD 15 million in favor of Sun-Trust Banks, Inc on behalf of AUI for a term of 5 years from Sep 07, 2012 |
816.000 |
0.000 |
|
Corporate Guarantee of Rs 400 given by the Company for its 100% subsidiary, AGC Networks Ltd to Yes Bank, under the credit facility aken by AGC Networks Ltd. The outstanding loan amount as on the Balance Sheet date is Rs. 400. |
400.000 |
0.0000 |
|
Bonds to Customs authorities |
14.000 |
14.000 |
|
Total |
14936.000 |
14288.000 |
(ii) Litigations
a) The collector of Noida had issued a notice claiming the shortfall in stamp duty and had issued a demand of Rs. 50.000 against the Company. The case is presently being argued before the Allahabad High Court. The collector has passed an order dated March 3, 2010 and issued directions to recover Rs. 6 as deficit stamp duty together with 1.5 % interest thereon since July 1, 2006. The Company has also filed an application for stay at Allahabad High Court. The Company has also filed the writ petition at Allahabad High Court challenging the order of Collector, Noida. The said writ petition has been partly allowed by the Honorable High Court vide order dated August 30, 2010 whereby the penalty imposed has been set aside and also the term of lease. The Company has challenged the balance order by filing a review petition before the Allahabad high court which is pending and likely to be heard soon. The management believes thatthecase would be settled in favor of the Company. Hence, no provision is made in the financial statements.
b) The Company had received a notice of demand of Rs.5.000 (including applicable penalty) from the Superintendent of Stamps for demerger of BPO division of Global Vantage Private Limited into the Company. The Company has filed an appeal against the demand and the case is pending before the Bombay Stamp Office. The management is of the opinion that the case would likely to be settle in favor of the Company and accordingly no provision for any liability has been made in the financial statements.
c) The Company had received a notice of demand of Rs. 60.000 for AY 2008-09 and of Rs.104 for AY 2009-10 from the Income tax authorities (TDS). It had filed rectification application u/s. 154 of the Income Tax Act, 1961 pursuant to which it has received rectification order reducing the demand to Rs.3.000 for AY 2008-09 and Rs. 6.000 for AY 2009-10. Against the said demand it had appealed to Commissioner of Income Tax (CIT) Appeals, and the Company has received an order of (CIT) Appeals in its favor on 19th July 2012. The Department has filed appeal against the same orders which was intimated to the Company on 16th May 2013
d) The Company has received an order from the Income Tax Authorities adding back Rs. 15.000 of deemed income on international transaction pertaining to Corporate Guarantee given by the Company to Axis Bank on behalf of its 100% Subsidiary Company Essar Services Mauritius (ESM) for FY 2007-08. The Company has filled appeal against the demand and the case is pending before CIT Appeals.
As per Section 92B(2)(i)(c) of the Income Tax Act,1961 as inserted by the Finance Act 2012 , the Company has accrued Corporate Guarantee fees @ 1% in the books instead of 2.5% proposed by Income Tax Authority. The Management is of the opinion that the case would be settled in the favor of the Company and accordingly no further provision for difference in rate is required.
e) The Company has received a notice of demand of Rs. 52.000 for the F.Y. 2007-08 from the Service Tax Authorities. The Company has filed an appeal against the demand and the case is presently pending before Customs, Excise and Service Tax Appellate Tribunal (CESTAT).The Management is of the opinion that the case would be settled in favor of the Company and accordingly no provision for any liability has been made in the financial statements.
f) During the current year, the Company has received a draft Assessment Order for AY 2009-10 proposing additions of Rs 3769.000 to the taxable income on account of certain Transfer Pricing adjustments and certain disallowances. The Company has filed objections with the Dispute Resolution Panel (DRP) against the proposed adjustments/disallowances for the aforesaid assessment year. The management is of the opinion that the company has fair chance that DRP will accept the Company’s objections and reverse these proposed adjustments and disallowances, hence no provision has been made in the financial statements.
FIXED ASSETS
]
Tangible
Assets
Freehold
Land
Leasehold
Land
Building
Lease
Hold Improvements
Office
and network Equipments
Computers
Furniture
and Fixtures
Vehicles
]
Intangible Assets
Software
Goodwill
on business purchase
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 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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
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 |
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 |
|
50 |
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.