MIRA
INFORM REPORT
|
Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
RBS BUSINESS SERVICES PRIVATE LIMITED (w.e.f. 07.11.2009) |
|
|
|
|
Formerly Known
as : |
ABN AMRO CENTRAL ENTERPRISES SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Empire Complex,
414, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.10.2001 |
|
|
|
|
Com. Reg. No.: |
11-133558 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 50.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2001PTC133558 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA15068E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCA1780D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Information Technology Enabled and Back Office Processing
Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having good track record. There seems some dip in the profit of the company during 2013 however,
general financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-66647000]
LOCATIONS
|
Registered Office : |
Empire Complex,
414, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66647000 |
|
Fax No.: |
91-22-66647890 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office : |
Mafatlal Chambers, B Wing, N. M. Joshi Marg, Lower Parel
(East), Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-67548000 |
|
Fax No.: |
91-22-67548420 |
|
|
|
|
Corporate Centre : |
6th Floor, Corporate Centre, Andheri Kurla Road, Opposite
Trade Star Building, Andheri (East), Mumbai - 400059, Maharashtra, India |
|
Tel. No.: |
91-22-30438600 |
|
Fax No.: |
91-22-67258117 |
|
|
|
|
Branch Offices : |
Located at: · Guindy, Chennai ·
Anna Salai, Chennai ·
Gurgaon ·
Cyber Greens, Gurgaon |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Pankaj Padmasen Phatarphod |
|
Designation : |
Managing director |
|
Address : |
Guruprasad Opposite Bhagwati M Hospital, Mandapehwar Road, Borivali
(West), Mumbai – 400103, Maharashtra, India |
|
Date of Birth/Age : |
20.06.1972 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
03031289 |
|
|
|
|
Name : |
Mrs. Meera Hiranandani Sanyal |
|
Designation : |
Director |
|
Address : |
52, Hill Park, AG Bell Marg, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
15.10.1961 |
|
Date of Appointment : |
01.01.2006 |
|
DIN No.: |
00422545 |
|
|
|
|
Name : |
Mr. William Gordon Brogan Higgins |
|
Designation : |
Director |
|
Address : |
125 Thurleigh Road, London SW12 8TY |
|
Date of Birth/Age : |
20.04.1959 |
|
Date of Appointment : |
22.02.2007 |
|
DIN No.: |
01385325 |
|
|
|
|
Name : |
Mr. Sunil Govind Prabhu |
|
Designation : |
Director |
|
Address : |
10 AST OR Close, Kingston, Upon Thames Survey, London, KT27LT |
|
Date of Birth/Age : |
24.09.1964 |
|
Date of Appointment : |
11.09.2012 |
|
PAN No.: |
AAIPP6952C |
|
Voter ID No.: |
MT/07/046/0348335 |
|
DIN No.: |
06400601 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Govind Prabhu |
|
Designation : |
Secretary |
|
Address : |
10 AST OR Close, Kingston, Upon Thames Survey, London, KT27LT |
|
Date of Birth/Age : |
24.09.1964 |
|
Date of Appointment : |
13.09.2002 |
|
PAN No.: |
AAIPP6952C |
|
Voter ID No.: |
MT/07/046/0348335 |
|
|
|
|
Name : |
Mr. Puneet Molhotra |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
RBS Netherlands Holding BV, Netherlands |
|
5000000 |
|
NatWest Securities BV, Netherlands |
|
10000 |
|
|
|
|
|
Total |
|
5010000 |
AS ON 30.09.2013
|
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 : |
Providing Information Technology Enabled and Back Office
Processing Services. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidyapith,
Off Ashram Road, Ahmedabad – 380014, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
|
|
|
|
Holding company : |
The Royal Bank of Scotland NV, Netherlands |
|
|
|
|
Ultimate holding
company : |
Royal Bank of Scotland Group Plc. |
|
|
|
|
Fellow Subsidiaries with whom there are
transactions during the year |
·
RBS NB Uzbekistan CJSC ·
Isle of Man Bank Limited ·
Ulster Bank Limited ·
RBS Securities Japan Limited ·
RBS Asia Pacific Private Limited ·
RBS Citizens NA ·
RBS Equities (India) Limited
[U67120MH1993PLC073120] ·
RBS Financial Services (India) Private
Limited [U67120MH1997PTC112574] ·
RBS Foundation, India ·
RBS India Development Centre Private Limited
[U30007HR2002PTC034983] ·
RBS Management Services (UK) Limited ·
RBS Bank (Romania) SA ·
RBS Coutts and Company ·
RBS Dibu BV ·
RBS Global Banking ( Luxembourg ) S.A ·
RBS Global Trade Service Centre Private Limited
[U72900MH2012FTC234201] ·
RBS Securities Inc ·
The Royal Bank of Scotland (China) Co. Limited ·
The Royal Bank of Scotland International Limited ·
The Royal Bank of Scotland Mexico, SA ·
The Royal Bank of Scotland ZAO ·
Ulster Bank Ireland Limited ·
RBS Equities ( India ) Private Limited ·
RBS Financial Services India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,010,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.100
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 |
50.100 |
50.100 |
50.100 |
|
(b) Reserves & Surplus |
2763.281 |
5245.839 |
4333.093 |
|
(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) |
2813.381 |
5295.939 |
4383.193 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
125.625 |
100.315 |
0.000 |
|
(d) long-term
provisions |
184.729 |
238.729 |
369.443 |
|
Total Non-current
Liabilities (3) |
310.354 |
339.044 |
369.443 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2500.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
535.252 |
866.426 |
204.770 |
|
(c)
Other current liabilities |
243.674 |
463..502 |
368.428 |
|
(d) Short-term
provisions |
290.278 |
347.477 |
268.640 |
|
Total Current
Liabilities (4) |
3569.204 |
1677.405 |
841.838 |
|
|
|
|
|
|
TOTAL |
6692.939 |
7312.388 |
5594.474 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1380.298 |
1411.090 |
401.688 |
|
(ii)
Intangible Assets |
14.885 |
20.950 |
17.572 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
694.378 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
191.118 |
192.911 |
146.322 |
|
(d) Long-term Loan and Advances |
878.947 |
881.459 |
703.182 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2465.248 |
2506.410 |
1963.142 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
200.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
2928.198 |
1420.938 |
1919.542 |
|
(d) Cash
and cash equivalents |
358.172 |
2201.235 |
1073.393 |
|
(e)
Short-term loans and advances |
384.125 |
267.641 |
180.319 |
|
(f)
Other current assets |
557.196 |
916.164 |
258.078 |
|
Total Current
Assets |
4227.691 |
4805.978 |
3631.332 |
|
|
|
|
|
|
TOTAL |
6692.939 |
7312.388 |
5594.474 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
9104.000 |
7961.650 |
6969.410 |
|
|
|
Other Income |
224.100 |
457.280 |
205.310 |
|
|
|
TOTAL |
9328.100 |
8418.930 |
7174.720 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expenses |
4115.290 |
3643.870 |
3058.990 |
|
|
|
Other Expenses |
3369.310 |
3047.160 |
2746.440 |
|
|
|
TOTAL |
7484.600 |
6691.030 |
5805.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1843.500 |
1727.900 |
1369.290 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
169.610 |
8.060 |
1.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1673.890 |
1719.840 |
1367.650 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
381.270 |
354.800 |
305.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1292.620 |
1365.040 |
1062.210 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
442.820 |
452.290 |
75.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
849.800 |
912.750 |
986.790 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
5245.840 |
4333.090 |
3346.310 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
84.980 |
0.000 |
0.000 |
|
|
|
Interim Dividend |
2867.240 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
465.100 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2678.320 |
5245.840 |
4333.090 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7572.000 |
6259.000 |
6115.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
169.62 |
182.18 |
196.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.11 |
10.84
|
13.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.20 |
17.15
|
15.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.88 |
19.17 |
22.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45 |
0.25 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.88 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
3.96 |
4.32 |
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 |
50.100 |
50.100 |
50.100 |
|
Reserves & Surplus |
4,333.093 |
5,245.839 |
2,763.281 |
|
Net
worth |
4,383.193 |
5,295.939 |
2,813.381 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
2,500.000 |
|
Total
borrowings |
0.000 |
0.000 |
2,500.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.889 |
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) |
|
Revenue from operations |
6969.410 |
7961.650 |
9104.000 |
|
|
|
14.237 |
14.348 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
6969.410 |
7961.650 |
9104.000 |
|
Profit/(Loss) After Tax |
986.790 |
912.750 |
849.800 |
|
|
14.16% |
11.46% |
9.33% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES : NO CHARGES EXIST
FOR COMPANY
UNSECURED LOANS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Short-term Borrowings |
|
|
|
Loans and advances from related parties |
2500.000 |
0.000 |
|
|
|
|
|
Total |
2500.000 |
0.000 |
REVIEW OF
OPERATIONS
The gross revenue
increased from INR 8,418.93 Mn in the previous year to INR 9,328.10 Mn during
the current year representing an increase of 10.80 %. The expenses increased from
INR 7,053.89 Mn in the previous year to INR 8,035.48 Mn during the current year
representing an increase of 13.9 %. The Profit before Tax and after Tax reduced
by 5.3 % and 6.9 % respectively.
In April 2011, the
boards of RBS Group, RBS Plc and RBS N.V. approved transfer of a substantial
part of the business activities of RBS N.V. to RBS Plc as part of Project
Unicorn Program to deliver a simplified Group legal entity structure, operating
model and client service model.
As part of the
above, the global trade business within the Company was demerged into RBS
Global Trade Services Private Limited. The demerger scheme was approved by the
High Court with appointed date of April 01, 2013. The effective date for the
demerger was May 01, 2013.
On May 20, 2013
the shares held by, The Royal Bank of Scotland, N.V. and Breschou BV were
transferred to RBS Netherlands Holding BV and NatWest Securities BV resp.
NATURE OF OPERATIONS
The Company was incorporated
as a private limited Company on October 4, 2001 to carry on the business of
providing information technology enabled services primarily to Royal Bank of
Scotland N.V. The Company has facilities in the states of Maharashtra, Tamil
Nadu, Delhi, Haryana and an international facility in the United Kingdom
located in Manchester and London. Facilities in Maharashtra are located in
Mumbai, in Tamil Nadu located in Chennai, in Delhi and Haryana located in
Gurgaon all of which are registered with Software Technology Park of India
(STPI).
CONTINGENT
LIABILITIES [AS ON 31.03.2013]:
i. Bank Guarantee in favour of Commissioner of Customs/ Central Excise
for the import of the goods, under the STPI scheme of Rs 14.697 Millions
(Previous year: Rs. 11.255 Millions -).
ii. The company
has received claims amounting to Rs 8,364,719/- (Previous year: Rs.
7,130,137/-) which have not been acknowledged as debts. The Company is in
receipts of claims from RBS N.V., which may not be recognized till such time
RBS N.V. provides adequate documents and supporting to validate the claim.
iii. Income Tax
Assessment Year 2007-08:
During the
financial year 2010-11, Deputy Commissioner of Income Tax has issued order for
the Assessment Year (AY) 2007-08. The transfer pricing (TP) and corporate tax
adjustments of Rs. 1056.749 Millions have been made in the assessment order for
AY 2007-08 with a corresponding tax demand of Rs. 511.167 Millions.
Appeal with
Commissioner of Income Tax (Appeals) has been filed against the aforesaid order
in the month of March 2011.
In the month of
April 2012, Commissioner of Income Tax (Appeals) has issued order giving
partial relief reducing the transfer pricing (TP) and corporate tax adjustments
to Rs. 519,243,347/- with a corresponding tax demand of Rs.251.166
Millions. Appeal with the Appellate
Tribunal has been filed against the aforesaid order in the month of June 2012.
Assessment Year 2008-09:
During the
financial year 2011-12, Assistant Commissioner of Income Tax has issued order
for the Assessment Year (AY) 2008-09. The transfer pricing (TP) and corporate
tax adjustments of Rs. 961.186 Millions have been made in the assessment order
for AY 2008-09 with a corresponding tax demand of Rs. 392.9454 Millions.
Appeal with
Commissioner of Income Tax (Appeals) has been filed against the aforesaid order
in the month of March 2012.
FIXED ASSETS
·
Furniture and fixtures
·
Office
Equipment
·
Computer
equipments
·
Other
equipments
·
Leasehold
improvements
·
Computer
software
·
Computer
Hardware Desktops
·
Computer
Hardware Others
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 60.44 |
|
UK Pound |
1 |
Rs. 100.24 |
|
Euro |
1 |
Rs. 80.35 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
----- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.