MIRA INFORM REPORT
|
Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
WILLIS PROCESSING SERVICES (INDIA) PRIVATE LIMITED (w.e.f. 28.10.2009) |
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Formerly Known
As : |
TRINITY COMPUTER PROCESSING ( |
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Registered
Office : |
Plant No.6, Godrej and Boyce Mfg. Co. Compound, Pirojshanagar, L.B.S.
Marg, Vikhroli (West), Mumbai – 400079, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.05.1992 |
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Com. Reg. No.: |
11-066724 |
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Capital
Investment / Paid-up Capital : |
Rs.54.860 Millions |
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CIN No.: [Company Identification
No.] |
U72300MH1992PTC066724 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT04115G |
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PAN No.: [Permanent Account No.] |
AAACT1796R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject engaged in the business of computer processing facilities, software
analysis and programming, computer software. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. 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.
EXTERNAL AGENCY RATING
Not Available
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 DENIED
Management Non Co-operative (91-22-25192000)
LOCATIONS
|
Registered Office : |
Plant No.6, Godrej and Boyce Mfg. Co. Compound, Pirojshanagar, L.B.S.
Marg, Vikhroli (West), Mumbai – 400079, Maharashtra, India |
|
Tel. No.: |
91-22-25192000 / 66422000 |
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Fax No.: |
91-22-25188607 |
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E-Mail : |
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Website : |
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Thane Office : |
Akruti SMC, Unit No. 201, Junction of L.B.S. Marg and Pokhran Road No. 1, Thane – 400601, Maharashtra, India |
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Tel. No.: |
91-22-21726000 / 66836000 |
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Fax No.: |
91-22-25339105 |
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Powai Office : |
Tower A, 9th Floor, L&T Business Park, Saki Vihar Road, Powai, Mumbai – 400072, India |
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Tel. No.: |
91-22-67866600 |
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Fax No.: |
91-22-67866992 |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Mr. Mark Graham Parker |
|
Designation : |
Director |
|
Address : |
4 Ipswich Road, Newbourne, Woodbridge, Suffolk, Great Britain, IP124NS |
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Date of Birth/Age : |
15.03.1964 |
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Date of Appointment : |
07.08.2007 |
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DIN No.: |
01761364 |
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Name : |
Mr. Prashant Jagdish Mirani |
|
Designation : |
Director |
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Address : |
B-607, Green Park, Kulup Wadi, Raheja Estate, Borivali (East), Mumbai
- 400066, Maharashtra, India |
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Date of Birth/Age : |
30.03.1972 |
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Date of Appointment : |
24.02.2010 |
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DIN No.: |
02981682 |
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Name : |
Mr. Simon Paul Smith |
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Designation : |
Director |
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Address : |
601, Ambrosia, Hiranandani, Powai, Mumbai - 400076, Maharashtra, India |
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Date of Birth/Age : |
25.02.1969 |
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Date of Appointment : |
23.05.2013 |
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DIN No.: |
06565263 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Jagdish Mirani |
|
Designation : |
Secretary |
|
Address : |
B-607, Green Park, Kulup Wadi, Raheja Estate, Borivali (East), Mumbai
- 400066, Maharashtra, India |
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Date of Birth/Age : |
30.03.1972 |
|
Date of Appointment : |
01.01.2009 |
|
PAN No.: |
AFHPM9830Q |
MAJOR SHAREHOLDERS
AS ON 26.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Willis Corroon Nominees Limited, London |
|
2 |
|
Willis Europe B.V., London |
|
548600 |
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Total |
|
548602 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2014
|
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 |
%20PRIVATE%20LIMITED%20-%20299329_MIRA%2018-Dec-2014_files/image012.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the business of computer processing facilities, software
analysis and programming, computer software. |
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Products / Service : |
Computer Software |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Not Divulged |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Address : |
Indiabulls Finance Centre Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
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PAN No.: |
AACFD4815A |
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Membership : |
-- |
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Holding company : |
· Willis Europe BV, Netherlands |
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Fellow Subsidiary Company : |
· Trinity Processing Services Limited, United Kingdom · Willis Processing Services Inc., United States · Trinity Processing Services Pty. Limited, Australia · Willis Management (Bermuda) Limited, Bermuda · Willis Management (Dublin) Limited, Ireland · Willis Management (Gibraltar) Limited, Gibraltar · Willis Management (Malta) Limited, Malta · Willis Consulting Services Private Limited, India · Willis Hong Kong Limited, Hong Kong |
CAPITAL STRUCTURE
AS ON 26.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
548602 |
Equity Shares |
Rs.100/- each |
Rs.54.860 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
54.860 |
54.860 |
54.860 |
|
(b) Reserves & Surplus |
1220.399 |
1005.750 |
819.796 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1275.259 |
1060.610 |
874.656 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
2.047 |
1.807 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
2.047 |
1.807 |
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
47.742 |
34.961 |
43.302 |
|
(c) Other
current liabilities |
23.191 |
31.236 |
41.305 |
|
(d) Short-term
provisions |
20.387 |
12.254 |
10.960 |
|
Total Current
Liabilities (4) |
91.320 |
78.451 |
95.567 |
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|
|
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TOTAL |
1366.579 |
1141.108 |
972.030 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
125.731 |
152.155 |
176.412 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
13.791 |
12.123 |
9.779 |
|
(d) Long-term Loan and Advances |
409.743 |
389.370 |
330.294 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.126 |
|
Total Non-Current
Assets |
549.265 |
553.648 |
516.611 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
261.022 |
237.558 |
233.165 |
|
(d) Cash
and cash equivalents |
516.313 |
313.475 |
183.525 |
|
(e)
Short-term loans and advances |
35.991 |
34.222 |
37.954 |
|
(f) Other
current assets |
3.988 |
2.205 |
0.775 |
|
Total
Current Assets |
817.314 |
587.460 |
455.419 |
|
|
|
|
|
|
TOTAL |
1366.579 |
1141.108 |
972.030 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Fees for Services (Export Earnings) |
1744.778 |
1526.170 |
1267.703 |
|
|
|
Interest and Other Income |
54.213 |
53.434 |
60.014 |
|
|
|
TOTAL |
1798.991 |
1579.604 |
1327.717 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
1427.621 |
1249.184 |
1037.245 |
|
|
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|
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|
|
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|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
371.370 |
330.420 |
290.472 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
45.889 |
55.811 |
46.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE
TAX |
325.481 |
274.609 |
244.460 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
110.832 |
88.656 |
79.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
214.649 |
185.953 |
165.103 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
391.27 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
12.30 |
12.18 |
13.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.06 |
24.32 |
25.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.26 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.95 |
7.49 |
4.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
54.860 |
54.860 |
54.860 |
|
Reserves & Surplus |
819.796 |
1005.750 |
1220.399 |
|
Net
worth |
874.656 |
1060.610 |
1275.259 |
|
|
|
|
|
|
long-term borrowings |
1.807 |
2.047 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
1.807 |
2.047 |
0.000 |
|
Debt/Equity
ratio |
0.002 |
0.002 |
0.000 |
%20PRIVATE%20LIMITED%20-%20299329_MIRA%2018-Dec-2014_files/image013.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
1267.703 |
1526.170 |
1744.778 |
|
|
|
20.389 |
14.324 |
%20PRIVATE%20LIMITED%20-%20299329_MIRA%2018-Dec-2014_files/image014.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
1267.703 |
1526.170 |
1744.778 |
|
Profit |
165.103 |
185.953 |
214.649 |
|
|
13.02% |
12.18% |
12.30% |
%20PRIVATE%20LIMITED%20-%20299329_MIRA%2018-Dec-2014_files/image015.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS ARE NOT AVAILABLE.
|
S.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 |
Yes |
|
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 |
LITIGATION DETAILS:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NO CHARGES EXIST FOR COMPANY.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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.63.58 |
|
|
1 |
Rs.99.98 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
51 |
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.