MIRA INFORM REPORT
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Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
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Name : |
SUTHERLAND GLOBAL SERVICES PRIVATE LIMITED |
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Formerly Known
As : |
SUTHERLAND TECHNOLOGIES
INDIA PRIVATE LIMITED |
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Registered
Office : |
No. 45-A, Velachery Main Road, Velachery, Chennai – 600042, Tamilnadu |
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Country : |
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Financials (as
on) : |
30.06.2013 |
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Date of
Incorporation : |
16.08.2000 |
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Com. Reg. No.: |
18-045578 |
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Capital
Investment / Paid-up Capital : |
Rs. 24.955 Millions |
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CIN No.: [Company Identification
No.] |
U72200TN2000PTC045578 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECS8093A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is a technology and analytics enabled Business Process
Outsourcing enterprise delivering end-to-end integrated BPO solutions. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 22300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial
position of the company is decent. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No. : 91-44-42007884)
LOCATIONS
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Registered Office : |
No. 45-A, Velachery Main Road, Velachery, Chennai – 600042, Tamilnadu,
India |
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Tel. No. : |
91-44-42007884 |
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Fax No. : |
91-44-42048329 |
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E-Mail : |
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Website : |
DIRECTORS
As on 31.12.2013
|
Name : |
Mr. Satish Raman |
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Designation : |
Additional Director |
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Address : |
No.1 And 2, Door No.19, Sneha Apartments, 4th Main Road, Kasthuribai
Road, Adayar, Chennai - 600020, Tamilnadu, India |
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Date of Birth/Age : |
12.08.1975 |
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Date of Appointment : |
16.08.2014 |
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DIN No. : |
07025389 |
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Other Directorship :
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Name : |
Mr. Dilip Ramachandran Vellodi |
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Designation : |
Director |
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Address : |
“Malabar House”, 9 Braemar Way, Pittsford, New York – 14534, USA |
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Date of Appointment : |
16.08.2000 |
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DIN No. : |
00714332 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
|
Sutherland Global Services Inc, USA |
2495490 |
|
Dilip R Vellodi |
10 |
|
Sutherland Global Services (Mauritius) Holding Limited, Mauritius |
932881 |
|
Total |
3428381 |
As on 31.12.2013
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 |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a technology and analytics enabled Business
Process Outsourcing enterprise delivering end-to-end integrated BPO
solutions. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Canara Bank, Mylapore, Chennai - 600004, Tamilnadu, India |
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Facilities : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Asvn Ramana Towers, 52, Venkatnarayana Road, T. Nagar, Chennai – 600017,Tamilnadu, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFD3771D |
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Holding
Company : |
Sutherland Global Services Inc., USA United States |
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Subsidiary
Companies : |
· Adventity Global Services Private Limited CIN No.: U72900MH2001PTC132057 · Apollo Health Street Limited CIN No.: U85110TN1999PLC043316 |
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Fellow Subsidiary
Company : |
Adventity BPO FZ-LLC Profolio Home Mortgage Corporation Sutherland Development Company Private Limited CIN No.: U45400TN2010PTC074648 Sutherland Global Services Columbia S.A.S Sutherland Global Services Egypt LLC Sutherland Global Services Nicaragua Inc. Sutherland Global Services Philippines Inc., Sutherland Global Services UK Ltd Sutherland Global Services , Bulgaria EOOD Sutherland Global Services, Canada ULC Sutherland (Suzhou) Information Consulting Co Ltd Sutherland Global Services Jameica PLC Ltd Sutherland Global Services Malaysia SDN. BHD Sutherland Mortgage Services INC (India Branch) Sutherland Global Services (Mauritius) Holding Ltd |
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
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|
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|
3,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3,428,381 |
Equity Shares |
Rs.10/- each |
Rs. 34.284 Millions |
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As on 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
3,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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2,495,500 |
Equity Shares |
Rs.10/- each |
Rs. 24.955 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
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|
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|
(a) Share Capital |
24.955 |
24.955 |
26.323 |
|
(b) Reserves & Surplus |
5638.693 |
4500.423 |
5936.485 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
2158.688 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
7822.336 |
4525.378 |
5962.808 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
2.328 |
3.004 |
0.475 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
58.048 |
50.228 |
78.531 |
|
(d) long-term
provisions |
610.718 |
898.564 |
68.440 |
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Total Non-current
Liabilities (3) |
671.094 |
951.796 |
147.446 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
416.086 |
946.485 |
1240.080 |
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(b) Trade
payables |
1056.308 |
1210.650 |
1093.586 |
|
(c) Other
current liabilities |
139.075 |
188.696 |
86.289 |
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(d) Short-term
provisions |
1083.824 |
878.434 |
81.198 |
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Total Current
Liabilities (4) |
2695.293 |
3224.265 |
2501.153 |
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TOTAL |
11188.723 |
8701.439 |
8611.407 |
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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 |
544.866 |
597.126 |
748.105 |
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(ii)
Intangible Assets |
201.734 |
309.874 |
407.857 |
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(iii)
Capital work-in-progress |
10.510 |
7.387 |
41.610 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2683.240 |
359.585 |
200.414 |
|
(c) Deferred tax assets (net) |
319.900 |
448.400 |
377.900 |
|
(d) Long-term Loan and Advances |
1928.244 |
1439.337 |
1296.355 |
|
(e) Other
Non-current assets |
0.000 |
29.868 |
0.000 |
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Total Non-Current
Assets |
5688.494 |
3191.577 |
3072.241 |
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(2) Current assets |
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(a)
Current investments |
1673.478 |
1745.738 |
2148.032 |
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(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
1893.328 |
2131.942 |
1494.233 |
|
(d) Cash
and cash equivalents |
926.310 |
985.303 |
1271.626 |
|
(e)
Short-term loans and advances |
727.817 |
427.120 |
234.460 |
|
(f) Other
current assets |
279.296 |
219.759 |
390.815 |
|
Total
Current Assets |
5500.229 |
5509.862 |
5539.166 |
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|
|
|
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TOTAL |
11188.723 |
8701.439 |
8611.407 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
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TOTAL SALES |
8147.337 |
7064.115 |
6377.877 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1444.477 |
833.284 |
857.293 |
|
|
|
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|
Less |
FINANCIAL
EXPENSES |
35.683 |
28.630 |
19.367 |
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1408.794 |
804.654 |
837.926 |
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
340.815 |
422.207 |
461.716 |
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|
PROFIT/
(LOSS) BEFORE TAX |
1067.979 |
382.447 |
376.210 |
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|
Less |
TAX |
128.500 |
(70.500) |
19.000 |
|
|
|
|
|
|
|
|
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|
PROFIT/
(LOSS) AFTER TAX |
939.479 |
452.947 |
357.210 |
|
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|
Income from IT Enabled / BPO Services |
|
|
5981.107 |
|
|
|
Income from Software Development |
|
|
49.632 |
|
|
|
Reimbursement/Recovery of Expenses |
|
|
117.811 |
|
|
TOTAL EARNINGS |
8240.900 |
7011.000 |
6148.550 |
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IMPORTS |
|
|
|
|
|
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|
Capital Goods |
NA |
NA |
31.372 |
|
|
TOTAL IMPORTS |
NA |
NA |
31.372 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
376.47 |
181.51 |
138.12 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
30.06.2011 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.06 |
4.85 |
4.71 |
|
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|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.08 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05 |
0.21 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04 |
1.71 |
2.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
26.323 |
24.955 |
24.955 |
|
Reserves & Surplus |
5936.485 |
4500.423 |
5638.693 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
2158.688 |
|
Net
worth |
5962.808 |
4525.378 |
7822.336 |
|
|
|
|
|
|
long-term borrowings |
0.475 |
3.004 |
2.328 |
|
Short term borrowings |
1240.080 |
946.485 |
416.086 |
|
Total
borrowings |
1240.555 |
949.489 |
418.414 |
|
Debt/Equity
ratio |
0.208 |
0.210 |
0.053 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Sales |
6377.877 |
7064.115 |
8147.337 |
|
|
|
10.760 |
15.334 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Sales |
6377.877 |
7064.115 |
8147.337 |
|
Profit |
357.210 |
452.947 |
939.479 |
|
|
5.60% |
6.41% |
11.53% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90286044 |
21/10/2004 * |
30,000,000.00 |
CANARA BANK |
MYLAPORE, CHENNAI, TAMIL NADU - 600004, INDIA |
- |
|
2 |
90302975 |
21/10/2004 * |
30,000,000.00 |
CANARA BANK |
MYLAPORE, CHENNAI, TAMIL NADU - 600004, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
30.06.2013 (Rs.
In Millions) |
30.06.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans and advances, others |
416.086 |
946.485 |
|
Total |
416.086 |
946.485 |
CORPORATE
INFORMATION
The Company is a wholly owned subsidiary of Sutherland Global Services Inc., USA, and is primarily a technology and analytics enabled Business Process Outsourcing enterprise delivering end-to-end integrated BPO solutions. The Company was incorporated on 16 August, 2000 as Sutherland Technologies (India) Private Limited.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
Intangible Assets
· Goodwill
· Computer Software
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.63.18 |
|
|
1 |
Rs.98.85 |
|
Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.