MIRA INFORM REPORT

 

 

Report No. :

335004

Report Date :

06.08.2015

 

IDENTIFICATION DETAILS

 

Name :

EXLSERVICE SEZ BPO SOLUTIONS PRIVATE LIMITED

 

 

Registered Office :

414, Fourth Floor, DLF Jasola, Tower B, Plot No. 10 and 11, DDA District Centre, New Delhi - 110044

Tel. No.:

91-20-26824949

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.01.2009

 

 

Com. Reg. No.:

55-186730

 

 

Capital Investment / Paid-up Capital :

Rs.137.655 Million

 

 

CIN No.:

[Company Identification No.]

U72900DL2009PTC186730

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in rendering front, middle and back office process outsourcing services.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (60)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject incorporated in the year 2009 and it is a business process outsourcing company. It offers collections, transaction processing, finance and accounting, customer service, legal processes outsourcing and transformation services.

 

For the financial year ended 2014, company possesses healthy operational performance and reported decent profitability margins during a year under a review.

 

Rating also takes into account of company's healthy financial risk profile marked by adequate net worth base and low gearing and debt protection metrics of the company.

 

Trade relations are reported as fair. Payments are reported to be regular and as per commitment.

 

In view of aforesaid, 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 31-03-2013.

 

 

INFORMATION DECLINED 

 

MANAGEMENT NON CO-OPERATIVE (91-20-26824949)

 

 

LOCATIONS

 

Registered Office :

414, Fourth Floor, DLF Jasola, Tower B, Plot No. 10 and 11, DDA District Centre, New Delhi – 110044, India

Tel. No.:

91-20-26824949

Fax No.:

Not Available

E-Mail :

ruchi.mahajan@exlservice.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Vishal Chhibbar

Designation :

Director

Address :

A - PH 1, Pearl Gateway Towers,, Sector - 44, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

12.02.1968

Date of Appointment :

30.07.2009

DIN No.:

02722188

 

 

Name :

Mr. Vikas Bhalla

Designation :

Director

Address :

House No. 172, Sector 15A, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

09.08.1971

Date of Appointment :

13.02.2009

DIN No.:

00552253

 

 

Name :

Mr. Pavan Bagai

Designation :

Director

Address :

21, Sukhdev Vihar, New Delhi - 110025, India

Date of Birth/Age :

26.09.1961

Date of Appointment :

13.02.2009

DIN No.:

00558512

 

 

Name :

Mr. Baljinder Singh Sabharwal

Designation :

Additional director

Address :

A-2/100, First Floor, Rajouri Garden, New Delhi - 110027, India

Date of Appointment :

03.02.2015

DIN No.:

07074463

 

 

KEY EXECUTIVE

 

Name :

Mr. Richa Arora

Designation :

Secretary

Address :

J-1/2-B, Krishna Nagar, Delhi - 110051, India

Date of Birth/Age :

09.08.1978

Date of Appointment :

01.09.2014

PAN No.:

AGIPA6547Q

 

                                   

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Exlservice Mauritius Limited, Mauritius

 

13765499

Exlservice Com LLC, USA

 

1

Total

 

13765500

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

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

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in rendering front, middle and back office process outsourcing services.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Long-term maturities of finance lease obligations

(The Company has taken vehicles under lease ranging for a period of 3 - 5 years, which are secured to the extent of the value of respective vehicles taken on lease)

1.390

1.359

Total

1.390

1.359

 

Auditors :

 

Name :

S.V. Ghatalia and Associates LLP

Chartered Accountant

Address :

Golf View, Corporate Tower B, Sector-42, Sector Road, Gurgaon-122002, Haryana, India

PAN N Income-tax PAN of auditor or auditor's firm :

ACHFS9181P

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:
  • Exlservice.com, LLC

 

 

Ultimate Holding Company:

  • ExlService Holding, Inc

 

 

Fellow Subsidiary company
  • Exlservice.Com (India) Private Limited, India [U72200DL1999PTC099888]

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000000

Equity Shares

Rs.10/- each

Rs. 150.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13765500

Equity Shares

Rs.10/- each

Rs. 137.655 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

(12 Months)

31.03.2013

(15 Months)

31.12.2011

(12 Months)

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

137.655

137.655

137.655

(b) Reserves & Surplus

475.189

229.733

-113.060

(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)

612.844

367.388

24.595

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1.390

1.359

0.841

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

165.802

154.400

122.258

(d) long-term provisions

14.678

19.991

30.550

Total Non-current Liabilities (3)

181.870

175.750

153.649

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

175.729

238.108

98.941

(c) Other current liabilities

152.485

104.387

435.160

(d) Short-term provisions

92.633

60.624

54.412

Total Current Liabilities (4)

420.847

403.119

588.513

 

 

 

 

TOTAL

1215.561

946.257

766.757

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

323.714

492.031

521.142

(ii) Intangible Assets

77.751

76.915

41.364

(iii) Capital work-in-progress

58.239

12.549

0.038

(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)

71.608

49.888

0.000

(d)  Long-term Loan and Advances

167.821

105.048

48.460

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

699.133

736.431

611.004

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

4.890

0.289

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

284.506

0.619

0.000

(d) Cash and cash equivalents

192.992

155.287

116.106

(e) Short-term loans and advances

34.040

53.631

39.647

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

516.428

209.826

155.753

 

 

 

 

TOTAL

1215.561

946.257

766.757

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

(12 Months)

31.03.2013

(15 Months)

31.12.2011

(12 Months)

 

SALES

 

 

 

 

Income

2533.417

2431.867

836.793

 

Other Income

 

 

 

 

TOTAL

2533.417

2431.867

836.793

 

 

 

 

 

Less

EXPENDITURE AND DEPRECIATION

2309.012

2138.413

875.373

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

224.405

293.454

(38.580)

 

 

 

 

 

Less

TAX

(21.051)

(49.339)

(74.261)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

245.456

342.793

35.681

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

17.83

NA

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

(12 Months)

31.03.2013

(15 Months)

31.12.2011

(12 Months)

Current Maturities of Long term debt

0.000

0.000

0.318

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

166.037

436.228

334.604

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

(12 Months)

31.03.2013

(15 Months)

31.12.2011

(12 Months)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

20.67

33.20

-5.03

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.37

0.80

-1.57

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.05

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.23

0.52

0.26

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.12.2011

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

137.655

137.655

137.655

Reserves & Surplus

(113.060)

229.733

475.189

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

24.595

367.388

612.844

 

 

 

 

long-term borrowings

0.841

1.359

1.390

Short term borrowings

0.000

0.000

0.000

Current maturities of long-term debts

0.318

0.000

0.000

Total borrowings

1.159

1.359

1.390

Debt/Equity ratio

0.047

0.004

0.002

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2011

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

836.793

2431.867

2533.417

 

 

190.618

4.176

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2011

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

836.793

2431.867

2533.417

Profit

35.681

342.793

245.456

 

4.26%

14.10%

9.69%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

NOTE: Registered office of the company has been shifted from 103, Ashoka Estate, Barakhamba Road, New Delhi – 110001, India to the present address w.e.f. 18.09.2013

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

REVIEW OF OPERATIONS

 

This was the fifth year of the Company's operations. The Company provides outsourcing services, which include providing front, middle and back office process outsourcing services. The Company is operating with SEZ facilities located in Jaipur (Rajasthan), Noida (Uttar Pradesh) and Pune (Maharashtra), India. The units in Pune and Noida are 100% export oriented units (EOU) and located in Special Economic Zone (SEZ').

 

The Company successfully achieved a turnover of INR 2533.417 Million during the year ended on 31st March, 2014, as compared to INR 2431.867 Million which stood at the end of 15 months period ended on 31st March, 2013. The Company earned INR 224.406 Million as Profit before tax during this period as compared to a profit of INR 293.454 Million which stood at the end of 15 months period ended on 31st March, 2013. The Company's Basic and Diluted earnings per share stood at INR 17.83 per share for the period.

 

CORPORATE INFORMATION

 

Subject was incorporated as a private limited company under the Companies Act, 1956 on January 15, 2009 as a wholly owned subsidiary of ExlService Mauritius Limited (Exl Mauritius'), a company incorporated in Mauritius.

 

Exl Mauritius was incorporated as a wholly owned subsidiary of ExlService.com, LLC. (formerly known as ExlService.com, Inc.) (""Exl LLC""), a company incorporated in the United States of America. Exl LLC in turn is a subsidiary of ExlService Holdings, Inc. US (Exl Holdings') a company incorporated in the United States of America. Exl Holdings, Exl LLC and Exl Mauritius are hereinafter collectively referred to as the Parent Companies' and the Company and its Parent Companies are hereinafter referred to as the Group'.

 

 

The Company is engaged in rendering front, middle and back office process outsourcing services to cutomers of its Parent Companies. The Company operates through three locations in India (Jaipur, Noida and Pune). All units are 100% export oriented unit and operates in from a Special Economic Zone The unit in Jaipur commenced operations from July 1, 2010, unit in Noida commenced operations from April 6, 2010 and unit in Pune commenced operations from June 1, 2012."

 

 

FIXED ASSETS

 

Tangible assets

 

 

 

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.63.82

UK Pound

1

Rs.99.15

Euro

1

Rs.69.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILITY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--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

 

60

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.