MIRA INFORM REPORT
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Report No. : |
352681 |
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Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
WM GLOBAL TECHNOLOGY SERVICES INDIA PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Block B, Salarpuria Touchstone, 15/1A, 14P7,
Kadubeensanahalli, Outer Ring Road, Bangalore – 560103, Karnataka |
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Tel. No.: |
91-80-40358008 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
25.07.2011 |
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Com. Reg. No.: |
08-059719 |
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Capital
Investment / Paid-up Capital : |
Rs. 241.971 Million |
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CIN No.: [Company Identification
No.] |
U72200KA2011PTC059719 |
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IEC No.: |
0711032301 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRW01093B |
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PAN No.: [Permanent Account No.] |
ABCKW1354K AABCW1354K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject
is engaged in providing software development, project management and support
services to Wal-Mart Stores Inc.( Registered Activity) |
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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 |
|
|
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 1890000 |
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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 a subsidiary of Walmart India MMVIII LLC, United State. It
was incorporated in the year 2011. For the financial year ended 2015, the company has healthy has healthy
scale of operations marked by decent revenue along with profitability margin
of 6.0%. The company has sound financial based marked by Zero debt balance
sheet profile. It receives strong managerial and financial support from its
holding company along with extensive experience of its promoters. Trade relations are fair. Business is active. Payments are regular and
as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
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
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Venkatesh Murthy |
|
Designation : |
Senior Manager |
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Contact No.: |
91-7254034810 |
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Date : |
01.12.2015 |
LOCATIONS
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Registered Office : |
3rd Floor, Block B, Salarpuria Touchstone, 15/1A, 14P7,
Kadubeensanahalli, Outer Ring Road, Bangalore – 560103, Karnataka, India |
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Tel. No.: |
91-80-40358008 |
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Mobile No.: |
91-7254034810 (Mr. Venkatesh Murthy) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Kulakada Jayakumar
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Designation : |
Whole-time director |
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Address : |
11 C. D, East Tower Klassic, Benchmark Apartment Kaman Hallo Main
Road, Bangalore – 560076, Karnataka, India |
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Date of Birth/Age : |
14.10.1964 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
00483478 |
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Other Directorship:
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Name : |
Mr. Jamie Elizabeth Chung |
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Designation : |
Director |
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Address : |
84 MT. Vernononln, Atherton, California – 94116, United State of
America |
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Date of Birth/Age : |
11.12.1965 |
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Date of Appointment : |
26.08.2015 |
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DIN No.: |
06374121 |
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Other Directorship:
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Name : |
Mr. Anne Marie Myong |
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Designation : |
Director |
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Address : |
50 Woodside Plaza, PMB 318, Redwood City California, 94061, United States of America |
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Date of Birth/Age : |
28.04.1967 |
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Date of Appointment : |
29.10.2014 |
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DIN No.: |
06967591 |
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KEY EXECUTIVES
|
Name : |
Mr. Venkatesh Murthy |
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Designation : |
Senior Manager |
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Name : |
Mr. Kalavathi Shankar |
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Designation : |
Company Secretary |
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Address : |
#12/2, A Street, 1 Main Road, New Guddadahalli, Mysore Road, Bangalore, 560026, Karnataka, India |
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Date of Appointment : |
18.03.2015 |
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PAN No.: |
CJQPS2840K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Walmart India MMVII LLC, USA |
|
24192231 |
|
MMVII Walmart India LLC, USA |
|
4837 |
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Total |
|
24197068 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companies(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 engaged in providing software development, project management and support
services to Wal-Mart Stores Inc.( Registered Activity) |
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Products : |
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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 : |
Not Divulged |
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 : |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountants |
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Address : |
Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon – 122002,
Haryana, India |
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PAN.: |
ACHFS9180N |
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Memberships : |
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Collaborators : |
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Ultimate Holding company : |
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Holding company : |
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Fellow Subsidiary company : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
24197068 |
Equity Shares |
Rs.10/- each |
Rs.241.971
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
241.971 |
1.131 |
1.131 |
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(b) Reserves &
Surplus |
417.940 |
264.281 |
136.691 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
659.911 |
265.412 |
137.822 |
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(3) Non-Current
Liabilities |
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|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
29.310 |
41.852 |
0.000 |
|
(c) Other long term
liabilities |
31.981 |
13.140 |
8.925 |
|
(d) long-term provisions |
0.000 |
0.000 |
8.987 |
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Total Non-current
Liabilities (3) |
61.291 |
54.992 |
17.912 |
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(4) Current Liabilities |
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|
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
152.255 |
167.499 |
42.608 |
|
(c) Other current
liabilities |
262.067 |
154.132 |
115.644 |
|
(d) Short-term provisions |
62.592 |
36.622 |
27.318 |
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Total Current Liabilities
(4) |
476.914 |
358.253 |
185.570 |
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TOTAL |
1198.116 |
678.657 |
341.304 |
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II.
ASSETS |
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(1) Non-current assets |
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|
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(a) Fixed Assets |
|
|
|
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(i) Tangible assets |
127.770 |
83.755 |
97.493 |
|
(ii) Intangible Assets |
0.767 |
0.630 |
1.330 |
|
(iii) Capital
work-in-progress |
20.099 |
2.581 |
1.577 |
|
(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) |
67.036 |
40.818 |
7.696 |
|
(d) Long-term Loan and Advances |
258.940 |
139.076 |
38.988 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
474.612 |
266.860 |
147.084 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
207.870 |
173.683 |
30.721 |
|
(d) Cash and cash
equivalents |
443.074 |
176.624 |
89.620 |
|
(e) Short-term loans and
advances |
72.560 |
61.490 |
41.178 |
|
(f) Other current assets |
0.000 |
0.000 |
32.701 |
|
Total Current Assets |
723.504 |
411.797 |
194.220 |
|
|
|
|
|
|
TOTAL |
1198.116 |
678.657 |
341.304 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
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|
SALES |
|
|
|
|
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|
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TOTAL |
2554.307 |
2150.561 |
754.494 |
|
|
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|
|
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|
Less |
EXPENSES |
2245.345 |
1884.937 |
|
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PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
308.962 |
265.624 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
308.962 |
265.624 |
|
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
76.752 |
70.118 |
|
|
|
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|
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|
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|
|
|
PROFIT/
(LOSS) BEFORE TAX |
232.210 |
195.506 |
68.590 |
|
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|
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|
|
|
|
|
Less |
TAX |
78.551 |
67.916 |
23.366 |
|
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|
|
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|
PROFIT/
(LOSS) AFTER TAX |
153.659 |
127.590 |
45.224 |
|
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|
Earnings Per
Share (Rs.) |
6.35 |
1128.43 |
399.97 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
295.776 |
293.668 |
150.381 |
|
Net cash flows from (used in) operating activities |
155.971 |
146.381 |
125.947 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.90 |
30.78 |
20.10 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.74 |
0.50 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.15 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(12 Months) |
(15 Months) |
(12 Months) |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1.131 |
1.131 |
241.971 |
|
Reserves & Surplus |
136.691 |
264.281 |
417.940 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
137.822 |
265.412 |
659.911 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(12 Months) |
(15 Months) |
(12 Months) |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
754.494 |
2150.561 |
2554.307 |
|
|
|
185.034 |
18.774 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(12 Months) |
(15 Months) |
(12 Months) |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
754.494 |
2150.561 |
2554.307 |
|
Profit |
45.224 |
127.590 |
153.659 |
|
|
5.99% |
5.93% |
6.02% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
No |
|
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:
Registrar office
of the company has be shifted from RMZ Centennial, D Block, 5th Floor, Plot #
8d, Doddanakundi Industrial Area, ITPL Road, Mahadevapura - 560048, Karnataka,
India to the present address.
CORPORATE INFORMATION
WM Global Technology Services
India Private Limited (the Company) is a private company domiciled in India
incorporated under the provisions of Companies Act, 1956 with offices in
Bangalore and Gurgaon. It is a subsidiary of Wal-Mart Stores, Inc. The Company
is engaged in providing software development, project management and support
services to Wal-Mart Stores Inc.
STATE OF THE COMPANY’S AFFAIRS OPERATION REVIEW:
Income from operations
increased to Rs. 2554.307 Million from Rs. 2150.561 Million in the previous year,
at a growth rate of 18.77%. The gross profit amounted to Rs. 232.210 Million
(9.09% revenue) as against Rs. 195.506 Million (9.09% of revenue) in the
previous year. Net profit after tax is Rs. 153.659 Million (6.02% of revenue)
as against Rs. 127.589 Million (5.93% of revenue) in the previous year.
Index of charges: No index of charges.
FIXED ASSETS
Tangible
Assets
- Furniture and
fixtures
- Office
equipment
- Leasehold
improvements
- Office
equipment
Intangible
Assets
- 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.66.62 |
|
|
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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.