MIRA INFORM REPORT
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Report Date : |
02.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SOURCEHOV INDIA PRIVATE LIMITED (w.e.f. 20.09.2013) |
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Formerly Known
As : |
LASON INDIA PRIVTE LIMITED |
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Registered
Office : |
No 106-109, Mount Road, Guindy Chennai – 600032, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.05.1993 |
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Com. Reg. No.: |
18-088604 |
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Capital Investment
/ Paid-up Capital : |
Rs.20.185 Millions |
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CIN No.: [Company Identification
No.] |
U72300TN1993PTC088604 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in providing transaction processing,
data conversion, application development and application maintenance services
to global clients in the healthcare, financial services, transportation and
publishing industries. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk
profile and fair liquidity positon of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-44-42203175)
LOCATIONS
|
Registered Office : |
No 106-109, Mount Road, Guindy Chennai – 600032, Tamilnadu, India |
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Tel. No.: |
91-44-42203175 |
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Fax No.: |
91-44-42858528 |
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E-Mail : |
DIRECTORS
As on 15.09.2014
|
Name : |
Mr. Suresh |
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Designation : |
Director |
|
Address : |
Yannamant, 3818, Hidden Creek Court, Rochester Hills, Mlangan 48309,
United of America |
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Date of Birth/Age : |
22.04.1956 |
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Date of Appointment : |
19.03.2007 |
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DIN No.: |
00170699 |
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Name : |
Xin Cheng |
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Designation : |
Director |
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Address : |
12707 Heritage Glens CT San
Diego CA 92130 |
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Date of Birth/Age : |
12.04.1956 |
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Date of Appointment : |
02.06.2009 |
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DIN No.: |
02722137 |
KEY EXECUTIVES
|
Name : |
Mr. R Vijay Kumar |
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Designation : |
Secretary |
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Address : |
Flat No. E 23 M, Bhagirachy Ammel, Street, T Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
13.05.1958 |
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Date of Appointment : |
16.06.2006 |
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PAN No.: |
ABRPV3520E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Hov Services Inc |
|
2018526 |
|
Hov Services Inc and Ron Risier |
|
1 |
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Hov Services Inc and Jerry Hon |
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1 |
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Hov Services Inc and Thomas Denomme |
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1 |
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Hov Services Inc and Thomas Ebeling |
|
1 |
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Hov Services Inc and Keneth Shaw |
|
1 |
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Total |
|
2018531 |
Equity Share Break up (Percentage of Total Equity)
As on 15.09.2014
|
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 providing transaction processing,
data conversion, application development and application maintenance services
to global clients in the healthcare, financial services, transportation and
publishing industries. |
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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 : |
Information declined by the management |
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Bankers : |
IDBI Bank Limited, 115, Anna Salai, Saidapet BO, Chennai -
600015, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
6th and 7th Floor, "A" Block, Tidel Park4, Rajiv Gandhi Salai, Taramani, Chennai – 600113, Tamilnadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFS3421N |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company: |
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Ultimate Holding
Company: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3050000 |
Equity Shares |
Rs.10/- each |
Rs. 30.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
2018531 |
Equity Shares |
Rs.10/- each |
Rs. 20.185
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 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
20.185 |
20.185 |
20.185 |
|
(b) Reserves & Surplus |
366.626 |
336.285 |
248.644 |
|
(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) |
386.811 |
356.470 |
268.829 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
55.519 |
117.245 |
188.494 |
|
(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 |
64.834 |
61.242 |
67.514 |
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Total
Non-current Liabilities (3) |
120.353 |
178.487 |
256.008 |
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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 |
|
(b) Trade payables |
32.444 |
33.777 |
41.230 |
|
(c) Other current liabilities |
190.744 |
305.168 |
302.374 |
|
(d) Short-term provisions |
101.899 |
34.353 |
24.247 |
|
Total
Current Liabilities (4) |
325.087 |
373.298 |
367.851 |
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|
|
|
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TOTAL |
832.251 |
908.255 |
892.688 |
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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 |
530.136 |
559.330 |
577.432 |
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(ii) Intangible Assets |
60.165 |
39.993 |
18.291 |
|
(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 |
0.100 |
|
(c) Deferred tax assets (net) |
20.597 |
23.871 |
30.691 |
|
(d) Long-term Loan and Advances |
18.888 |
25.770 |
36.162 |
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(e) Other Non-current assets |
25.383 |
25.227 |
24.802 |
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Total
Non-Current Assets |
655.169 |
674.191 |
687.478 |
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(2) Current assets |
|
|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
18.909 |
8.524 |
2.492 |
|
(d) Cash and cash equivalents |
69.706 |
102.803 |
96.877 |
|
(e) Short-term loans and
advances |
81.537 |
117.451 |
102.235 |
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(f) Other current assets |
6.930 |
5.286 |
3.606 |
|
Total
Current Assets |
177.082 |
234.064 |
205.210 |
|
|
|
|
|
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TOTAL |
832.251 |
908.255 |
892.688 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
|
|
|
|
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Gross Revenue |
1756.900 |
1598.700 |
1273.500 |
|
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Other Income |
NA |
NA |
NA |
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TOTAL
|
NA |
NA |
NA |
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EXPENSES |
NA |
NA |
NA |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
309.400 |
265.100 |
NA |
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|
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FINANCIAL
EXPENSES |
23.400 |
35.200 |
NA |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
286.000 |
229.900 |
160.900 |
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DEPRECIATION/
AMORTISATION |
101.400 |
87.800 |
80.400 |
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PROFIT/
(LOSS) BEFORE TAX |
184.600 |
142.100 |
34.200 |
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|
TAX |
154.200 |
46.800 |
39.300 |
|
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|
|
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|
PROFIT/
(LOSS) AFTER TAX |
30.300 |
95.300 |
(5.100) |
|
|
|
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|
|
|
|
Balance
Carried to the B/S |
354.400 |
324.000 |
236.400 |
|
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|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
15.01 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.74 |
16.07 |
3.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48 |
0.40 |
0.13 |
|
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|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14 |
0.33 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.54 |
0.63 |
0.56 |
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 |
20.185 |
20.185 |
20.185 |
|
Reserves & Surplus |
248.644 |
336.285 |
366.626 |
|
Net
worth |
268.829 |
356.470 |
386.811 |
|
|
|
|
|
|
long-term borrowings |
188.494 |
117.245 |
55.519 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
188.494 |
117.245 |
55.519 |
|
Debt/Equity
ratio |
0.701 |
0.329 |
0.144 |
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) |
|
Gross Revenue |
1273.500 |
1598.700 |
1756.900 |
|
|
|
25.536 |
9.896 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Gross Revenue |
1273.500 |
1598.700 |
1756.900 |
|
Profit |
(5.100) |
95.300 |
30.300 |
|
|
(0.40%) |
5.96% |
1.72% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
PERFORMANCE
The increase in the revenue and operating profit shows the stellar performance of the Company during the year. Revenue has increased by 10 % while the operating profit has gone up by 17%. There is an increase of 30% in Profit Before Tax. The company had earned a Net Profit of Rs.30.300 Millions as against a net profit of Rs. 95.300 Millions during the previous year.
The future outlook of the economy is good and your company is expected to perform better with more influence of
technology in its operations.
CORPORATE INFORMATION
Subject (SourceHOV India or the Company) was originally incorporated as Vetri Software India Private Limited under the Companies Act, 1956 on May 5, 1993. It is a wholly owned subsidiary of HOV Services, Inc., USA (formerly called as Lason Systems, Inc., USA), which is in turn held by SourceHOV LLC, USA, ultimate holding Company.
The Company is engaged in rendering data conversion services to SourceHOV LLC, USA. SourceHOV LLC, USA is engaged in providing transaction processing, data conversion, application development and application maintenance services to global clients in the healthcare, financial services, transportation and publishing industries. These activities have been migrated to India. The Company undertakes these outsourced activities either on its own or sub-contracts the same to its business associates (BPOs spread all over South India) and invoices SourceHOV LLC, USA on a cost-plus-margin basis.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10256611 |
03/12/2010 |
300,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI, P.B. NO.805, SAIDAPET, CHENNAI, TAMIL NADU - 600015, INDIA |
B02036838 |
|
2 |
10241893 |
10/09/2010 |
300,000,000.00 |
IDBI BANK LTD |
115, ANNA SALAI,
SAIDAPET BO, CHENNAI, TAMIL NADU |
A95250486 |
|
3 |
90288882 |
11/04/1996 |
36,500,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDIBI TOWER, CUFFE
PARADE COLABA, BOMBAY, MAHARAS |
- |
|
4 |
90287403 |
24/01/1996 |
10,000,000.00 |
THE DHANALAKSHMI BANK LIMITED |
GEORGE TOWN BRANCH, 109 THAMGUCHETTY STREE, MADRAS, TAMIL NADU - 600003, INDIA |
- |
|
5 |
90288840 |
16/12/1993 * |
4,500,000.00 |
BANK OF INDIA |
T NAGAR BRANCH, MADRAS, TAMIL NADU - 600017, INDIA |
- |
|
6 |
90290061 |
05/05/1995 * |
4,500,000.00 |
BANK OF INDIA |
T NAGAR BANCH, MADRAS, TAMIL NADU - 600017, INDIA |
- |
|
7 |
90288839 |
04/10/1995 * |
4,500,000.00 |
BANK OF INDIA |
T NAGAR BRANCH, MADRAS, TAMIL NADU - 600017, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- 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.63.32 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.76.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.