MIRA INFORM REPORT
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Report No. : |
314185 |
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Report Date : |
25.03.2015 |
IDENTIFICATION DETAILS
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Name : |
QUEST GLOBAL ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Quest Special Economic Zone, No. 437/A, Hattargi Village, Yemakanamaradi
Hobli, Hukkeri Taluka, Belgaum – 591245, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.07.2008 |
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Com. Reg. No.: |
08-047200 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.352 Million |
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CIN No.: [Company Identification
No.] |
U72200KA2008PTC047200 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRQ00259A |
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PAN No.: [Permanent Account No.] |
AAACQ1782C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service provider of engineering design services, design of
specification, design automation, drafting and 3d modeling, etc. |
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No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 well-established company having fine track record. The rating reflects company’s healthy operational risk profile marked by
adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
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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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Lokesh Reddy |
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Designation : |
Finance Manager |
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Contact No.: |
91-8067090000 |
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Date : |
25.03.2015 |
LOCATIONS
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Registered Office : |
Quest Special Economic Zone, No. 437/A, Hattargi Village,
Yemakanamaradi Hobli, Hukkeri Taluka, Belgaum – 591245, Karnataka, India |
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Tel. No.: |
91-80-67090000/41190900 |
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Mobile No.: |
91-8067090000 (Mr. Lokesh Reddy) |
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Fax No.: |
91-80-67093200/41190901 |
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E-Mail : |
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Website: |
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Location : |
Rented |
DIRECTORS
As on 30.09.2014
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Name : |
Mr. Ajit Arvind Prabhu |
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Designation : |
Director |
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Address : |
5, Pinewood Grove, Singapore |
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Date of Birth/Age : |
20.07.1970 |
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Date of Appointment : |
18.07.2008 |
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DIN No.: |
00219221 |
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Other Directorship:
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Name : |
Mr. Ajay Arvind Prabhu |
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Designation : |
Director |
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Address : |
67, Purva Park Ridge Krishnarajpura, GC Palya, Bangalroe – 56048,
Karnataka, India |
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Date of Birth/Age : |
19.07.1968 |
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Date of Appointment : |
18.07.2008 |
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DIN No.: |
00477195 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Lokesh Reddy |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Quality Engineering and Software Technologies Private Limited, India |
9990 |
28.36 |
|
Mr. Ajay Arvind Prabhu |
10 |
0.03 |
|
Quest Global Services Pte Limited, Singapore |
25222 |
71.61 |
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Total |
35222 |
100.00 |
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 |
71.61 |
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Bodies corporate |
28.36 |
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Directors or relatives of Directors |
0.03 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service provider of engineering design services, design of
specification, design automation, drafting and 3d modeling, etc. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2500 (Approximately) |
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Bankers : |
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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 LLP Chartered Accountants |
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Address : |
Ub City, 12th Floor, Canberra Block,24, Vittal Mallya Road, |
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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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Fellow Subsidiary
company: |
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
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Other Related Party: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
35222 |
Equity Shares |
Rs.10/- each |
Rs. 0.352
Million |
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|
|
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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|
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
0.352 |
0.352 |
0.352 |
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(b) Reserves & Surplus |
489.103 |
244.546 |
160.237 |
|
(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) |
489.455 |
244.898 |
160.589 |
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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) |
6.621 |
7.554 |
5.508 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
8.748 |
7.766 |
0.000 |
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Total
Non-current Liabilities (3) |
15.369 |
15.320 |
5.508 |
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(4) Current Liabilities |
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(a) Short term borrowings |
581.857 |
219.355 |
70.586 |
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(b) Trade payables |
150.963 |
153.626 |
45.124 |
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(c) Other current liabilities |
112.250 |
114.220 |
69.095 |
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(d) Short-term provisions |
135.901 |
27.297 |
11.562 |
|
Total
Current Liabilities (4) |
980.971 |
514.498 |
196.367 |
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TOTAL |
1485.795 |
774.716 |
362.464 |
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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 |
221.111 |
183.366 |
102.105 |
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(ii) Intangible Assets |
154.881 |
61.675 |
22.302 |
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(iii) Capital work-in-progress |
0.908 |
3.475 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.629 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
273.242 |
103.793 |
60.009 |
|
(e) Other Non-current assets |
10.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
660.142 |
352.309 |
185.045 |
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|
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(2) Current assets |
|
|
|
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(a) Current investments |
51.441 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
491.658 |
325.555 |
88.036 |
|
(d) Cash and cash equivalents |
95.220 |
35.925 |
37.411 |
|
(e) Short-term loans and
advances |
80.901 |
19.008 |
13.151 |
|
(f) Other current assets |
106.433 |
41.919 |
38.821 |
|
Total
Current Assets |
825.653 |
422.407 |
177.419 |
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|
|
|
|
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TOTAL |
1485.795 |
774.716 |
362.464 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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TOTAL REVENUE |
1850.941 |
1146.484 |
673.705 |
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EXPENSES |
1454.043 |
999.623 |
566.592 |
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PROFIT/
(LOSS) BEFORE TAX |
276.916 |
91.331 |
72.612 |
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TAX |
32.360 |
7.022 |
11.654 |
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PROFIT/
(LOSS) AFTER TAX |
244.556 |
84.309 |
60.958 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
244.546 |
160.237 |
99.279 |
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Balance
Carried to the B/S |
489.102 |
244.546 |
160.237 |
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EARNINGS
IN FOREIGN CURRENCY |
|
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Engineering consulting services |
1407.916 |
NA |
NA |
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IMPORTS |
|
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Capital Goods |
51.438 |
NA |
NA |
|
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|
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Earnings
/ (Loss) Per Share (Rs.) |
6943.27 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.65 |
11.84 |
20.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.57 |
0.37 |
0.45 |
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Debt Equity Ratio (Total Debt /Networth) |
|
1.19 |
0.90 |
0.44 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.84 |
0.82 |
0.90 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.352 |
0.352 |
0.352 |
|
Reserves & Surplus |
160.237 |
244.546 |
489.103 |
|
Net
worth |
160.589 |
244.898 |
489.455 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
70.586 |
219.355 |
581.857 |
|
Total
borrowings |
70.586 |
219.355 |
581.857 |
|
Debt/Equity
ratio |
0.440 |
0.896 |
1.189 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total revenue |
673.705 |
1146.484 |
1850.941 |
|
|
|
70.176 |
61.445 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total revenue |
673.705 |
1146.484 |
1850.941 |
|
Profit |
60.958 |
84.309 |
244.556 |
|
|
9.05% |
7.35% |
13.21% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
NOTE: Registered office of the company has been
shifted from No 55, Quest Towers, Whitfield Main Road, Mahadevapura Bangalore –
560048, Karnataka, India to the present
address w.e.f. 25.03.2009
OPERATING RESULTS:
During the period, the company achieved revenues of Rs. 1850.900 million out of which the exports contributed Rs. 1407.600 million and Domestic turnover was rs. 397.500 million and other income accounted for Rs. 45.800 million.
COMPANY OVERVIEW
Subject was incorporated on July 18, 2008 as a private limited company under the Companies Act, 1956. The Company is a subsidiary of QuEST Global Services Pte. Limited, Singapore (the Holding company), which is one of the leading providers of diversified engineering services. The principal activities of the Company include rendering engineering consulting services in design, modeling, simulation, in the areas of gas turbine, steam turbine, power generation, aircraft engines and automotive technologies.
The Company has units registered underSpecial Economic Zone (SEZ) Act
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
434.316 |
219.355 |
|
Total |
434.316 |
219.355 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10434259 |
09/03/2015 * |
495,000,000.00 |
CITI BANK N.A. |
2ND FLOOR, NO. 5,, M.G.ROAD,, BANGALORE, KARNATAKA - 560001, INDIA |
C45914413 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Furniture and fixtures
- Vehicles
- Office equipment
- Leasehold improvements
- Computer equipments
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.62.20 |
|
|
1 |
Rs.92.93 |
|
Euro |
1 |
Rs.68.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.