MIRA INFORM REPORT
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Report No. : |
342744 |
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Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
D+H SOLUTIONS INDIA PRIVATE LIMITED (w.e.f. 04.03.2014) |
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Formerly Known
As : |
HFS SOFTWARE INDIA PRIVATE LIMITED (w.e.f. 06.05.2011) SRC SOFTWARE PRIVATE LIMITED |
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Registered
Office : |
6A, Sixth Floor, Plot No. 2, Leela Infopark, Technopark, Trivandrum –
695581, Kerala |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.08.2003 |
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Com. Reg. No.: |
09-016397 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.441 Million |
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CIN No.: [Company Identification
No.] |
U72200KL2003PTC016397 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
TVDS01179D |
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PAN No.: [Permanent Account No.] |
AAICS8235J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Software Consultancy Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
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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 : |
It is an established company incorporated in the year 2003 having good
track. Financial position of the company is sound. Balance sheet of the
company is totally debt free. The rating also derives strength from its holding company and its
experienced management. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of strong holding support and sound financial base, the
company can be considered normal 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
UNABLE TO CONTACT THE COMPANY
LOCATIONS
|
Registered Office : |
6A, Sixth Floor, Plot No. 2, Leela Infopark, Technopark, Trivandrum –
695581, Kerala, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. John Eric Cummins |
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Designation : |
Director |
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Address : |
3250 Deer Chase Run, Longwood Florida - 32779, United States of America |
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Date of Birth/Age : |
30.08.970 |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
03479446 |
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Other Directorship :
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Name : |
Mr. Gerrard Bruce Schmid |
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Designation : |
Director |
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Address : |
161 Gordon Road, North York, Ontario, M2P1E7, Canada |
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Date of Birth/Age : |
07.05.1968 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
06660911 |
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Other Directorship :
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Name : |
Mr. David Alan Caldwell |
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Designation : |
Director |
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Address : |
10 Lamport Ave Suite 206, Toronto, Ontario, M4W1S6, Canada |
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Date of Birth/Age : |
24.07.1956 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
06660966 |
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Other Directorship :
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Name : |
Chitra Saisekar |
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Designation : |
Director |
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Address : |
No. 20, Hosur Main Road, Prestige Acropolis, Sparta-2 Apatment 001, Koramangala, Bengaluru - 560029, Karnataka, India |
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Date of Appointment : |
30.09.2015 |
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DIN No.: |
07226103 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
D+H Sarl, Luxembourg |
44096 |
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D+HH Limited, Canada |
1 |
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Total |
44097 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Software Consultancy Services. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Auditors : |
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Name : |
BSR and Associates LLP Chartered Accountants |
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Address : |
3rd Floor, Syama Business Centre, NH Bypass Road, Vytilla, Kochi –
682019, Kerala, India |
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Income-tax
PAN of auditor or auditor's firm : |
AADFB6889R |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Companie : |
D+HSARL, Luxembourg |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
10,400,000 |
Equity Shares |
Rs. 10/- each |
Rs. 104.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44,097 |
Equity Shares |
Rs. 10/- each |
Rs. 0.441
Million |
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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 |
|
I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
0.441 |
0.441 |
0.441 |
|
(b) Reserves & Surplus |
82.043 |
67.163 |
56.195 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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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) |
82.484 |
67.604 |
56.636 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
0.000 |
0.000 |
3.515 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.739 |
2.643 |
0.000 |
|
(d)
long-term provisions |
11.566 |
4.256 |
0.000 |
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Total
Non-current Liabilities (3) |
12.305 |
6.899 |
3.515 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b)
Trade payables |
0.000 |
0.000 |
1.938 |
|
(c)
Other current liabilities |
8.439 |
4.794 |
5.758 |
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(d)
Short-term provisions |
2.589 |
0.405 |
1.003 |
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Total
Current Liabilities (4) |
11.028 |
5.199 |
8.699 |
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TOTAL |
105.817 |
79.702 |
68.850 |
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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 |
28.308 |
32.876 |
35.488 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
23.500 |
0.000 |
0.000 |
|
(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) |
2.776 |
0.715 |
0.253 |
|
(d) Long-term Loan and
Advances |
5.657 |
3.024 |
3.195 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
60.241 |
36.615 |
38.936 |
|
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(2) Current assets |
|
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
20.617 |
10.317 |
9.333 |
|
(d)
Cash and cash equivalents |
14.127 |
28.597 |
5.256 |
|
(e)
Short-term loans and advances |
1.040 |
0.727 |
13.926 |
|
(f)
Other current assets |
9.792 |
3.446 |
1.399 |
|
Total
Current Assets |
45.576 |
43.087 |
29.914 |
|
|
|
|
|
|
TOTAL |
105.817 |
79.702 |
68.850 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
93.155 |
53.621 |
|
|
|
Other Income |
|
3.501 |
2.431 |
|
|
|
TOTAL |
151.093 |
96.656 |
56.052 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
6.790 |
6.144 |
|
|
|
Employees benefits expense |
|
47.884 |
25.622 |
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|
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Other expenses |
|
18.207 |
14.391 |
|
|
|
TOTAL |
120.567 |
72.881 |
46.157 |
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|
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|
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|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
30.526 |
23.775 |
9.895 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.079 |
8.969 |
4.015 |
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|
|
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|
|
PROFIT/
(LOSS) BEFORE TAX |
22.447 |
14.806 |
5.880 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7.568 |
3.838 |
2.442 |
|
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|
|
PROFIT/
(LOSS) AFTER TAX |
14.879 |
10.968 |
3.438 |
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Software Service Provided |
151.045 |
93.155 |
53.621 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.74 |
248.72 |
77.96 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA |
11.77 |
6.41 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
20.20 |
25.52 |
18.45 |
|
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.22 |
18.74 |
8.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.22 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.13 |
8.29 |
3.44 |
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 |
0.441 |
0.441 |
0.441 |
|
Reserves & Surplus |
56.195 |
67.163 |
82.043 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
56.636 |
67.604 |
82.484 |
|
|
|
|
|
|
Long-term borrowings |
3.515 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
3.515 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.062 |
0.000 |
0.000 |
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 Income |
56.052 |
96.656 |
151.093 |
|
|
|
72.440 |
56.320 |
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 Income |
56.052 |
96.656 |
151.093 |
|
Profit |
3.438 |
10.968 |
14.879 |
|
|
6.13% |
11.35% |
9.85% |
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 |
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CHANGE OF ADDRESS:
The Registered Office of the Company has been shifted from 342, Nila,
Technopark Campus, Trivandrum – 695581, Kerala, India to the present address
w.e.f. 25.02.2012
OPERATIONAL AND FUTURE PROSPECTS
· To provide software consultancy services in internet and client server technology using JAVA, C++, and Microsoft. Net, Microsoft visual studio. Net.
· To provide offshore software design, development, maintenance and implementation to foreign clients.
· To render business process outsourcing (BPO) services.
· To build a term of highly skilled software professional and become a center of excellence in various technologies.
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 records 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.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
53 |
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.