MIRA INFORM REPORT
|
Report No. : |
342745 |
|
Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
RM EDUCATION SOLUTIONS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-5, Gayatri Building Tecnopark Campus, Kariavattom P.O.
Thiruvananthapuram – 695581, Kerala |
|
Tel. No.: |
91-471-2335577/ 2335304 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
04.02.2003 |
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|
|
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Com. Reg. No.: |
09-015931 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.32.299 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U72200KL2003PTC015931 |
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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
: |
Providing Computer Software and IT Enabled Services. |
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|
|
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No. of Employees
: |
560 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of RM Education Limited, United
Kingdom and was created to carry out development of software and technical support
for its parent company. It has satisfactory track. Rating takes into consideration sound financial risk profile of the
company marked by debt free capital structure along with adequate networth
base. However, the company has reported marginal decrease in its sales
turnover and profit but maintained decent profit margin of almost 11%. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In view of strong managerial and financial support from parent, the
company can be considered for business dealings with usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Vipin Padamanabhan |
|
Designation : |
Assistant Manager Finance |
|
Contact No.: |
91-471-2335577 |
|
Date : |
25.09.2015 |
LOCATIONS
|
Registered Office : |
B-5, Gayatri Building Tecnopark Campus, Kariavattom P.O.
Thiruvananthapuram – 695581, Kerala, India |
|
Tel. No.: |
91-471-2335577/ 2335304 |
|
Fax No.: |
91-471-2700953 |
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E-Mail : |
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|
Website : |
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Area : |
14000 sq. ft. |
|
Location : |
Rented |
|
Locality: |
Industrial |
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|
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Head Office: |
140 Eastern Avenue, Milton Park, Abingdon, Oxon, OX14 4SB |
|
Tel. No.: |
08450 700300 |
|
Fax No.: |
08450 700400 |
DIRECTORS
As on 11.09.2014
|
Name : |
Mr. Connell Aloysius Viegas |
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|
Designation : |
Director |
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Address : |
G-2, G Street, Jawahar Nagar, Trivandrum - 695041, Kerala, India |
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Date of Birth/Age : |
30.06.1961 |
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Qualification : |
B.Com |
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Experience : |
53 Years |
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Date of Appointment : |
30.06.2003 |
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DIN No.: |
00059079 |
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Name : |
Mr. Christopher Jonathan Clements |
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Designation : |
Director |
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Address : |
11, Barlow Close, Wheatley, Oxfordshire, Ox331nl, United Kingdom |
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|
Date of Birth/Age : |
25.10.1954 |
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Date of Appointment : |
11.09.2014 |
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DIN No.: |
02271324 |
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Other Directorship:
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Name : |
Mr. Iain Peter Mcintosh |
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Designation : |
Director |
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Address : |
Heatherfield House, 8 Heatherfield Lane, Weybridge, Surrey, Kt130as, United Kingdom |
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Date of Birth/Age : |
12.02.1963 |
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Date of Appointment : |
26.03.2010 |
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DIN No.: |
03092201 |
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Name : |
Mr. John Paul Ingram |
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Designation : |
Director |
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Address : |
Treetops, 60, Hill Road, Watlington, Ox495ad, United Kingdom |
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Date of Birth/Age : |
26.05.1966 |
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Date of Appointment : |
13.06.2013 |
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DIN No.: |
06612488 |
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Name : |
Mr. Toby Xavier Vernon Black |
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Designation : |
Director |
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Address : |
Combe Wood House, Farnham Road, Ewshot Farnham, Gu105ax, United Kingdom |
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Date of Birth/Age : |
01.03.1974 |
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Date of Appointment : |
11.09.2014 |
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DIN No.: |
06941847 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Vipin Padamanabhan |
|
Designation : |
Assistant Manager Finance |
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|
|
|
Name : |
Mr. Connell Aloysius Viegas |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
RM Education Limited, United Kingdom |
|
322490 |
|
Connel Viegas |
|
500 |
|
Total |
|
322990 |
Equity Share Break up (Percentage of Total Equity)
As on 11.09.2014
|
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 |
99.85 |
|
Other top fifty shareholders |
0.15 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Computer Software and IT Enabled Services. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 L/C |
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Purchasing : |
Cash and L/C |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and Others
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No. of Employees : |
560 (Approximately) |
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Bankers : |
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Auditors : |
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|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Maruthi Infotech Centre 11/1 and 12/1, East Wing, II Floor,
Koramangala, Inner Ring Road, Bangalore – 560071, Karnataka, India |
|
Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAIFB7355D |
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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 11.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325000 |
Equity Shares |
Rs.100/- each |
Rs.32.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
322990 |
Equity Shares |
Rs.100/- each |
Rs.32.299
Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
30.11.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
32.299 |
32.299 |
32.299 |
|
(b) Reserves & Surplus |
164.355 |
150.599 |
161.818 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
196.654 |
182.898 |
194.117 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
6.043 |
7.018 |
6.263 |
|
(d) long-term provisions |
10.682 |
9.259 |
9.664 |
|
Total
Non-current Liabilities (3) |
16.725 |
16.277 |
15.927 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.307 |
12.586 |
6.383 |
|
(c) Other current liabilities |
19.030 |
22.151 |
21.343 |
|
(d) Short-term provisions |
0.094 |
0.099 |
21.286 |
|
Total
Current Liabilities (4) |
19.431 |
34.836 |
49.012 |
|
|
|
|
|
|
TOTAL |
232.810 |
234.011 |
259.056 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
45.391 |
59.736 |
69.908 |
|
(ii) Intangible Assets |
0.567 |
1.079 |
2.502 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.641 |
|
(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) |
9.231 |
9.713 |
3.470 |
|
(d) Long-term Loan and Advances |
35.519 |
32.864 |
54.508 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
90.708 |
103.392 |
131.029 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
116.726 |
103.631 |
88.449 |
|
(d) Cash and cash equivalents |
22.511 |
25.058 |
36.742 |
|
(e) Short-term loans and
advances |
2.293 |
1.916 |
2.531 |
|
(f) Other current assets |
0.572 |
0.014 |
0.305 |
|
Total
Current Assets |
142.102 |
130.619 |
128.027 |
|
|
|
|
|
|
TOTAL |
232.810 |
234.011 |
259.056 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
30.11.2011 |
|
|
SALES |
|
|
|
|
|
Income |
534.225 |
699.782 |
502.218 |
|
|
Other Income |
21.736 |
4.010 |
1.469 |
|
|
TOTAL
|
555.961 |
703.792 |
503.687 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
328.820 |
398.290 |
304.662 |
|
|
Other expenses |
105.469 |
165.875 |
117.422 |
|
|
TOTAL
|
434.289 |
564.165 |
422.084 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
121.672 |
139.627 |
81.603 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
22.537 |
28.575 |
21.599 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
99.135 |
111.052 |
60.004 |
|
|
|
|
|
|
|
Less |
TAX |
32.476 |
35.932 |
12.883 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
66.659 |
75.120 |
47.121 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
3.295 |
6.226 |
14.330 |
|
|
TOTAL
IMPORTS |
3.295 |
6.226 |
14.330 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
206.38 |
232.58 |
145.89 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
590.000 |
|
|
|
|
|
Expected Sales (2015-2016) : Rs.700.000
The above information has been parted by Mr. Vipin Padamanabhan
(Assistant Manager Finance)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
30.11.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
73.879 |
115.822 |
NA |
|
Net cash flow from operating activity |
53.029 |
92.579 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
01.12.2011
to 31.03.2013 (16 Months) |
30.11.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
12.48 |
10.73 |
9.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
44.34 |
49.51 |
23.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50 |
0.61 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.31 |
3.75 |
2.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
30.11.2011 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
32.299 |
32.299 |
32.299 |
|
Reserves & Surplus |
161.818 |
150.599 |
164.355 |
|
Net
worth |
194.117 |
182.898 |
196.654 |
|
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 |
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
30.11.2011 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
502.218 |
699.782 |
534.225 |
|
|
|
39.338 |
(23.658) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2013 |
31.03.2014 |
|
|
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
30.11.2011 |
|
Sales |
502.218 |
699.782 |
534.225 |
|
Profit |
47.121 |
75.120 |
66.659 |
|
|
9.38% |
10.73% |
12.48% |
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 |
yes |
|
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 |
Yes |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES
No Charges Exist for Company
FIXED ASSETS
- Leasehold Improvements
- Computers and Accessories
- Electrical Equipments
- Telecom Equipments
- Furniture and Fixture
- Vehicle
- Computers 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 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.66.09 |
|
|
1 |
Rs.100.88 |
|
Euro |
1 |
Rs.73.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.