MIRA
INFORM REPORT
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Report Date : |
30.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
VAKRANGEE
SOFTWARES LIMITED |
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Registered Office : |
"Vakrangee House" Plot No 66/A, Marol Cooperative Industrial
Estate, Office - M. V. Road, Marol,
Andheri (East), Mumbai - 400 059, |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.05.1990 |
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Com. Reg. No.: |
11-56669 |
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CIN No.: [Company
Identification No.] |
L65990MH1990PLC056669 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV08149B |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges |
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Line of Business : |
The
company is engaged in Software Industries and has
developed Paymaster Personnel Information System (PIS) Software and
E-Edministrator School Management Information System Software |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD
3000000 |
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Status : |
Good |
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company and currently doing well due to good orders
in hand. Trade relations are fair. Financial position is satisfactory.
Payments are reported as slow but correct. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
"Vakrangee House" Plot No 66/A, Marol Cooperative Industrial
Estate, Office - M. V. Road, Marol,
Andheri (East), Mumbai - 400 059, |
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Tel. No.: |
91-22-28504028/28503412 |
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Fax No.: |
91-22-28502017 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Dinesh Nandwana |
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Designation : |
Chairman & Managing Director |
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Profile |
One of the main promoters of the company,
Mr. Dinesh Nandwana is a Chartered Accountant. He has nursed and nurtured the
company from a humble consultancy company to a well renowned software
company. His vast experience is backed by astute and dynamic leadership
qualities. His forte is his ability to carry his team along and timely
delivery of quality goods. His imposing and affirmative policies and hard
work has helped the company in achieving its present status. |
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Name : |
Mr. Pradip P. Shah |
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Designation : |
Additional Director |
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Profile |
Is a MBA from
Harvard Business School, Cost Accountant & Chartered Accountant and is a
Chairman of IndAsia Funds Advisory Private Limited. and on the board of other
renowned companies like Godrej & Boyce Mfg. Company Limited, Bombay Stock
Exchange Limited, Patni Computer Systems Limited, Pfizer Limited, Prudential
ICICI Asset Management Company Limited, Wartsila India Limited, Asset
Reconstruction Company (India) Limited, BASF (India) Limited, Hardy Oil and
Gas Limited (U. K.), Panasonic Battery India Company Limited, TAIB Bank and
E. C. (Bahrain) |
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Name : |
Dr. Nishikant Hayatnagarkar |
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Designation : |
Whole Time Director |
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Profile |
He is a Ph.D in computer science from I.
I. T., Powai, and Mumbai. He is associated with the company since 1994. He is
a well known figure in the field of micro chip-designing. He has developed a
voice recognition system which is widely used in various applications like
Tele Banking, Tele Gas Booking etc. He has also designed & developed
Multilingual Keyboard and is consultant to Media Labs Asia – Kamal Rekhi
School for Information Technology (IIT Mumbai) for development of
Multilingual data input device – Marathi language Key Board (Key – Lekh) and
E-Lekh (Tablet based Marathi language Input). |
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Name : |
Mr. Brij Kishor Gupta |
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Designation : |
Director |
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Profile |
Mr. Brij Kishor Gupta is a qualified
Chartered Accountant having total experience of more than 18 years. in
corporate affairs, taxation, audits and financial matters with various
organisations. |
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Name : |
Mr. Anil Patodia |
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Designation : |
Director |
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Profile |
He has a Bachelor’s degree in commerce
with over 15 years experience of administration. He is handling day to day
administration of the company as an Executive Director since 1994. He has
good leadership qualities to control huge projects involving large manpower,
smoothly. Under his administration, the company has successfully undertaken
very large projects of the Election Commission of various states. |
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Name : |
Mr. Sunil Agarwal |
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Designation : |
Director |
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Profile |
Mr. Sunil Agarwal is Bachelor of Commerce
with over 18 years experience in business administration. He is a very
successful businessman with good leadership qualities to control huge
projects and explore new business opportunities. |
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Name : |
Mr. K. L. Varma |
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Designation : |
Director |
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Profile |
Mr. K. L. Varma is retired Financial
Advisor and Chief Accounts Officer, Western Railway. He has vast experience
in handling financial management and financial planning and introducing and
implementing internal control systems. |
KEY EXECUTIVES
|
Name
: |
Mr. Nihar Ranjan Das |
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Designation
: |
Company Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters Holding |
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|
Companies |
599211 |
5.79 |
|
Promoter in individual capacity |
802504 |
7.76 |
|
Promoter Director's Relatives |
9886 |
0.09 |
|
Persons acting in concert |
710630 |
6.87 |
|
Non Promoters Holding |
|
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|
Non Government Institutions) |
400 |
0.01 |
|
FIIS |
836121 |
8.08 |
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Others |
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Private Corporate Bodies |
2142861 |
20.71 |
|
Indian Public |
4820848 |
46.60 |
|
NRIS |
255014 |
2.46 |
|
Any other(Clearing Member) |
168690 |
1.63 |
|
Total |
10346165 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in Software Industries and has
developed Paymaster Personnel Information System (PIS) Software and
E-Edministrator School Management Information System Software |
GENERAL
INFORMATION
|
Customers |
v TATA Consultancy Services Limited v CMC Limited v Godrej & Boyce Manufacturer Company Limited. v The Office of Chief Electoral Officer, Maharashtra (A state unit of Election Commission of India). v Quest Screening Services Private Limited. v C-DAC (Center for Development of Advance Computing), Pune v Air – India Limited v Chief Election Officer, Rajasthan (A state unit of Election Commission of India) v Department of Information Technology, Government of Maharashtra. v Chief Election Officer, Gujarat (A state unit of Election Commission of India) v Central Excise Department v I.T.I. Limited. (Indian Telecom Industries Limited) v Bar Council of Maharashtra & Goa v Gaziabad Development Authority, Gaziabad. v
U. P. Electronics Corporation
Limited. |
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No. of Employees : |
600 |
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Bankers : |
HDFC Bank Limited |
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Facilities : |
Secured Loan Cash Credit & Overdraft Facilities – Rs.
14.500 Millions Unsecured Loan Short-term loans and advances from others –
Rs. 37.853 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
S. K. Patodia & Associates Chartered Accountants |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 450.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10346165 |
Equity
Shares |
Rs. 10/- Each |
Rs. 103.462 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
103.462 |
103.462 |
103.500 |
|
|
2] Share Application Money |
122.075 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
579.247 |
489.515 |
474.600 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
804.784 |
592.977 |
578.100 |
|
|
LOAN FUNDS |
|
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|
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1] Secured Loans |
14.500 |
14.500 |
14.500 |
|
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2] Unsecured Loans |
37.853 |
51.418 |
65.900 |
|
|
TOTAL BORROWING |
52.353 |
65.918 |
80.400 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
857.137 |
658.895 |
658.500 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
314.786 |
207.925 |
251.900 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.000 |
5.653 |
5.700 |
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DEFERREX TAX ASSETS |
4.939 |
7.790 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
370.098
|
296.116 |
170.600 |
|
|
Sundry Debtors |
193.358
|
221.927 |
216.100 |
|
|
Cash & Bank Balances |
4.563
|
7.239 |
7.600 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
57.042
|
20.876 |
17.800 |
|
Total Current Assets |
625.061
|
546.158 |
412.100 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
63.533
|
95.034 |
0.100 |
|
|
Provisions |
24.116
|
13.597 |
400.900 |
|
Total Current Liabilities |
87.649
|
108.631 |
401.000 |
|
|
Net Current Assets |
537.412
|
437.527 |
400.900 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
|
TOTAL |
857.137 |
658.895 |
658.500 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
512.013 |
340.819 |
329.400 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
116.699 |
22.319 |
11.000 |
|
Provision
for Taxation |
12.810 |
(5.990) |
(0.800) |
|
Profit/(Loss)
After Tax |
103.889 |
28.309 |
11.800 |
|
|
|
|
|
|
Total
Expenditure |
395.314 |
318.500 |
325.800 |
QUARTERLY
|
PARTICULARS |
|
|
30.06.2006 (1st Quarter) |
|
Sales Turnover |
|
|
169.200 |
|
Other Income |
|
|
0.000 |
|
Total Income |
|
|
169.200 |
|
Total Expenditure |
|
|
105.600 |
|
Operating Profit |
|
|
63.600 |
|
Interest |
|
|
0.000 |
|
Gross Profit |
|
|
63.600 |
|
Depreciation |
|
|
19.500 |
|
Tax |
|
|
5.000 |
|
Reported PAT |
|
|
24.400 |
200606 Quarter 1 -: Expenditure Includes (Increase) / Decrease in Stock in Trade Rs (1.683) million Consumption of Raw Material Rs 38.616 million Data Processing & Software Expenses Rs 50.506 million Staff Cost Rs 10.746 million Other Expenditure Rs 7.429 million Tax Includes Provision for Taxation (including FBT) Rs 4.990 million Provision for Deferred Tax Rs 14.689 million EPS is Basic Status of Investor Complaints for the quarter ended 30.06.2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 08 Complaints disposed off during the quarter 08 Complaints unresolved at the end of the quarter Nil 1. The above results were reviewed by the Audit Committee and were taken on record by the Board of Directors at their meeting held on 28.07.2006. 2. The gross turnover of the Company is only from one segment namely 'Software and Database related services'. 3. The diluted EPS has been calculated considering the Equity Shares issued on 17.07.2006 as mentioned in point No. 7 below but not the instrument proposed to be issued as referred in point No. 8 below. 4. The auditors of the Company have carried out the Limited Review of the above unaudited financial results. 5. Previous period figure have been rearranged and regrouped wherever necessary. 6. Total Income of the Quarter is not indicative of performance of full year, as the Company has adopted policy of Revenue Recognition from Government Authorities only after the receipt of the Completion Certificates. 7. In the Board Meeting held on 17.07.2006 the Company has allotted 70,50,000 Equity Shares of Rs 10/- each at a premium of Rs 54/- per Shares towards conversion of warrants. These shares are considered for diluted EPS as shown above. 8. The Company has accorded Shareholders approval u/s. 81(1A) for issuance of further 10 Million Shares / Convertible Warrants / FCD @ Rs 241/- per instrument in its AGM held on 09.09.2006. The Company has applied for In-principle approval to BSE and NSE for Preferential allotment of 6.4 Million Shares / Warrants to various investors and the approval is awaited. 9. During the quarter the Company has executed a prestigious e-Governance project (MCA-21) of Ministry of Company Affairs, Government of India in association with Godrej, awarded by TCS / CMC and has participated in sizeable tenders related to e-Governance.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.09 |
0.12 |
0.08 |
|
Long Term Debt Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current Ratio |
2.69 |
3.61 |
5.42 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.13 |
0.91 |
0.94 |
|
Inventory |
1.54 |
1.46 |
3.76 |
|
Debtors |
2.46 |
1.55 |
1.48 |
|
Interest Cover Ratio |
292.75 |
112.50 |
56.00 |
|
Operating Profit Margin (%) |
32.84 |
19.81 |
16.91 |
|
Profit Before Interest and Tax Margin (%) |
22.89 |
6.61 |
3.40 |
|
Cash Profit Margin (%) |
30.26 |
21.51 |
17.09 |
|
Adjusted Net Profit Margin (%) |
20.31 |
8.32 |
3.58 |
|
Return on Capital Employed (%) |
16.80 |
3.42 |
1.82 |
|
Return on Net
Worth (%) |
16.29 |
4.83 |
2.07 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.235.90/- |
|
Low |
Rs.223.00/- |
LOCAL AGENCY
FURTHER INFORMATION
Vakrangee Softwares was incorporated on 28.05.1990 as a private limited company called Vakrangee Investment & Consultancy Private Limited. On 03.04.1992, the name was changed to Vakrangee Investment. The company acquired its present name in September 1999. The company was promoted by Dinesh Nandwana, an associate member of the ICAI.
The company received the category-IV merchant banker registration on
01.05.1993. It came out with a public issue at par in February 1994 to augment
its working capital and to carry out certain fund-based and non-fund-based
activities.
The company diversified into software and has launched its bi-lingual
software for voter's electrol roll. Software for printing voter's list has been
successfully implemented.
During the year 1999-2000, the company has setup two 100% EOU under STP
in Bombay and Jaipur.
The Company has entered the product segment of the software industry and
has developed Paymaster Personnel Information System (PIS) Software. Another
product , E-Edministrator School Management Information System Software is in
the advanced stages of development.
Performance:
Sales of the Company for the year ended 31.0.2006 were Rs.511.501
Millions up by 50.21% and Profit after Tax was Rs.103.889 Millions increased by
267% over the previous year. The Management Discussion and Analysis that forms
part of the Annual Report provides a detailed analysis of the Company's
financials.
Dividend:
The Directors recommend a dividend of Rs.1.20 per equity share of Rs.10/-
each to be appropriated from the profit of the year 2005-2006 subject to the
approval by the shareholders at the ensuing Annual General Meeting. After the
approval of the shareholders at the ensuing Annual General Meeting, the
dividend will be paid in line with the applicable regulations.
Prospects:
The Central Government initiatives towards e-Governance has opened up
opportunities for the Company to grow much faster as the Company is one of the
few players in the segment. The Company has also positioned itself as key
player in scanning, digitization of data and printing work of Election
Commission and other Government Authorities. The Company has placed an order
with Kodak Versamark, Inc, USA for colored digital printing machine and setting
up state of art fully automatic printing facility to cater to the growing
business of Election Commission. The Company has entered into strategic
alliance with Godrej & Boyce Manufacturing Company Limited for Scanning
& Digitization of documents of Registrar of Companies. The Company has been
awarded contract by CMC Limited. (a TATA Enterprise) to handle work of
digitization for Registrar of Companies under Government of India e-Governance
initiatives. The Company has been awarded work of Director's Identification
Number (DIN) directly by CMC Limited. The Company has been also awarded work of
Public Facilitation Office directly by TATA Consultancy Services Limited. The
Company has been awarded a contract for preparation of Electoral Photo Identity
Card by Election Commission of India, Maharashtra State unit for 20 districts
of Maharashtra state; the size of the order may go up to Rs.320.000 Millions.
The Company has continued to build a vast portfolio of products and services
that address almost every need of e-Governance initiative of Government of
India, Election Commission and other State Governments and Authorities.
Management Discussions And
Analysis
Opportunity & Threats
The Company has been handling election related projects for Election
Commission of India for over a decade. The Company has entered into strategic
alliance with Godrej & Boyce Mfg. Company Limited. as their alliance
partner to execute election related projects on national basis except for
Maharashtra state. The Company has also completed a project related to
e-Governance work of Registrar of Companies. The Company has established itself
as one of the major player in e-Governance projects and undertaken some of the
prestigious projects of Ghaziabad Development Authority, UP Electronics
Corporation Limited & Food and Civil Supplies Department of Government of
Maharashtra. The Company has recently got Electoral Photo Identity Card Project
of Election Commission, Maharashtra and also has got work of maintaining Public
Facilitation office under MCA-21 an e-Governance project for 20 locations from
TATA Consultancy Services Limited. The Company sees very good business
opportunity in the future. The Company has made investment into Vakrangee Electronics
Private. Limited. which is developing Electronic Election Machine (EEM). The
EEM will be useful for conducting general elections by the center and state
Election Commissions and can also be used into various places such as schools,
colleges, clubs, unions, bar councils etc. There is a possibility of
competition from small organizations from the local areas but the size of
infrastructure, skilled manpower and other business areas will help the Company
to meet with this situation.
Risk & Concern
In the past, the Company's profitability was mainly depending on Election
Commission work and work from other Government organizations. But the Company
has now established itself as one of the strong player in the field of
e-Governance, scanning and digitization and large scale data capturing. The
software products under development by the Company will be tested at mass level
before commercial launch and this will decide the future course of software
product segment of the Company. In the event of any unforeseen circumstances
and failure of commercial launch of the software developed by the Company, may
affect the profitability to some extent.
Outlook
The Company is growing in all business areas and established itself as
one of the major player in e-Governance segment. The Company is also setting up
a high speed dedicated printing facility and expecting very high revenue
generation. The Company has successfully handled some of the prestigious data
conversion projects of Government and Semi-Government Authorities. The Company
is developing two software namely `HCM' and `School ERP', both have high
potential of revenue generation. The Company has also received order for
maintaining Public Facilitation Office for 20 locations of Registrar of Companies
under MCA-21 e-Governance Project from TATA Consultancy Services Limited.
The company was incorporated on 28.05.1990 with a mission to excel in the global business world. The name “Vakrangee” is derived from one of the names of the great goddess Durga, the goddess of prowess to destroy evil and maintain harmony. The company made a humble beginning and based on the abilities and capabilities of its dedicated team of Professionals the company has grown from strength to strength and within a decade it has become a formidable force to reckon within the software industry.
Deloitte Touche Tohmatsu has rated the company in the list of Technology Fast 500 Asia Pacific companies of 2003 and also for 2004.
The company has achieved the ISO level and was awarded ISO 9001:2000 certificate by IQNet and SAI Global, USA, for the companies activities related to “Quality Management System for the Conversion of mass level hard copy data into electronic form and printing multiple copies of DBF and PDF data for Election Division.”
Vakrangee Softwares Limited has a successful track record for delivering on-time, economical, state-of-the-art IT solutions to a broad range of clientele. From single problem applications to complete turnkey operations, Vakrangee delivers solutions at the clients’ doorstep.
Service Provider
The Company is
equipped with the expertise of multilingual-technology, infrastructure and
manpower and undertaking contracts from Government and Semi-Government
department for scanning, digitization, conversion of data and documents. The
Company has successfully completed various prestigious projects like electoral
data processing, conversion of ROC & Land records of Ghaziabad Development
Authority into digital form.
Business Process Outsourcing
The Company has
conducted detailed research in the BPO segment and with its massive and
well-established infrastructure and manpower there is tremendous scope in the
BPO segment. The Company has already started participating in various tenders
for BPO projects by Government departments and actively demonstrating its
capabilities and past performance to various overseas clients for tapping the
growing BPO market.
Strategic Alliance With Godrej & Boyce
Manufacturing Company Limited.
The Company has in
2004 entered into Memorandum of Understanding (MOU) with Godrej & Boyce
Mfg. Company Limited. For jointly executing election and related projects on
national level. Nation-wide offices, availability of mass level infrastructure
and the brand image of Godrej coupled with technical know-how and expertise of
the Company will create a win-win situation for both in tapping large-scale
election and related projects in various states.
Multilingual Versatile Document Management
Software
The Company has
developed Multilingual Versatile Document Management Software, which can be
used in 13 regional languages. Through this software the Company has completed
digitization of huge volume of land record of Ghaziabad development authority
in Hindi, Revenue records of Ghaziabad Tahesil in Hindi and Ration Card for
Food and Civil Supplies Department of Government of Maharashtra for Solapur
District in Marathi. The Company has also completed digitization project of
Indian patent office through C-DAC and HR Records for Quest Screening Services
Private. Limited. (a part of fortune 500 companies). This specialized multi
language software will help the Company to get e-Governance projects from other
states of the country.
Human Capital Management (Hcm) Software
The Company is in
the advance stage of developing software, which will cover wider ambit of HR
functions of Government, Semi- Government and private organizations. The
software is under development after intensive system study of all rules and
regulations for HR department of Govt. of India in two versions for use at
various levels and is supported by their multilingual technology. It will have
various modules of HR functions viz. Payroll, Establishment, Rulebook, System
Administration, Employee Online, Vigilance, Income Tax, GPF accounting and
reports. The software will be very user
friendly and will operate without support of any other utility. The HCM
software is under development and will undergo mass level testing before
commercial launching.
School Erp Software
The Company is in
the advance stage of developing a software which will cover comprehensive
School Management Information System supported by their Multilingual
technology, will enable the Company to implement curriculum, training as well
as general administration in schools of various vernacular languages. The
business processes that will be automated include General administration,
Student administration and management, Staff management, Library management,
Class management, Finance and Accounts, Stores and Purchase, Hostels and
Infrastructure management. The business & technology niche of the software
lies in easy accessibility of information through e-communication & voice
recognition system. The software aided with strong MIS reports will help the
top level of management with the information about utility of the amount spent
on education and it will also help in optimizing use of funds deployed on the
educational system at various levels.
Electronic Election Machine (Eem)
The Company has made
investment into Vakrangee Electronics Private. Limited., which is developing a
new improved Electronic Election Machine (EEM), which can be used by the
Election Commissions, schools, colleges, clubs, unions, bar councils,
societies, co-operative and corporate sectors and this investment will be
beneficial in the years to come.
Strategic Alliance With Godrej & Boyce Manufacturing Company Limited.
One of
the path breaking achievements for the Company during the year was to enter
into Memorandum of Understanding (MOU) with Godrej & Boyce Mfg. Company
Limited. for jointly executing election and related projects on national level.
Nation-wide offices, availability of mass level infrastructure and the brand
image of Godrej coupled with technical know-how and expertise of their Company
will create a win-win situation for both in tapping large-scale election and
related projects in various states.
Jointly,
they have already executed the project for preparing electoral rolls for Gram
Panchayats and conversion of Hindi rolls to Urdu rolls for the State Election
Commission, Uttar Pradesh State. They are currently executing the project for
converting the supplementary electoral rolls of Gram Panchayats from Hindi to
Urdu. Further, they have also participated in the Tender for preparing Electoral
Rolls with Photo, floated by the Office of The Chief Electoral Officer, Gujarat
and are L1 in 14 Districts.
A
Pioneer In Multilingual Technology
IT consulting of the company allows it to create a wide range of customized projects, including the ability to architect and implement open client server systems, perform offshore development, maintenance and support; and re-engineer and maintain legacy systems. Vakrangee specialises in Multilingual Technology, develop specialized multilingual software of mass use in government departments and data handling and management of very large database like that of electoral rolls. Vakrangee also has designated E_Business Solutions Unit aiding clients in gaining a competitive advantage in their areas of operation.
Vakrangee Softwares Limited is a pioneer in the field of multilingual technology, which helps in overcoming the obstacle posed by single language based software.
Major
Service Provider
Equipped with the expertise of multilingual technology, Vakrangee focused its attention to provide E-governance services to various state governments and in the process became one of the major service providers by computerisation directly / indirectly the electoral data at various levels for the state of Maharashtra, Rajasthan, Gujarat and Uttar Pradesh.
Business
Process Outsourcing
The company has conducted detailed research in the BPO segment and with it’s massive and well established infrastructure and manpower, there is tremendous scope in the BPO segment. The company has already started participating in various tenders for BPO projects by big government departments and actively demonstrating its capabilities and past performance to various overseas clients for tapping the growing BPO market.
The Company has secured Order from Indian Patent Office through C-DAC (Centre for Development of Advanced Computing) for Digitization of Records covering Hard copy management, Scanning of records, Cleaning of scanned records, OCR – Conversion of the records to editable files, Editing of files, Backup management, Preparation of CDs of the documents and Porting the data to the server of 20000 patent records.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records 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.44.84 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|