MIRA
INFORM REPORT
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Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
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Name : |
TUTIS TECHNOLOGIES LIMITED |
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Formerly Known As : |
AMEX INFORMATION TECHNOLOGIES LIMITED |
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Registered Office : |
C-409, Solaris – I, Opposite L and T Gate No. 6, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.09.1991 |
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Com. Reg. No.: |
11-63382 |
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CIN No.: [Company
Identification No.] |
L30007MH1991PLC063382 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA25747B |
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PAN No.: [Permanent
Account No.] |
AAACA7948L |
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Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
the Stock Exchanges. |
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Line of Business : |
Provider of Software Solutions, IT services and Software and Hardware
Products. |
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 2462800 |
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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 satisfactory track.
Trade relations are fair. General financial position is satisfactory.
Payments are usually correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Head Office : |
C-409, Solaris – I, Opposite L and T Gate No. 6, |
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Tel. No.: |
91-22-28578240 / 42 |
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Fax No.: |
91-22-2857 8239 |
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E-Mail : |
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Website : |
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Overseas Office : |
110, Pentax House, Tel No.: 0208 938 4670 Fax No: 208 938 4671 Email: pavanp@tutistech.com Mediait Limited 140-142,M king King Cross, WC1X9DS Tel No :44 207 -833 -0111 Fax No:44 207-278-7797 Email: info@mediait.co.uk |
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Branches : |
Chennai Office: 26, Tel No: 91-44-24362751 /52 /53 /54 Fax No: 91-44-24362756 Email: seshadria@tutistech.com
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DIRECTORS
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Name : |
Mr. G S Chandrashekar |
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Designation : |
Chairman and Managing Director |
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Name : |
Dr. Uday Pai |
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Designation : |
Director |
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Name : |
Mr. Dilip Parekh |
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Designation : |
Director |
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Name : |
Mr. D M Shirodkar |
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Designation : |
Director |
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Name : |
Mr. Aniket Jathar |
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Designation : |
Director |
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Name : |
Mrs. Amita Desai |
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Designation : |
Director |
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Name : |
Mr. Sunil Parekh |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Foreign companies |
---- |
--- |
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Non Resident (Individual and Companies) |
3611971 |
21.57% |
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Foreign Financial Institution |
25000 |
0.15% |
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Financial Institutions |
--- |
--- |
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Mutual Fund |
--- |
--- |
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Promoters |
2284248 |
13.64% |
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Resident Individual |
7233501 |
43.19% |
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Nationalized Bank |
--- |
--- |
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Other bodies Corporate |
3592255 |
21.45% |
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In Transit |
16746975 |
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BUSINESS DETAILS
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Line of Business : |
Provider of Software Solutions, IT services and Software and Hardware
Products. |
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Products : |
·
Biometric Hardware Products (Exclusive · Biometrics Software Products (both PC and Embedded based) ·
Biometric · Biometric Time and Attendance System · DMS (Document Management System) |
GENERAL
INFORMATION
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Customers : |
·
Life insurance Corporation of · Mumbai Stock Exchange · Indian National Shipowners Association ·
Government of ·
Government of · Government of Manipal ·
Bank of · SipMicro Private Limited · Broad Band Pacenet · HCL info Systems Limited · Visionlab Limited · Explora Limited ·
·
Account General Of · Wipro Limited · CMC computers Limited ·
Electronic Corporation of · Nermagic Solutions Private limited · Novartis Pharmaceuticals Private limited · SipMicro Private limited · Siemens Information Tech limited · Visionlab limited · NIC ·
Account General of · Explora limited · Excell Media · MSRTC · Com Metodi · Team Systems ·
FAO ( ·
· ZF · Scandinavian Care · IFA – Business Process Outsourcing : EDMS · Old Bailey – ITES · HEDS –ITES · UKCRS · NDS LLC · Incubed |
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No. of Employees : |
250 |
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Bankers : |
· Allahabad Bank · Punjab National Bank · Mandvi Co-operative Bank Limited ·
United Bank of |
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Facilities: |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K P Joshi and Company Chartered Accountants |
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Address : |
607, Sharda Chambers, 15, New Marine Lines, Mumbai – 400 020, |
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Associates/Subsidiaries : |
· Vishal Information Technologies Limited · Global Software Technologies Limited · Amex Information Technologies GmbH |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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26600000 |
Equity shares |
Rs. 10/- each |
Rs. 266.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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19482263 |
Equity shares |
Rs. 10/-
each |
Rs. 194.822
millions |
NANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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194.800 |
179.800 |
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2] Share warrant |
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0.000 |
5.300 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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420.900 |
305.100 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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615.700 |
490.200 |
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LOAN FUNDS |
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1] Secured Loans |
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27.900 |
24.500 |
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2] Unsecured Loans |
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0.000 |
2.300 |
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TOTAL BORROWING |
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27.900 |
26.800 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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643.600 |
517.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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173.700 |
83.600 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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52.400 |
7.700 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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59.900 |
99.200 |
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Sundry Debtors |
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267.500 |
210.600 |
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Cash & Bank Balances |
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19.000 |
65.000 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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86.800 |
92.000 |
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Total
Current Assets |
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433.200 |
466.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.400 |
24.800 |
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Provisions |
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21.300 |
40.200 |
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Total
Current Liabilities |
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28.700 |
65.000 |
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Net Current Assets |
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404.500 |
401.800 |
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MISCELLANEOUS EXPENSES |
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13.000 |
23.900 |
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TOTAL |
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643.600 |
517.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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432.500 |
354.200 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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432.500 |
354.200 |
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Profit/(Loss) Before Tax |
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101.100 |
77.900 |
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Provision for Taxation |
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4.100 |
4.400 |
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Profit/(Loss) After Tax |
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97.00 |
73.500 |
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Expenditures : |
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Software development Expenses |
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133.400 |
113.900 |
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Trading and operating expenses |
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158.200 |
134.300 |
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Administrative and other expenses |
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20.900 |
13.700 |
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Interest and finance charges |
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5.200 |
3.300 |
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Depreciation |
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13.700 |
11.100 |
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Total Expenditure |
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331.400 |
276.300 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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22.42 |
20.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
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23.37 |
21.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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16.65 |
14.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.09 |
0.18 |
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Current Ratio (Current Asset/Current Liability) |
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15.09 |
7.18 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSTES:
· Building
· Goodwill
· Computers
· Motor Car
· Office Equipment
· Furniture and fixtures
· Air conditioners
· Electrical Equipment
· Y2K Software
Business model:
· Software and Hardware Products
· Software Development
· Software Solutions
· IT Services
SOLUTIONS
· Imaging Technology
· Biometric Software Solutions
SERVICES
· IT Consultancy Services
· Software Development and Maintenance
· Data Digitization and Data Conversion
· Business Process Outsourcing Services (BPO services)
· Document Scanning, Indexing, Conversion and Data Extraction
· CAD/CAE Conversion, Design and Drafting
· Offshore facilities
DIRECTOR REPORTS:
OPERATIONS:
The consolidated
total sales for the year ended 31st March 2006 were Rs.432.507 millions as
against Rs. 354.170 millions for the year ended 31st March 2005, registering an
increase of about 22.12%. The consolidated profit after tax is Rs.96.957
millions as compared to Rs. 73.665 millions for the preceding year registering
a raise of 31.62%
The Company was
able to maintain normal growth trends both in terms of turnover and profits and
its profitability was slightly improved in comparison to previous year and this
is due to the fact that most of the operations of the Company’s subsidiary
Vishal Information Technologies Limited (Vishal) is shifted to Chennai centre.
All major clients servicing will be done from this centre and Mumbai facilities
will be converted into a redundancy centre in respect to its BPO operations.
All new infrastructures for BPO activities will be expanded in Chennai in order
to exploit the abundant availability of skilled personnel at a lower cost than
that prevailing in Mumbai. The Company can reap this benefit fully during the
current year.
The Company
continued to find all round improvement in its focus areas and its future
outlook looks very favorable especially in Biometrics and biometric solutions
as this is regarded as one of the best solution to thwart the threat which is
looming currently in the global scenario in regard to physical and IT security.
WEBSITE DETAILS:
Profile
Subject is a company that has carved a niche
for itself in the segment of BPO and IT for providing solutions and services.
They specialize in Business Process Outsourcing (BPO) services in various
sectors. They are a premier technology based firm, offering comprehensive and
professional IT services. They provide superior, practical and flexible BPO and
Software Solutions and deliver competitive advantage to information technology
users, small-medium and large corporate and policy makers.
Subject is focused on providing BPO
solutions to European based companies. Their offsite-offshore model
benefits the European companies immensely. With the support of subject (their
Parent company) Software Development expert team, they provide customers in
Tutis Technologies
’s range of ‘IT-Enabled services for BPO’ includes
· Document Management
· Imaging
· Document Scanning
· Indexing
· Data Entry/ Re Keying
· Data Conversion (XML, HTML, PDF, etc.)
· Data processing
· Document OCR/ ICR/ OMR
· Back office operations
· Transaction Processing
· Form Processing
· E-Accounting
· Data Warehousing
· Database Management
· System services
Tutis Technologies
’s range of ‘IT consulting expertise’ includes
· Customized Client/Server and Internet/Intranet based software development
· Legacy Application System Maintenance
· Database Migration Services
· Product Development
Owing to their constant stress on strong set
of values, ethics and their continuous attention on maintaining high standards
of performance through understanding of national and international business
requirements, they are rapidly evolving as a forceful entity in the BPO and the
IT segments. Their prowess is technology and they are constantly updating on
this front.
They believe that unless one tries to do
something beyond what one has already mastered, one never grows. They at The
companyhave plans of expansions. Off shore development facilities to
customers across the globe is their core area of concentration. They plan
to work further in the technology areas of biometrics, telephony,
communications, knowledge management and emerging web technologies. There are
plans to augment the existing infrastructure in Mumbai and open new development
centers.
They at the Company, begin with where they
are, what they have, and what their customers want. They see it, feel it,
believe in it… make their mental blueprint and begin to build. For us, customers
always come first. They understand the psyche of the consumers. They are
working round the clock, through the year, to meet and surpass the needs and
expectations of their customers and their own people
Infrastructure for
BPO
The company efficiently connects your
centers with its US/Uk based co-location centers, enabling offshore clients to
gain competitive advantage from the high quality Indian workforce. They have
the most critical infrastructure in place. Their infrastructure comprises of
the Windows NT servers, Dedicated Leased line of 2mbps and broad band links for
Internet Access, Mail Servers, News Servers and a dedicated pool of technical
skills at HO, RO at various levels.
They have the servers running 24 hours a
day, 365 days a year. They are Powerful Reliable and Robust branded Servers
having high power processing and floating point performance, low-latency,
high-bandwidth crossbar switch-based architecture, fast memory access and
input/output, full multiprocessing support, fast Ethernet (100Mbps), fast/wide
SCSI. Etc.
The servers are
mainly used for the following:
· As a file server to share huge amounts of data amongst users as per the work flows of Conversion / Online data entry / DMS / Software Development and other ongoing projects.
· As a Print Server to queue printouts as required by ongoing projects.
· For need based archiving of all the raw and processed data.
· Mail Servers for Tutis Technologies Limited
· Proxy Server with in-built firewall for rule based sharing of internet access and blocking of all unauthorized from within or from outside the corporate network.
· To Host the web sites of The company and its group companies.
An internal technical support desk provides
critical break-down and technical support. The helpdesk is manned by qualified
and experienced staff who are on-call.
The entire electronic, electrical and IT
infrastructure is backed by robust UPS systems. Subject currently has the
following scanners to execute voluminous, time critical projects:
High speed
Scanners
· HP 7400C
·
· Avision 3300
· Fujitsu
· HP 4C
· HP scanjet
· HP 3300
· Contex
The company is
serviced by industry recognized ISP's, Hardware and software resellers having
capabilities to multi-fold increase the entire infrastructure within a short
period of time as required by proposed projects.
Infrastructure for
Software Development
The company has a huge share of investment
in hardware and software facilities. These facilities include linking up of the
global clients with its development site in
The company provides total solutions to
customers in
They at The company believe that significant problem
solving, outstanding products and really break through solutions, do not occur
with regard to problems about which the thinker is lukewarm. They at The
Company think passionately about discovering the best possible solutions to
their customer’s needs. This policy of theirs provides us with the required
scope and encouragement to innovate.
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 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.39.79 |
|
|
1 |
Rs.81.62 |
|
Euro |
1 |
Rs.56.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|