MIRA
INFORM REPORT
|
Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADP PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Beside Navbharat Chambers, 6-3-1091/C/1, Fortune-9, Raj Bhavan Road, Hyderabad-500082,
Andhra Pradesh |
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|
|
Country : |
|
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|
|
Financials (as
on) : |
30.06.2009 |
|
|
|
|
Date of
Incorporation : |
20.05.1999 |
|
|
|
|
Com. Reg. No.: |
01- 31739 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200AP1999PTC031739 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDW00112A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW2655C |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
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|
|
|
Line of Business
: |
I.T. Service Providers. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Saumya |
|
Designation : |
Accountant |
|
Contact No.: |
91-40-66378200 |
|
Date : |
05.01.2011 |
LOCATIONS
|
Registered Office : |
Beside Navbharat Chambers, 6-3-1091/C/1, Fortune-9, Raj Bhavan Road,
Hyderabad-500082, |
|
Tel. No.: |
91-40-66378200 |
|
Fax No.: |
91-40-23406980 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
DIRECTORS
As on 23.12.2009
|
Name : |
Mr. Shakti Sagar |
|
Designation : |
Managing Director |
|
Address : |
Mansvi Plot, # 54, Aswini Heights, Huda Layout, Jubilee Hills,
Hyderabad-500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
19.10.1954 |
|
Qualification : |
B.Com (Hons) |
|
Experience : |
31 Years |
|
Date of Appointment : |
16.07.1999 |
|
Last Employment: |
D.E. Shaw India Software Private Limited |
|
|
|
|
Name : |
Mr. Balaji Boddapati |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No. 19, Contonment Co-operative (Housing) Society, |
|
Date of Birth/Age : |
15.01.1960 |
|
Qualification : |
MBA |
|
Experience : |
28 Years |
|
Date of Appointment : |
20.05.1999 |
|
Last Employment: |
D.E. Shaw India Software Private Limited |
|
|
|
|
Name : |
Mr. Stephen Penrose |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
23.09.1952 |
|
Date of Appointment : |
22.09.2004 |
|
|
|
|
Name : |
Mr. Sellakannu Ganesan |
|
Designation : |
Whole Time Director |
|
Address : |
D- No. 2/2, |
|
Date of Birth/Age : |
04.02.1958 |
|
Date of Appointment : |
30.03.2007 |
|
|
|
|
Name : |
Mr. Thi Agrajan Arunachalam |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No. 20, Road No. 1, Jupiter Colony, |
|
Date of Birth/Age : |
02.06.1952 |
|
Date of Appointment : |
30.03.2007 |
|
Date of Ceasing: |
16.01.2009 |
Additional Directors
As on 30.07.2010
|
Name : |
Mr. Craig John Spendiff |
|
Designation : |
Additional Director |
|
Address : |
29, |
|
Date of Birth/Age : |
24.02.1965 |
|
Date of Appointment : |
30.07.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Murlikrishna Pullela |
|
Designation : |
Secretary |
|
Address : |
Flat No. 6, 2nd Floor, Rajgad Bhosale Nagar, Hadapsar,
Pune-400028, |
|
Date of Birth/Age : |
20.06.1968 |
|
Date of Appointment : |
15.06.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.12.2009
|
Names of Shareholders |
|
No. of Equity Shares |
|
|
|
12327149 |
|
|
|
501 |
|
Total |
|
12327650 |
|
|
|
|
|
Names of Shareholders |
|
No. of Equity Shares |
|
|
|
8500000 |
|
Total |
|
8500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 31.12.2009
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
I.T. Service Providers. |
GENERAL INFORMATION
|
No. of Employees : |
Approximately 5000 |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
1-8-384 and 385, 3rd Floor, Gowra Grand, |
|
Tel. No.: |
91-40-40312600 |
|
Fax No.: |
91-40-40312714 |
|
|
|
|
Ultimate Holding Company : |
ADP Inc, |
|
|
|
|
Holding Company: |
|
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 30.06.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14500000 |
Equity Shares |
Rs. 10/- each |
Rs. 145.000 Millions |
|
8500000 |
4% Non-Convertible Redeemable Preference Shares |
Rs. 10/- each |
Rs. 85.000 Millions |
|
|
Total |
|
Rs. 230.000
Milolions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12327650 |
Equity Shares |
Rs. 10/-
each |
Rs. 123.277
Millions |
|
8500000 |
4% Non-convertible Redeemable Preference
Shares |
Rs. 10/-
each |
Rs. 85.000 Millions |
|
|
Total |
|
Rs. 208.277 Millions |
Of the above:
i)
12327650 Equity Shares of
Rs. 10 each are held by ADP Netherlands B.V. and its nominee. The ultimate
holding company is ADP, Inc,
ii)
3827650 Equity Shares of Rs.
10 each were issued for consideration other than in cash, to the shareholders
of the erstwhile ADP India Dealer Services Private Limited pursuant to a scheme
of Amalgamation.
All other preferences shares are held by
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
208.277 |
208.277 |
208.277 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
838.619 |
1090.986 |
653.448 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1046.896 |
1299.263 |
861.725 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
301.631 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
301.631 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1046.896 |
1299.263 |
1163.356 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
409.434 |
481.153 |
509.111 |
|
|
Capital work-in-progress |
0.000 |
0.672 |
0.582 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
66.182 |
54.924 |
26.691 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
5.692
|
204.158 |
105.911 |
|
|
Cash & Bank Balances |
781.950
|
750.635 |
656.222 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
484.748
|
320.064 |
226.670 |
|
Total
Current Assets |
1272.390
|
1274.857 |
988.803 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
270.308
|
190.199 |
146.300 |
|
|
Other Current Liabilities |
13.113
|
0.309 |
7.787 |
|
|
Provisions |
417.689
|
321.835 |
207.744 |
|
Total
Current Liabilities |
701.110
|
512.343 |
361.831 |
|
|
Net Current Assets |
571.280
|
762.514 |
626.972 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1046.896 |
1299.263 |
1163.356 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Export of software |
2870.199 |
2412.227 |
1652.600 |
|
|
|
Other Income |
183.438 |
73.005 |
35.417 |
|
|
|
TOTAL (A) |
3053.637 |
2485.232 |
1688.017 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and Other Expenses |
2291.714 |
1826.873 |
1372.190 |
|
|
|
Profit on sale of business |
0.000 |
0.000 |
286.587 |
|
|
|
TOTAL (B) |
2291.714 |
1826.873 |
1085.603 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
761.923 |
658.359 |
602.413 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
4.945 |
10.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
761.923 |
653.414 |
591.743 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
227.656 |
211.222 |
144.445 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
534.267 |
442.192 |
447.298 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
75.942 |
[2.768] |
77.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
458.325 |
444.960 |
369.789 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1076.399 |
638.861 |
269.072 |
|
|
Less |
Adjusted
during the year in accordance with the accounting standard on Employee
benefits |
-- |
[7.422] |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
-- |
-- |
|
|
|
Proposed Dividend |
|
-- |
-- |
|
|
|
Tax on Dividend |
756.524 |
-- |
-- |
|
|
|
Transfer to General Reserve |
|
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
778.200 |
1076.399 |
638.861 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2870.108 |
2412.227 |
1652.600 |
|
|
TOTAL EARNINGS |
2870.108 |
2412.227 |
1652.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
67.026 |
47.826 |
46.001 |
|
|
TOTAL IMPORTS |
67.026 |
47.826 |
46.001 |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
37.18 |
36.09 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
PAT / Total Income |
(%) |
15.01
|
17.90 |
21.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.61
|
18.33 |
27.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.77
|
25.18 |
29.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.18 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
0.39 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
2.49 |
2.73 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
Sundry Creditors |
|
|
|
|
Other than to small scale industries |
-- |
-- |
146.300 |
|
Other than to Micro, Small and medium Enterprises |
270.308 |
190.199 |
-- |
|
|
|
|
|
|
Total |
270.308 |
190.199 |
146.300 |
Performance Review:
The company has achieved a turnover of Rs. 2870.198
Millions as compared to Rs. 2412.227 Millions during the previous year. The
company made a net profit of Rs. 458.324 Millions after adjusting for
depreciation and provision for Income Tax payable as against Rs. 444.960
Millions during the previous year.
Fixed Assets:
·
Leasehold Improvements
·
Plant and Machinery
·
Computer Equipment and
Hardware
·
Furniture and Fittings
·
Networking Equipment
·
Vehicles
·
Goodwill
·
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 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 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
|
TOTAL |
|
45 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.