MIRA
INFORM REPORT
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Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ZENSAR TECHNOLOGIES LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.03.1963 |
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Com. Reg. No.: |
012621 |
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CIN No.: [Company Identification
No.] |
L72200PN1963PLC012621 |
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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
: |
Providing Software Services |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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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 11757452 |
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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 and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Note : Management non co-operative [ Name not disclosed]
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-20-66074000 |
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Fax No.: |
91-20-66074444 |
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E-Mail : |
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Branches : |
Zensar Technologies Ltd.Ananth Info Park, 6th & 7th Floor, Tower A, Phase-II, Plot # 39, High Tech City, Madhapur, Hyderabad -500081, India Tel: +91 (40) 40230000 ·
Zensar Technologies
Ltd.Flat No.310 A, 3rd Floor,Rectangle-1, D-4 Saket District Centre,(Behind
Sheraton Hotel, Saket),New Delhi-110017, |
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DIRECTORS
AS ON 13.07.2010
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Name : |
Mr. Harsh Goenka |
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Designation : |
Chairman |
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Name : |
Dr. Ganesh Nataranjan |
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Designation : |
Vice Chairman and CEO |
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Name : |
Mr. Arvind Agarwal |
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Designation : |
Director |
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Name : |
Mr. P.K. Choksey |
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Designation : |
Director |
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Name : |
Mr. Venkatesh Kasturirangan |
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Designation : |
Director |
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Name : |
Mr. John Levack |
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Designation : |
Director |
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Name : |
Mr. A.T. Vaswani |
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Designation : |
Director |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.07.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Bodies Corporate |
19589882 |
45.30 |
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Sub Total (A)
(1) |
19589882 |
45.30 |
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2.Foreign |
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Bodies Corporate |
1030922 |
2.38 |
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Sub Total (A)
(2) |
1030922 |
2.38 |
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Total Shareholding
of Promoter and Promoter Group (A) |
20620804 |
47.68 |
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(B) Public
Shareholding |
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1. Institutions |
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Mutual Funds / UTI |
1093642 |
2.53 |
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Financial Institutions / Banks |
3877 |
0.01 |
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Insurance Companies |
2150 |
-- |
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Foreign Institutional Investors |
2411891 |
5.58 |
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Sub Total (B)
(1) |
3511560 |
8.12 |
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2. Non
Institutions |
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Bodies Corporate |
1251739 |
2.89 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
5397395 |
12.48 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
1877902 |
4.34 |
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Any other (Specify) |
10586634 |
24.48 |
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Overseas Corporate Bodies |
10301294 |
23.82 |
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Non Residents Indians |
285340 |
0.66 |
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Sub Total |
19113670 |
44.20 |
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Total Public Shareholding (B) |
22625230 |
52.32 |
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Total (A)+(B) |
43246034 |
100.00 |
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Shares held by custodians
and against which depository receipts have been issued (C) |
-- |
-- |
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Total
(A) + (B) +(C) |
43246034 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Software Services |
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GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management. |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M/s Price Waterhouse Chartered Accountant |
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Associates/Subsidiaries : |
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Other Subsidiaries / Entities Under Joint Control : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27500000 |
Equity Shares |
Rs.10/- each |
Rs.275.000 Millions |
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|
250000 |
Preference Shares |
Rs.100/- each |
Rs. 25.000 Millions |
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Total |
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Rs.300.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21575867 |
Equity Shares |
Rs.10/- each |
Rs. 215.759
Millions |
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Note :
Of the above 5895304 (previous year 5895304)
equity shares of Rs. 10 each, are allotted as fully paid-up pursuant to
agreements for consideration other than cash.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
215.759 |
239.657 |
239.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.100 |
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3] Reserves & Surplus |
2723.604 |
2304.809 |
1810.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2939.363 |
2544.466 |
2050.400 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2939.363 |
2544.466 |
2050.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
978.069 |
1015.630 |
581.300 |
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Capital work-in-progress |
13.581 |
14.866 |
294.900 |
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INVESTMENT |
210.596 |
341.439 |
234.200 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
1008.218
|
734.631 |
834.900 |
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Cash & Bank Balances |
286.034
|
229.025 |
136.500 |
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Other Current Assets |
408.445
|
362.577 |
31.500 |
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Loans & Advances |
818.952
|
537.261 |
605.400 |
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Total
Current Assets |
2521.649
|
1863.494 |
1608.300 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
481.372 |
465.206 |
435.000 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
303.160
|
225.757 |
233.300 |
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Total
Current Liabilities |
784.532
|
690.963 |
668.300 |
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Net Current Assets |
1737.117
|
1172.531 |
940.000 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2939.363 |
2544.466 |
2050.400 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
4970.839 |
4218.702 |
3239.610 |
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Other Income |
81.519 |
87.534 |
119.110 |
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TOTAL (A) |
5052.358 |
4306.236 |
3358.720 |
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Less |
EXPENSES |
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|
|
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Operating Expenses |
3931.727 |
3411.052 |
2704.470 |
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TOTAL (B) |
3931.727 |
3411.052 |
2704.470 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1120.631 |
895.184 |
654.250 |
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
5.534 |
5.420 |
11.180 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1115.097 |
889.764 |
643.070 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
249.240 |
222.937 |
156.350 |
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PROFIT BEFORE
TAX (E-F) (G) |
865.857 |
666.827 |
486.720 |
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Less |
TAX (I) |
24.339 |
62.110 |
32.890 |
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PROFIT AFTER TAX
(G-I) (J) |
841.518 |
604.717 |
453.830 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
857.730 |
1129.187 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
750.000 |
|
|
|
|
|
Dividend |
118.667 |
107.846 |
NA |
|
|
|
Tax on Dividend |
19.708 |
18.328 |
|
|
|
BALANCE CARRIED TO
THE B/S |
907.671 |
857.730 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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Export Earnings |
582.795 |
|
|
|
|
|
Commission Earnings |
11.351 |
13.440 |
|
|
|
|
Link Charges |
6.099 |
18.753 |
NA |
|
|
|
Other Earnings |
184.829 |
144.640 |
|
|
|
TOTAL EARNINGS |
785.074 |
781.120 |
NA |
|
|
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|
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IMPORTS |
|
|
|
|
|
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|
Software |
1.660 |
|
NA |
|
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Capital Goods |
36.268 |
69.138 |
|
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TOTAL IMPORTS |
37.928 |
77.190 |
NA |
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Earnings Per
Share (Rs.) |
35.77 |
25.23 |
18.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
1386.400 |
1465.900 |
|
Total Expenditure |
|
1058.100 |
1215.900 |
|
PBIDT (Excl
OI) |
|
328.300 |
250.000 |
|
Other Income |
|
54.200 |
3.700 |
|
Operating
Profit |
|
382.500 |
253.700 |
|
Interest |
|
0.500 |
0.800 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
382.000 |
252.900 |
|
Depreciation |
|
64.500 |
65.000 |
|
Profit
Before Tax |
|
317.500 |
187.900 |
|
Tax |
|
29.600 |
11.500 |
|
Reported PAT |
|
287.900 |
176.400 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
287.900 |
176.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
16.65
|
14.04 |
13.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.41
|
15.80 |
15.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.74
|
23.16 |
22.22 |
|
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.26 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26
|
0.27 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.21
|
2.69 |
2.40 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Dues to micro and small enterprises |
-- |
-- |
-- |
|
Dues to other than micro and small enterprises |
481.372 |
465.206 |
435.000 |
|
|
|
|
|
|
TOTAL |
481.372 |
465.206 |
435.000 |
Fixed Assets :
- Leasehold
- Freehold
- Buildings
- Improvement
to leasehold
- Premises
- Plant and
Machinery
- Furniture,
fixture and office equipment
- Motor
Vehicles
- Data
Processing
- Equipment
–own use
- Software including
courseware
FINANCIAL RESULTS :
During the financial
year 2009-10, the Company recorded total income of Rs. 5052.400 millions
comprising Income from Software Development and Allied Services of Rs. 4970.800
millions, and other income of Rs. 81.500 millions. The Company recorded a net
profit of Rs. 841.500 millions reflecting a growth of 39.15%.
On a consolidated
basis, the Company has maintained steady growth with total income of Rs.
961.030 millions comprising Income from Software Development and Allied
Services of Rs. 9527.600 millions and other income of Rs. 82.800 millions. The
Consolidated Profit before Taxation and minority interest was Rs. 1491.500
millions reflecting a growth of 33.38%.
The Consolidated Profit after Taxation was Rs. 1275.600 millions reflecting an
increase of 47.36%.
BUSINESS UPDATE :
They started the
year 2009 amidst speculation and uncertainty precipitated by the economic
downturn which affected almost every economy in the world. However, the
developments during the year, demonstrated the resilience of Zensar and the
Company delivered excellent growth in profits and revenue. While there was
certainty that these tumultuous times would pass, the Company viewed this
crisis as an opportunity, not only exhibiting resilience but also sustaining
its growth.
The advent of 2010
has signaled the revival of outsourcing within core markets, along with the
emerging markets increasingly adopting outsourcing for enhanced
competitiveness. The Company has leveraged this and had built upon its
relationships with existing customers and has acquired many new customers
through the year. The investments that the Company has made in the business
have helped us gain a stronger position in the market than in 2009.
The year witnessed
the emergence of and thrust on its core themes for the next decade -
Diversification, Specialization, Transformation, Innovation and inclusive
growth. As a Company we targeted new growth engines beyond our core offerings,
invested in developing innovative solutions for their end- customers,
strengthened internal capabilities by acquiring and training talent and
investing in people initiatives. This coupled with their compelling and dynamic value proposition and
competitiveness ensured that Zensar remained committed in creating shareholder
value.
The domestic market
is at an inflection point with the rise of India Inc., growing adoption of IT
to achieve greater efficiencies and the Indian government fuelling the demand
with various e- Governance initiatives. The year witnessed longer term
comprehensive outsourcing engagements with the overall domestic market posting
strong growth. Recognizing the opportunities, the Company has reaffirmed its
commitment to the domestic market with focus on key segments of government,
healthcare, manufacturing and logistics in
Emerging markets of
The Company has also
seen some new product launches which include the launch the Procurement
Platform for their BPO Services, which helps customers realize the potential of
technology and outsourcing without having to incur capital expenditure and pay
only for the number of transactions managed. The launch of Zen Auto Pro,
Zensars tool for automated code generation to advance the script development
process and to save the overall automation time as compared to traditional Test
Automation is yet another outcome of our focus on constant innovation.
In addition to
growth in the areas of Package Implementation, Testing and Infrastructure
Management, Zensars new Impact Sourcing service for process and technology
transformation for recessionary markets with assured results has received an
excellent response from the market.
The Company has seen
immense traction in the Enterprise Applications business and has been adding
new customers to its Oracle business over the year. The Company is also now a
Platinum Partner (Highest level of
partnership) in the Oracle Partner Network Specialized program. The
status is a recognition of our expertise across the breadth of Oracle products.
The Company is also a Gold Certified Partner for Microsoft, which represent the
highest level of competence and expertise with Microsoft technologies.
QAI India Limited, a
Software Engineering Institute (SEI) – an authorized lead appraiser has audited
the Companys processes and has renewed the Company’s CMMI certification
(Maturity Level 5 of CMMI for Development v 1.2).
Additionally, the
Company has also ensured that all operational levers work towards enhancing productivity
to continue the growth journey that we have seen in the past.
SUBSIDIARY COMPANIES :
As per Section 212
of the Companies Act, 1956, the Company is required to attach the Directors
Report, Balance Sheet, and Profit and Loss Account of its Subsidiary Companies.
Accordingly, an application has been made to the Ministry of Corporate Affairs
(MCA), Government of India, requesting an exemption from such attachment as the
Audited Consolidated Financial Statements in the Annual Report present a full
and fair picture of the state of affairs and the financial condition of the
Company. The approval is awaited
The Company will
make available the annual accounts of the subsidiary companies and the related
detailed information upon request by any member of the Company. These
documents/details will also be available for inspection by any member of the
Company at its registered office during business hours on working days.
Consolidated
Financial Statements of the Company along with its subsidiaries, prepared in
accordance with the relevant Accounting Standards issued by The Institute of
Chartered Accountants of India, forms part of this Annual Report.
BUYBACK
During the year the Company completed Buyback of 24,24,000
Equity Shares through
AMALGAMATION
A Scheme of Amalgamation of Zensar OBT Technologies Limited
and Zensar Transformation Services Limited with the Company was sanctioned by
the Honble High Court of Judicature at
UNAUDITED
CONSLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th
SEPTEMBER 2010
|
Particulars |
30.09.2010 Quarter Ended (Unaudited) |
30.09.2010 Half Year Ended (Unaudited) |
|
a) Net Sales / Income from Operations |
2633.300 |
5049.400 |
|
b) Other Operating Income |
11.800 |
70.100 |
|
Total Operating Income |
2645.100 |
5119.500 |
|
Expenditure |
|
|
|
(a) Purchase of traded goods |
45.800 |
66.000 |
|
(c) Employees Cost |
1762.400 |
3384.500 |
|
(d) Depreciation |
68.200 |
135.600 |
|
(e) Other Expenditure |
437.600 |
805.200 |
|
Total Expenditure |
2314.000 |
4391.300 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
331.100 |
728.200 |
|
Other Income |
3.300 |
7.400 |
|
Profit/(Loss) before Interest and Exceptional items |
334.400 |
735.600 |
|
Interest |
4.100 |
7.700 |
|
Profit / (Loss) after interest before Exceptional items |
330.300 |
727.900 |
|
Deferred Interest |
-- |
-- |
|
Profit from ordinary activities before tax |
330.300 |
727.900 |
|
Tax Expenses |
55.300 |
128.100 |
|
Net Profit/(Loss) after tax |
275.000 |
599.800 |
|
Extraordinary Items |
-- |
-- |
|
Net profit for the
period |
275.000 |
599.800 |
|
Monitory Interest |
-- |
-- |
|
Net profit after tax
and monitory interest |
275.000 |
599.800 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
432.500 |
432.500 |
|
Reserves excluding revaluation reserves |
-- |
-- |
|
Earning per share (EPS) |
|
|
|
(a) basic |
6.37 |
13.89 |
|
(b) diluted |
6.23 |
13.58 |
|
Public Share
Holding |
|
|
|
Number of Shares |
22625230 |
22625230 |
|
Percentage of Shareholding |
52.32% |
52.32% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
20620804 |
20620804 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
47.68% |
47.68% |
|
- Percentage of Share (as a % of the total share capital of the company) |
47.68% |
47.68% |
Stand-Alone Information
|
Particulars |
30.09.2010 Quarter Ended (Unaudited) |
30.09.2010 Half Year Ended (Unaudited) |
|
a) Net Sales / Income from Operations |
1453.100 |
2786.100 |
|
|
|
|
|
Profit before tax |
187.900 |
505.500 |
|
|
|
|
|
Profit after tax |
176.400 |
464.400 |
Consolidated Segment wise revenue results and capital employed for the
quarter and half year ended 30th September 2010
|
Particulars |
30.09.2010 Quarter Ended (Unaudited) |
30.09.2010 Half Year Ended (Unaudited) |
|
Segment revenue (net of inter segment revenue) |
|
|
|
Global transformation services (GTS) |
1895.400 |
3672.600 |
|
|
62.000 |
93.100 |
|
Others |
-- |
-- |
|
|
|
|
|
Net Sales / Income from Operation |
2633.300 |
5049.400 |
|
|
|
|
|
Segment Results Profit / (Loss) before tax and interest from each
segment |
|
|
|
Global transformation
services (GTS) |
363.900 |
700.700 |
|
|
62.000 |
93.100 |
|
Others |
-- |
-- |
|
|
|
|
|
Total |
425.900 |
793.800 |
|
|
|
|
|
Less : interest and Finance Cost |
6.000 |
9.600 |
|
Less : Unallocable expenditure net of unallocable income |
89.600 |
56.300 |
|
|
|
|
|
Total Profit before tax |
330.300 |
727.900 |
Note :
Segment Capital Employed
Fixed assets used in the company’s business of
liabilities contracted have not been identified to each of the reportable
segment, as the fixed assets and the services are used interchangeably between
segments. Accordingly, no disclosure relating to total segment assets and
liabilities has been made.
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 invesigation
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. 45.20 |
|
|
1 |
Rs. 70.27 |
|
Euro |
1 |
Rs. 59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.