MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED |
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Formerly Known
As : |
DUN
AND BRADSTREET – SATYAM SOFTWARE PRIVATE LIMITED |
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Registered
Office : |
5/535, Okkiam Thoraipakkam, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.01.1994 |
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Com. Reg. No.: |
18-026590 |
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Capital
Investment / Paid-up Capital : |
Rs.40.000 Millions |
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CIN No.: [Company Identification
No.] |
U72300TN1994PTC026590 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the development and maintenance of computer
software. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 270000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having excellent
track. Available information indicated high financial responsibility of the
company. Trade relations are reported as fair. Payments are reported to be
regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partners in a medium to
long-run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Hari |
|
Designation : |
Accountant |
|
Date : |
11.07.2011 |
LOCATIONS
|
Registered Office : |
5/535, Okkiam Thoraipakkam, |
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Tel. No.: |
91-44-43605000 |
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Fax No.: |
91-44-43605280 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. N. Lakshmi Narayanan |
|
Designation : |
Whole Time Director |
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Address : |
|
|
Date of Birth/Age : |
10.03.1953 |
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Date of Appointment : |
26.06.1998 |
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|
Name : |
Mr. R. Chandrasekaran |
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Designation : |
Whole Time Director |
|
Address : |
Sruthi 1-C, radha Krishna Salai, |
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Date of Birth/Age : |
02.10.1957 |
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Date of Appointment : |
26.06.1998 |
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|
|
|
Name : |
Mr. Gordon Coburn |
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Designation : |
Director |
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Address : |
60, |
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Date of Birth/Age : |
02.02.1964 |
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Date of Appointment : |
15.09.2000 |
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|
|
|
Name : |
Steven Schwartz |
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Designation : |
Director |
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Address : |
19, |
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Date of Birth/Age : |
01.10.1967 |
|
Date of Appointment : |
08.01.2004 |
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|
|
|
Name : |
Mr. K. Thiagarajan |
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Designation : |
Director |
|
Address : |
No. 15/17, Justice Sundaram Iyer Road Mylapore, Chennai-600004, |
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Date of Birth/Age : |
02.06.1966 |
|
Date of Appointment : |
14.12.2006 |
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|
|
|
Name : |
Mr. T. Sridhar |
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Designation : |
Director |
|
Address : |
4/132, 7th |
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Date of Birth/Age : |
01.09.1963 |
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Date of Appointment : |
28.08.2007 |
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|
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|
Name : |
Mr. V. Mahesh |
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Designation : |
Director |
|
Address : |
9/6, Srinivas Apartments, Second |
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Date of Birth/Age : |
14.05.1966 |
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Date of Appointment : |
28.08.2007 |
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|
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|
Name : |
Mr. Debashis Debiprasad Chatterjee |
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Designation : |
Director |
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Address : |
28/1A, |
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Date of Birth/Age : |
10.05.1965 |
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Date of Appointment : |
28.08.2007 |
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Din No.: |
00823966 |
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|
|
|
Name : |
Mr. S. Deepak |
|
Designation : |
Director |
|
Address : |
Plot No. 108, No. 1 Krishna Street, Palaniappa Nagar, Alwarthiru
Nagar, Chennai-600087, Tamilnadu, India |
|
Date of Birth/Age : |
27.06.1967 |
|
Date of Appointment : |
28.08.2007 |
KEY EXECUTIVES
|
Name : |
Mr. C. Vijayakumar |
|
Designation : |
Secretary |
|
Address : |
22/26, |
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Date of Birth/Age : |
28.04.1969 |
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Date of Appointment : |
29.06.2004 |
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|
|
|
Name : |
Mr. Hari |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Cognizant Technology Solutions Corporation, |
|
3960000 |
|
CSS Investment |
|
40000 |
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|
|
|
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Total |
|
4000000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the development and maintenance of computer
software. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
A.J. Shaikh Chartered Accountant |
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Address : |
PWC Centre, 32, |
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|
|
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Holding Company: |
Cognizant Technology Solution Corporation |
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Subsidiary Company: |
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CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.000 |
40.000 |
40.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
68329.750 |
54729.224 |
32485.160 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
68369.750 |
54769.224 |
32525.160 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
68369.750 |
54769.224 |
32525.160 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
16114.754 |
13047.873 |
9641.445 |
|
|
Capital work-in-progress |
2663.984 |
5614.282 |
5849.803 |
|
|
|
|
|
|
|
|
INVESTMENT |
5427.834 |
2599.343 |
3252.194 |
|
|
DEFERREX TAX ASSETS |
405.375 |
238.245 |
36.160 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
13975.472
|
11095.677 |
10845.670 |
|
|
Cash & Bank Balances |
20931.681
|
17490.915 |
4077.003 |
|
|
Other Current Assets |
7356.130
|
4845.577 |
37.201 |
|
|
Loans & Advances |
9676.744
|
6082.650 |
3002.302 |
|
Total
Current Assets |
51940.027
|
39514.819 |
17962.176 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1379.117
|
1858.108 |
837.671 |
|
|
Other Current Liabilities |
3999.131
|
2339.465 |
1836.255 |
|
|
Provisions |
2803.976
|
2047.765 |
1542.692 |
|
Total
Current Liabilities |
8182.224
|
6245.338 |
4216.618 |
|
|
Net Current Assets |
43757.803
|
33269.481 |
13745.558 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
68369.750 |
54769.224 |
32525.160 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Service Income |
62302.495 |
53074.739 |
|
|
|
|
Exchange Fluctuation Gain (Net) |
780.440 |
3625.344 |
38203.000 |
|
|
|
Other Income |
840.292 |
293.124 |
|
|
|
|
TOTAL |
63923.227 |
56993.207 |
38203.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenses |
37456.941 |
22415.344 |
|
|
|
|
Operating and Administration Expenses |
8936.476 |
8708.485 |
|
|
|
|
TOTAL |
46393.417 |
31123.829 |
25662.000 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
17529.810 |
25869.378 |
12541.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3148.705 |
2633.007 |
2346.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
14381.105 |
23236.371 |
10195.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
780.580 |
992.306 |
446.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
13600.525 |
22244.065 |
9749.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54136.369 |
31892.304 |
21786.000 |
|
|
|
TRANSITIONAL
LIABILITY AS PER AS-15R |
0.000 |
0.000 |
357.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
67736.894 |
54136.369 |
31892.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Income |
NA |
52650.530 |
37726.514 |
|
|
|
Interest Income |
|
1.367 |
1.921 |
|
|
|
Dividend Income |
|
74.771 |
63.180 |
|
|
TOTAL EARNINGS |
NA |
52726.668 |
37791.615 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3400 |
5561 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
21.27
|
39.03 |
25.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.08
|
43.78 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.13
|
44.21 |
36.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.42 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.12
|
0.11 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.35
|
6.33 |
4.26 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Total outstanding
dues of creditors other than micro and small and medium enterprises |
1379.117 |
1858.108 |
837.671 |
Note: The
registered office of the company has been shifted from No. 226,
Results of
Operations:
During the year, the Company’s Service income has increased to Rs. 62302
Million from Rs. 53075 Million an annualized revenue growth of 17.38%. The Net
Profit reported for the year ended 31" March, 2010 is Rs. 13601 Million.
The overall increase in expenditure during the year ended 31'' March 2010 was
primarily due to increase in personnel expenses. With the Company’s prospective
strategic business plan it has achieved 17.38% annual revenue growth in spite
of the difficult situation prevailing in the economy during the year
Acquisition of UBS Service Centre (
In December, 2009, the Company acquired UBS Service Centre (
Parent Company
The parent company, Cognizant Technology Solutions Corporation,
The Parent Company has won the inaugural Siperian Gooey Award 2009 for
innovation in Master Data Management (MDM). The capability demonstrated through
the winning application extends the out-of-the-box functionality of our
MDM-in-a-Box solution. Its benefits include reduced time-to-implement, faster
Return on Investment (ROI) visibility, reduced Total Cost of Ownership (TCO),
and reduced risk. Based on a Fortune survey conducted for top rated companies
based on various criteria, the parent
company has secured a coveted spot on Fortune's "World's Most Admired
Companies" list for 2010, together with rating of Top Five Companies in
Information technology services category.
Development
Centers
The Company has development
centers spread across various locations in lndia like Bangalore, Chennai,
Cochin, Coimbatore, Hyderabad, Kolkata, Mumbai, Gurgaon, and Pune of which
Chennai is the largest followed by Pune and Kolkata. During the year,
operations have commenced in a few new SEZ facilities of the Company, namely
Kolkata- Bantala SEZ and
Accolades
The Company’s Chairman, Mr. N. Lakshmi Narayanan was recently honoured
with 'The Lakshya Business Visionary Award" by National Institute of Industrial
Engineering (NITIE), Mumbai, a leading Industrial engineering institute in
Infrastructure
The Company’s Infrastructure provides state of the art world class
infrastructure and business space solutions to internal customers. It provides
an environment to the employees that offer maximum comfort level of working in
office spaces with high degree of safety and security thereby contributing to the
success of the organization.
During the year 2009-10 the major campus construction activities
completed for Kolkata - Bantala SEZ and Coimbatore Hi-Tech Infrastructure
Limited SEZ which has a built-up area of 0.637 million Sq. ft. and 0.73 million
Sq. ft. respectively, apart from MEPZ-SEZ with a built-up area of 2 million Sq.
ft. the construction of which is underway.
In addition to the above mentioned campuses interior fit-outs were
completed for 1.60 lakhs sq. ft. relating to facilities taken on lease basis
across various locations in
Fixed Assets:
- Land Freehold
- Land
Leasehold
- Building
- Pant and
Machinery
- Computer
Equipment
- Furniture and
Fixtures
- Vehicles
- 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.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
76 |
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.