MIRA
INFORM REPORT
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Report Date : |
10.03.2011 |
Note :- Correct name of the company is “OMNITECH
INFOSOLUTIONS LIMITED”
IDENTIFICATION DETAILS
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Name : |
OMNITECH INFOSOLUTIONS LIMITED |
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Registered
Office : |
A/13, Cross Road No. 5, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.01.1990 |
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Com. Reg. No.: |
55256 |
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CIN No.: [Company Identification
No.] |
L30007MH1990PLC055256 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO02155G |
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PAN No.: [Permanent Account No.] |
AAACO1775F |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Provides IT Solutions and Value
Added Services |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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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 6949000 |
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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 an established company having fine track. Financial position
of the company appears to be sound. Trade relations are fair. Business is
active. 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. |
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
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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 |
LOCATIONS
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Registered Office : |
A/13, Cross Road No. 5, Kondivita Road, MIDC, Marol, Andheri (East),
Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-40956666 |
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Fax No.: |
91-22-40956565 |
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E-Mail : |
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Website : |
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Branches : |
Located at
Global Branches |
DIRECTORS
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Name : |
Mr. Atul M. Hemani |
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Designation : |
Managing Director |
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Name : |
Mr. Maganlal K. Hemani |
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Designation : |
Non Executive Chairman |
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Name : |
Mr. Avinash Pitale |
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Designation : |
Executive Director |
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Name : |
Mr. Devarshi Buch |
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Designation : |
Executive Director |
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Name : |
Dr. Kalimohan J. Bhattacharya |
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Designation : |
Independent Director |
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Name : |
Dr. Ram K. Mangal |
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Designation : |
Independent Director |
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Name : |
Prof. Venkateshwaran H. Iyer |
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Designation : |
Independent Director |
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Name : |
Mr. Vasudeva V Kamath |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Anurag Shah |
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Designation : |
Chief Executive Officer – Technology Service and Head Global Sales |
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Name : |
Mr. Nikul Shah |
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Designation : |
President – Global HR and Corporate Service |
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Name : |
Mr. Anirudha Modak |
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Designation : |
Vice President – National Sales |
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Name : |
Mr. Dhansing Thakur |
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Designation : |
Vice President – Commercial |
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Name : |
Mr. Sanjay Mishra |
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Designation : |
Vice President - EMEA Operations |
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Name : |
Mr. Gaurav Sharma |
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Designation : |
Company Secretary |
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Name : |
Mr. Amit Patil |
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Designation : |
AVP – Sales |
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Name : |
Mr. Amit Abhyaankar |
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Designation : |
AVP – Sales |
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Name : |
Mr. Ayan Mitra |
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Designation : |
AVP – Marketing |
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Name : |
Mr. Mihir Mohanty |
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Designation : |
AVP – Presales |
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Name : |
Mr. Nitin Purohit |
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Designation : |
AVP – Technology Services |
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Name : |
Mr. Kosal Sharaff |
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Designation : |
Head – Strategic Account Manager |
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Name : |
Mr. Nilesh Thakar |
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Designation : |
GM Operations |
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Name : |
Mr. Machhindranath Tapare |
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Designation : |
National Delivery Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holdings |
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(A) Shareholding of Promoter and Promoter Group |
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6,158,705 |
44.43 |
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1,459,060 |
10.53 |
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7,617,765 |
54.96 |
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Total shareholding of Promoter and Promoter Group (A) |
7,617,765 |
54.96 |
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(B) Public Shareholding |
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790 |
0.01 |
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78,835 |
0.57 |
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79,625 |
0.57 |
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2,021,511 |
14.58 |
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2,102,418 |
15.17 |
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1,049,123 |
7.57 |
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990,051 |
7.14 |
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145,870 |
1.05 |
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667,908 |
4.82 |
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150,000 |
1.08 |
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26,273 |
0.19 |
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6,163,103 |
44.47 |
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Total Public shareholding (B) |
6,242,728 |
45.04 |
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Total (A)+(B) |
13,860,493 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
13,860,493 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
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Line of Business : |
Provides IT Solutions and Value
Added Services. |
GENERAL INFORMATION
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No. of Employees : |
847 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13858493 |
Equity Shares |
Rs.10/- each |
Rs.138.585
Millions |
Notes :-
- Of the above 3024820 (3024820) Equity Shares of Rs. 10/- each have been
issued as fully paid up bonus shares by capitalization of free reserves.
- Of the above 400000 (400000) Equity Shares of Rs. 10/- each issued
at a premium of Rs. 90/- per share on preferential basis.
- Of the above 3333333 (3333333) Equity Shares of Rs. 10/- each issued
at a premium of Rs. 95/- per share in IPO.
- Of the above 719210 (nil) Equity Shares of Rs. 10/- each issued at a
premium of Rs. 155.51 per share pursuant to conversion of Share Warrants.
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 |
138.585 |
131.393 |
131.393 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1572.008 |
1080.563 |
768.021 |
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4] Equity Shares Warrants |
26.602 |
21.930 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1737.195 |
1233.886 |
899.414 |
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LOAN FUNDS |
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1] Secured Loans |
439.152 |
332.259 |
185.513 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
439.152 |
332.259 |
185.513 |
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DEFERRED TAX LIABILITIES |
90.235 |
65.886 |
28.143 |
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TOTAL |
2266.582 |
1632.031 |
1113.070 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1225.021 |
678.245 |
395.722 |
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Capital work-in-progress |
138.597 |
79.349 |
99.675 |
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INVESTMENT |
25.853 |
138.996 |
222.536 |
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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 |
287.114
|
140.006 |
59.322 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
38.613
|
28.493 |
49.432 |
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Other Current Assets |
513.919
|
584.913 |
351.439 |
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Loans & Advances |
355.258
|
166.325 |
47.009 |
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Total
Current Assets |
1194.904
|
919.737 |
507.202 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
86.652
|
51.876 |
68.210 |
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Provisions |
231.141
|
133.022 |
45.249 |
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Total
Current Liabilities |
317.793
|
184.898 |
113.459 |
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Net Current Assets |
877.111
|
734.839 |
393.743 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.602 |
1.394 |
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TOTAL |
2266.582 |
1632.031 |
1113.070 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2164.966 |
1714.262 |
1315.636 |
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Other Income |
10.530 |
21.851 |
10.790 |
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(Loss) / Profit on |
2.049 |
0.000 |
(0.172) |
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TOTAL (A) |
2177.545 |
1736.113 |
1326.254 |
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Less |
EXPENSES |
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Materials Consumed and Other Direct Expenses |
1225.073 |
974.665 |
781.188 |
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Staff Cost |
132.313 |
100.059 |
90.036 |
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Administrative and Other Expenses |
83.804 |
94.686 |
63.096 |
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Selling and Distribution Expenses |
30.040 |
30.717 |
29.536 |
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Miscellaneous Expenditure Written Off |
0.602 |
0.793 |
0.603 |
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TOTAL (B) |
1471.832 |
1200.920 |
964.459 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
705.713 |
535.193 |
361.795 |
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
46.245 |
37.904 |
24.594 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
659.468 |
497.289 |
337.201 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
156.589 |
79.501 |
37.223 |
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PROFIT BEFORE
TAX (E-F) (G) |
502.879 |
417.788 |
299.978 |
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Less |
TAX (I) |
108.984 |
86.800 |
44.244 |
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PROFIT AFTER TAX
(G-I) (J) |
393.895 |
330.988 |
255.734 |
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Less |
APPROPRIATIONS |
|
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|
Transfer to General Reserve |
20.089 |
8.500 |
6.500 |
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Dividend |
20.788 |
15.767 |
15.767 |
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|
Tax on Dividend |
3.533 |
2.680 |
2.680 |
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|
BALANCE CARRIED
TO THE B/S |
349.485 |
304.041 |
230.787 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
467.105 |
521.295 |
NA |
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Commission Earnings |
0.687 |
0.000 |
NA |
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TOTAL EARNINGS |
467.792 |
521.295 |
NA |
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Earnings Per
Share (Rs.) |
27.89 |
25.19 |
-- |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
699.210 |
755.340 |
812.660 |
|
Total Expenditure |
471.530 |
500.290 |
538.200 |
|
PBIDT (Excl OI) |
227.680 |
255.050 |
274.460 |
|
Other Income |
0.1900 |
0.540 |
0.430 |
|
Operating Profit |
227.870 |
255.590 |
274.890 |
|
Interest |
13.160 |
14.380 |
14.860 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
214.710 |
241.210 |
260.030 |
|
Depreciation |
54.970 |
57.840 |
63.110 |
|
Profit Before Tax |
159.740 |
183.380 |
196.920 |
|
Tax |
27.970 |
40.410 |
52.440 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
131.770 |
142.970 |
144.480 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
131.770 |
142.970 |
144.480 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.09
|
19.06 |
19.28 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
23.23
|
24.37 |
22.78 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.78
|
26.14 |
33.22 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.34 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.42 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.67
|
4.97 |
4.47 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW
OF PERFORMANCE
Operating
Results:
The Company continued to achieve strong and desired growth
in the financial year 2009-10 into international as well as domestic markets. In
the current slowdown where companies were looking at reducing costs, the
Company offered its customers a solution that can help them to reduce the costs
substantially and this has helped the Company to post a healthy growth rate in
spite of the current economic downturn. It has also helped the Company to renew
most of the contracts with existing customers.
During the Year, the Company achieved Income from Operations
amounting to Rs. 2164.966 Millions as compared to Rs. 1714.262 Millions in the
previous year thereby recording an increase of 26.29%. The Net Profit after tax
(PAT) for the year was Rs. 393.895 Millions as compared to Rs. 330.989 Millions
in the previous year, thereby an increase of 19.01%
Financing
Cost:
The Finance Cost has increased by Rs. 8.341 Millions as
compared to the previous year, which is mainly due to raising of additional
working capital facility for covering up the increase in Gross Sales.
SUBSIDIARY
COMPANIES
The Company has the following 3 subsidiaries as on 31 March,
2010:
1. Omnitech Technologies Inc.
2. Europe Omnitech Technology Services B.V.,
3. Omnitech Services Private Limited,
As required under the provisions of Section 212 of the
Companies Act, 1956, a statement showing the holding company’s interest in the
subsidiary companies forms part of the Annual Report.
The operational performance of the Subsidiaries during the
year has been as per the projections anticipated by the company.
AWARDS AND RECOGNITIONS
During the
year, the Company was awarded with the following:
1. Best
SME for Corporate Governance 2009 from Business Today
2.
Deloitte Technology Fast 500 Asia- Pacific 2009
3.
Deloitte Technology Fast 50 India 2009
4. The
Channel World Premier 100 Awards-2010
5.
Specialty Continuity Recovery Company of the year 2009 award from BCI –
6.
Microsoft Best Breath Partner Award- 2009-10
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC
OVERVIEW
The year 2009 was marked by extraordinary policy response to
unprecedented global economic crisis. With the help of the policy support, the
Global Economy is emerging from the crisis and GDP growth rates are starting to
improve. The pace of recovery is varied – moderate in many advanced economies
and robust in some emerging economies including
The Indian Economy after slowing down in the previous year
rebounded in fiscal year 2009-10 and posted a GDP growth of 7.4%, according to
revised estimate of Central Statistical Office. The sectors of manufacturing,
construction, and ‘trade, hotel, transport and communication’ contributed over
50% to the GDP. Importantly, all these sectors showed a sustained growth trend
quarter-over-quarter. This trend, together with the prediction of a favourable
southwest monsoon and accelerated spending on infrastructure development, shall
help the Indian Economy return back to the higher GDP growth range of 8.5-9.0%
in the fiscal year 2010-11.
INDUSTRY
OVERVIEW
Global
IT Scenario
Global technology products and services related spend is
estimated to have come down to US$ 1.5 trillion in 2009, recording a decline of
2.9% over 2008. Hardware markets were hit worse than software or service
markets, recording almost 8 % decline in 2009 versus 2008. (Source: Nasscom Strategic Review 2010)
Organisations extended their hardware lifecycle, delayed
plans for new hardware acquisitions, and also curtailed their discretionary
spends. Contrastingly, global corporations leveraged IT to drive
organisation-wide efficiencies and transformation. While BPO growth moderated
on account of lower transaction volumes, overall IT spend was largely driven by
a revival in North America and BFSI, along with increased adoption in emerging
markets like APAC and retail/healthcare. A dynamic second half of the year made
up for the tepid first half for outsourcing contracts.
Recent global M and A activity in the sector indicates
stronger services play for global hardware vendors, which will make this
segment more competitive for the Indian vendors. Changing customer
expectations, emergence of new off shore locations and new service providers
delivering services through the cloud promise to shake up this industry going
forward.
Indian
IT-BPO Sector
Over the past decade, the Indian IT-BPO sector has emerged
as country’s new growth engine. Creating benchmarks in terms of revenue growth,
employment generation and value creation; it has become the global brand ambassador
for
While the Indian IT industry matured over these years, the
recent recessionary headwinds marked a paradigm shift in the way it needs to
operate. The changing demand outlook, customer negotiations and requirements
acted as a driver to build in greater efficiencies and flexibility within the
service delivery and the business models. While the industry displayed tenacity
and resilience, it also commenced working on its agenda to diversify beyond
core offerings and markets through new business and pricing models. It equipped
itself to provide end-to-end service offerings, transform the delivery process,
innovate through research and development and drive inclusive growth in
The Indian IT-BPO industry posted encouraging performance in
the current year. According to the estimates of Department of Information
Technology, Government of India, the key highlights of the sector during the
current year were:
- The revenue
aggregate of IT-BPO industry was estimated to grow by over 5% and reach
US$ 73.1 billion in the current year as compared to US$ 69.4 billion in
the previous year
- The Indian
software and services exports including ITeS-BPO exports was estimated at
US$ 49.7 billion in the fiscal year 2009-10, as compared to US$ 47.1
billion in the previous year, recording an increase of 5.5%
- The IT
services exports was estimated to be US$ 27.3 billion in the current year
as compared to US$ 25.8 billion in the previous year, showing a growth of
5.8%
- ITeS-BPO
exports was estimated to grow from US$ 11.7 billion in the previous year
to US$ 12.4 billion in the current year, reflecting a growth of 6%
- The revenue
from the domestic market (IT Services and ITeSBPO) is also expected to
grow to US$ 14 billion in the fiscal year 2009-10 as compared to US$ 12.8
billion in the previous year, recording a growth of about 9%
- The IT-ITeS
industry’s contribution to the national GDP is estimated to marginally
increase from 6.0% in the previous year to 6.1% in the current year
The
The Continental Europe and the
The total IT Software and Services employment is expected to
reach 2.29 million in the fiscal year 2009-10 (excluding employment in Hardware
sector), as against 2.20 million in the previous year, recording a growth of
4%. This represents a net addition of 90,000 professionals to the industry
employee base during the year. The indirect employment attributed to the sector
is estimated to be about 8.2 million. The industry has been a frontrunner in
diversity at the workplace with over 30% women employees. More than 60% of
industry players employ differently abled people.
IT enabled services will continue to show substantial growth
in the fiscal year 2010-11. Domestic outsourcing shall continue to have a
growth of over 35% in terms of numbers, but in all probability competition will
be regulated by only a few operators due to high cost pressures in the telecom
and BFSI segments. These two segments continue to rule the domestic BPO
outsourcing, though health care is also fast emerging as a credible segment,
IMS/RIMS
With a global spend of over US$ 524 billion, Infrastructure
Management presents a significantly large opportunity or services that can be
delivered remotely. The market for RIM is estimated at US$ 96-104 billion after
discounting Infrastructure Management spends in low-cost locations, defence and
government sectors, small enterprises and the services that cannot be
offshored. Out of which, Nasscom expects over US$ 26-28 billion to be realised
by 2013.
Cloud
Computing
Indian cloud computing poised to register a tenfold growth
by 2015. The cloud computing market is US$ 110 million today, with Software as
a Service (SaaS) estimated at US$ 66 million and Platform as a Service (PaaS)
together with Infrastructure as a Service (IaaS) constituting the remaining US$
44 million.
India-centric IT service companies are expected to represent
20% of the leading cloud aggregators globally, By 2012.
As cloud computing continues to gain momentum, more and more
organisations will like to leverage its benefits. Cloud computing is slated to
help CIOs and business unit heads in understanding and delineating the vendors,
IT services, software and infrastructure components. Many Indian players have
used transparency as an effective tool in building the confidence of overseas
buyers in foreign IT service providers. It is important for India-centric
providers to play a key role in developing cloud service offerings with greater
transparency for achieving an even greater acceptance by CIOs and business unit
leaders.
The R and D efforts of Indian vendors will speed up the
development of cloud-based solutions. This will lead to more options resulting
in heightened competition in the market. As always, the competition will result
in a wider, deeper and enhanced offerings and accelerate the transition from
traditional to industry-specific offerings and fuel the growth of utility and
cloud-based services. Buyers — business unit teams and IT organisations—will be
forced
to separate unique business process areas that truly drive
competitive advantage from those that simply deliver competitive parity.
Organisations that can appropriately adopt newer utility and cloud-based
offerings in select areas of their enterprises—with a heavy dose of strong risk
management skills—will gain an important advantage within their peer-groups.
Small
and Medium IT/ITeS Providers
Small and Medium sized providers of IT/ITeS contribute about
US$ 18 billion and generate direct employment for about 700,000 people besides
several million indirect employment. The Small and Medium IT/ITeS providers in
REVIEW
OF OPERATIONS
In a year that witnessed the global spend on IT products and
services de-grow and the Indian IT BPO sector’s growth momentum moderate,
Omnitech maintained its accelerated growth momentum. The Company performed
ahead of the economy and even the industry and secured a topline growth of 25%
and bottomline growth of 19% in the current year. More importantly, it
continued to build a robust foundation for sustainable growth through the year.
It further diversified its service offerings, expanded its global footprints
and implemented everything it planned to do in the fiscal year 2009-10.
What helped Omnitech achieve what it achieved in a difficult
year otherwise is a host of strengths it has intrinsically weaved into its DNA.
Being led by competent techno-commercial professionals at the top, possessing a
truly diverse service mix including some pioneering ones, practicing complete
alignment with its customers’ objectives of cost efficiency and performance
enhancement, and a purposed and evolving global footprint are some of the
winning traits which Omnitech has cautiously built upon over the years.
In the testing times of recent global downturn and financial
crisis, Omnitech leveraged all these strengths successfully to insulate itself
from the turmoil and continued creating value for all its stakeholders.
Omnitech remained agile to the macroeconomic developments and went even closer
to its customers in order to help them tackle the recessionary pressures
effectively. Optimism, positivity and a resolve to bring more to customers at
even lesser cost was practiced across the organisation. The Company looked at
making the most of these testing times and took a quantum leap during the year.
Key
Operational Highlights
Leveraging
Remote Infrastructure Management Services (RIMS): RIMS
is the next growth engine. Omnitech has maintained a leadership position in the
domain of Infrastructure Management Service (IMS). It has successfully leveraged
the power of RIMS in shifting many of its clients from IMS to RIMS. RIMS is
helping it engage customers over a longer term through multi-year contracts.
RIMS being a non-linear model will help it scale up capacities at much lower
cost. Omnitech is poised to aggressively explore the overseas business too
through RIMS.
Business
Continuity Services: Omnitech is the pioneer Indian Company
to enter the Business Continuity Services domain. Being ready to respond to eventualities
of any kind and tackle them successfully with least impact on the business is a
sustainability challenge for companies globally. Natural calamities like the
volcanic eruption, cyclonic disruptions, floods etc. are sensitising companies
to proactively adopt a contingent Business Continuity Plan. Adding to the
growing awareness are the incidents of terror attacks.
Having unveiled its first Disaster Recovery (DR) center at
Navi Mumbai in 2008, Omnitech opened its second DR center at
Launch
of Payment and Settlement Solutions: Banks in
Redefining
Business Enhancement Services: Having consolidated its service
offerings across Business Availability and Business Continuity domains,
Omnitech organised a host of its standalone services under Business Enhancement
Services and added a third robust pillar after Business Availability and
Business Continuity services. Its Business Enhancement suite includes
technology optimisation services, domain expertise services, and total IT
outsourcing to name a few.
JV
With Attiva: The Company set up a JV with Attiva Services Private
Limited of
Subsidiary
at
Strategic
Focus
Omnitech’s strategy is to stay aligned with its customers’
needs from their IT investment and infrastructure – cross cost, efficiency, reliability and
preventive aspects. In the fast evolving and changing spectrum of IT, it
agilely tracks the concurrent trends and their future course with the
customers’ interest at the core and keeps evolving and reinventing itself as a
preferred partner for its customers. In order to maximise value for the
enterprise and its various stakeholders, Omnitech keeps exploring ways and
means to service more and more customers across more and more locations with
its diverse bouquet of services. With an aim to facilitate its customers’ focus
on their core businesses, it endeavours to offer end-to-end IT Infrastructure
services to them.
Through the fiscal year 2009-10, the Company relentlessly
worked on cost optimisation. It made a defined shift to non-linear model of
remotely managing IT infrastructure of its clients and partially passed the
cost benefits to its customers too. It stayed focussed on Small and Medium
Sized Businesses (SMBs). With Omnitech on their side, these Companies don’t
need to invest in a full time CIO and still derive most from their IT
investments.
At a time when companies around were downsizing their talent
pool, Omnitech conducted campus recruitment at best Business Schools of
FUTURE
OUTLOOK
With the apparent weakening recessionary headwinds, global
spends on technology products and services are forecasted to return on growth
path. The Indian Economy also appears to be heading towards a GDP growth phase
of 8.5-9% in the coming year. Organisations across the geographic and business
verticals are likely to extract more from their IT spends.
Omnitech’s key customer promise remains to deliver more from
their IT Infrastrucure - on dual aspects of efficiency and cost. This key
promise has been the decisive differentiator for Omnitech and has helped it
defy the industry trends even in testing times and grow at a comparable and
even faster rate than its peers.
Omnitech’s revenues have recorded a robust CAGR in excess of
40% and net profits have grown at a CAGR of over 55% in the last five years.
Over the same period, it has built a robust growth foundation with enhanced
talent quotient, diverse service quotient, widespread geographic quotient and
an enviable reliability quotient.
Omnitech continues to be in an aggressive growth phase and
its growth curve is reaching an inflection point. It is pursuing an aggressive organic
growth guidance of revenues. At the same time, it is rightly equipped to
multiply its growth with slew of inorganic avenues including recent and future
alliances and acquisitions. Its Business Continuity Services business shall
grow at a much faster rate than it has clocked in the recent past. The export
revenues shall multiply with enhanced contribution from relatively new
geographies including Europe and
To sum it up, Omnitech’s future outlook remains promising
with exponential growth opportunities.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 31.12.2010
|
Particulars |
31.12.2010 Quarter Ended |
31.12.2010 Period Ended |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
812.258 |
2263.037 |
|
b) Other Operating Income |
0.404 |
4.171 |
|
Total Operating Income |
812.662 |
2267.208 |
|
Expenditure |
|
|
|
(a) Cost of goods sold / consumed |
435.823 |
1241.561 |
|
(b) Purchase of traded goods |
0.000 |
0.000 |
|
(c) Employees Cost |
66.921 |
168.543 |
|
(d) Depreciation |
63.106 |
175.916 |
|
(e) Other Expenditure |
35.463 |
100.345 |
|
Total Expenditure |
601.313 |
1686.365 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
211.349 |
580.843 |
|
Other Income |
0.429 |
1.589 |
|
Profit/(Loss) before Interest and Exceptional items |
211.778 |
582.432 |
|
Interest |
14.858 |
42.396 |
|
Profit / (Loss) after interest before Exceptional items |
196.920 |
540.036 |
|
Exceptional Items |
0.000 |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
196.920 |
540.036 |
|
Tax expenses |
52.440 |
120.825 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
144.480 |
419.211 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
144.480 |
419.211 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
138.605 |
138.605 |
|
Reserves (Excluding Revaluation Reserves) |
1991.444 |
1991.444 |
|
Earning Per Share |
|
|
|
Before
Extraordinary Items |
|
|
|
-Basic |
10.42 |
30.25 |
|
-Diluted |
9.68 |
28.07 |
|
After Extraordinary Items |
|
|
|
-Basic |
10.42 |
30.25 |
|
-Diluted |
9.68 |
28.07 |
|
Public Share Holding |
|
|
|
- Number of Shares |
6242728 |
6242728 |
|
- Percentage of shareholding |
45.04% |
45.04% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
1765000 |
1765000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
23.17% |
23.17% |
|
- Percentage of shares(as a % of the total share capital of the company) |
12.73% |
12.73% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
5852765 |
5852765 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
76.83% |
76.83% |
|
- Percentage of Share (as a % of the total share capital of the company) |
42.23% |
42.23% |
Notes :
- The above results have been reviewed by the Audit Committee and taken
on record by the Board of Directors at their meeting held on February 3,
2011.
- The company operates in a single reportable segment viz. Information
Technology Services.
- The company continues to strengthen its leadership position in the
areas of Business Availability and Business Continuity Services by
providing Remote Infrastructure Management Services (RIMS), Performance
Management Services and Business Continuity / Disaster Recovery Solutions.
- The status of complaints received from investors and redressal
thereof during the year ended on December 31, 2011 is as follows :
|
Complaints Pending at the beginning of the
quarter. |
Complaints received during the quarter |
Complaints resolved during the quarter |
Complaints pending at the end of quarter |
|
Nil |
2 |
2 |
Nil |
FIXED ASSETS :
- Business Acquisition
- Land at MIDC
- Land at Pune
- Software
- Computer Systems
- Furniture and Fixture
- Office Equipments
- Car
- Capital Expenditure
WEB DETAILS :
PROFILE
Information Technology is a
universal power, which enables and encourages every company and business to
progress ahead globally. Omnitech empowers the organization to develop and
evolve intelligent IT solutions that spell success. An ISO 9001:2008 certified
company, Omnitech offers cutting technology and software solutions that
customizes and fulfills your IT requirements.
Since the company’s inception, they have been in the fore front for partnering
with clients as their strategic IT associate and service provider. Delivering
progressive results with competency in the areas of IT for Business ACE: Availability, Continuity and
Enhancement is their motto.
Their association with clients is not just being their IT solution provider.
They believe in going beyond the conventional and develop a strong association
with the client to ensure that their services enhance their overall business
functions and fuel their progress ahead.
Revolutionizing the IT systems to offer them with desired results is the prime
focus. Creating efficient Software Development and Testing is simply the key to
an avenue with numerous dimensions in the field. The organization also requires
associates who understand their strategy for success, and provide value added
services such as Performance Management, Remote Management, Infrastructure
Management and Disaster Recovery.
Through alliances with global IT leaders such as IBM, Borland,
PRESS RELEASE :
Omnitech
Q3 FY11 revenues up by 41 % to Rs. 812.700 Millions
- Q3
Net Profit touched Rs. 144.500 millions as against Rs. 102.000 millions in
corresponding period last year
- Company
posted Net Profits of Rs. 419.200 Millions for the nine months ended 31st
December, 2010 against Rs. 268.200 millions for the corresponding period
of the previous year.
Mumbai,
February 03, 2011: Omnitech InfoSolutions Limited (BSE Code: 532882), India’s leading
Business Availability and Business Continuity Solutions provider, today
announced its consolidated financial results for the third quarter ended on
December 31, 2010.
The company has registered 41% growth in revenues for the
third quarter ended December 31, 2010 as compared to the corresponding period
last year on a standalone basis. The total revenue for Q3 FY10-11 is Rs 812.700
millions as compared to Rs 577.800 millions for the corresponding period last
year. Company’s profit after tax stood at Rs. 144.500 millions as compared to
Rs. 102.000 millions for the same period last year.
The earnings per share (EPS) works out to Rs. 10.42 for the
third quarter ended December 2010, as compared to Rs. 7.76 for the quarter
ended December 2009.
On a consolidated basis, the company has delivered revenues
of Rs. 879.900 millions and profit after tax of Rs. 157.700 millions.
Nine
months ended December 2010
The standalone YTD revenues of the company are Rs. 2267.200
millions as against Rs 1515.700 millions for the corresponding period last
year; and YTD profit after tax is Rs 419.200 millions as against 268.200
millions, witnessing a surge of 62 % Y-o-Y.
Commenting on the Q3 FY10-11 results, Mr. Atul Hemani,
Managing Director, Omnitech InfoSolutions Limited said, “We have been able to
maintain our growth and margins for this quarter as well. With ever increasing
focus on services we have also expanded our footprint in the domestic market by
opening branch offices in the north and south Zone and internationally in
About
Omnitech InfoSolutions Limited
Omnitech is a global IT solutions and services provider
company in the areas of business availability, business continuity and business
enhancement services. With over 23 years of fostering client relationships,
company is agile to establish the best global credentials through world class
quality certifications. Besides the conduct of ISO 9001:2008 for quality management,
Omnitech also gained ISO 20000, ISO 27001 and BS 25999 standards.
As an intensely technology focused company, Omnitech banks
upon its ability to anticipate and address IT requirements across business in a
cost effective manner. Omnitech InfoSolutions helps customers to align their IT
with their business goals and offers value added services at different phases
of their IT planning and deployment cycle. We help them to derive optimum
utilization of their IT resources and lower their cost of operations. Within
the broad direction, Omnitech innovates in order to compete successfully.
Emerging as a pioneer in business continuity services, Omnitech introduced
first of its kind disaster recovery centre in
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.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.