MIRA
INFORM REPORT
|
Report Date : |
16.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CORE EDUCATION AND TECHNOLOGIES LIMITED |
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Registered
Office : |
Unit No. 1-4, Building No.4, Sector III, Millennium Business Park, Mahape,
Navi Mumbai – 400710, Maharashtra, India |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.04.1985 |
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Com. Reg. No.: |
11- 035915 |
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Capital
Investment / Paid-up Capital : |
Rs.218.291 Millions |
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CIN No.: [Company Identification
No.] |
L51900MH1985PLC035915 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10062D |
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PAN No.: [Permanent Account No.] |
AAACA6016F |
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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
: |
The Company provides software development and related IT
and Infrastructure services |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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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 39000000 |
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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 reported as
fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dea;lings at
usual trade terms and conditions.
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
Unit No. 1-4, Building No.4, Sector III, Millennium Business Park,
Mahape, Navi Mumbai – 400710, Maharashtra, India |
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Tel. No.: |
91-22-39914800 |
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Fax No.: |
91-22-39914880 |
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E-Mail : |
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Website : |
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Corporate Office : |
Lotus Business Park, 10th Floor, Dalia Industrial Estate,
Off Andheri Link Road, Andheri (W), Mumbai-400053, Maharashtra, India |
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Tel. No.: |
91-22-33066800 |
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Fax No.: |
91-22-33066800 |
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Global Delivery Centre : |
Unit No. 403, 4th Floor, Multistoried Building, SEEPZ – SEZ,
Andheri (East), Mumbai – 400 093, Maharashtra, India |
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Branch Office : |
Located at ·
Delhi ·
Hyderabad ·
Kolkata ·
Ahmedabad ·
Haryana |
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Sanjeev Mansotra |
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Designation : |
Chairman |
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Name : |
Prof. Arun Nigavekar** |
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Designation : |
Executive Director |
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Name : |
Ms. Maya Sinha**** |
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Designation : |
Executive Director |
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Name : |
Mr. Nikhil Morsawala |
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Designation : |
Director – Finance |
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Name : |
Mr. Naresh Sharma |
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Designation : |
Whole time Director |
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Name : |
Mr. Awinash Arondekar |
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Designation : |
Independent Director |
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Name : |
Mr. Sunder Shyam Dua |
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Designation : |
Independent Director |
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Name : |
Mr. M. N. Nambiar |
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Designation : |
Independent Director |
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Name : |
Mr. K. C. Ganjwal*** |
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Designation : |
Independent Director |
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Name : |
Mr. Harihar Iyer |
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Designation : |
Non Executive Director |
Note:
** (Appointed as Executive Director w.e.f. 26 May 2011)
*** (Appointed w.e.f. 26 June 2011)
**** (Appointed as Executive Director w.e.f. 10 June 2011)
KEY EXECUTIVES
|
Name : |
Mr. Ganesh Umashankar |
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Designation : |
Company Secretary |
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Name : |
Mr. Prakash Gupta |
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Designation : |
Chief Executive Officer |
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Operations |
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Name : |
Mr. Vijay Malik |
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Designation : |
Director Education |
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Name : |
Mr. Anshul Sonak |
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Designation : |
President |
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Sales and
Marketing |
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Name : |
Mr. Atul Jaiswal |
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Designation : |
VP – Sales |
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Name : |
Mr. Sanjiv Datta |
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Designation : |
AVP – Sales |
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Name : |
Mr. Sukhendu Ghosh |
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Designation : |
AVP-Business Development |
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Vocational
Education |
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Name : |
Mr. Rajeev Pandey |
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Designation : |
Business Head (Vocational Education) |
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Name : |
Mr. Sucheta Phadke |
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Designation : |
Sr. VP - Content and New Initiatives |
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Name : |
Mr. Praveen Kumar Mahendra |
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Designation : |
Sr. VP- Private Vocation Business |
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School
Management |
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Name : |
Dr. D P N Prasad |
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Designation : |
Director - School Management |
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Name : |
Ms. Suchitra Pareekh |
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Designation : |
Functional Head - School Management |
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Higher Education |
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Name : |
Dr. N.M. Kondap |
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Designation : |
President Higher Education |
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Technology |
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Name : |
Mr. Mukund Sathe |
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Designation : |
VP Technology |
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Name : |
Mr. Dipen Vadodaria |
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Designation : |
AVP Delivery |
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Name : |
Mr. Varinder Sharma |
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Designation : |
Delivery Head |
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Finance and
Accounts |
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Name : |
Mr. Nikhil Pandya |
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Designation : |
Head Banking and Treasury |
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Name : |
Mr. Francis Vidhayathil |
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Designation : |
VP Finance |
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Name : |
Mr. Sanjay Chandoskar |
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Designation : |
AVP Finance |
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Name : |
Mr. Trilok Suthar |
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Designation : |
VP Accounts and Taxation |
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Name : |
Mr. Shubhanan Ajgaonkar |
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Designation : |
AVP Accounts and Project Costing |
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Human Resources
and Administration |
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Name : |
Mr. Loly Vadassery |
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Designation : |
VP Human Resources |
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Name : |
Mr. Sandesh Pednekar |
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Designation : |
Manager Administration |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
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52,001,291 |
46.38 |
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52,001,291 |
46.38 |
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Total
shareholding of Promoter and Promoter Group (A) |
52,001,291 |
46.38 |
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(B) Public
Shareholding |
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|
798,000 |
0.71 |
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18,440 |
0.02 |
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2,544,754 |
2.27 |
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25,083,802 |
22.37 |
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28,444,996 |
25.37 |
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21,249,075 |
18.95 |
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1,775,839 |
1.58 |
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3,650,375 |
3.26 |
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5,008,279 |
4.47 |
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Clearing Members |
699,636 |
0.62 |
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Non Resident Indians |
365,536 |
0.33 |
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Foreign Nationals |
1,122,339 |
1.00 |
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Trusts |
80,086 |
0.07 |
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Directors & their
Relatives & Friends |
32,295 |
0.03 |
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Foreign Corporate Bodies |
2,708,387 |
2.42 |
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|
31,683,568 |
28.26 |
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Total Public
shareholding (B) |
60,128,564 |
53.62 |
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Total (A)+(B) |
112,129,855 |
100.00 |
|
(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) |
112,129,855 |
-- |
BUSINESS DETAILS
|
Line of Business : |
The Company provides software development and related IT
and Infrastructure services |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not available |
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Bankers : |
·
State Bank of India ·
Union Bank of India ·
Punjab National Bank ·
Standard Chartered Bank ·
Barclays Bank Plc ·
ICICI Bank Limited ·
Life Insurance Corporation of India ·
ING Vysya Bank ·
Indian Overseas Bank ·
Dhanlaxmi Bank Limited ·
Oriental Bank of Commerce |
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Facilities : |
Notes : 1. Non Covertible Debentures -
Rs.640.000 Millions (P. Y. Nil) is to be secured by pari passu fi rst charge
on immovable asset and tangible Fixed assets of specifi c projects of the
Company having a total asset cover of upto 1.25 times. 2. Term Loans -
Rs.57.500 Millions (P. Y. Rs.87.500 Millions) secured by First charge of
property at unit No. 1 to 7, 10th Floor, Lotus Neelkamal Business Park, New
Link Road, Andheri (west) Mumbai. -
Rs.49.903 Millions (P. Y. Rs.144.983 Millions) Secured by Equitable Mortgage
of Unit No. 1, First Floor, United Infotech Park, TTC Industrial Area, Navi
Mumbai -
Rs.505.096 Millions (P. Y.Nil) Secured by first charge on property located at
Unit No. 1, Third fl oor, United Infotech Park, TTC Industrial Area, Navi
Mumbai 3.
Short Term Loan secured by subservient charge on the current assets of the
compnay. 4. Vehicle Loan -Secured
by hypothecation of respective vehicles 5. Working Capital Loan -Secured
by hypothecation of entire stocks, book debts and other current assets of the
company (present and future) ; Further Secured by equitable mortgage on the
immovable properties of the company situated at Unit No: 1 to 8, Sector III,
Building No: 4, Millennium Business Park, Navi Mumbai and Unit No. 1, 4th
floor, United Infotech Park, TTC Industrial Area, Navi Mumbai; Further
Secured by Fixed deposit given by the promoter company
Notes : 1.
Short Term Loans from Banks includes -Commercial
paper of Rs.650.000 Millions (P.Y. Rs.300.000 Millions) (Maximum
Balance outstanding at any time during the year being Rs.1000.000 Millions
(P.Y. Rs.500.000 Millions) 2.
Short term loan from bank of Rs.301.696 Millions (P.Y. Rs.349.998 Millions)
is secured by personal guarantee of a Director and Corporate Guarantee of
promoter Company. |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
Asit Mehta and Associates Chartered Accountants |
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Address : |
501-4, Midas Chambers, Near Fun Republic Multiplex, off
Andheri Link Road, Andheri (West), Mumbai - 400 053, Maharashtra, India |
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Auditors 2 : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai –
400 021, Maharashtra, India |
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Subsidiary
Companies : |
·
CORE Education and Consulting Solutions Inc., USA ·
CORE Projects and Technologies FZC, Sharjah (Formerly
CORE Projects and Technologies FZE, Sharjah) ·
Aarman Software Private Limited ·
CORE Education and Consulting Solutions (UK)
Limited (Formerly CORE Projects and Technologies (UK) Limited ·
CORE Education Infratech Limited ·
HCL Systems Inc. ·
Symbia Limited UK ·
Hamlet Computer Group Limited UK ·
CORE Higher Education Private Limited ·
CORE K12 Schools Private Limited ·
CORE Skill Development and Careers Private
Limited ·
CORE Education and Consulting Solutions Limited
(Isle of Man) ·
Kenan, Keenan and Associates, Inc D/B/A The
Employment Store, USA ·
Partners 4 Growth Inc, USA ·
CORE Education and Consulting Solutions (HK)
Limited HK ·
CORE Education Technologies Inc., Delaware USA ·
Technical System Integrators Inc., Georgia, USA ·
CORE Global Education Pte Limited ·
CORE Education and Consulting Solutions Pte.
Limited ·
CORE Careers and Skill Developments Limited |
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|
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Promoter/
Associate / Group Company |
·
Wisdom Global Enterprises Limited ·
CORE Steel Industries Private
Limited ·
San-Neel Industries Limited ·
CORE Steel and Power Limited ·
CORE Wellness Limited ·
CORE Higher Learning Limited ·
CORE Infrapower Limited ·
CORE Learning Panaroma Limited ·
Soham Health Awarness Private
Limited ·
Soham Spa Private Limited |
CAPITAL STRUCTURE
After 11.08.2011
Authorised Capital : Rs.500.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.224.945 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109145636 |
Equity Shares |
Rs.2/- each |
Rs.218.291
Millions |
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|
Notes:
a) Of the above Equity Shares,
1. 14,400,000 Equity Shares issued &
allotted as Bonus Shares in June, 2005
(14,400,000)
2. 36,700,000 Equity Share issued &
allotted as Bonus Shares in August, 2006
(36,700,000)
3. 1,350,000 Equity shares allotted to the promoters
of subsidiary against acquisition
(1,350,000)
4. 34,591,268 Equity shares allotted on
conversion of Foreign Currency Convertible Bonds.
(29,629,416)
5. 17,725,000 Equity Shares allotted against
exercise of Warrants
(12,525,000)
b) Option on Unissued Share Capital
i. 4,500,000 Equity Shares are reserved for
allotment of equity shares under CORE Employee Stock Option Scheme 2007 Out of
this issue, 314,048 (P.Y. 41,875) Equity Shares have been issued & allotted
to the Employees / Director against exercise of Options under CORE ESOS 2007.
ii. 7,500,000 Equity Shares are reserved for
allotment of equity shares under CORE Employee Stock Option Scheme 2009. Out of
this issue, 115,320 (P.Y. Nil) Equity Shares have been issued & allotted to
the Employees / Director against exercise of Options under CORE ESOS 2009.
iii. Refer Note No.2.4 of schedule 19 for
option vested on share capital in respect of Foreign Currency Convertible bonds
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
218.291 |
197.192 |
172.533 |
|
|
2] Equity Share Warrant |
0.000 |
240.500 |
180.725 |
|
|
3] Reserves & Surplus |
9489.550 |
7101.380 |
4384.649 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9707.841 |
7539.072 |
4737.907 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3657.661 |
1769.575 |
771.779 |
|
|
2] Unsecured Loans |
4290.804 |
1101.398 |
1483.940 |
|
|
TOTAL BORROWING |
7948.465 |
2870.973 |
2255.719 |
|
|
DEFERRED TAX LIABILITIES |
63.818 |
42.652 |
21.156 |
|
|
|
|
|
|
|
|
TOTAL |
17720.124 |
10452.697 |
7014.782 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2814.457 |
1194.127 |
448.714 |
|
|
Capital work-in-progress |
1767.473 |
1719.745 |
923.356 |
|
|
|
|
|
|
|
|
INVESTMENT |
9397.116 |
4880.384 |
3520.529 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
404.239
|
296.400 |
158.058 |
|
|
Sundry Debtors |
2454.771
|
1911.789 |
1757.117 |
|
|
Cash & Bank Balances |
1444.766
|
315.135 |
814.131 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
641.797
|
695.284 |
634.248 |
|
Total
Current Assets |
4945.573
|
3218.608 |
3363.554 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
354.778
|
147.103 |
1068.443 |
|
|
Other Current Liabilities |
538.961
|
73.905 |
0.208 |
|
|
Provisions |
310.756
|
339.159 |
172.931 |
|
Total
Current Liabilities |
1204.495
|
560.167 |
1241.582 |
|
|
Net Current Assets |
3741.078
|
2658.441 |
2121.972 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.211 |
|
|
|
|
|
|
|
|
TOTAL |
17720.124 |
10452.697 |
7014.782 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5155.922 |
4179.522 |
3466.335 |
|
|
|
Other Income |
142.595 |
85.776 |
12.708 |
|
|
|
TOTAL (A) |
5298.517 |
4265.298 |
3479.043 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Software Development
Cost |
2533.765 |
2457.228 |
2199.596 |
|
|
|
Establishment & Other
Expenses |
572.866 |
221.273 |
357.177 |
|
|
|
Share Issue Expenses
Written Off |
0.000 |
0.211 |
0.211 |
|
|
|
(Increase) / Decrease
in Stock |
(107.839) |
(138.342) |
(147.958) |
|
|
|
TOTAL (B) |
2998.792 |
2540.370 |
2409.026 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2299.725 |
1724.928 |
1070.017 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
695.046 |
307.669 |
132.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1604.679 |
1417.259 |
937.681 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
84.366 |
55.612 |
23.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1520.313 |
1361.647 |
914.278 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
283.301 |
243.218 |
105.441 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1237.012 |
1118.429 |
808.837 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2124.040 |
1195.980 |
535.719 |
|
|
|
|
|
|
|
|
|
Add/ (Less) |
EXCESS / (SHORT ) PROVISIONS FOR TAX FOR
EARLIER YEARS |
0.000 |
(5.647) |
(2.282) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
125.000 |
112.000 |
81.000 |
|
|
|
Debenture Redemption Reserve |
0.350 |
0.000 |
0.000 |
|
|
|
Proposed Divided on Equity
Shares |
65.487 |
62.158 |
55.809 |
|
|
|
Tax on Dividend |
13.052 |
10.564 |
9.485 |
|
|
BALANCE CARRIED
TO THE B/S |
3157.163 |
2124.040 |
1195.980 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1777.056 |
1569.512 |
1521.596 |
|
|
|
Interest on Term Deposits |
0.000 |
0.000 |
0.001 |
|
|
TOTAL EARNINGS |
1777.056 |
1569.512 |
1521.597 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.98 |
12.15 |
9.54 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1sr
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1688.320 |
1966.250 |
2558.870 |
|
Total Expenditure |
1005.840 |
1192.460 |
1540.610 |
|
PBIDT (Excl OI) |
682.480 |
773.790 |
1018.260 |
|
Other Income |
4.850 |
6.910 |
13.530 |
|
Operating Profit |
687.330 |
780.700 |
1031.790 |
|
Interest |
172.880 |
273.100 |
278.040 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
514.450 |
507.600 |
753.750 |
|
Depreciation |
22.990 |
24.720 |
145.330 |
|
Profit Before Tax |
491.460 |
482.880 |
608.420 |
|
Tax |
89.270 |
88.920 |
121.140 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
402.180 |
393.960 |
487.280 |
|
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 |
402.180 |
393.960 |
487.280 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
23.35
|
26.22 |
23.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.49
|
32.58 |
26.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.59
|
30.86 |
23.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.18 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.94
|
0.46 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.11
|
5.75 |
2.71 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
|
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Overview:
The growth during the year was satisfactory. On a consolidated basis,
the Company achieved a Total Operating Income of Rs.10912.290 million
registering a growth of 28.84% as compared to Rs.8469.810 million during the
previous financial year. Similarly, Profit Before Tax was Rs.2718.620 million
with a growth of 30.95% as compared to Rs.2076.000 million during the previous
financial year. Profit After Tax was Rs.2250.110 million with a growth of
30.65% as compared to Rs.1722.240 million during the previous financial year.
Operational
Highlights
Domestic
Operations:
ICT@CORE
A major milestone in the history of the Company was recorded by bagging
one of the largest education projects valued approximately Rs.2950.000 million
from the State of Haryana for implementing ICT (Information and Communication
Technology) covering 2,622 schools which will benefit 5 million students across
21 districts in that State. This project is expected to augment the focus of
the Government to improve the quality of education in schools by ushering in
enhanced use of technology. The project envisages use of computers and
bio-metric devices to enhance delivery of quality education in the schools and
to monitor student and teacher performances. They will also develop software to
support monitoring and evaluation of teachers and students for the State’s Education
Department including asset and maintenance management system and help desk
facility at the State level. Their Company has also bagged a contract from the
Govt. of Maharashtra under the ICT@Schools Phase 2 program covering 947 schools
across the three districts of Mumbai, Pune and Kolhapur. The contract, which
will extend over a period of 5 years from the date of its commencement, is
valued at Rs.1,200 million. They also successfully commissioned the ICT project
with the State of Nagaland. Another project with the Government of Gujarat was
signed for implementing Computer Aided Learning (CAL) for 645 Schools valued at
about Rs.264 million covering 645 schools across south Gujarat for a period of
5 years. This project involves setting up Computer Aided Learning in Secondary
and Higher Secondary schools and supply of hardware, software, manpower
services including Teachers’ Training and maintenance of systems.
They also signed a contract for providing Child Tracking System (CTS)
with the Assam State Government under the Axom Sarba Siksha Abhijan Mission.
The project includes providing bi-lingual CTS application and supply of ICR
survey forms, household survey training, converting the data digitally and
providing support and maintenance for 1 year. Similarly, they have entered into
a contract with the Government of Tripura to provide a Learning Management
System (LMS) and for developing 100 hours of content in English and Bengali.
CORE K12 Schools
They are initiating many activities under this domain with many small
projects being implemented with quality products and solutions. This is a major
step for the Company to create its niche in the domestic market, by leveraging
its overseas experience and expertise. They have undertaken a pilot project for
implementing school ERP and maintenance for Navodaya Vidhyalaya Samiti, under
the Ministry of HRD, Department of Education.
They are commissioning a pilot project for Kendriya Vidyalaya Sangathan
for implementing Quality Improvement Programs and School ERP products,
implementing Assessment Centre and providing e-learning contents for 25
Kendriya Vidyalayas. Similar products and services are also provided to
Navodaya Vidyalaya Samiti, under the Ministry of HRD covering 64 schools.
They plan to establish a chain of CORE K12 schools in next few years.
These schools will be established in accordance with existing regulations and
affi liated to various streams like IB, ICSE, CBSE, etc. These schools would
aim to provide quality education clubbed with special focus on sports, arts and
other activities, which would not only enable the students for preparing
themselves for better prospects’ in their career but also to explore the
students’ hidden talent.
CORE Higher
Education
They were awarded a contract by the National Project Implementation Unit
(NPIU), under the ministry of HRD for providing MIS for monitoring technical
education quality improvement program for 200 Engineering Colleges, setting up
data center for hosting MIS, provide MIS training for 1,200 users and
maintenance for 5 years.
Similar to the schools, they also plan to establish private universities
for Management Studies, Engineering and Technical. With the passing of Private
Universities Bill by some States, they believe, this would be another big
opportunity for CORE to help the students to imbibe quality higher education.
CORE Skill
Development:
Vocational
Training:
Vocational Training is another area gaining thrust worldwide with
several ministries coming out with various schemes in vocational training for
unemployment remediation and meeting the industry’s needs for skilled
man-power. This is another important area of focus for CORE as they move
forward.
Under the vocational training initiatives, the Company received a
mandate to assist the Delhi Police to equip its personnel with latest IT Skills
for approximately 2000 policemen with the basics of IT. This initiative will be
a part of Crime and Criminal Tracking Network and System (CCTNS) program which
Delhi Police has undertaken to curb crime in the city. The CCTNS is a
comprehensive system designed to facilitate collection, storage, retrieval,
analysis, transfer and sharing of data and information between police stations
and the State and Central Police Organisation.
The Company also signed MOU with Gujarat Knowledge Society to impart
job-oriented skill upgradation courses to students from various disciplines in
colleges across Ahmedabad and Surat districts. This is a significant step
towards educating and enhancing the employment potential of youth in Gujarat.
The courses will be offered across 18 verticals covering 400 colleges to cater
to a student population of about 100,000. They also received approval from the
Ministry of Higher and Technical Education, Maharashtra, for establishing
Industrial Training Center (ITC) in Navi Mumbai. This initiative will focus
towards skill capacity building and plans to address the challenges of skilled
manpower in the country by producing trained workforce through a delivery
mechanism for industry relevant training programs. The courses to be provided
will follow the National Council for Vocational Training (NCVT) in accordance
with the guidelines issued by the respective Governments.
Teachers’
Training, Capacity Building:
The Company has already signed a MOU with the University of Oxford for
enabling Teachers Capacity Building and for Training Teachers in India. This
path breaking collaboration with the University of Oxford is very critical and
crucial for the success of the Sarva Shiksha Abhiyaan (SSA), the Rashtriya
Madhyamik Shiksha Abhiyaan (RMSA) and the Model Schools Programs, the main
initiatives for improving education in the country, by the Government of India.
This enables the Company to have a first mover advantage to tap a significant
market share which is stated to be USD one billion. This collaboration with
Oxford University is the first ever private sector initiative in the field of
teacher enablement in India. The Company has already commenced leveraging this association
in the domestic market and will see more developments in this regard in the
immediate future.
Management Discussion and Analysis
Outlook
The education system worldwide is dominated by
core sectors of higher education and the K12 schools, which account for nearly
80% of the total consumer spends in the market.
The Indian higher education sector is expected
to grow at an 18% CAGR till 2020, considering the Government initiatives
through the ‘PPP’ model, and the industry’s boom in the years to come it seems
to be a natural consequence – double incomes in nuclear families, high spending
propensity and population growth will all be active contributors to the economy
Contingent Liability:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Bank Guarantees |
462.198 |
74.287 |
|
There is an SBLC (Stand by Letter of Credit) for GBP 191,000 |
0.000 |
15.756 |
|
Corporate
Guarantee given on behalf of CORE Education & Consulting Inc. USA, a
wholly owned subsidiary Company |
1138.575 |
1190.340 |
UNAUDITED
FINANCIAL RESULTS THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER,
2011
|
PARTICULARS |
Quarter
Ended 31st Dec 2011 |
Quarter
Ended 30th Sep 2011 |
Nine
Months Ended 31st Dec 2011 |
|
Un-Audited |
Un-Audited |
Un-Audited |
|
|
1. a) Not Sales/Income from Operations |
2558.8.66 |
1966.254 |
6213.438 |
|
b) Other Operating Income |
- |
- |
|
|
2. Expenditure |
|
|
|
|
a) Increase/decrease in stock in trade and work In progress |
243.0.07 |
-331.668 |
61.939 |
|
h) Consumption of raw material |
|
|
|
|
0 Purchase of traded goods |
|
- |
|
|
d) Staff cost /Development Cost (Including Outsourcing) |
1026.444 |
1282.014 |
3031.449 |
|
e) Depreciation |
145.325 |
24.717 |
193.035 |
|
f) Other Expenditure |
271.158 |
242.113 |
645.523 |
|
g) Total (any item exceeding 10% of the total expenditure
lo he shown separately) |
1685.934 |
1217.176 |
3931.946 |
|
3. Profits from operations before other income, Interest
& Exceptional items (1-2) |
872.932 |
749.078 |
2281.492 |
|
4. Other Income |
13.530 |
6909 |
25.286 |
|
5. Profits before Interest & Exceptional items (3+4) |
886.462 |
755.987 |
2306.778 |
|
6. interest & Finance Expenses (Net) |
278.040 |
273.104 |
724.021 |
|
7. Profits after Interest hut before Exceptional items
(5-6) |
608.422 |
482.883 |
1582.756 |
|
8. Exceptional Items |
|
|
- |
|
9. Profit (+)/Loss(-) from Ordinary
Activities before Tax (7+8) |
608.422 |
482.883 |
1582.756 |
|
10. Tax Expense |
121.144 |
88.920 |
299.333 |
|
l:. Net Profit (+)/Loss(-) from Ordinary activities after
tax (910) |
487.278 |
393.963 |
1283.423 |
|
12. Extraordinary item (net of tax expense Rs....) |
|
|
|
|
13. Net Profit (+)/Loss(-) for the period (11-12) |
487.278 |
393.963 |
1283.423 |
|
14. Paid up equity share Capital ( Face value of the share
: Rs. 2 each) |
224.260 |
221.154 |
224.260 |
|
15. Reserves (excluding Revaluation Reserves as per
Audited Balance Sheet of previous accounting year) |
|
|
|
|
16. Earning Per Share (EPS) before and after Extraordinary
items: (a) Basic EPS for the period , for the year to date and for the
previous year (not to be annualized) |
4.38 |
3.56 |
11.55 |
|
(b) Diluted EPS before and after extraordinary items for the
period, for the year to date and for the previous year (not to lie annualized |
4.38 |
3.56 |
11.55 |
|
17. Public Shareholding - Number of shares |
6,01,28,564 |
5,91,68,593 |
6,01,28,564 |
|
- Percentage of shareholding |
53.62% |
53.22% |
53.62% |
|
18. Promoters and promoter group Shareholding |
5,20,01,291 |
5,20,01,291 |
5,20,01,291 |
|
- Percentage of shareholding |
46.38% |
46.78% |
46.38% |
|
a) Pledged/Encumbered |
|
|
|
|
Number of shares |
1,48,50,000 |
1,48,50,000 |
1,48,50,000 |
|
Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
28.56% |
28.56% |
28.56% |
|
Percentage of shares (as a% of the total share capital of
the Company) |
13.24% |
13.36% |
13.24% |
|
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
Number of Shares |
3,71,51,291 |
3,71,51,291 |
3,71,51,291 |
|
Percentage of shares (as a% of the total shareholding of
promoter and promoter group) |
71.44% |
71.44% |
71.44% |
|
Percentage of shares (as a % of the total share capital of
the Company) |
33.13%, |
33.42% |
33.13% |
SEGMENT WISE
REVENUE RESULTS AND CAPITAL EMPLOYED FOR QUARTER AND NINE MONTH ENDED 31ST
DECEMBER, 2011
|
|
Unaudited
Quarter Ended |
Nine
Months Ended |
|
|
Particulars |
31-Dec-2011 |
30-Sep-2011 |
31-Dec-2011 |
|
Segment Revenue |
|
|
|
|
(Net Sale/Income
from each segment |
|
|
|
|
should be disclosed under this
head |
|
|
|
|
Software Development / ICT-
Local |
353.669 |
8.905 |
364.352 |
|
EOU- Software Development |
|
|
|
|
i) Off- Shore Development |
563.476 |
591.031 |
1704.634 |
|
ii) On- Shore Development |
1657.435 |
1377.657 |
4181.144 |
|
Others |
|
|
|
|
Total |
2574.581 |
1977.593 |
6250.129 |
|
Less : Inter Segment revenue |
15.715 |
11.339 |
36.692 |
|
Net Income From Operations |
2558.866 |
1966.254 |
6213.438 |
|
Segment Results |
|
|
|
|
Profit / (Loss) before tax and
interest from |
|
|
|
|
each segment |
|
|
|
|
Software Development / ICT-
Local |
41.324 |
-137.008 |
-166.939 |
|
EOU- Software Development |
|
|
|
|
i) Off- Shore Development |
276.343 |
281.744 |
798.690 |
|
ii) On- Shore Development |
555.264 |
604.342 |
1649.741 |
|
Others |
|
|
|
|
Less : Unallocated Corporate
Expenses |
|
|
|
|
Total |
872.931 |
749.078 |
2281.492 |
|
|
|
|
|
|
Less : i) Interest & Finance
Exp. |
278.040 |
273.104 |
724.021 |
|
ii) Other unallocable expenditure |
|
|
|
|
( Net off unallocable Income) |
|
|
|
|
Add : Other Income |
13.53 |
6.909 |
25.286 |
|
Total Profit Before Tax |
608.422 |
482.882 |
1582.756 |
|
Less: Tax |
121.144 |
88.92 |
299.333 |
|
Total Profit After Tax |
487.278 |
393.963 |
12,83423 |
|
Capital Employed |
|
|
|
|
(Segment Assets - Segment
Liabilities) |
|
|
|
|
Software Development / ICT-
Local |
7023.272 |
6119.685 |
7023.272 |
|
100% EOU (Software) |
5483.113 |
5359.057 |
5483.113 |
|
Others |
|
|
|
|
Unallocated |
479.238 |
410.111 |
479.238 |
|
Total |
12985.623 |
11838.854 |
12985.623 |
Notes:
1. The above results were reviewed by the
Audit Committee and subsequently approved by the Board of Directors at their
respective meetings held on 9th February, 2012.
2. Statutory Auditors have conducted Limited Review
of Unaudited Standalone Financial Results in accordance with Clause 41 of the
Listing Agreement.
3. The Consolidated Financial Results include
the Results of the Company and all of its domestic and Overseas subsidiaries.
4. During the quarter under review, 7,83,814
equity shares were allotted against conversion of FCCBs and 1,76,157 equity
shares were allotted under the CORE Employee Stock Option Scheme 2007 and CORE
Employee Stock Option Scheme 2009.
5. In accordance with the Clause 41 of the Listing
Agreement with the Stock Exchange(s), the Company has adopted the option to
publish only the Consolidated Financial Results in the news papers. The
Standalone and Consolidated results will be posted on the website of the
company.
|
Particulars |
Quarter
ended (Unaudited) |
Nine
months ended (Unaudited) |
|
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
Turnover |
2558.866 |
1966.254 |
6213.438 |
|
Profit Before Tax |
608.422 |
482.883 |
1582.756 |
|
Profit After Tax |
487.278 |
393.963 |
1283.423 |
7 Status
of Investors Grievances: Beginning of the Quarter: Nil; Received During the
Quarter : Six; Resolved during the Quarter : Six; Pending at the end of the
Quarter: Nil.
8 Previous
period figures have been re-grouped wherever necessary.
Fixed Assets:
·
Land
·
Building
·
Computers
·
Furniture and Fixtures
·
Electrical Equipments
·
Office Equipments
·
Motor Car
Website Details:
Overview
Nations can transform,
only when their education systems transform.
CORE Education seeks to
achieve this by revolutionizing the key building blocks of education, namely -
Teaching, Learning,
Assessment and Governance.
Subject seeks to
achieve this by providing solutions across the continuum of education - K-12
Education, Higher Education and Employability Education to governments, schools
and educational institutions, across the world. Solutions offered by CORE
revolutionise the key building blocks of education -Teaching, Learning,
Assessment and Governance.
CORE Education
addresses key global education challenges by offering product solutions and
services for:
1.
Accessibility and Inclusion
2.
Literacy Enhancement
3.
Improving Employability
4.
Enhancing Learning Experience
India’s largest global
education company
Presence in India, USA,
UK, APAC, Middle East and Africa
Enabling over 31
million learners worldwide
Partnering over 85,000
schools
Trained and placed over
1,05,000 teachers
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.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.