MIRA
INFORM REPORT
|
Report Date : |
03.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
VAKRANGEE
SOFTWARES LIMITED |
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Registered
Office : |
Vakrangee House
66, Marol Cooperative Industrial Estate, Office - |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
28.05.1990 |
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Com. Reg. No.: |
11-56669 |
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Capital Investment
/ Paid-up Capital : |
Rs. 250.240 Millions |
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CIN No.: [Company Identification
No.] |
L65990MH1990PLC056669 |
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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 is
engaged in Software Industries and has developed Paymaster Personnel
Information System (PIS) Software and E-Edministrator School Management
Information System Software |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba(49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Good |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. General
financial position of the company is satisfactory. Trade relations are
reported as fair. Business is active. Payments are reported to be slow and
delayed by 90-120 days. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A – TERM LOAN |
|
Rating Explanation |
The Adequate credit quality. It carries
average credit risk |
|
Date |
10.10.2011 |
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Rating Agency Name |
ICRA |
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Rating |
A2 + SHORT TERM NON – FUND BASED |
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Rating Explanation |
The above average credit quality. It carry
higher credit risk. |
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Date |
10.10.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Ms. Hemangi |
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Designation : |
Accountant |
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Contact No.: |
91-22-28504028 |
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Date : |
30.11.2012 |
LOCATIONS
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Registered Office : |
Vakrangee House 66,
Marol Cooperative Industrial Estate, Office - M. V. Road, Marol, Andheri
(East), Mumbai - 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-28504028/28503412/67765100 |
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Fax No.: |
91-22-28502017 |
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E-Mail : |
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Website : |
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Branches : |
Located At : · New Delhi · Gurgaon · Lucknow · Jaipur · Pune · Ahmedabad · Chandigarh · Patna · Bhopal · Raipur · Philippines |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Dinesh Nandwana |
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Designation : |
Chairman and Managing Director |
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Date of Appointment : |
28.05.1990 |
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|
Name : |
Dr. Nishikant Hayatnagarkar |
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Designation : |
Whole Time Director, R and D |
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Date of Appointment : |
27.08.1999 |
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Name : |
Mr. Ramesh M. Joshi |
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Designation : |
Director |
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Date of Appointment : |
20.10.2006 |
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Name : |
Mr. Anil Patodia |
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Designation : |
Director |
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Date of Appointment : |
02.04.1994 |
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Name : |
Mr. Sunil Agarwal |
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Designation : |
Director |
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Date of Appointment : |
28.06.2002 |
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Name : |
Mr. K. L. Varma |
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Designation : |
Director |
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Date of Appointment : |
30.11.2002 |
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Name : |
Mr. B. L. Meena |
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Designation : |
Director |
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Date of Appointment : |
25.10.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Hemangi |
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Designation : |
Accountant |
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Name : |
Mr. Pratik Bhanushali |
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Designation : |
Company Secretary |
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Audit Committee |
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Name : |
Mr. K. L. Varma |
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Designation : |
Chairman |
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Name : |
Dr. Nishikant Hayatnagarkar |
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Name : |
Mr. Anil Patodia |
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Name : |
Mr. B. L. Meena |
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Remuneration And Compensation |
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Name : |
Mr. B. L. Meena |
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Designation : |
Chairman |
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Name : |
Mr. Ramesh Joshi |
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Name : |
Mr. K. L. Varma |
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Shareholders/Investors
Grievance Committee |
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Name : |
Mr. Ramesh Joshi |
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Designation : |
Chairman |
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Name : |
Mr. Anil Patodia |
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Name : |
Dr. Nishikant Hayatnagarkar |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
A) Shareholding of
Promoter and Promoter Group |
Number of Shares |
Percentage of Holding |
|
|
|
|
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|
29870900 |
5.97 |
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|
142324314 |
28.44 |
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|
172195214 |
34.41 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
172195214 |
34.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
12567659 |
2.51 |
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|
12567659 |
2.51 |
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|
|
|
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|
251723314 |
50.30 |
|
|
|
|
|
|
23768891 |
4.75 |
|
|
34019697 |
6.80 |
|
|
6204805 |
1.24 |
|
|
5307259 |
1.06 |
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|
897546 |
0.18 |
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|
315716707 |
63.08 |
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Total Public
shareholding (B) |
328284366 |
65.59 |
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Total (A)+(B) |
500479580 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
500479580 |
100.00 |
Shareholding belonging to the category "Promoter and Promoter
Group"
|
Sl.No. |
Name of the
Shareholder |
Name of the Shareholder |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Vakrangee Holdings Private Limited |
6,94,00,000 |
13.87 |
|
2 |
Dinesh Nandwana |
2,97,66,000 |
5.95 |
|
3 |
Vakarangee Capital Private Limited |
2,68,89,120 |
5.37 |
|
4 |
Vakarangee Holdings Private Limited |
4,60,35,194 |
9.20 |
|
5 |
Dinesh Nandwana HUF |
98,000 |
0.02 |
|
6 |
Mahendra Nandwana |
6,900 |
0.00 |
|
|
Total |
17,21,95,214 |
34.41 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of S |
|
|
|
|
|
|
1 |
Highpoint Trading Company Private Limited |
34350523 |
6.86 |
|
2 |
Seahorse Mercantile Company Private Limited |
32755167 |
6.54 |
|
3 |
Bluepearl Trading Company Private Limited |
31923585 |
6.38 |
|
4 |
Cybermetix Automation Private Limited |
23872920 |
4.77 |
|
5 |
Ashtavakra Properties Private Limited |
22526312 |
4.50 |
|
6 |
Abhirati Trading Private Limited |
19600000 |
3.92 |
|
|
Total |
165028507 |
32.97 |
Shareholding belonging to the category "Public" and holding more
than 5% of the Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
|
|
|
|
1 |
Highpoint Trading Company Private Limited |
34350523 |
6.86 |
|
2 |
Seahorse Mercantile Company Private Limited |
32755167 |
6.54 |
|
3 |
Bluepearl Trading Company Private Limited |
31923585 |
6.38 |
|
|
Total |
99029275 |
19.79 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Vakrangee Holdings Pvt Ltd |
6,94,00,000 |
13.87 |
|
|
Total |
6,94,00,000 |
13.87 |
BUSINESS DETAILS
|
Line of Business : |
The company is
engaged in Software Industries and has developed Paymaster Personnel
Information System (PIS) Software and E-Edministrator School Management
Information System Software |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Union Bank of India · Axis Bank Limited · ICICI Bank Limited · ING Vysya Bank Limited · Axis Trustee Services Limited · Andhra Bank Limited · Punjab National Bank Limited ·
Dhanlaxmi Bank Limited |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
M/s. S. K. Patodia and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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Subsidiaries Companies : |
· Vakrangee IT Solutions Limited, India · E-Doc Vision Infotech Private Limited, India · Vakrangee e-Solutions Inc., Phillipines · Vakrangee Energy Private Limited, India ·
Vakrangee Finserve Limited, India |
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|
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Relative of key
management personnel and Name of the enterprises having same key management
personnel and/ or their relatives as the reporting enterprises with whom the
Company has entered into transactions during the year |
· Vakrangee Holdings Private Limited · Vakrangee Technologies Limited · Vakrangee Infraprojects Limited · Omnis Edu-Health Limited · Omnis Infra Power Limited |
CAPITAL STRUCTURE
As on: 31.07.2012
Authorised Capital : Rs. 750.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 502.196 Millions
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Rs.1/- each |
Rs. 750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250239790 |
Equity Shares |
Rs.1/- each |
Rs. 250.240
Millions |
|
|
|
|
|
(b) Detailed note on
the terms of the rights, preferences and restrictions relating to each class of
shares including restrictions on the distribution of dividends and repayment of
capital.
i. The Company has only one class of Equity Shares having a par value of Rs.1 (Previous Year Rs.10) per share. Each holder of Equity Share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. During the year ended March 31, 2012 the amount of per share dividend recognised as distributions to Equity Shareholders is Rs.0.20 per share of Rs.1 each including bonus shares (P.Y. Rs.2 per share of Rs.10 each). The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
ii. On receipt of shareholders’ approval by way of postal ballot on March 30, 2012, the Company has increased and subdivided its authorised share capital from Rs. 450.000 Millions divided into 4,50,00,000 Equity Shares of Rs.10 each to Rs.750.000 Millions divided into 75,00,00,000 Equity Shares of Rs.1 each and the Company has altered its Memorandum and Articles of Association accordingly.
iii. The dividend appropriation for the year ended March 31, 2011 provided for in the books of accounts in FY 2010-2011 was Rs. 57.975 Millions including corporate dividend tax of Rs. 8.092 Millions. However, the dividend declared and paid was Rs. 58.030 Millions including corporate dividend tax of Rs. 8.100 Millions. These liabilities were higher by Rs. 0.055 Millions. (Including corporate dividend tax of Rs. 0.008 Millions) due to issue of 23,733 equity shares as ESOPs on July 16, 2011 i.e. before book closure date notified for the declaration of dividend. The same has been accounted for in the current year in Profit & Loss Appropriation Account.
iv. In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.
(c) Reconciliation of
number of shares outstanding at the beginning and at the end of the reporting
period
|
Particular |
31.03.2012 |
|
|
No. of shares at the beginning of the year |
|
23711513 |
|
Add: Issue of Shares during the year |
- |
|
|
Bonus Issue |
- |
- |
|
Conversion of ESOPs |
92446 |
|
|
Conversion of Share Warrants |
1220000 |
1312466 |
|
|
|
25023979 |
|
Less: Cancellation of shares of Rs.10 each |
|
(25023979) |
|
Add: Issuance of new shares of Rs.1 each on account of sub-division |
|
250239790 |
|
No. of shares at
the end of the year |
|
250239790 |
(d) Aggregate details
for five immediately previous reporting periods for each class of shares
|
Particular |
31.03.2012 |
|
No. of shares allotted as fully paid up pursuant to contracts without payment being received in cash |
- |
|
No. of shares allotted as fully paid by way of Bonus Shares |
- |
|
No. of shares bought back |
- |
In addition, the company has issued total 157814 shares (P.Y. 65348 shares) during the period of five years immediately preceding the reporting date on exercise of options granted under the employee stock option plan (ESOP) wherein part consideration was received in the form of employee services
(e) Details of
Promoters’ holding more than 5% shares in the company
|
Number of shares held
by |
31.03.2012 |
|
|
Nos |
% |
|
|
Vakrangee Holdings Private Limited |
4628300 |
18.50 |
|
Vakrangee Capital Private Limited |
1344456 |
5.37 |
|
Dinesh Nandwana |
1488300 |
5.95 |
(f) Detailed note on shares reserved to be issued under options and contracts (ESOPs or Loans) / commitment for the sale of shares (without payment being received in cash) divestments including the terms and conditions.
The Company has formulated Employees Stock Option Scheme, 2008 (ESOP Scheme) which was approved by the members of the Company at their meeting held on September 23, 2008, as modified on January 10, 2011.
Employees covered under Stock Option Plans are granted an option to purchase shares of the company at the respective exercise prices, subject to requirements of vesting conditions. These options generally vest over a period of four years from the date of grant. Upon vesting, the employees can acquire one equity share for every option.
The stock compensation cost is computed under the intrinsic value method and amortized on a straight line basis over the total vesting period of four years. For the year ended March 31, 2012, the company has recorded stock compensation expense of Rs. 12.460 Millions (Previous year Rs. 2.686 Millions)
The Remuneration and Compensation committee of the Board evaluates the performance and other criteria of employees and approves the grant of options. These options vest with employees over a specified period subject to fulfillment of certain conditions. Upon vesting, employees are eligible to apply and secure allotment of Company’s shares at a price determined on the date of grant of options.
On July 31, 2009, company granted 2, 70,700 options (“Grant 1”) convertible into equity shares of Rs. 10 each exercisable at Rs. 61.90.
On December 30, 2009, company granted 20,600 options (“Grant 2”) convertible into equity shares of Rs. 10 each exercisable at Rs. 67.85.
On May 18, 2010, company granted 1,56,200 options (“Grant 3”) convertible into equity shares of Rs. 10 each exercisable at Rs.146.50.
On November 24, 2010. Company granted 86,750 options (“Grant 4”) convertible into equity shares of Rs.10 each exercisable at Rs.150.00.
On August 12, 2011 company granted 64,850 options (“Grant 5”) convertible into equity shares of Rs.10 each exercisable at Rs.150.00
The above options vest over a period ranging from one to three years as follows:
|
Percent to Vest |
Period of Vesting from the date of grant |
|
33% |
At the end of twelve months |
|
33% |
At the end of twenty four months |
|
34% |
At the end of thirty six months |
The activity in the
Scheme 2008 during the year ended March 2012 is set out as below:
|
Particular |
31.03.2012 |
|
The Scheme 2008 |
|
|
Options outstanding, beginning of the period |
468902 |
|
Add : Granted |
64,850 |
|
Less: Exercised |
92466 |
|
|
|
|
Options outstanding, end of the period |
441286 |
|
Options exercisable, end of the period |
114618 |
The options once granted to an eligible employee gets lapsed with the resignation / termination of the employment with the Company. However, the unvested / unexercised portion of the ESOP entitlement to that employee remain part of the respective grant out of which it was issued and they can be granted to any other eligible employee as decided by the Remuneration and Compensation Committee.
Particulars of
payments received during the year towards ESOP Scheme 2008:
|
Particular of Grant |
Amount received
during the year |
No. of shares
allotted during the year (In Nos) |
Consideration
amount towards shares allotted |
|
Grant 1 |
3.800 |
61400 |
3.800 |
|
Grant 2 |
0.218 |
3216 |
0.218 |
|
Grant 3 |
3.535 |
24133 |
3.535 |
|
Grant 4 |
0.558 |
3717 |
0.558 |
|
Grant 5 |
- |
- |
- |
Note: The Remuneration and Compensation Committee has been authorised to make amendments in the ESOP Scheme - 2008, with regard to the number of shares for every option granted and the price to be revised, to give effect of stock split & bonus issue announced by way of postal ballot during the year.
(g) Detailed terms of
any securities convertible into shares, e.g. in the case of convertible
warrants, debentures, bonds etc.
The Company does not have any securities convertible into shares as on reporting date.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
250.240 |
237.115 |
224.962 |
|
|
2] Share Application Money |
0.000 |
0.653 |
0.000 |
|
|
3] Money received against share warrants |
0.000 |
85.400 |
41.475 |
|
|
4] Reserves & Surplus |
3890.636 |
3239.225 |
2741.364 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4140.876 |
3562.393 |
3007.801 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3532.780 |
1488.865 |
570.148 |
|
|
2] Unsecured Loans |
109.325 |
40.000 |
45.000 |
|
|
TOTAL BORROWING |
3642.105 |
1528.865 |
615.148 |
|
|
DEFERRED TAX LIABILITIES |
731.592 |
517.214 |
377.977 |
|
|
|
|
|
|
|
|
TOTAL |
8514.573 |
5608.472 |
4000.926 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4871.177 |
2149.173 |
2307.917 |
|
|
Capital work-in-progress |
0.788 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
583.730 |
600.608 |
531.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
OTHER NONCURRENT ASSETS |
47.232 |
26.416 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35.899
|
8.957 |
77.657 |
|
|
Sundry Debtors |
4452.352
|
2677.970 |
1422.508 |
|
|
Cash & Bank Balances |
259.697
|
175.044 |
42.365 |
|
|
Other Current Assets |
54.658
|
587.630 |
0.000 |
|
|
Loans & Advances |
648.161
|
402.985 |
209.282 |
|
Total
Current Assets |
5450.767
|
3852.586 |
1751.812 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1189.074
|
828.795 |
459.771 |
|
|
Other Current Liabilities |
1035.486
|
54.278 |
35.332 |
|
|
Provisions |
214.561
|
137.238 |
94.900 |
|
Total
Current Liabilities |
2439.121
|
1020.311 |
590.003 |
|
|
Net Current Assets |
3011.646
|
2832.275 |
1161.809 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8514.573 |
5608.472 |
4000.926 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13521.443 |
8523.377 |
4093.521 |
|
|
|
Other Income |
42.348 |
14.367 |
6.724 |
|
|
|
TOTAL (A) |
13563.791 |
8537.744 |
4100.245 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
10907.602 |
6992.682 |
|
|
|
|
Changes in Inventories |
(10.822) |
2.827 |
|
|
|
|
Employee Benefits Expenses |
122.413 |
64.428 |
|
|
|
|
Other Expenses |
122.612 |
98.384 |
|
|
|
|
TOTAL (B) |
11141.805 |
7158.321 |
3313.991 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2421.986 |
1379.423 |
786.254 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
552.515 |
179.053 |
58.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1869.471 |
1200.370 |
727.627 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
873.996 |
532.968 |
406.134 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
995.475 |
667.402 |
321.493 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
320.415 |
186.644 |
80.443 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
675.060 |
480.758 |
241.050 |
|
|
|
|
|
|
|
|
|
Less/ Add |
PRIOR PERIOD
ADJUSTMENT |
0.000 |
0.000 |
0.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1302.465 |
878.607 |
688.658 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.600 |
36.900 |
12.053 |
|
|
|
Dividend |
2.000 |
20.000 |
33.744 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
5.604 |
|
|
BALANCE CARRIED
TO THE B/S |
1924.925 |
1302.465 |
878.607 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
131.975 |
65.123 |
|
|
|
Interest on loan |
16.302 |
5.176 |
2.648 |
|
|
TOTAL EARNINGS |
16.302 |
137.151 |
67.771 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
165.183 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
165.183 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.35 |
1.07 |
11.28 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs in
Millions) |
|
30.06.2012 |
30.09.2012 |
|
Audited / UnAudited |
|
Unaudited |
Unaudited |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
3394.080 |
3613.590 |
|
Total Expenditure |
|
2561.440 |
2713.650 |
|
PBIDT (Excl OI) |
|
832.640 |
899.940 |
|
Other Income |
|
11.570 |
14.100 |
|
Operating Profit |
|
844.210 |
914.040 |
|
Interest |
|
207.550 |
203.550 |
|
Exceptional Items |
|
000 |
000 |
|
PBDT |
|
636.660 |
710.490 |
|
Depreciation |
|
359.590 |
374.730 |
|
Profit Before Tax |
|
277.070 |
335.760 |
|
Tax |
|
72.380 |
90.760 |
|
Provisions and contingencies |
|
000 |
000 |
|
Profit After Tax |
|
204.690 |
245.000 |
|
Extraordinary Items |
|
000 |
000 |
|
Prior Period Expenses |
|
000 |
000 |
|
Other Adjustments |
|
000 |
000 |
|
Net Profit |
|
204.690 |
245.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.97 |
5.63 |
5.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.36 |
7.83 |
7.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.65 |
11.12 |
7.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.18 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.47 |
0.72 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23 |
3.77 |
2.97 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors
(Rs
in millions)
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current Payables (Including acceptances) outstanding for less than 12 months |
1189.074
|
828.795 |
459.771 |
|
Total |
1189.074
|
828.795 |
459.771 |
|
Sr. No. |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 involved in |
-- |
|
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 |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PERFORMANCE
Standalone:
During the year, the company recorded the total income of
Rs.13563.791 Millions from Rs. 8537.741 Millions in previous year, a growth of
58.90%. The EBITDA stood at Rs. 2421.986 Millions from Rs. 1379.423 Millions in
previous year, an increase of 75.58%. Profit after Tax was increased to Rs.
675.060 Millions from Rs. 480.758 Millions in previous year, up by 40.41%.
SUBSIDIARIES
The Company has the following
subsidiaries:
• Vakrangee IT
Solutions Limited
We hold 100% of Equity Share capital of the Company, originally incorporated as V-Techno Services Limited, Vakrangee IT Solutions Limited has proprietary softwares like Document Management Services (DMS), Human Capital Management (HCM) and School ERP which are ready to be utilized in years to come.
• e-Doc Vision
Infotech Private Limited
The Company is to focus on consultancy on document and business process outsourcing to various customers. e-Doc Vision provides state of the art technology solutions. The Company has been allotted an Industrial plot admeasuring to 5 Acres from HSIIDC at IMT Manesar, Haryana, where on the Company is planning to develop an IT Centre. The project shall be financed partly by Vakrangee Softwares Limited in form of equity and partly by debt from outsiders.
• Vakrangee
e-Solutions INC.
We hold 100% of Equity Share capital of the Company which is incorporated in the financial year 2009-10 at Philippines for implementing the project we have bagged for Digitization of critical records for Govt. of Philippines by setting up digitization centers all over Philippines.
• Vakrangee Finserve
Limited
Vakrangee Finserve Limited is a 100% Subsidiary of the Vakrangee Softwares Limited, incorporated in September 2011 with a focus on working as Business Correspondent for various Banks under the BC Model of Reserve Bank of India (2006) in the area of Financial Inclusion.
The Company has already signed agreements with State Bank of India, Bank of India and Union Bank of India for carrying out BC services for these banks in identified Gram Panchayats. The services include opening of Bank Accounts, Deposits, Withdrawals and remittances. Besides, the company would provide
Business Facilitator Services to these banks which involve mobilization deposits and loans.
The company has a plan to extend its network to about 5000 outlets across the country in the next three years.
Future Plan
Expansion of Our Touch-Point Business VSL is a system integrator in the Touch-Point business. Vakrangee, with its cutting edge technology deployment, delivers the services of the government to the citizens effectively and efficiently
The Company began its foray into the business of touch points by setting up the platform for issuing of Election ID for the Election Commission. During this phase, the company had campaign mode touch-points that went to different locations and issued the Election ID cards. The business expanded with the issuance of the Biometric cards under the RSBY program and MCA-21 Project. Currently we are executing the UID and PDS project as follows:
UID – Creating a
billion plus identities
The Unique identity scheme involves the allocation of a unique identification number for every resident in the country, and this is to emerge as the single most important means to identify people in the country, underpinning all other instruments of identification such as the Ration Card, the Passport or Pan card etc.
At one stroke, the use of the UID based government to citizen transaction will eliminate leakage, ensure targeted distribution of subsidies, and make the interaction both faster and transparent. It will forever eliminate the use of multiple identities by people.
PDS – Ensuring
targeted distribution of grains
The Public Distribution system was initially created to ensure efficient distribution of subsidized food grains to the economically backward populace. But systemic misuse and lack of accountable controls have ensured that most of the grains meant for the poor find their way to the open market.
The Biometric based Smart Card is a replacement for the old paper based ration card. The use of this smart card will demand physical presence and identification of the deserving person for distribution of the subsidized grains. It will ensure the elimination of leakage, and certify that the grains reach the people it is meant for. The company has already successfully implemented the pilot scheme for the generation of Biometric Smart Cards for PDS in Haryana, and is now seriously working on implementation of this project in other states. As the successful implementer of this project at the pilot stage, we are poised to bag the contracts in other states.
Today, we have transited into setting up permanent, on demand touch points – such as the Common Service Centres, which is a physical touch point that delivers a range of G2C, G2B, B2C, and B2 B services at village levels. Under the CSC, we bring a whole host of services under one roof, to create what we like to call the Village Level touch point!
Taking Governance to
the Citizens–The Common
Service Centres
Until now, getting any government business done involved visits to multiple government offices and the dealing with the official red tape. This delayed implementation of government tasks and entailed long waits and multiple visits on the part of the citizens for fulfilling the simplest of tasks.
The Common Service Centre is a system that will completely transform the way government deals with people. Now instead of citizens visiting Government offices located in district or zilla headquarters, they can visit nearby Common Service Centres and seek a single window service for getting multiple tasks done. The scheme envisages one Common Service Centre for every six villages, thus making their presence ubiquitous. Apart from the G2C, the CSC will also serve a mix of B2B and B2C services, making it a kind of a Village Touch-Point. Vakrangee has taken on a pioneering role in the implementation of the CSC scheme and it has already established 205 such centres in the state of Punjab. We have also secured the mandate for setting up and operating a further 2571 CSC in the state of Rajasthan.
Amongst the mission mode projects, most of the central projects have been completed and in the coming years, the focus is on the implementation of the State Mission Mode Projects. Vakrangee, with its existing presence in almost all the states /UTs till the district level and in some states till the Gram Panchayat level has the competitive cost advantage to bag these state specific projects like e-district/PDS/ PanchayatX computerisation etc.
CONTINGENT
LIABILITIES
(Rs in Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Claims against the company not acknowledged as debts |
0.000 |
0.000 |
|
Company has provided Bank Gauantee to various parties which is not acknowledged in books of accounts |
166.945 |
47.244 |
|
Other contingent liabilities |
0.000 |
0.000 |
|
Total |
166.945 |
47.244 |
FIXED ASSETS
·
Buildings
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Office Equipments
·
Computers and Printer
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2012
(Rs
in millions)
|
|
3 months ended |
Preceding 3 months ended |
Year to date figure for current period ended |
|
|
Particulars |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
1 |
lncome from
operations |
|
|
|
|
|
a. Net Sales/lncome from Operations (Net of excise duty) |
3613.549 |
3394.083 |
7007.632 |
|
|
b Other Operating lncome |
0.039 |
0.057 |
0.096 |
|
|
Total |
3613.588 |
3394.140 |
7007.728 |
|
2 |
Expenses |
|
|
|
|
|
a Cost of material consumed |
2643.827 |
2479.149 |
5122.975 |
|
|
c. Changes in inventories of finished goods, work in progress and stock in trade |
(6.188) |
4.958 |
(1.232) |
|
|
d Employees cost |
52.627 |
29.228 |
81.855 |
|
|
e. Depreciation |
374.734 |
359.585 |
734.319 |
|
|
h. Other Expenses |
23.375 |
48.166 |
71.541 |
|
|
Total |
3088.375 |
2921.084 |
6009.459 |
|
3 |
Profit/(Loss) from
operations before other lncome, finance
costs and exceptional items (1-2) |
525.213 |
473.056 |
998.269 |
|
4 |
Other lncome |
14.095 |
11.567 |
25.662 |
|
5 |
Profit/(Loss)
before finance costs and I exceptional items (3+4 |
539.308 |
484.623 |
1023.931 |
|
6 |
Finance Costs |
203.551 |
207.550 |
.411.101 |
|
7 |
Profit/(Loss) after
finance costs but before exceptional items (5-6) |
335.757 |
277.073 |
612.830 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/(Loss)
before tax (7+8) |
335.757 |
277.073 |
612.830 |
|
10 |
Tax expense |
90.758 |
72.380 |
163.138 |
|
11 |
Net Profit/(Loss)
after tax (9-10) |
244.999 |
204.693 |
449.692 |
|
12 |
Extraordinary Items (net of tax expense Rs. Nil) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/(Loss)
for the period (11+12) |
244.999 |
204.693 |
449.692 |
|
14 |
Paid-up equity share capital |
502.196 |
500.480 |
502.196 |
|
15 |
Revaluation Reserves as per Balance Sheet of previous year |
3890.639 |
3890.639 |
3890.639 |
|
16 |
Earnings Per Share
of Rs. 10/- each (not annualised) Basic (Rs.) Diluted (Rs.) |
0.49 0.48 |
0.41 0.40 |
0.90 0.88 |
|
Particulars A PARTICULARS OF
SHAREHOLDINGS |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
1. Public
Shareholding |
|
|
|
|
|
No. of shares |
330000746 |
351143560 |
330000746 |
|
|
Percentage of shareholding |
65.71 |
70.16 |
65.71 |
|
|
2. Promoter and
Promoter group Shareholding |
|
|
|
|
|
a. Pledged/Encumbered |
|
|
|
|
|
-Number of Shares |
|
|
|
|
|
Percentage of Shares(as a % of total |
- |
- |
- |
|
|
shareholding of promoter group) |
- |
- |
- |
|
|
-Percentage of Shares(as a % of the total |
- |
- |
- |
|
|
Share Capital of Company) |
|
|
|
|
|
b Non-Encumbered |
|
|
|
|
|
-Number of Shares |
172195214 |
149336020 |
172195214 |
|
|
-Percentage of Shares(as a % of total |
100.00 |
100.00 |
100.00 |
|
|
shareholding of promoter group) |
|
|
|
|
|
-Percentage of Shares(as a % of the total |
34.29 |
29.84 |
34.29 |
|
|
Share Capital of Company |
|
|
|
|
Particular |
3 Months ended (30.09.2012) |
|
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
16 |
|
Disposed of during the quarter |
16 |
|
Remaining unresolved at the end of the
quarter |
Nil |
· In accordance with the requirements of Clause 41of the Listing Agreement with the Stock Exchanges, he Statutory Auditors have performed a limited review of the Company's standlone financial results for tile Quarter ended September 30.2012.There are no Qualifications in the limited review report.
· The Standalone financial results for the quarter ended September 30, 2012 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meeting held on October 10. 2012.
· Out of the total 15112000 options by tile company till date under "ESOP scheme 200S". 48.72.660 options have been exercised in aggregate till Septen1ber 30 2012. Out of which options were exercised during the quarter ended September 30 2012 by the employees and directors of the Company. The listing formalities for the shares exercised during the quarter have been completed on October 9.2012
· The Company predominantly provides the E-governance related services. Considering the nature of Company’s business and operations there is only one corporate segment in accordance with the requirement of the Accounting Standard 17 – “Segment Reporting” notified in the companies Rules 2006.
· Previous Quarters/years figures have been regrouped wherever necessary to confirm to the current Quarters/year’s presentation.
UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2012
(Rs in Millions)
|
Particulars |
As at |
|
|
30.09.2012 |
|
A EQUITY AND
LIABILITIES |
|
|
1.
Shareholders'funds |
|
|
(a) Share Capital |
5021.196 |
|
(b) Reserves & surplus |
4112.574 |
|
Sub-total |
4614.770 |
|
2. Non-current
liabilities |
|
|
(a) Long-term borrowings |
1727.318 |
|
(b) Deferred tax liabilities (net) |
771.760 |
|
(c) Other long-term liabilities |
70.121 |
|
(d) Long-term provisions |
0.000 |
|
Sub-total |
2569.199 |
|
3. Current
liabilities |
|
|
(a) Short-term borrowings |
2519.113 |
|
(b) Trade payables |
1520.369 |
|
(c) Other current liabilities |
1029.979 |
|
(d) Short-term provisions |
133.506 |
|
Sub-total |
5202.967 |
|
Total |
12386.938 |
|
B ASSETS |
|
|
1. Non-current
assets |
|
|
(a) Fixed assets |
4909.231 |
|
(b) Non-current investments |
587.730 |
|
(c) Long-term loans and advances |
346.576 |
|
(d) Other non-current assets |
46.029 |
|
Sub-total |
5889.566 |
|
2. Current assets |
|
|
(a) Inventories |
39.058 |
|
(b) Trade receivables |
5038.530 |
|
(c) Cash and cash equivalents |
602.237 |
|
(d) Short-term loans and advances |
280.844 |
|
(e) Other current assets |
534.703 |
|
Sub-total |
6497.372 |
|
Total |
12386.938 |
MEDIA RELEASE
Vakrangee Software’s
Q2FY 2012-13 Financial Results
Net Sales stood at
Rs. 3613.500 Millions YoY growth of 15.8%
PAT stood at Rs.
245.000 Millions, YoY growth of 51.5%
MUMBAI, October 10, 2012: Vakrangee Softwares Limited (VSL), a prominent system integrator and service provider of end-to-end “e-Governance” solutions which brings together all hardware, software as well as on ground activation for various e-governance schemes announced its unaudited Financial
Results for the quarter ended September 30, 2012, of the financial year 2012-13.
Key Financial Highlights for Q2FY12-13
Ř Net Sales stood at Rs. 3613.500 Millions in Q2FY12-13 as against Rs. 3121.100 Millions for the corresponding quarter last year, registering a growth of 15.8%
Ř EBITDA stood at Rs. 914.000 Millions in Q2FY12-13 as against Rs. 526.400 Millions for the corresponding quarter last year, registering a growth of 73.6%
Ř EBITDA margin is 25.3% as against 16.9% for the corresponding quarter last year
Ř PAT stood at Rs. 245.000 Millions in Q2FY12-13 as against Rs. 161.700 Millions for the corresponding quarter last year, registering a growth of 51.5%
Ř EPS (basic) for the face value of Rs. 1/- stood at Rs. 0.49 in Q2FY12-13 as against Rs. 0.32 in Q2FY11-12
About Vakrangee
Softwares Limited
(BSE Code: 511431; NSE Code: VAKRANSOFT)
Incorporated in 1990, the Company is a pioneer and an established player in e-Governance domain. It is well equipped with cutting edge infrastructure, highly experienced professionals, strong investment and technological breakthrough on a continual basis in order to maintain strict time-bound completion of mission critical and socially relevant projects.
The Company has been certified with CMMI Maturity Level 3, ISO 9001:2008, ISO 20000:2005 and ISO 27001:2005.
It has been awarded 18th rank in the Deloitte Technology Fast50 India 2011 program; 226th rank in Technology Fast 500 Asia pacific 2011; identified as one of the 100 Best Mid Size Companies in India as per Business World (July 16, 2007 Issue); featured in The Economic Times ET-500 Best Companies in 2006-07; and in the list of the Top 250 Technology fast Asia Pacific Companies of 2003 and 2004 by Deloitte Touche Tohmatsu.
Vakrangee Softwares
Has Bagged Csc Project From The Government Of Rajasthan
MUMBAI, May 9, 2012:
Vakrangee Softwares Limited (VSL), a prominent system integrator and service
provider of end-to-end “e-Governance” solutions which brings together all
hardware, software as well as on ground activation for various e-governance
schemes, has bagged Rajasthan Common Service Centers (CSC) Project from
Department of Information Technology and
Communication (DoIT and C), Government of Rajasthan.
CSC is one of the Mission Mode projects under National e-Governance Plan (NeGP) of Government of India. Under the scope of the work, VSL shall design, deploy and operate 2571 CSCs in 14 districts of Rajasthan, along with portal, hardware and networking, to deliver all e-Governance services effectively and efficiently. The project duration is 5 years
VSL targets to
achieve approx. Rs.7500.000 Millions revenue from the project
Following is the targeted service wise revenue break-up for the project:
|
Service |
Revenue(In Milions) |
|
G2C |
1800.000 |
|
B2C |
5700.000 |
|
Total |
7500.000 |
Vakrangee Finserve
has bagged Financial Inclusion Project from the State Bank of India
MUMBAI, June 12, 2012: Vakrangee Finserve Limited (VFL) a wholly owned subsidiary company of Vakrangee Softwares Limited (VSL), focused on end-to-end service delivery in the “Financial Inclusion” area, has been appointed as the Common Banking Correspondent (CBC) for all 27 banks operating in Maharashtra. State Bank of India as the “Leader Bank”, on behalf of all these banks has floated the tender. VFL bagged it for a period of five years and can be extended by another 2 year with mutual consent.
The expected value of
the project is Rs.9800.000 Millions for the period of the contract.
Under the scope of
work, VFL as business correspondent shall following services for 30 plus
products of the banks:
a) Business
Correspondent Activities
· Creating awareness about savings and other products offered by the Bank and
· education and advice on managing money and debt counseling
· Receipt and delivery of remittances / other payment instruments
· Processing and Submission of applications to the Bank
ICT Enabled
· Opening of SB (Saving Bank) Account
· Opening of RD (Recurring Deposit) Accounts
· Withdrawals and Deposit
· Remittances
·
Disbursement
of Govt. Benefits and Wages wherever applicable
· Small Value Credit products
b) Business
Facilitator Activities
· Identification of borrowers and fitment of activities
· Collection and preliminary processing of loan applications including verification of primary data
· Post sanction monitoring in case of advances / loans granted by the Bank
· Follow up of Recovery
· Disbursal of Credits Strictly as per instructions of the Bank
· Sale of Micro / insurance / mutual fund / pension and other third party products as may be decided by the Bank
· Collection of deposits and prompt deposit of the same with the Bank
· Promotion, nurturing, monitoring and handholding of Self Help Groups / Joint Liability Groups / Credit Groups and others
· Recovery of principal / interest from the borrowers and prompt deposit of the same with the Bank
· Any other service as may be advised by the Bank in writing to the BC
· Mobilizing Deposit Accounts
Ř Saving Bank
Ř Current Account
Ř
Recurring
Deposit
Ř Term Deposits
· Mobilizing Loans
Ř KCC, GCC
Ř Vehicle Loans, Housing Loans
Ř Other Agricultural Loa
·
Recovery of Loans
Ř Standard
Ř Non Standard
Ř Loss Assets
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. 54.53 |
|
|
1 |
Rs. 87.48 |
|
Euro |
1 |
Rs. 70.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.