MIRA INFORM REPORT
|
Report Date : |
05.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
IL AND FS TECHNOLOGIES LIMITED |
|
|
|
|
Formerly Known
As : |
INFRASTRUCTURE TECHNOLOGY AND TRADE INDIA LIMITED (w.e.f. 18.06.1996) DSP TECHNOLOGY AND TRADE LIMITED |
|
|
|
|
Registered
Office : |
The IL and FS Financial Centre, Plot C- 22, G Block,
Bandra Kurla Complex, Bandra (East) Mumbai - 400 051, Maharashtra |
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|
Country : |
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|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
09.02.1993 |
|
|
|
|
Com. Reg. No.: |
11-070724 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.178.682 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1993PLC070724 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD2042C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The company engaged in software development and services, IT Infrastructure support and services |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
|
Maximum Credit Limit : |
USD 4300000 |
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|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. The latest
financials of the company are not made available. As per previous year’s record, there appears huge external borrowings
recorded by the company. Profitability has also dipped during 2011. However, trade relations are reported as fair. Business is active.
Payment terms are unknown in absence of latest financials. The company can be considered for business dealings with some
caution. |
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 |
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 DECLINED
|
Name : |
Mr. Manish |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-124-4716400 |
|
Date : |
04.12.2012 |
LOCATIONS
|
Registered Office : |
The IL and FS Financial Centre, Plot C- 22, G Block,
Bandra Kurla Complex, Bandra (East) Mumbai - 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-66947600 |
|
Fax No.: |
91-22-66947700 |
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E-Mail : |
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|
Website : |
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|
Corporate Office : |
3rd Floor, Ambience Corporate Tower, Ambience Mall, Ambience Island, National Highway #8, Gurgaon - 122 002, Haryana, India |
|
Tel. No.: |
91-124-4716400 |
|
Fax No.: |
91-124-4716570 |
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|
|
|
Branch Office : |
Located At · Kolkata · Bangalore · Chennai ·
Odisha
|
|
|
|
|
Overseas Office : |
Located At · Philippines ·
UAE |
DIRECTORS
As on 19.09.2011
|
Name : |
Mr. Prem Nath Saigal |
|
Designation : |
Chairman and Whole Time Director |
|
Address : |
184, Jor Bagh, New Delhi-110 003, India |
|
Date of Birth/Age : |
01.01.1944 |
|
Date of Appointment : |
09.02.1993 |
|
DIN No.: |
00009267 |
|
|
|
|
Name : |
Mr. Muthuswamy Venkatraman |
|
Designation : |
Director |
|
Address : |
E-564, Greater Kailash-II, New Delhi-110 048, India |
|
Date of Birth/Age : |
15.12.1948 |
|
Date of Appointment : |
16.08.2007 |
|
DIN No.: |
01336442 |
|
|
|
|
Name : |
Mr. Manu Kochhar |
|
Designation : |
Director |
|
Address : |
B-91, Cozi Home, Pali Hill, Bandra (West), Mumbai-400 050, Maharashtra, India |
|
Date of Birth/Age : |
18.08.1960 |
|
Date of Appointment : |
28.07.2006 |
|
DIN No.: |
00007556 |
|
|
|
|
Name : |
Mr. Arun Kumar Saha |
|
Designation : |
Director |
|
Address : |
601-602, Green Acres CHS, Pali Hill, Bandra (West), Mumbai-400 050, Maharashtra, India |
|
Date of Birth/Age : |
27.03.1953 |
|
Date of Appointment : |
16.08.2007 |
|
DIN No.: |
00002377 |
|
|
|
|
Name : |
Mr. Alok Bhargava |
|
Designation : |
Nominee Director |
|
Address : |
B-1201, Gulmohar Apartments, Ceaser Road, Amboli, Andheri (West), Mumbai-400 058, Maharashtra, India |
|
Date of Birth/Age : |
23.11.1961 |
|
Date of Appointment : |
30.06.2009 |
|
DIN No.: |
00162746 |
KEY EXECUTIVES
|
Name : |
Mr. Gulshan Kumar Bhatia |
|
Designation : |
E-1/30, First Floor, Sector-11, Faridabad-121 006, Haryana, India |
|
Address : |
Company Secretary |
|
Date of Birth/Age : |
27.09.1972 |
|
Date of Appointment : |
11.10.2006 |
|
|
AEOPB9648D |
|
|
|
|
Name : |
Mr. Manish |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.09.2011
Shareholding Details File Attached
As on 19.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
4.00 |
|
Bodies corporate |
43.00 |
|
Directors or relatives of Directors |
29.00 |
|
Other top fifty shareholders |
24.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in software development and services,
IT Infrastructure support and services |
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Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Divulged |
|||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
IL and FS Financial Services Limited, II and FS Financial
Centre Plot No C-22 G Block, Bandra Kurla Complex Bandra (East), Mumbai -
400051, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Luthra and Luthra Chartered Accountants |
|
Address : |
A-16/9, Vasant Vihar, New Delhi-110 057, India |
|
PAN.: |
AAAFL1231A |
|
|
|
|
Fellow Subsidiary
company : |
· IL and FS Cluster Development Initiative Limited · IL and FS Educations and Technology Services Limited · IL and FS Infrastructure Development Corporation Limited · IL and FS Investment Manager Limited · Orix Auto Infrastructure Services Limited · IL and FS Financial Services Limited. · IL and FS Property Management and Services Limited · IL and FS Tamil Nadu Power Corporation Limited. · IL and FS Transportation Networks Limited · IL and FS Trust Company Limited · ITNL Enso Rail Systems Limited · IL and FS Renewal Energy Limited · Damodar Valley Tourism Development Private Limited · IL and FS Waste Management and Urban Services Limited · IL and FS Enviormental Infrastructure and Services Limited · North East Tourism Development Company Private Limited · Uttrakhand Infrastructure Project Company Private Limited · Saffron Asset Advisor Private Limited · IL and FS Ecosmart Limited · IL and FS Energy Development Company Limited · IL and FS Securities Services Limited · IL and FS Urban Infrastructure Managers Limited · Naya Raipur Project Dev Company Private Limited · Power Grid IL and FS Transmission Private Limited · IL and FS Financial Services Limited · IL and FS Educations and Technology Services Limited · Rapid Metro Rail Gurgaon Limited · IL and FS Portfolio Management Services Limited · Gujrat Tourism project Development Company Limited · IL and FS Water Limited · Urban Mass Transport Company Limited · IL and FS Maritime Infrastructure Company Limited |
|
|
|
|
Associate |
Infrastructure Leasing and Financial Services Limited |
|
|
|
|
Subsidiary company |
· ITTIL(FZC) · Land Registration Systems Inc., · IL and FS Technologies Philippines Inc · Livia India Private Limited |
CAPITAL STRUCTURE
As on 19.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
1000000 |
Preference Shares |
Rs.1000/- each |
Rs.1000.000 Millions |
|
|
Total |
|
Rs.1220.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7868239 |
Equity Shares |
Rs.10/- each |
Rs.78.682
Millions |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
1000000 |
Preference Shares |
Rs.1000/- each |
Rs.1000.000 Millions |
|
|
Total |
|
Rs.1178.682 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7868239 |
Equity Shares |
Rs.10/- each |
Rs.78.682
Millions |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
350000 |
Preference Shares |
Rs.1000/- each |
Rs.350.000 Millions |
|
|
Total |
|
Rs.528.682
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
750000 |
Compulsory Convertible Preference Shares |
Rs.40/- each |
Rs.30.000 Millions |
|
10000000 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7868239 |
Equity Shares |
Rs.10/- each |
Rs.78.682 Millions |
|
10000000 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.178.682 Millions |
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 |
178.682 |
201.129 |
171.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
903.123 |
816.286 |
188.940 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1081.805 |
1017.415 |
360.140 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3621.854 |
1680.000 |
55.390 |
|
|
2] Unsecured Loans |
300.000 |
0.000 |
690.000 |
|
|
TOTAL BORROWING |
3921.854 |
1680.000 |
745.390 |
|
|
DEFERRED TAX LIABILITIES |
2.883 |
(0.650) |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5006.542 |
2696.765 |
1105.530 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
372.380 |
323.625 |
15.593 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
939.969 |
854.270 |
854.270 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.522 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.038 |
0.000 |
|
|
Sundry Debtors |
773.656
|
345.992 |
195.189 |
|
|
Cash & Bank Balances |
13.182
|
125.296 |
12.881 |
|
|
Other Current Assets |
27.566
|
8.960 |
9.213 |
|
|
Loans & Advances |
3189.148
|
1454.849 |
199.031 |
|
Total
Current Assets |
4003.552
|
1935.135 |
416.314 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
77.132 |
251.967 |
20.390 |
|
|
Other Current Liabilities |
165.050
|
100.642 |
79.329 |
|
|
Provisions |
67.177
|
63.656 |
82.450 |
|
Total
Current Liabilities |
309.359
|
416.265 |
182.169 |
|
|
Net Current Assets |
3694.193
|
1518.870 |
234.145 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5006.542 |
2696.765 |
1105.530 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
861.252 |
784.798 |
579.658 |
|
|
|
Other Income |
369.198 |
60.552 |
5.461 |
|
|
|
TOTAL (A) |
1230.450 |
845.350 |
585.119 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing service costs |
3.126 |
1.630 |
|
|
|
|
Employee related expenses |
210.433 |
175.698 |
315.752 |
|
|
|
Administrative selling other expenses |
138.904 |
152.560 |
|
|
|
|
TOTAL (B) |
352.463 |
329.888 |
315.752 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
877.987 |
515.462 |
269.367 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
405.029 |
104.340 |
108.349 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
472.958 |
411.122 |
161.018 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.949 |
8.662 |
6.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
402.009 |
402.460 |
154.897 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(4.500) |
(130.000) |
63.551 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
406.509 |
532.460 |
91.346 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
271.080 |
64.479 |
49.385 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
9.910 |
26.100 |
18.269 |
|
|
|
Dividend |
|
|
|
|
|
|
Proposed Dividend on Redeemable Cumulative Preference Shares |
6.280 |
6.280 |
3.000 |
|
|
|
Proposed Dividend on Equity Shares |
23.600 |
17.800 |
16.560 |
|
|
|
Interim Dividend on Redeemable Preference Shares |
0.000 |
0.000 |
30.000 |
|
|
|
Tax on Dividend |
4.850 |
4.000 |
8.423 |
|
|
BALANCE CARRIED
TO THE B/S |
325.550 |
271.080 |
64.479 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
750.429 |
569.960 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.14 |
36.63 |
13.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
33.04
|
62.99 |
15.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
46.68
|
51.28 |
26.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.19
|
17.82 |
35.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.40 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.91
|
2.06 |
2.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.94
|
4.65 |
2.29 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due others |
77.132 |
251.967 |
20.390 |
|
Total |
77.132 |
251.967 |
20.390 |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
No |
REVIEW OF OPERATIONS
A brief summary of Company's operations is given below for the perusal
Land Titling and Computerization Project (LTCP),
Philippines
During the Current Year, for the Land Titling and Computerization Project (LTCP) in Philippines, being undertaken by the Company's Subsidiary, Land Registration Systems, Inc., Philippines (LARES), all sites of Phase III were delivered to the Land Registration Authority,
Philippines (LRA) and collection of Revenue has commenced from these sites. Work, on Phase IV sites, has started and is expected to be completed as per schedule
E-registration Services, India
Orissa: The E-Registration Project, initiated in the State of Orissa under the National e-Governance Plan for implementation of e-Registration of Land for the replacing existing manual system of registration earlier being used in the State of Orissa is now operational across all 177 locations in the State. During the FY 2010-11, the Company has achieved certain milestones viz. Integration of SMS Gateway with e-Registration application, completion of STQC Audit for e-registration portal, completion of legacy data verification for both level -1 and 2 etc.
In the F Y 2010-11, 0.420 Million documents were registered, resulting in collection of user fee of Rs 92.100 Millions by OeSL.
Bihar: During the year, the Company also bagged an E-Registration Project, in the State of Bihar. Scope of work includes setting up Data Center, Networking, Scanning and Digitization, Application Software for issuance of EC and CC, and support and maintenance, for 05 Years at 20 offices in 8 Districts. The project is expected to go on steam in FY 2011-12
Law Practice Management and Support Services
During the year under review, the Company has acquired 51% stake in LIVIA India Limited, Mumbai (LIVIA) a company engaged in offering subscription based Law Practice Management and Support Services and application tools, through a single cloud based comprehensive software platform/suite, backed by safe, secure and collaborative state of art technology and 24/7 operational support by qualified professionals.
LIVIA offers comprehensive functionality and capabilities that individual lawyers need to compete in an "E" environment, and that enables national and multi-national firms to efficiently and profitably operate across multiple offices, countries, languages and currencies
LIVIA is offering these services through it's 100% US Subsidiary, LIVIA North America Inc. The US operations are staging well and sales operations to build up a customer base are on track
Enterprise-wide Resource Planning (ERP) practice
During the FY 2010-11 the company not only successfully implemented Microsoft AXAPTA to various entities catering to diverse business models in the field of Retail Leasing, Project Management, and Fund and Investment Management, it also added new clients
The Company is also exploring opportunities to work with certain New Clients for implementation of MS Axapta systems.
New Business Initiatives
The company is making continuous and systematic efforts to harness the experience gained by the Company in the field of Land Records Computerization in Philippines, by participating in various Bids initiated by States and Union Territories under National Land Resources Management Programme (NLRMP)
The initiatives taken by the Company in FY 2010-11 for getting a footprint in the field of Information and Communication Technology (ICT) Solutions, Electoral Modernization/Internet based Voting Solutions, Integrated Security Solution, Custom Application Development, Provision of Data Centre Development and Data Centre Services, Web Based GIS Applications, etc., is progressing as per plan
CONTINGENT LIABILITY
(AS ON 31.03.2011)
The Company has issued a surety/ guarantee / indemnity for not less than Philippine Peso 400.000 Millions (equivalent to Rs. 383.000 Millions) in aggregate to M/s PNB General Insurers Co., Inc., Philippines and M/s Asia United Bank, Philippines in connection with issue of a combination of Performance Bond/letters of credit by them, for on behalf of M/s Land Registration Systems, Inc Philippines (LARES) (a subsidiary of the company).
Further, the Company has issued a Performance Security in the form of a Bank Guarantee from Punjab and Sind Bank, New Delhi out of the credit facilities/limits available to Infrastructure Leasing and Financial Services Limited (IL and FS) from the said bank for Rs. 10.190 Millions in favour of Department of Registration, Excise and Prohibition (Registration), Bihar. The aforesaid Performance Security is backed by a back-to- back Corporate/Counter -Guarantee for the said amount in favour of IL and FS and Punjab and Sind Bank
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U74999MH1993PLC070724 |
|
Name of the
company |
IL AND FS TECHNOLOGIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
The IL and FS Financial Centre, Plot C- 22, G Block, Bandra Kurla Complex, Bandra (East) Mumbai - 400 051, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10297566 |
|
Type of charge |
· Book debts ·
Others (All the receivables of the Company) |
|
Particular of
charge holder |
IL and FS Financial Services Limited, II and FS Financial Centreplot No C-22 G Block, Bandra Kurla Complex Bandra (East), Mumbai - 400051, Maharashtra, India |
|
Nature of
instrument creating charge |
Assignment
Agreement dated 27.09.2012 made between Infrastructure Leasing and Financial
Services Limited ('IL and FS' the existing Charge holder and 'Assignor') in
favor of IL and FS Financial Services Limited ('IFIN' the 'Assignee') for
portion of the Financial Assistance to the extent of Principal Amount of Rs.
2190.000 Millions out of the Loan of INR 2500 million as specified in
Schedule 1 of the Assignment Agreement |
|
Date of
instrument Creating the charge |
27.09.2012 |
|
Amount secured by
the charge |
Rs.2500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the Term
Loan Agreement dated 04th April, 2011, Deed of Hypothecation of Receivables
dated 08th July, 2011 Terms of Repayment As per the Term Loan
Agreement dated 04th April, 2011, Deed of Hypothecation of Receivables dated
08th July, 2011 Margin As per the Term
Loan Agreement dated 04th April, 2011, Deed of Hypothecation of Receivables
dated 08th July, 2011 Extent and Operation of the charge As per the Term
Loan Agreement dated 04th April, 2011, Deed of Hypothecation of Receivables
dated 08th July, 2011 as modified vide the Assignment Agreement dated 27th
September, 2012 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All receivables
including all book debts and other receivables, both present and future from
time to time delivered/obtained/acquired by the Company as described in 1st
Schedule of said Hypothecation Deed |
|
Particulars of
the present modification |
Assignment
Agreement dated 27.09.2012 made between Infrastructure Leasing and Financial
Services Limited ('IL and FS' the existing Charge holder and 'Assignor') in
favor of IL and FS Financial Services Limited ('IFIN' the 'Assignee') for
portion of the Financial Assistance to the extent of Principal Amount of INR
2190 Million out of the Loan of Rs.2500.000 millions |
FIXED ASSETS
· Other equipments
· Furniture fixtures
· Vehicle
· Computer
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.54.95 |
|
|
1 |
Rs.88.42 |
|
Euro |
1 |
Rs.71.71 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.