MIRA
INFORM REPORT
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Report Date : |
10.12.2012 |
IDENTIFICATION DETAILS
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Name : |
OMNITECH INFOSOLUTIONS LIMITED (w.e.f. 12.04.2001) |
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Formerly known
as ; |
OMNITECH INFOSOLUTIONS PRIVATE LIMITED (w.e.f.09.01.2001) OMNITECH BUSINESS MACHINES PRIVATE LIMITED |
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Registered
Office : |
A/13, Cross Road No. 5, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
30.01.1990 |
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Com. Reg. No.: |
11-055256 |
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Capital
Investment/ Paid-up Capital: |
Rs.147.247 Millions |
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CIN No.: [Company Identification
No.] |
L30007MH1990PLC055256 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMO02155G |
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PAN No.: [Permanent Account No.] |
AAACO1775F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Providing IT Solutions and Value
Added Services. |
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No. of
Employees: |
1306 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 11160000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
A (Long Term, Fund Based Facilities) (Cash) |
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Rating Explanation |
The adequate credit quality it carries
average credit risk. |
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Date |
December 2011 |
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Rating Agency Name |
ICRA |
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Rating |
A1 (Short –Term Fund Based Facilities) |
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Rating Explanation |
The Highest credit risk quality it carry the
lowest credit risk. |
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Date |
December 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 DECLINED
MANAGEMENT NON - COOPERATIVE
91-22-40956666
LOCATIONS
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Registered Office/ Corporate Head Quarter/ factory : |
A/13, Cross Road No. 5, Kondivita Road, MIDC, Marol, Andheri (East),
Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-40956666 |
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Fax No.: |
91-22-40956565 |
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E-Mail : |
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Website : |
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Factory 1: |
A-812, T.T.C. Industrial Area, Koparkhairane, Navi Mumbai
400703, |
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Factory 2: |
106, 1 Floor, Building No.17, Mind Space, Pocharam, |
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Branches : |
Located at:
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Global Branches: |
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·
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·
·
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DIRECTORS
As on 31.03.2012
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Name : |
Mr. Maganlal K. Hemani |
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Designation : |
Non-Executive Chairman |
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Name : |
Mr. Atul M. Hemani |
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Designation : |
Managing Director and Chief Executive officer |
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Name : |
Mr. Avinash C. Pitale |
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Designation : |
Joint. Managing Director |
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Name : |
Mr. Devarshi D. Buch |
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Designation : |
Executive Director |
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Qualification: |
B.E. (Electrical) |
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Age |
48 Years |
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Experience : |
23 Years |
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Name : |
Dr. Kalimohan J.Bhattacharya |
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Designation : |
Non-Executive and Independent Director |
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Name : |
Dr. Ram K. Mangal |
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Designation : |
Non-Executive and Independent Director |
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Name : |
Prof. Venkateshwaran H. Iyer |
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Designation : |
Non-Executive and Independent Director |
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Name : |
Mr. Vasudeva V. Kamath |
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Designation : |
Non-Executive and Independent Director |
KEY EXECUTIVES
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CORE EXECUTIVE
COMMITTEE |
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Name : |
Mr. Atul Hemani, |
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Designation : |
MD and Chief Executive Officer – Founder |
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Name : |
Mr. Avinash Pitale, |
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Designation : |
Joint MD – Co-founder |
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Name : |
Mr. Devarshi Buch, |
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Designation : |
Executive Director – Promoter |
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Name : |
Mr. Anurag Shah, |
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Designation : |
Chief Operating Officer and Head of Global Operations |
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Name : |
Mr. Ajay Kotkar, |
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Designation : |
Chief Executive Officer, |
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Name : |
Mr. Ed Trautig, |
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Designation : |
Chief Executive Officer, |
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Name : |
Mr. Nikul Shah, |
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Designation : |
President, Global HR and Corporate Services |
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Name : |
Mr. Ravi Khurana, |
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Designation : |
VP-Finance and Accounts |
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Name : |
Mr. Aniruddha Modak, |
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Designation : |
VP-National Sales |
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LEADERSHIP TEAM |
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Name : |
Mr. Dhansing Thakur |
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Designation : |
Vice President (Commercial) |
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Name : |
Mr. Francis D'souza |
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Designation : |
Vice President and Practice Head (Managed Services) |
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Name : |
Mr. Gaurav Sharma |
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Designation : |
Company Secretary and Chief Officer (Compliance and Legal) |
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Name : |
Mr. Nitin Purohit |
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Designation : |
Vice President and Practice Head (Application Services) |
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Name : |
Mr. Prakash Seernani |
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Designation : |
Practice Lead (BFSI) |
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Name : |
Mr. Amit Abhyankar |
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Designation : |
Associate Vice President and Practice Lead (BCP) |
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Name : |
Mr. Amit Dilip Patil |
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Designation : |
Associate Vice President and Zonal Head (Sales) |
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Name : |
Mr. Ayan Mitra |
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Designation : |
Associate Vice President (Marketing) |
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Name : |
Mr. Aruna Kapadia |
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Designation : |
Practice Lead (QAT) |
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Name : |
Mr. Mihir Mohanty |
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Designation : |
Associate Vice President (Presales) |
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Name : |
Mr. Kosal Sharaff |
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Designation : |
Zonal Head (Sales) |
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Name : |
Mr. Irfan Sheikh |
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Designation : |
General Manager (Admin and Facility Management) |
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Name : |
Mr. Nilesh J. Thakkr |
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Designation : |
General Manager (Operations) |
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Name : |
Mr. Rajish Rajan |
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Designation : |
Practice Lead (EAI) |
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Name : |
Mr. Anil Singh |
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Designation : |
National Delivery Manager (CRM and Transition) |
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Name : |
Mr. Machhindranath S. Tapare |
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Designation : |
Senior Presales Consultant |
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Name : |
Mr. Rajesh Bhosle |
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Designation : |
National Delivery Manager (Operations) |
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Name : |
Mr. Dinesh Anant Rane |
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Designation : |
Senior Manager (Accounts) |
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Name : |
Mr. Farzana Adenwalla |
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Designation : |
Senior Manager (HR) |
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Name : |
Mr. Akanksha Misra |
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Designation : |
Manager (LandD) |
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Name : |
Mahalakshmi Chowdhary |
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Designation : |
Manager (HR) |
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Name : |
Mr. Mahendra Bhande |
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Designation : |
Manager (Strategy and MIS) |
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Name : |
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Designation : |
Manager (Quality Assurance) |
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Name : |
Susha Kollare |
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Designation : |
Manager (OES) |
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Name : |
Mr. Yugal Hemani |
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Designation : |
Manager (IT) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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6089705 |
41.36 |
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1811060 |
12.30 |
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7900765 |
53.66 |
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Total shareholding of Promoter and Promoter Group (A) |
7900765 |
53.66 |
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(B) Public Shareholding |
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|
1147032 |
7.79 |
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1147032 |
7.79 |
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1141140 |
7.75 |
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1823077 |
12.38 |
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1772701 |
12.04 |
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939941 |
6.38 |
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|
81688 |
0.55 |
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|
682209 |
4.63 |
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150000 |
1.02 |
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|
26044 |
0.18 |
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|
5676859 |
38.55 |
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Total Public shareholding (B) |
6823891 |
46.34 |
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Total (A)+(B) |
14724656 |
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) |
14724656 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
Atul Maganlal Hemani |
17,48,261 |
11.87 |
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Shubhangi Avinash Pitale |
13,52,338 |
9.18 |
|
Wintel Computers Private Limited |
13,11,060 |
8.90 |
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Avinash C Pitale |
13,08,201 |
8.88 |
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Amisha Atul Hemani |
9,45,764 |
6.42 |
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Omnitech Technologies Ltd |
5,00,000 |
3.40 |
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Devarshi Dushyant Buch |
3,55,000 |
2.41 |
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Avinash Pitale HUF |
76,313 |
0.52 |
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Nirav Atul Hemani |
76,313 |
0.52 |
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Nitish Avinash Pitale |
41,313 |
0.28 |
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Sheetal Avinash Pitale |
76,313 |
0.52 |
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Vidhi Atul Hemani |
76,313 |
0.52 |
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Atul Maganlal Hamani HUF |
19,313 |
0.13 |
|
Vanita Maganlal Hemani |
10,263 |
0.07 |
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Maganlal Kanverji Hemani |
2,000 |
0.01 |
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Bharat Maganlal Hemani |
1,000 |
0.01 |
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Yugal Bharat Hemani |
1,000 |
0.01 |
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Total |
79,00,765 |
53.66 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
United India Insurance Company Limited |
644032 |
4.37 |
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Axis Bank Limited |
500000 |
3.40 |
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Parag K Shah |
302000 |
2.05 |
|
Winstar E-Com Private Limited |
300000 |
2.04 |
|
ANS Private Limited |
215860 |
1.47 |
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Basher Almutawa |
228000 |
1.55 |
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Niral Narendra Patel |
224999 |
1.53 |
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Manan Parag Shah |
236000 |
1.60 |
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Atul M Hemani |
150000 |
1.02 |
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Total |
2800891 |
19.02 |
Details of Locked-in shares
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Anurag Nikil Shah |
24,883 |
0.17 |
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Anurag Nikil Shah |
2,200 |
0.01 |
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Atul Mangalal Hamani |
1,65,000 |
1.12 |
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Avinash C Pitale |
1,65,000 |
1.12 |
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Devarshi Dushyant Bush |
3,55,000 |
2.41 |
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Nitin Abhaykumar Purohit |
300 |
0.00 |
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Omnitech Technologies Limited |
5,00,000 |
3.40 |
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Venkateshwaran Hariharan Iyer |
2,200 |
0.01 |
|
Wintel Computers Private Limited |
5,44,210 |
3.70 |
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Total |
17,58,793 |
11.94 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Solutions and Value
Added Services. |
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GENERAL INFORMATION
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No. of Employees : |
1306 (Approximately) |
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Bankers : |
·
ICICI Bank ·
HDFC Bank ·
Axis Bank ·
IDBI Bank |
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Facilities : |
SHORT TERM
BORROWING Note: The following figures shown in above schedule represents the trade
creditors to whom the LC from various bank has been provided
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Shah Jadavji and Company Chartered Accountant |
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Subsidiaries : |
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Enterprises owned
or significantly influenced by Key Management Personnel or their relatives : : |
·
Omnitech
Technologies Limited ·
Wintel
Computers Private Limited ·
Atul Hemani
HUF ·
Avinash
Pitale HUF ·
Omnitech
Employees' Welfare Trust |
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Step-down subsidiaries: |
·
Omnitech
Services Limited, ·
Avensus
Nederland B.V, ·
Omnitech Services
Japan Company Limited, ·
Omnitech ( |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14724656 |
Equity Shares |
Rs.10/- each |
Rs.147.247
Millions |
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Reconciliation of the number of shares outstanding at the beginning and
at the end of the reporting period
|
Particular |
As on 31.03.2012 |
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|
Names of Shareholders |
No. of Shares
held |
Amount |
|
Equity Shares outstanding at the beginning of the year |
13860493 |
138.605 |
|
Shares Issued during the year |
864163 |
8.642 |
|
Shares bought back during the year |
0.000 |
0.000 |
|
Equity Shares outstanding at the end of the year |
14724656 |
147.247 |
Shares in the company held by each shareholder holding more than 5
percent shares
|
Particular |
As on 31.03.2012 |
|
|
Names of Shareholders |
No. of Shares
held |
% of shares held
|
|
Atul Maganlal Hemani |
1748261 |
11.87 |
|
Shubhangi Avinash Pitale |
1352338 |
9.18 |
|
Wintel Computers Private Limited |
1311060 |
8.90 |
|
Amisha Atul Hemani |
945764 |
6.42 |
|
Avinash C. Pitale |
1308201 |
8.88 |
Rights, preferences and restrictions attached to shares
The Company has only one class of shares i.e. equity shares having par
value of `10 each. Each Shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the approval of
Shareholders in the ensuing Annual
General Meeting of the Company, except in case of Interim Dividend.
In the event of Liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company after distribution of all the preferential amounts, in proportion to
their shareholding
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 |
147.247 |
138.605 |
138.585 |
|
|
2] Share Application Money |
0.204 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2642.954 |
2043.347 |
1572.008 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Money received against share warrants |
0.000 |
26.357 |
26.602 |
|
|
NETWORTH |
2790.405 |
2208.309 |
1737.195 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1130.831 |
643.900 |
439.152 |
|
|
2] Unsecured Loans |
169.296 |
17.380 |
0.000 |
|
|
TOTAL BORROWING |
1300.127 |
661.280 |
439.152 |
|
|
DEFERRED TAX LIABILITIES |
264.924 |
168.606 |
90.235 |
|
|
|
|
|
|
|
|
TOTAL |
4355.456 |
3038.195 |
2266.582 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2367.206 |
1597.833 |
1225.021 |
|
|
Capital work-in-progress |
405.140 |
186.695 |
138.597 |
|
|
|
|
|
|
|
|
INVESTMENT |
91.358 |
45.581 |
25.853 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
511.470
|
425.991 |
287.114
|
|
|
Sundry Debtors |
1044.115
|
644.314 |
0.000
|
|
|
Cash & Bank Balances |
33.415
|
56.069 |
38.613
|
|
|
Other Current Assets |
89.595
|
123.100 |
513.919
|
|
|
Loans & Advances |
268.781
|
412.928 |
355.258
|
|
Total
Current Assets |
1947.376
|
1662.402 |
1194.904 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
120.839
|
260.404 |
70.522 |
|
|
Other Current Liabilities |
77.102
|
47.050 |
16.130
|
|
|
Provisions |
257.683
|
146.862 |
231.141
|
|
Total
Current Liabilities |
455.624
|
454.316 |
317.793 |
|
|
Net Current Assets |
1491.752
|
1208.086 |
877.111 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4355.456 |
3038.195 |
2266.582 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4209.379 |
3162.512 |
2164.966 |
|
|
|
Other Income |
9.790 |
7.634 |
10.530 |
|
|
|
(Loss) / Profit on |
0.000 |
0.000 |
2.049 |
|
|
|
TOTAL (A) |
4219.169 |
3170.146 |
2177.545 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
2343.329 |
1823.925 |
|
|
|
|
Employee benefits expense |
358.939 |
251.534 |
|
|
|
|
Other expenses |
247.427 |
185.624 |
|
|
|
|
Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
(85.479) |
(138.878) |
|
|
|
|
TOTAL (B) |
2864.216 |
2122.205 |
1471.832 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1354.953 |
1047.941 |
705.713 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
143.119 |
59.724 |
46.245 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1211.834 |
988.217 |
659.468 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
374.615 |
244.948 |
156.589 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
837.219 |
743.269 |
502.879 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
287.000 |
228.517 |
108.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
550.219 |
514.752 |
393.895 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1482.898 |
1064.547 |
715.061 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.022 |
52.762 |
20.089 |
|
|
|
Dividend |
41.229 |
37.423 |
20.788 |
|
|
|
Tax on Dividend |
6.690 |
6.216 |
3.533 |
|
|
BALANCE CARRIED
TO THE B/S |
1930.176 |
1482.898 |
1064.546 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (F.O.B Basis) |
80.746 |
665.894 |
467.105 |
|
|
|
Commission Received |
0.000 |
0.110 |
0.687 |
|
|
TOTAL EARNINGS |
80.746 |
666.004 |
467.792 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.78 |
34.45 |
27.89 |
|
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1045.500 |
1100.210 |
|
Total Expenditure |
|
747.900 |
767.820 |
|
PBIDT (Excl OI) |
|
297.600 |
332.390 |
|
Other Income |
|
5.390 |
2.930 |
|
Operating Profit |
|
302.990 |
335.320 |
|
Interest |
|
50.090 |
58.850 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
252.900 |
276.470 |
|
Depreciation |
|
124.620 |
134.580 |
|
Profit Before Tax |
|
128.280 |
141.890 |
|
Tax |
|
52.390 |
70.100 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
75.890 |
71.790 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
75.890 |
71.790 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
13.04 |
16.23 |
18.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.89 |
23.47 |
23.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.40 |
22.80 |
20.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.34 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63 |
0.51 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.27 |
3.66 |
3.76 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
SUNDRY CREDITORS
DETAILS:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry Creditors |
120.839
|
260.404 |
70.522 |
|
|
|
|
|
|
Total |
120.839
|
260.404 |
70.522 |
OPERATIONAL OVERVIEW
In 24 years of
their active participation, they have witnessed several phases in the evolution
of Information Technology, in
Having achieved a
significant spread, scale and maturity, they are fast emerging as IT
transformational partner for mid market customers in emerging markets.
Increasingly, their customers are engaging us at strategic levels.
Increasingly, they are getting turnkey projects and long-term projects thereby
securing better visibility. Their agility and flexibility will enable us to
make their customers agile and hence help them achieve growth and efficiency at
lower operational costs for their competitive business advantage
Customer Centric
Approach: Omnitech has positioned itself as a Transformational Partner with an
outside in approach, where they act as IT partners to their clients and provide
them with services and solutions that their business demands, help them reduce
their cost of operations, and provide them with scalability and efficiency in
their operations. Their customer centric approach enabled us to acquire 137 new
customers and also retain most of their existing customers
Cloud based offerings:
Cloud
as a technology is not new. What's new is cloud as a business model, as an
operational model. They have seen this trend ahead of time and prepared
ourselves. At Omnitech, they have already been providing IaaS (Infrastructure
as a Service) through their DR/BCP practice and SaaS (Software as a Service)
through their PMS practice. Their two DR centers at Navi Mumbai and
Remote Infrastructure Management Services (RIMS):
They started
offering RIMS to their customers as early as in 2008, with a Network Operating
Center (NOC) manned by 5 people. The success of their RIMS offerings had led to
a 120 seat NOC, now operating from their DR centers at Navi Mumbai and
Industry Vertical
Focus: While BFSI continues to remain the major focus vertical for us, they
have widened their industry vertical focus to include education, retail,
healthcare and pharmaceuticals as new focus areas. Going by their initial
results and the future projection for these three verticals, they expect them
to contribute close to30%of their revenues by FY14.
Expanding Sales Network: Another major initiative undertaken during
the year was to strengthen their sales network across key metros and cities in
PERFORMANCE OVERVIEW
At Omnitech, they
continued to grow ahead of their economy and industry once again. Their
strategy of seeking sustainable growth based on the four pillars – People,
Process, Infrastructure and Tools and Technology – is working well for us.
Their approach to business continues to be driven by Innovation, Operational
Excellence and Customer Delight. Innovation, expansion, alliances and MandA
continue to be the key constituents of their business strategy.
Key points of
their financial performance in the fiscal year 2011-12 are as follows:
·
Their total operating income grew by 46% percent to
reach 5037.900 Millions in FY12 from 3463.400 Millions in FY11
·
Their EBIDTA grew by 20% percent to reach 1287.500
Millions in FY12 from 1071.200 Millions in the
previous year
·
Their Profit after Tax declined by 13% percent to
459.200 Millions from 517.700 Millions in the previous year
They have
consciously been reducing their dependence on top 10 customers. Revenue
contribution from top 10 customers came down to 44% in FY12 from 45% in the
previous year. They have also been geographically diversifying their revenue
base in order to reduce their dependence on a particular geographic market.
FUTUREOUTLOOK
At Omnitech, their
business strategy is modeled to achieve sustained growth. Accordingly, they have
been continuously strengthening their growth engines organically as well as
inorganically. The slew of alliances and acquisitions that they have made are
at various stages of maturing. The scaling up of their IT and talent
infrastructure together with their increasing product offerings and customer
base augur well for future. Courtesy its competitive strengths, managed services would be the key growth driver for
us, at Omnitech. Asia Pacific appears to be the majo rcontributor to the
revenue as well as growth of the company. Their Cloud based service offerings
are expected to further improve their margins and growth. They are slated for
significant organic growth in all their geographies. Clubbing the cross selling
opportunities of unique strengths/services of their allies and those of
acquired companies shall further augment their growth prospects. They are also
exploring inorganic growth opportunities in
REVIEW OF PERFORMANCE
a. Operating
Results
The Company
continued to achieve strong and desired growth in the financial year 2011-12
into international as well as domestic markets. In the current slowdown where
companies were looking at reducing costs, the Company offered its customers a
solution that can help them to reduce the costs substantially and this has
helped the Company to post a healthy growth rate inspite of the current
economic downturn. It has also helped the Company to renew most of the
contracts with existing customers.
During the Year,
the Company achieved Income from Operations amounting to Rs.4209.379 Millions
as compared to Rs.3162.512 Millions in the previous year thereby recording an
increase of 33.10%. The Net Profit after tax (PAT) for the year was Rs.550.219
Millions as compared to Rs.514.752 Millions in the previous year, thereby an
increase of 6.89%.
b. Finance Cost
The Finance Cost
has increased by Rs 83.395 Millions as compared to the previous year, which is
mainly due to raising of additional working capital facility for covering up
the increase in Gross Sales.
SUBSIDIARY
COMPANIES
The Company has
the following 4 subsidiaries as on 31st March, 2012.
1. Omnitech
Technologies Inc.
2. Europe Omnitech
Technology Services B.V.,
3. Omnitech
Services Pte. Limited,
4. Omnitech (
The Company has
the following 4 step down subsidiaries as on 31st March, 2012.
1. Avensus
Nederland B.V *
2. Omnitech
Services Limited **
3. Omnitech (
4. Omnitech Services Japan Compnay Limited ****
* Europe Omnitech
Technology Services B.V.,
**Omnitech
Services Pte. Limited,
***During the Year
ended 31st March, 2012, Europe Omnitech Technology Services B.V.,
****Another
subsidiary, Omnitech Services Pte. Limited,
The operations of
Avensus Netherland B.V. have impacted adversely due to slow down in Europe
Economical condition and Due to adverse impact, the financial results of
Avensus are in negative.
Further, during
the year, Omnitech Services Pte. Limited (OSPL) has expanded its operations
further in other countries of
AWARDS and
RECOGNITIONS
During the year,
the Company was recognized and awarded with the following:
Global:
1. Forbes Asia
Best under a Billion Company Awards by Forbes
2. Deloitte
Technology Fast 500
3. Global Services
100 award by Global Services.
Domestic:
4. Top 5 DR BCP
Brands in
5. Deloitte
Technology Fast 50
6. DQ Top 20
Awards by Dataquest.
7. ‘HR Leadership
Award' at the 6th Employer Branding Awards by Employer.
Branding
8. BCI Continuity
and Resilience Awards, 2011 in the category of Specialist Business Continuity /
Recovery Company by
9. The Third
Annual Inc.
10. Channel World
Premier 100 by Channel World.
11. Partner
Leadership Award for ‘Best Solution Provider – IT Infrastructure' by ITPV.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMICOVERVIEW
During the year
2011 the recovery lost its momentum and the global economic growth tapered off
significantly.
Primarily led by
sharp slowdown in the developed economies, the global output in 2011 grew at a
much lower rate of 3.9% against 5.3% in 2010 and against the initial
expectations of 4.4%. While the developed economies slowed
considerably to
1.6% from 3.2% in 2010, the emerging and developing economies also failed to
meet the expectations and grew at a lower rate of 6.2% against 7.5% in 2010.
Going forward, due to continued contraction in peripheral European countries
and further slowdown in most emerging countries, the global economy is expected
to slow even further in 2012 to 3.5%
On the positive
side, unlike 2008 downturn, when the most companies were caught off-guard by
the sudden slowdown in the economic activity, this time they are relatively
better prepared and more nimble footed. Several measures undertaken post
financial crisis have helped them to reshape their business model and to adapt
to the new market conditions. Also, while the 2008 crisis was triggered due to
highly leveraged balance sheet of financial institutions and companies the
current slowdown is mainly driven by the increase in leverage of the
government. The business sentiments across most markets are relatively better
as the companies have been performing well and have improved their balance
sheets. While due to economic and political uncertainties, the decision making
is slow, there has not been across the board cut in IT budgets.
The financial year
2011-12 was also one of the toughest for Indian economy, with the Indian output
growth slowing to the nine year low rate of 6.5% against 8.4% in the financial
year 2010-11. Due to the combination of rapidly slowing growth, uncertain
demand outlook, high inflation, tight monetary policy and slowdown in overall
decision making, there was a considerable slowdown in the investments during
the financial year which in-turn had an impact on the demand for IT products and
services.
INDUSTRYOVERVIEW
Global Market
Despite global
economic slowdown, IT and IT-ITES industry continued to grow albeit at a lower
rate. Globally, companies are increasingly adopting disruptive technologies
like cloud, mobility, social and big data/analytics to stay agile and reduce
their cycle time. While reducing upfront cost companies want to stay future
ready and act fast as and when opportunities arise and more customers demand
opens up.
During the year,
the IT-ITES sector grew by 5.4% to over SD 1.7 trillion. Global sourcing grew
even faster, by impressive 12% due to stronger growth from the EMEA region and
industry's shift towards smaller contract deals. Of the USD 1.7 trillion,
IT-ITES accounted for the 63% or USD 1 trillion, while the remaining USD 645
billion was IT-hardware spend,
Domestic Market
Domestic IT-ITES
consumers include government, large enterprises, micro, small and medium
enterprises and household consumers. Domestic ex-hardware IT-ITES market grew
by 17 per cent to 918 billion in FY2012. The sector is supported by several
supporting factors like increasing adoption of IT-ITES, globalization, rapid
advancement in technology infrastructure. Even in the domestic market, IT
services grew the fastest by 18 per cent to 589 billion.
Indian IT industry
During the year,
the Indian IT-ITES industry not just successfully weathered the strong global
headwinds but also crossed an important milestone. The Indian IT-ITES revenues crossed an USD 100 billion. Within the
global sourcing industry,
The IT software
and services contribution to export revenue grew by impressive 16.3% and
reached USD 69 billion, almost a quarter of the overall Indian exports. This
growth was led by IT services which grew by 19% to USD 40 billion and accounted
for 58%, while the BPO segment grew by 12% to USD 16 billion or 23% during the
financial year. The ERandD, OSPD and software products segments grew by nearly 14
per cent and contributed USD 13 billion to export revenues or the remaining
19%. Within software and services
exports, IT services accounted for 58%, BPO was nearly 23% and
Engineering R and D and software products accounted for the remaining 19% to IT
software and services export revenue
Infrastructure management
Globally, IMS
industry currently accounts for little less than a quarter of the overall IT
spends. The industry is shifting towards a remote delivery model (RIMS or IS
outsourcing) as services are increasingly delivered by vendors from low-cost
locations. Unlike the ADM market, the IS outsourcing is largely an untapped
market. Backed by number of support factors like improvement in infrastructure,
availability of low-cost and high speed bandwidth, development of modern remote
management tools, significant cost saving along with quality mprovement and prompt resolution are driving
growth of this segment. Other factors like modern governance tools that reduce
costs, and create unprecedented transparency and improvement in security
solutions are also aiding in the growth of this segment
IS outsourcing is
one of the fastest growing segment and accounts for nearly 26 per cent of
incremental IT exports growth. In FY12 IS outsourcing was USD 7 billion, more
than double the amount of USD 3 billion in 2008. During the same period its
share in IT services segment increased from 15 percent to 17 percent
highlighting its much faster growth rate. As per Nasscom estimates, the
addressable market for RIM is at USD96 billion to USD104 billion and excludes
the infrastructure management spend by segments that are not serviceable. RIMS
being a non-linear model help companies to scale up capacities at much lower
cost.
Cloud Computing
Cloud computing
allows organizations to directly plug and play into environment of their choice
by opting for ready-made IT environment. Cloud computing can be public, private
or hybrid and include several layers of cloud services like business services,
information services, application services that can be offered as an individual
service component like software as a service (SaaS), application infrastructure
services—platform as a service (PaaS), system infrastructure services
—infrastructure as a service (IaaS) and Business Processas- a-Service (BPaaS).
This helps organizations to save on upfront payments, reduce their balance
sheet size and increase their return on investments. This also keeps them agile
and flexible to address economic volatility, tap emerging technologies and meet
changing consumer demand. The cloud boosts infrastructure utilizations as its
access is 'always on, always available' resources, that can be scaled up or
down based on the requirements.
In
Future Outlook
The Industry, on
back of increasing penetration of emerging technology is going through paradigm
shift and is increasingly investing in domain solutions and technology
platforms that will drive its future growth. The role of IT Services is no more
limited to adding cost efficiencies but is gradually moving to front end as a
revenue Contributor and increasing
business value
While the global
technology spending is expected to maintain its current momentum of near 5 per
cent over the next 2-3 years, the global outsourcing market is expected to grow
much faster at 8 per cent over the same period. The global IT services is
expected to grow by 4.3 per cent in 2012, and 4.7 per cent in 2013. The Indian
IT-ITES service industry is expected to grow by 12-15 per cent and its revenues
are expected to crossUSD100 billion
The penetration of
IT in
The IS
outsourcing, aided by disruptive technologies like virtualisation and cloud is
expected to grow the fastest in IT services. Over the next three years, Indian
IS market outsourcing market is expected to grow at CAGR of 19 percent and
expected to reach USD 11-11.5 billion in the financial years 2015.
CONTINGENT
LIABILITY NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions )
|
Particular |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Claims against the company not
acknowledged as debt |
0.000 |
0.000 |
|
Corporate Guarantees, Bank
Guarantees and other money for which the company is contingently liable |
261.678 |
86.598 |
FIXED ASSETS
- Business Acquisition
- Land at MIDC
- Land at Pune
- Software
- Computer Systems
- Furniture and Fixture
- Office Equipments
- Car
- Capital Expenditure
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 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.54.20 |
|
|
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.