MIRA INFORM REPORT
|
Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
CORE EDUCATION AND TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 1-4, Building No.4, Sector III, Millennium Business Park, Mahape,
Navi Mumbai – 400710, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.04.1985 |
|
|
|
|
Com. Reg. No.: |
11- 035915 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 224.945 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1985PLC035915 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10062D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA6016F |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
The Company provides software development and related IT
and Infrastructure services. |
|
|
|
|
No. of Employees
: |
Information denied by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 50440000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
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|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dea;lings at
usual trade terms and conditions.
|
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 (Long term fund based facilities) |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation it carry low credit risk |
|
Date |
December, 2012 |
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 BY
|
Name : |
Mr, Ranjit Rajan |
|
Designation : |
Accountant |
|
Date : |
12.12.2012 |
LOCATIONS
|
Registered Office : |
Unit No. 1-4, Building No.4, Sector III, Millennium Business Park,
Mahape, Navi Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-39914800 |
|
Fax No.: |
91-22-39914880 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Lotus Business Park, 10th Floor, Dalia Industrial Estate, Off Andheri
Link Road, Andheri (West), Mumbai-400053, Maharashtra, India |
|
Tel. No.: |
91-22-33066800 |
|
Fax No.: |
91-22-33066800 |
|
|
|
|
Global Delivery Centre 1 : |
Unit No. 403, 4th Floor, Multistoried Building, SEEPZ – SEZ, Andheri
(East), Mumbai – 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-33066700 |
|
Fax No.: |
91-22-33066770 |
|
|
|
|
Global Delivery Centre 2 : |
Unit No. 1-8, Building
No. 4, Sector III, Millennium Business Park, Mahape, Navi Mumbai-400710,
Maharashtra, India |
|
Tel. No.: |
91-22-39914800 |
|
Fax No.: |
91-22-33066770 |
|
|
|
|
Global Delivery Centre 3 : |
Block – 1, 2nd Floor, DLF Assets Private Limited, IT/ITES Special
Economic Zone, Plot No.129 to 132, Gachibowli, Hyderabad – 500032, Andhra
Pradesh, India |
|
|
|
|
Branch Office in India : |
Located at
|
|
|
|
|
Overseas Offices : |
Offices in USA
Offices in UK London
U.A.E. Singapore Hong Kong |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr, Ranjit Rajan |
|
Designation : |
Accountant |
|
|
|
|
Name : |
Mr. Sanjeev Mansotra |
|
Designation : |
Chairman |
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|
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|
Name : |
Dr. Prof. Arun Nigavekar |
|
Designation : |
Executive Director |
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|
Name : |
Ms. Maya Sinha |
|
Designation : |
Executive Director |
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|
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|
Name : |
Mr. Nikhil Morsawala |
|
Designation : |
Director - Finance |
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|
|
|
Name : |
Mr. Naresh Sharma |
|
Designation : |
Whole time Director |
|
|
|
|
Name : |
Mr. Awinash Arondekar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sunder Shyam Dua |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. M. N. Nambiar |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. K. C. Ganjwal* |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Harihar Iyer |
|
Designation : |
Non Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh Umashankar |
|
Designation : |
Company Secretary |
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|
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Corporate : |
|
|
|
|
|
Name : |
Mr. Anshul Sonak |
|
Designation : |
President |
|
|
|
|
Name : |
Ms. Sucheta Phadke |
|
Designation : |
Sr. VP - Content and New Initiatives |
|
|
|
|
Corporate
Secretarial : |
|
|
|
|
|
Name : |
Mr. Ganesh Umashankar |
|
Designation : |
Company Secretary |
|
|
|
|
Technology : |
|
|
|
|
|
Name : |
Mr. Mukund Sathe |
|
Designation : |
VP - Technology |
|
|
|
|
Marketing and
Corporate Communication : |
|
|
|
|
|
Name : |
Ms. Rupamala Singh |
|
Designation : |
Sr. Vice President |
|
|
|
|
Higher Education
: |
|
|
|
|
|
Name : |
Dr. NM Kondap |
|
Designation : |
President |
|
|
|
|
Vocational
Education : |
|
|
|
|
|
Name : |
Mr. Deepak Mehrotra |
|
Designation : |
Sr. VP – Business Development |
|
|
|
|
Name : |
Mr. Rajeev Pandey |
|
Designation : |
VP - Govt. Vocational Education |
|
|
|
|
School
Management : |
|
|
|
|
|
Name : |
Dr. D.P.N. Prasad |
|
Designation : |
Expert Consultant |
|
|
|
|
Procurement |
|
|
|
|
|
Name : |
Mr. Sameer Maheshwari |
|
Designation : |
AVP - Procurement |
|
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|
Human Resource
and Administration : |
|
|
|
|
|
Name : |
Loly Vadassery |
|
Designation : |
VP - Human Resources |
|
|
|
|
Adminstration |
|
|
|
|
|
Name : |
Mr. Sandesh Pednekar |
|
Designation : |
Sr. Manager |
|
|
|
|
Finance and
Accounts : |
|
|
|
|
|
Name : |
Mr. Nikhil Pandya |
|
Designation : |
Head - Treasury and Banking |
|
|
|
|
Name : |
Mr. Anandkumar Sanganeria |
|
Designation : |
EVP - Finance |
|
|
|
|
Name : |
Mr. Francis Vidhayathil |
|
Designation : |
VP - Finance |
|
|
|
|
Name : |
Mr. Sanjay Chandoskar |
|
Designation : |
AVP - Finance |
|
|
|
|
Name : |
Mr. Shubhanan Ajgaonkar |
|
Designation : |
AVP - Accounts and Project Costing |
|
|
|
|
Name : |
Mr. Kedar Deodhar |
|
Designation : |
Sr. Manager – Corporate Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
53134360 |
46.51 |
|
|
53134360 |
46.51 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
53134360 |
46.51 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
120515 |
0.11 |
|
|
3604269 |
3.15 |
|
|
14086033 |
12.33 |
|
|
17810817 |
15.59 |
|
|
|
|
|
|
28417669 |
24.87 |
|
|
|
|
|
|
1561486 |
1.37 |
|
|
7083857 |
6.20 |
|
|
6241829 |
5.46 |
|
|
2076383 |
1.82 |
|
|
361831 |
0.32 |
|
|
465339 |
0.41 |
|
|
34264 |
0.03 |
|
|
22494 |
0.02 |
|
|
3281518 |
2.87 |
|
|
43304841 |
37.90 |
|
Total Public
shareholding (B) |
61115658 |
53.49 |
|
Total (A)+(B) |
114250018 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
114250018 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name
of the Shareholder |
No.
of Shares held |
As
a % of grand total (A)+(B)+(C) |
|
1 |
Wisdom Global Enterprises Limited |
3,48,34,360 |
30.49 |
|
2 |
Core Infrapower Limited |
1,83,00,000 |
16.02 |
|
|
Total |
5,31,34,360 |
46.51 |
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
|
Sl.
No. |
Name
of the Shareholder |
No.
of Shares held |
Shares
as % of Total No. of Shares |
|
1 |
Cresta Fund Limited |
4323566 |
3.78 |
|
2 |
Airspace Infrastructure Private Limited |
4208297 |
3.68 |
|
3 |
Smarniya Properties Private Limited |
3050134 |
2.67 |
|
4 |
ELM Park Fund Limited |
2768583 |
2.42 |
|
5 |
Vina Viren Ahuja |
2762060 |
2.42 |
|
6 |
Citigroup Global Markets Mauritius Private
Limited |
2463190 |
2.16 |
|
7 |
Bermaco Energy Systems Limited |
2209940 |
1.93 |
|
8 |
Ipro Funds Limited |
1884376 |
1.65 |
|
9 |
Asia Investment Corporation (Mauritius) |
1875000 |
1.64 |
|
10 |
United India Insurance Company Limited |
1671583 |
1.46 |
|
11 |
LKP Finance Limited |
1538677 |
1.35 |
|
12 |
Albula Investment Fund Limited |
1489068 |
1.30 |
|
13 |
Life Insurance Corporation of India |
1247601 |
1.09 |
|
|
Total |
31492075 |
27.56 |
Details of Locked-in Shares
|
Sl.
No. |
Name
of the Shareholder |
No.
of Shares held |
|
1 |
Core Infrapower Limited |
1,00,00,000 |
|
|
Total |
1,00,00,000 |
BUSINESS DETAILS
|
Line of Business : |
The Company provides software development and related IT and Infrastructure services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management. |
||||||||||||||||||||||||||||||||||||||||||
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Bankers/
Financial Institutions: |
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||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory
Auditors : |
|
|
|
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715,
Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
|
|
|
Name : |
Asit Mehta and Associates Chartered Accountants |
|
Address : |
501-4, Midas
Chambers, Near Fun Republic Multiplex, off Andheri Link Road, Andheri (West),
Mumbai – 400053, Maharashtra, India |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Promoter / Promoter
Group Companies : |
|
|
|
|
|
Enterprises over which Key Managerial Personnel
having significant influence: |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs. 2/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
112472341 |
Equity Shares |
Rs. 2/- each |
Rs. 224.945 Millions |
|
|
|
|
|
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 |
224.945 |
218.291 |
197.192 |
|
|
2] Share Application Money |
0.000 |
0.000 |
240.500 |
|
|
3] Reserves and Surplus |
12386.763 |
9489.550 |
7101.380 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12611.708 |
9707.841 |
7539.072 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5235.681 |
3450.607 |
1769.575 |
|
|
2] Unsecured Loans |
5276.421 |
3989.109 |
1101.398 |
|
|
TOTAL BORROWING |
10512.102 |
7439.716 |
2870.973 |
|
|
DEFERRED TAX LIABILITIES |
211.984 |
63.818 |
42.652 |
|
|
|
|
|
|
|
|
TOTAL |
23335.794 |
17211.375 |
10452.697 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7259.138 |
2814.458 |
1194.127 |
|
|
Capital work-in-progress |
17.747 |
0.000 |
1719.745 |
|
|
Intangible assets under development |
472.786 |
457.464 |
-- |
|
|
|
|
|
|
|
|
INVESTMENT |
11584.066 |
9397.116 |
4880.384 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
54.494
|
404.239 |
296.400 |
|
|
Sundry Debtors |
3560.904
|
2454.771 |
1911.789 |
|
|
Cash and Bank Balances |
1342.644
|
1444.766 |
315.135 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans and Advances |
2725.145
|
1961.004 |
695.284 |
|
Total
Current Assets |
7683.187
|
6264.780 |
3218.608 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
438.876
|
522.550 |
147.103 |
|
|
Other Current Liabilities |
2613.820
|
879.940 |
73.905 |
|
|
Provisions |
628.434
|
319.953 |
339.159 |
|
Total
Current Liabilities |
3681.130
|
1722.443 |
560.167 |
|
|
Net Current Assets |
4002.057
|
4542.337 |
2658.441 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23335.794 |
17211.375 |
10452.697 |
|
PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8783.884 |
5155.922 |
4179.522 |
|
|
|
Other Income |
451.955 |
29.644 |
85.776 |
|
|
|
TOTAL (A) |
9235.839 |
5185.566 |
4265.298 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Cost |
4159.507 |
|
2540.370 |
|
|
|
Employee benefit expenses |
187.697 |
184.608 |
|
|
|
|
Other expenses |
508.943 |
393.497 |
|
|
|
|
Changes in inventories of work-in-progress |
349.748 |
(107.839) |
|
|
|
|
TOTAL (B) |
5205.895 |
3004.030 |
2540.370 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4029.944 |
2181.536 |
1724.928 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1253.276 |
576.857 |
307.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2776.668 |
1604.679 |
1417.259 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
423.551 |
84.366 |
55.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2353.117 |
1520.313 |
1361.647 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
472.435 |
283.301 |
243.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1880.682 |
1237.012 |
1118.429 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3157.163 |
2124.040 |
1195.980 |
|
|
|
|
|
|
|
|
|
Add/ (Less) |
EXCESS / (SHORT )
PROVISIONS FOR TAX FOR EARLIER YEARS |
-- |
-- |
(5.647) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
188.000 |
125.000 |
112.000 |
|
|
|
Debenture Redemption Reserve |
57.733 |
0.350 |
0.000 |
|
|
|
Proposed Divided on Equity
Shares |
67.494 |
65.487 |
62.158 |
|
|
|
Tax on Dividend |
10.948 |
13.052 |
10.564 |
|
|
BALANCE CARRIED
TO THE B/S |
4713.670 |
3157.163 |
2124.040 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Software calculated on |
2796.150 |
1777.056 |
1569.512 |
|
|
TOTAL EARNINGS |
2796.150 |
1777.056 |
1569.512 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.91 |
11.98 |
12.15 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2774.900 |
2858.660 |
|
Total Expenditure |
|
1647.840 |
1669.770 |
|
PBIDT (Excl OI) |
|
1127.060 |
1188.890 |
|
Other Income |
|
70.640 |
13.990 |
|
Operating Profit |
|
1197.700 |
1202.880 |
|
Interest |
|
312.410 |
338.870 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
885.290 |
864.010 |
|
Depreciation |
|
255.890 |
265.200 |
|
Profit Before Tax |
|
629.400 |
598.810 |
|
Tax |
|
180.080 |
157.760 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
449.320 |
441.050 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
449.320 |
441.050 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
20.36
|
23.85 |
26.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.79
|
29.49 |
32.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.75
|
16.74 |
30.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.16 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
0.94 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
3.64 |
5.75 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade Payable |
438.876
|
522.550 |
147.103 |
|
|
|
|
|
|
Total |
438.876
|
522.550 |
147.103 |
|
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 |
No |
|
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 |
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 |
Yes |
FINANCIAL OVERVIEW:
The financial year
2011 – 12 was a remarkable year with significant developments in India business
operations. On a consolidated basis, the Company achieved total operating
income of Rs.16378.570 Million registering a growth of 50% as compared to
Rs.10912.290 Million during the previous financial year. Similarly, Profit
Before Tax was Rs.4281.730 Million with a growth of 57% as compared to
Rs.2718.620 Million during the previous financial year. Profit After Tax was
Rs.3230.920 Million with a growth of 44% as compared to Rs.2250.110 Million
during the previous financial year.
India Business:
During the period,
India business became more prominent with additional orders for implementation
of Information and Communication Technology (ICT), Computer Aided Learning
(CAL) and Learning Management Systems (LMS) in addition to the existing
contracts under the flagship program of “Sarva Shiksha Abhiyaan”. This
programme involving various State Governments covers 2,622 schools in the State
of Haryana, 947 schools in Maharashtra, 1,920 schools in Punjab, 3,707 schools
across Gujarat and further schools across Meghalaya, Assam, West Bengal and
others. They currently cater to over 10,000 schools and have covered over 13.3
million children under their various projects in India and have helped the
industry in providing
employment to over
7,000 people. In a capacity building exercise the company in association with
the Central Board of Secondary Education (CBSE), New Delhi, trained about 1,028
teachers. In addition to this, the Company proposes to deploy its turnkey
examination management tool ‘EdMastery’ with required customization for CBSE.
CORE’s solution will help CBSE to automate the process of generation and
distribution of question papers across the 12,800 CBSE affiliated schools,
automate the web based online test- Performance Analysis Test (PAT) across
different countries and automate the centre-wise test by implementing client
server based system.
New Partners
Their association
with the University of Oxford for teacher capacity building took a new leap by
way of a pilot project along with Kerala State Governments’ State Council
Educational Research and Training (SCERT) for teacher training.
They partnered
with Texas Instruments, known for innovation in technology, to bring STEMpower’
an innovation in teaching, learning and assessment of math and science in the
classrooms. Through STEMpower, CORE has taken its first steps in building
relationships with private schools in India and has successfully bagged orders
from
renowned school
like Sanskriti in New Delhi.
Their partnership
with the East Valley Institute of Technology (EVIT), is developing a set of
blended curriculum courses that engage students both online and in real-world
apprenticeships that teach students the relationship between academic
preparation and career skills sought by employers.
They have also
partnered with ITE Singapore for vocation training activities.
Vocational Training
Vocational Training
is another important focus area for the Company, where they train the youth to
enhance employablility. There are significant developments under the Vocational
Training business with several contracts bagged and one of them being, the
contract from Karnataka State Electronic Development Corporation for imparting
training under SJSRY Step up Scheme to impart employment-linked trainings
approximately 12,500 beneficiaries, sponsored by Directorate of Municipal
Administration across Karnataka. Anather contract is from the Department of
Panchayati Raj, Uttar Pradesh, for the training of 11,200 Elected
Representatives and functionaries of Panchayati Raj Institutions in the State
on Public Private Partnership basis. And further training of over 7,200 students
under Employment Generation and Marketing Mission (EGMM), Andhra Pradesh, 1,500
students under Gujarat Knowledge Society - Grant for Girl Empowerment Training
Program on Adolescence Education and 4,800 students under Mission for
Elimination of Poverty in Muncipal Areas (MEPMA), Andhra Pradesh, a scheme
set-up for enabling employment to the urban poor candidates.
Further, the
Company has taken several initiatives on multi sector vocation model covering
various sectors with emplyoment potential in sectors like Hopitality, Retail,
Auto, Construction and Information Technology. Teacher Training The Company had
collaborated with the University of Oxford some time back based on which it has
been able to create teacher training content which is ready for commercial use
in India as well as across the globe. The Company will be ready for a launch on
this soon and expects to reap the benefits of this collaboration.
BOARD OF DIRECTORS
Mr. Sanjeev Mansotra
Chairman And Global
CEO
Sanjeev Mansotra, a first generation entrepreneur founded CORE Education and Technologies Ltd. (CORE) in 2003. CORE forayed into the international education space with the driving mission "To be the global leader in the education domain, providing best in class end to end solutions".
Mr. Mansotra’s ability to forge strategic alliances with key partners across the globe has led to the bringing in of prestigious global education organizations like the University of Oxford; Centre of Higher Learning, NASA; Texas Instruments; East Valley Institute of Technology, Arizona into India. His unique understanding and skill in working with Government bodies have seen CORE form credible long term associations with Governments of the USA, UK and India among many others. Mr. Mansotra's strategic vision has today resulted in CORE emerging as India's largest global education leader present across the entire continuum of education - K-12, Higher Education, Skill Development.
Mr. Mansotra is also the Chairman of the CORE Group which, apart from Education, consists of successful business entities across the globe in Wellness, Energy and International Business.
Ms. Maya Sinha
Executive Director
Ms. Sinha, aged 52, belongs to the 1981 batch of the Indian Revenue Service (IRS: IT). Of these, about 22 years were spent in the Income Tax Department at various levels, from Assistant Commissioner, to the Commissioner of Income Tax. Ms. Sinha has spent more than six years on deputation to the Government of India at the Joint Secretary level. She served as Deputy Chairperson, Jawaharlal Nehru Port Trust (JNPT), the country's No.1 Container Port. As member of the Board of Trustees, she has gained administrative and general managerial abilities, including people management and financial management. Ms. Sinha has also served as the Commissioner of the Khadi and Village Industries Commission (KVIC), an autonomous body under the Ministry of Micro, Small and Medium Enterprises.
Ms. Sinha holds a Masters' degree in Economics from the Delhi School of Economics. She has specialized in Econometrics, Public Finance and Monetary Economics and has an Honours degree in Economics from Lady Sri Ram College, Delhi University.
Prof. Arun Nigavekar
Executive Director
Dakshina Fellowship holder of Rajaram College in Kolhapur and a SIDA Fellowship awardee, Prof. Nigavekar, aged 69, is a renowned physicist and educationist with over 40 years in academics. He has contributed significantly to technology enhancement in the utility and quality of higher education and its internationalization - aptly therefore titled the father of the quality movement in higher education by the former President of India, Hon. Dr APJ Abdul Kalam.
Among the prominent positions that Prof. Nigavekar has held, are, Vice Chairman and Chairman of UGC, Member of the Scientific Advisory Committee to the Cabinet, and Vice Chancellor of University of Pune.
Prof. Nigavekar has held several other positions of authority at Government and non-Government institutions in India and abroad. He has also been awarded honorary doctorates by several renowned Indian universities.
Mr. Nikhil Morsawala
Director - Finance
Mr. Morsawala, aged 51, a Chartered Accountant and a Certified Public Accountant (USA) has over two decades of business management experience in the areas of mergers and acquisitions and setting up of service organizations. He is also well versed with global norms, policies and statutory compliances.
In his previous endeavors, Mr. Morsawala has worked with Taj Group of Hotels and HDFC Ltd. He is known to be extremely approachable, quick with problem solving, a great mentor and motivating team player.
He has won several honours notable being Phia Foundation Award - a UNESCO honour, Swami Vivekanand Award, Advocate D R Nagakar Award, Shiromani Award, Delhi Ratan Award.
Mr. Naresh Sharma
Whole-time Director
Mr. Sharma, aged 49, is a dynamic leader and a specialist in the Services and Hospitality segment with a career spread over two decades. An excellent people manager, he is extremely conscious and passionate of quality in customer services management.
Mr. Nikhil Morsawala
Director - Finance
Mr. Morsawala, aged 51, a Chartered Accountant and a Certified Public Accountant (USA) has over two decades of business management experience in the areas of mergers and acquisitions and setting up of service organizations. He is also well versed with global norms, policies and statutory compliances.
In his previous endeavors, Mr. Morsawala has worked with Taj Group of Hotels and HDFC Ltd. He is known to be extremely approachable, quick with problem solving, a great mentor and motivating team player.
Mr. Awinash Arondekar
Independent Director
Mr. Awinash Arondekar, aged 69, has served Bank of India, a leading Public Sector Bank, for nearly four decades. Rising from the ranks, he served the Bank in various capacities in India and abroad. Some of the prominent positions held by him were, (a) Manager, Tokyo Branch, (b) Zonal Manager, Mumbai South Zone, and (c) General Manager, in charge of Priority Sector Credit. He retired from the Bank's service at the end of the year 2000 and was immediately placed in a financially impaired industrial undertaking, as Monitor of working capital by the consortium of its banks, for over two years.
Mr. Arondekar has undergone training at various prestigious institutions like, the Bankers' Training College of RBI, Administrative Staff College, Hyderabad, and the Indian Institute of Management, Bangalore. He has also attended a short training course conducted by Intrados International Management Group in association with George Washington University and the World Bank at Washington DC.
Mr. S. S. Dua
Independent Director
Mr. Dua has over 40 years of experience which makes him a walking encyclopedia in the IT industry. In his varied professional career, Mr. Dua has traveled to all corners of the globe - to Europe, USSR, USA, Oman, Switzerland, Canada, Hong Kong and Singapore - acquiring and disseminating knowledge.
Mr. Dua has headed top rung companies such as NTPC, BSES and CEA. A BSC and Engg (Elect.). Mr. Dua also has the honour of being a fellow member of IIPE. His intellect and vision powers CORE's endeavors in every realm in the ever-changing environment of modern industry.
Mr. Hari Iyer
Non-Executive
Director
Mr. Iyer, aged 65, was a co-founder and chief executive of Enterprises Computing Services, Inc (ECS), an education company acquired by CORE Projects and Technologies. ECS, founded in 1993, was an Atlanta, Georgia-based education software products and services company specializing in state-wide compliance and administrative software solutions.
His past experience includes a 20-year engagement with ATandT/ Bell South as the regional director for the nine-state network and software applications development division. Mr. Iyer received his BS in Mechanical Engineering from R.E. College, Durgapur and ME in Mechanical Engineering from the University of Miami.
Mr. M. N. Nambiar
Independent Director
Mr. Nambiar, aged 71 belongs to the 1964 Batch of the Indian Revenue Service. He has held several assignments within and outside the Income- Tax Department. He was Director General of the National Academy of Direct Taxes - Nagpur and retired as Chief Commissioner of Income Tax, Andhra Pradesh, Hyderabad. He gained recognition for Best Performance in Revenue Collections 1993-1994, while serving as Commissioner of IT Karnataka Central Charge, which had exclusive jurisdiction over large group cases of suspected tax evasion.
Mr. Nambiar has attended various seminars and has completed a course for All India and Central Services Officers in "Organization Based Management" from Indian Institute of Management, Bangalore. He also participated and has attended various courses on Taxation held by the National Institute of Public Finance and Policy, New Delhi.
Mr. Nambiar is the Chairman of the, Remuneration/ Compensation Committee of the Board at CORE.
Mr. K.C. Ganjwal
Independent Director
(resigned
as Director w.e.f. 11 August 2012)
Mr. K. C. Ganjwal,
aged 69, B.A. LLB and a Post Graduate Diploma holder in Personnel Management,
is a former member of the Company Law Board (2003-2005). He is a practicing
Advocate and Member of the Supreme Court Bar Association since 2005. He is also
a member of the Indian Arbitration Council and FICCI. His previous assignments
included various positions with the Government of India over 41 Years. Mr.
Ganjwal began his career as a Captain with the Indian Army and served the Armed
Forces for about eight years. He then served several positions in the
government, such as the Department of Heavy Industry, at various positions in
charge of Administrative and Vigilance matters from 1972 to 1984. He was Under
Secretary at the Department of Heavy Industry, where he handled various
activities for the Public Sector Undertakings in Mining and Steel Industries.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Guarantees: |
|
|
Bank Guarantees |
570.612 |
|
Corporate
Guarantee given on behalf of Core Education and Consulting Inc. USA, a wholly
owned subsidiary Company |
1304.491 |
|
Total |
1875.491 |
FIXED ASSETS:
v Tangible assets
- Land
- Building
- Computer
- Furniture and
Fixture
- Electrical
Equipment
- Office
Equipment
- Motor Car
v Intangible Assets
- Intellectual
Property Rights
CMT REPORT (Corruption, Money Laundering and 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 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.54.23 |
|
|
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
60 |
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 and 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.