MIRA INFORM REPORT
|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
PERSISTENT SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Bhageerath 402, Senapati Bapat Road, Pune – 411016, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.05.1990 |
|
|
|
|
Com. Reg. No.: |
11-056696 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 400.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L72300PN1990PLC056696 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP00909G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP1209Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in Outsourced Software Product Development
Services. |
|
|
|
|
No. of Employees
: |
2266 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 33500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and a reputed company having a fine
track record. The financial position of the company appears to be sound and healthy.
Directors are reported as well experienced and knowledgeable businessmen. It has recorded a better growth in its income earned from operations
and the profitability appears to be good. Trade relations are reported as trustworthy. Business is active.
Payment terms are regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
|
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
MANAGEMENT NON CO-OPERATIVE (91-22-67039500)
LOCATIONS
|
Registered Office : |
Bhageerath 402, Senapati Bapat Road, Pune – 411016, Maharashtra,
India |
|
Tel. No.: |
91-20-67030000/ 30234000 |
|
Fax No.: |
91-20-67030009 |
|
E-Mail : |
auadhoot_upadye@persistent.co.in
|
|
Website : |
|
|
|
|
|
SEZ Units : |
Located at Ř Pune Ř Hyderabad |
|
|
|
|
Branches in India : |
Located at Ř Pune Ř Nagpur Ř Goa Ř Hyderabad |
|
|
|
|
Overseas Branches : |
Located at Ř Canada Ř Europe Ř Japan Ř Malaysia Ř The Netherlands |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Dr. Anand Deshpande |
|
Designation : |
Founder, Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Pradeep Kumar Bhargava |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. S. K. Bhattacharya |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Anant Jhingran |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Dinesh Keskar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. P.B. Kulkarni |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Krithivasan Ramamritham |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Prakash Telang |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Kiran Umrootkar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Nitin Kulkarni |
|
Designation : |
Executive Director and Chief Operating Officer |
KEY EXECUTIVES
|
Name : |
Mr. Rohit Kamat |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Vivek Sadhale |
|
Designation : |
Company Secretary and Head Legal |
|
|
|
|
Audit Committee : |
Ř Mr. Kiran
Umrootkar Ř Mr. S. K.
Bhattacharya Ř Mr. P.B.
Kulkarni Ř Mr. Nitin
Kulkarni |
|
|
|
|
Compensation Committee : |
Ř Mr. Prakash
Telang Ř Mr. S. K.
Bhattacharya Ř Dr. Anant
Jhingran Ř Dr. Dinesh
Keskar Ř Mr. P.B.
Kulkarni |
|
|
|
|
Executive Committee : |
Ř Mr. P.B.
Kulkarni Ř Dr. Anant
Jhingran Ř Mr. Nitin
Kulkarni Ř Mr. Prakash
Telang Ř Mr. Kiran
Umrootkar |
|
|
|
|
Nomination and Governance Committee : |
Ř Dr. Dinesh
Keskar Ř Dr. Anant
Jhingran Ř Mr. P.B.
Kulkarni Ř Mr. Prakash
Telang Ř Mr. Kiran Umrootkar |
|
|
|
|
Shareholders/ Investors Grievance Committee : |
Ř Mr. S. K.
Bhattacharya Ř Dr. Anand
Deshpande Ř Mr. P.B.
Kulkarni Ř Mr. Nitin
Kulkarni |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
15211920 |
38.03 |
|
|
369350 |
0.92 |
|
|
369350 |
0.92 |
|
|
15581270 |
38.95 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
15581270 |
38.95 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5483282 |
13.71 |
|
|
2130 |
0.01 |
|
|
854856 |
2.14 |
|
|
7348297 |
18.37 |
|
|
183431 |
0.46 |
|
|
183431 |
0.46 |
|
|
13871996 |
34.68 |
|
|
|
|
|
|
329002 |
0.82 |
|
|
|
|
|
|
2757185 |
6.89 |
|
|
3637535 |
9.09 |
|
|
3823012 |
9.56 |
|
|
312292 |
0.78 |
|
|
3442670 |
8.61 |
|
|
38226 |
0.10 |
|
|
26324 |
0.07 |
|
|
3500 |
0.01 |
|
|
10546734 |
26.37 |
|
Total Public shareholding (B) |
24418730 |
61.05 |
|
Total (A)+(B) |
40000000 |
100.00 |
|
© 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) |
40000000 |
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 % |
|
1 |
Anand Suresh Deshpande |
11400720 |
28.50 |
|
2 |
Suresh Purushottam Deshpande |
3811200 |
9.53 |
|
3 |
Sulabha Suresh Deshpande |
283000 |
0.71 |
|
4 |
Sonali Anand Deshpande |
56000 |
0.14 |
|
5 |
Chitra Hemadri Buzruk |
27300 |
0.07 |
|
6 |
Padmakar Govind Khare |
350 |
0.00 |
|
7 |
Hemadri Narayabn Buzruk |
2700 |
0.01 |
|
|
Total |
15581270 |
38.95 |
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 |
As
a % |
|
1 |
Norwest Venture Partners Fvci - Mauritius |
5404581 |
13.51 |
|
2 |
PSPL ESOP Management Trust |
3431690 |
8.58 |
|
3 |
Reliance Capital Trustee Company Limited A/c Reliance Equity
Opportunities Fund |
3303480 |
8.26 |
|
4 |
Gabriel Venture Partners II (Mauritius) |
1943716 |
4.86 |
|
5 |
ICICI Prudential Discovery Fund |
1185583 |
2.96 |
|
6 |
Ashutosh Vinayak Joshi |
1050000 |
2.63 |
|
7 |
Shridhar Bhalchandra Shukla |
1050000 |
2.63 |
|
|
Total |
17369050 |
43.42 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No.
of Shares held |
As
a % |
|
1 |
Norwest Venture Partners Fvci - Mauritius |
5404581 |
13.51 |
|
2 |
PSPL ESOP Management Trust |
3431690 |
8.58 |
|
3 |
Reliance Capital Trustee Company Limited A/c Reliance Equity
Opportunities Fund |
3303480 |
8.26 |
|
|
Total |
12139751 |
30.35 |
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No.
of Shares held |
Locked-in
Shares as % |
|
1 |
Anand Suresh Deshpande |
6000000 |
15.00 |
|
2 |
Suresh Purushottam Deshpande |
2000000 |
5.00 |
|
|
Total |
8000000 |
20.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Outsourced Software Product Development
Services. |
GENERAL INFORMATION
|
No. of Employees : |
2266 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Ř Axis Bank Ř Bank of India Ř BNP Paribas Ř Bank of
Tokyo-Mitsubishi Ř Citibank NA Ř HDFC Bank
Limited Ř State Bank of
India Ř Syndicate Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Joshi Apte and Company Chartered Accountants |
|
|
|
|
Subsidiaries : |
Ř Persistent
Systems, Inc. Ř Persistent
Systems Pte. Limited Ř Persistent
Systems France S.A.S. Ř Persistent
Telecom Solutions Inc. Ř Persistent
eBusiness Solutions Limited Ř Persistent
Systems and Solutions Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
112000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000
Millions |
|
|
|
|
|
a) Reconciliation of the shares outstanding at the beginning and at the
end of the reporting period
There is no movement in the shares outstanding
at the beginning and at the end of the reporting period
b) Terms/ rights attached to equity shares
The company has only one class of equity
shares having a par value of Rs. 10/- per share. Each holder of equity shares
is entitled to one vote per share. The company declares and pays dividends in
Indian rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholder in the ensuring Annual General Meeting.
During the year ended March 31, 2012, the
amount of per share dividend recognized as distribution to equity shares
shareholders is Rs. 6
In the event of liquidation of the company,
the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. The distribution
will be in the proportion to the number of equity shares held by the
shareholders.
c) Aggregate number of bonus shares issued, shares issued for
consideration other than cash and shares bought back during the period of five
years immediately preceding the reporting date
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Equity shares allotted on September 17, 2007
as fully paid bonus shares by capitalization of securities premium Rs.
246.360 Millions and capitalization of capital redemption reserves Rs. 9.79
Millions |
25.620 |
25.620 |
d) Details of shareholders holding more than 5% shares in the Company
|
Name of Shareholders |
31.03.2012 |
|
|
|
No. in Millions |
% of Holding |
|
Dr. Anand Deshpande |
11.400 |
28.50 |
|
Norwest Venture Partner, FVCI |
5.400 |
13.51 |
|
Mr. S.P. Deshpande |
3.810 |
9.53 |
|
PSPL ESOP Management Trust |
3.530 |
8.84 |
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 |
400.000 |
400.000 |
400.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7977.430 |
7043.370 |
5991.560 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Stock Option Outstanding |
0.000 |
0.000 |
32.020 |
|
|
NETWORTH |
8377.430 |
7443.370 |
6423.580 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
6.540 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
6.540 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
45.110 |
|
|
|
|
|
|
|
|
TOTAL |
8383.970 |
7443.370 |
6468.690 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2804.180 |
2152.360 |
1790.170 |
|
|
Capital work-in-progress |
506.490 |
524.650 |
476.080 |
|
|
|
|
|
|
|
|
INVESTMENT |
2615.540 |
2687.340 |
1757.650 |
|
|
DEFERRED TAX ASSETS |
76.49 |
56.47 |
8.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1660.400
|
1199.910 |
1045.090 |
|
|
Cash & Bank Balances |
1063.990
|
867.960 |
1771.870 |
|
|
Other Current Assets |
125.630
|
193.530 |
302.470 |
|
|
Loans & Advances |
784.210
|
989.600 |
761.620 |
|
Total
Current Assets |
3634.230
|
3251.000 |
3881.050 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
208.540
|
316.720 |
276.740 |
|
|
Other Current Liabilities |
450.360
|
328.200 |
873.090 |
|
|
Provisions |
594.060
|
583.530 |
294.430 |
|
Total
Current Liabilities |
1252.960
|
1228.450 |
1444.260 |
|
|
Net Current Assets |
2381.270
|
2022.550 |
2436.790 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8383.970 |
7443.370 |
6468.690 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8103.640 |
6101.270 |
5044.130 |
|
|
|
Other Income |
323.760 |
385.990 |
117.010 |
|
|
|
TOTAL |
8427.400 |
6487.260 |
5161.140 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit Expenses |
4298.760 |
3338.290 |
|
|
|
|
Cost of technical professional |
632.400 |
487.020 |
|
|
|
|
Other Expenses |
1030.870 |
833.700 |
|
|
|
|
TOTAL |
5962.030 |
4659.010 |
3595.510 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2465.370 |
1828.250 |
1565.630 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
564.390 |
395.090 |
324.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1900.980 |
1433.160 |
1240.680 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
527.110 |
97.290 |
70.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1373.870 |
1335.870 |
1170.520 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
2913.390 |
2368.460 |
1780.710 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT ON
AMALGAMATION |
67.620 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
549.600 |
534.400 |
468.200 |
|
|
|
Interim Dividend |
140.000 |
80.000 |
77.930 |
|
|
|
Special Dividend |
0.000 |
80.000 |
0.000 |
|
|
|
Proposed final Dividend |
100.000 |
60.000 |
20.000 |
|
|
|
Tax on Dividend |
38.930 |
36.540 |
16.640 |
|
|
BALANCE CARRIED
TO THE B/S |
3526.350 |
2913.390 |
2368.460 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Software |
7299.560 |
5530.960 |
4686.190 |
|
|
|
Reimbursement of expenses |
22.000 |
66.480 |
53.630 |
|
|
|
Interest |
3.290 |
9.680 |
3.820 |
|
|
|
Others |
3.900 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
7328.750 |
5607.120 |
4743.640 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
206.800 |
103.640 |
107.670 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
35.87 |
35.41 |
36.37 |
|
|
|
Diluted
|
34.35 |
33.40 |
32.62 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
2342.700 |
2504.110 |
|
Total Expenditure |
1721.540 |
2001.440 |
|
PBIDT (Excl
OI) |
621.160 |
502.670 |
|
Other Income |
75.570 |
186.630 |
|
Operating
Profit |
696.730 |
689.300 |
|
Interest |
0.090 |
0.090 |
|
Exceptional
Items |
0.000 |
0.000 |
|
PBDT |
696.640 |
689.210 |
|
Depreciation |
147.190 |
149.480 |
|
Profit
Before Tax |
549.450 |
539.730 |
|
Tax |
147.480 |
121.330 |
|
Provisions and Contingencies |
0.000 |
0.000 |
|
Reported PAT |
401.970 |
418.400 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
401.970 |
418.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
16.30
|
20.59 |
22.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.46
|
23.49 |
23.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.53
|
26.52 |
21.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.19 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.15
|
0.17 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
2.65 |
2.69 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Trade payable |
|
|
|
|
Due to micro and small enterprises |
208.540
|
316.720 |
276.740 |
|
|
|
|
|
|
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
MERGER OF WHOLLY OWNED SUBSIDIARIES IN INDIA: During the year, two wholly owned subsidiaries of the Company in India viz. Persistent eBusiness Solutions Limited (PeBS) and Persistent Systems and Solutions Limited (PSSL) got merged with the Company. The Honorable High Court of Judicature of Bombay approved the scheme of amalgamation of PeBS and PSSL with the Company vide its order dated February 3, 2012 with effect from April 1,2011. SUBSIDIARY COMPANIES: The details of the subsidiaries of the Company as on March 31, 2012 are as under: Persistent Systems, Inc. Persistent Systems, Inc., (PSI) is a California C-Corp., a US based wholly owned subsidiary of the Company formed in October 2001. PSI is primarily engaged in sales and marketing activities for the group globally; as well as for providing onsite software services in US. During the financial year 2011-12, PSI recorded a total income of Rs.2,880.05 Million (USD 59.71 Million) [previous year Rs.2,325.36 Million (USD 51.03 Million)] and a net profit of Rs.39.58 Million (USD 0.82 Million) [previous year net profit of Rs.21.72 Million (USD 0.48 Million)].
Persistent Systems France S.A.S.: Persistent Systems France S.A.S., was formed on April 11, 2011 to explore the strategic opportunities available to the Company in France. During the year, Persistent Systems France S.A.S. acquired Agilent Technologies` Software Marketing and development business based in Grenoble, France. During the financial year 2011-12, Persistent Systems France S.A.S. recorded a total income of Rs.113.39 Million (USD 2.35 Million) and a net loss of Rs.5.96 Million (USD 0.12 Million).
Persistent Systems Pte. Limited: Persistent Systems Pte.Limited (Co. Reg. No. 200706736G) is a Singapore based wholly owned subsidiary of the Company formed in April 2007. Persistent Systems Pte Limited was primarily formed to concentrate on the business opportunities in ASEAN region. During the financial year 2011-12, Persistent Systems Pte. Limited recorded a total income of Rs.21.39 Million (USD 0.44 Million) [previous year Rs. 9.87 Million (USD 0.22 Million)] and a net profit of Rs.2.21 Million (USD 0.05 Million) [previous year net profit of Rs.1.28 Million (USD 0.03 Million)].
Persistent Telecom Solutions Inc.: Persistent Telecom Solutions Inc., a step down subsidiary of PSI, was primarily formed on January 12, 2012 to explore the strategic opportunities available to the Company. Persistent Telecom Solutions Inc. acquired Openwave Systems` Location Product business in February 2012. During the financial year 2011-12, Persistent Telecom Solutions Inc. recorded a total income of Rs.55.90 Million (USD 1.16 Million) and a net profit of Rs.7.34 Million (USD 0.15 Million). New branch office in Malaysia: During the period, the Company had set up a new Branch Office in Malaysia to pursue strategic opportunities in the Aisa Pacific region. Joint Venture with Sprint Nextel Corporation: The Company had formed a joint venture with Sprint International Holding, Inc. ("Sprint International"). The joint venture company - Sprint Telecom India Private Limited ("Sprint India") received an approval of the Foreign Investment Promotion Board ("FIPB") for investment by Sprint International`s in the joint venture. In terms of FIPB approval, the Company will hold 26% and Sprint International will hold 74% in Sprint India. The Company has made an initial investment of Rs.6.50 Million towards equity share capital in Sprint India. Sprint India has made an application to Department of Telecommunication for national long distance, international long distance and Internet service provider licenses. Post receipt of regulatory approvals. Sprint India will commence its operations.
OUTLOOK: The market is at the threshold of a technology refresh cycle and teams from the Company are actively involved in contributing to new technologies being implemented by customers of the Company. The Company has invested in thrust areas - cloud computing, analytics, collaboration and mobility which are well positioned and will help the Company generate sustainable growth in the next few years. The Company has established strong partnerships with the Company`s customers to establish a "sell-with" program. As part of this program, the Company is deploying next generation products for new enterprise customers. The Company continues to invest in intellectual property aligned to customer`s needs. IP-led initiatives are based on innovative technology and business models and are able to yield better growth and margins. Overall, the Management of the Company is confident that the investments and strategies are well aligned to growth opportunities in the market.
MANAGEMENT DISCUSSION AND ANALYSIS:
THE MARKET OPPORTUNITY: Year 2011 was volatile on account of weak US growth and recurrent news of the European debt crisis. However, the US economy is slowly moving towards growth trajectory and the US technology market is anticipated to grow at rates of 7.1% in 2012 and 7.4% in 2013. IT outsourcing is expected to grow by 6.0% in 2012, and 5.9% in 2013 according to Forrester Research (Forrester). On a global basis, of the total IT spend of USD 2,122 Billion in 2012 anticipated by Forrester, software tops the list at USD 529 Billion followed by computer equipment at USD 438 Billion and IT consulting and systems integration services at USD 427 Billion. Though global technology spending reflects the impact of a mild European recession, it is expected that Europe will gradually recover and global technology market is anticipated to accelerate to 8% in 2013. This acceleration is being further fueled by purchases made in new technologies. In 2009, they identified and began to invest in four focus areas viz. Cloud Computing, Mobility, Business Intelligence and Analytics and Collaboration. Gartner Research identified these four areas as the top 4 priorities for CIOs in 2012. They are continuously tracking the technology trends and calibrating the technology focus areas with the market developments. They believe that core product development expertise is the key for the next-generation technology products as well as next-generation solution building for enterprise applications. There is also a shift in the way enterprises take decisions regarding IT. They have been guide in terms of decision making as business groups are playing an active role in driving the strategy around cloud computing and mobility. They are also increasingly using a solutions approach in go to market, thus enabling us to appeal to the business side of enterprises. Software companies are also greatly cutting down the time to market for their products, and hence are working more with third party Outsourced Software Product Development (OPD) companies to help attain shorter development cycles. Software product companies are also actively engaged in rationalizing their product portfolio, thus yielding opportunities for OPD companies to partner and participate in this process. With key technology trends in the market aligning with Persistent`s focus areas and the investments that Persistent Systems is making in its people and acquisitions, they are ready to take advantage of the growth opportunities presented by the market. In addition, they are enhancing their business model to grow and leverage IP and is diversifying the "go-to-market" approach through partnerships and solutions. These strategies should help the Company grow more profitably.
ANALYSIS OF THEIR FISCAL 2012 RESULTS: Financial Year 2011-12 has been a year of increased challenges and uncertainty for the IT/ ITeS industry segment. The OPD market has not been immune to the depressed environment. They saw a slowdown in the demand as well as some ramp-downs in existing customers starting Q2 of Fiscal 2012. Nevertheless, they achieved robust year-on-year Rupee denominated growth of 28.9% through their strategy to stand by their customers in the challenging times, investing into the future during the immediate impact of economic downturn and as it wore off, and through their distinguishing models such as IP-led business, Sell-with business with chosen partner platforms and leveraging the four technology areas viz. Business Intelligence and Analytics, Cloud Computing, Collaboration and Mobility. GROWTH THROUGH EXISTING AND NEW BUSINESS: - Their three pronged approach in OPD, Sell-with and IP-led business yielded some good logos with business worth USD 15 Million being added during Fiscal 2012. - Growth in existing business: Our top 10 customers have consistently demonstrated growth in revenue over Fiscal 2011. Throughout multiple offerings and conscious account mining effort, they have extended their footprint in new divisions in almost all these customers. As the customer connect and flawless deliveries became even more important this year, they re-organized ourselves into customer facing and delivery oriented teams, an initiative which gives them focus in growth through account farming and defending the current business. They have conscientiously started with customer events and shows to improve their brand awareness into multiple divisions of their large existing customers. They have started rolling out more webinars and white papers to their existing customer community.
EVOLVING BUSINESS MODELS: In addition to traditional Sell-To model focusing on technology thrust areas, they launched two more business models. Traditional Business model continued to creating more success stories around Collaboration, Mobility, Business Intelligence and Analytics and Cloud Computing. While the other model created additional relationship opportunities. SELL-WITH BUSINESS: * Primarily to develop a new transformational business model to drive Persistent sales growth around select Platforms and Solutions, in alignment with their technology initiatives of Cloud, Collaboration, Analytics and Mobility * To create major new enterprise customer logos where they can sell their broader Services. * To drive existing account growth through the expanded Solutions portfolio. They successfully executed on our platforms/solutions strategy, opening 20+ major new enterprise logos and are now firmly positioning to expand selling technology solutions to enterprises on our customers` product platforms. Next generation solutions will be platform based, delivered as a Cloud service, will integrate Analytics, Collaboration and Mobility solutions.
IP-LED BUSINESS: Their conscious decision on investing in new IP solutions has started reaping them good rewards. They have been able to leverage these solutions in multi fold ways - adding to existing business models. Enable startups within Persistent - In Fiscal 2011, they launched KLISMA an eCommerce portal. They incubated this in house, helped it reach specific milestones and now have spun it out as a separate entity. eMee is one such solution on which they have similar aspirations. Persistent encourages such entrepreneurships which has helped us position their brand aggressively not only with customers but also with prospective recruits. INVESTING IN PERFORMANCE AND GROWTH: As their customers` needs have evolved, so have their service offerings. They see companies looking for committed reputable partners that can accompany them in their strategic realignments. They have partnered with a number of their customers to take over some of their activities while ensuring that the customer continues to be served with innovative solutions. In June 2011, they announced a partnership to co-invest with Life Technologies to develop instruments in the personalized medicine space. In August 2011, they grew their life sciences software business with the purchase of lab instrument giant Agilent Technologies` software group in Grenoble, France.
In February 2012, they acquired the location based services from Openwave Systems, Inc., building momentum in their product maintenance and support services in US. They will continue to explore opportunities to enhance their portfolio or geographic presence in a way that will profitably drive their competitive advantage. ORGANIZATION POSITIONED FOR GROWTH: a. 4x4x4 Matrix: While they continue to focus on our 4 technology growth areas of Cloud Computing, Collaboration, Mobility and Business Intelligence and Analytics, at the same time, they are geared up to serve certain industry verticals like Life Sciences, Infrastructure and Services, Telecom and BFSI. Business model and solutioning would be concentrated on OPD business, Sell-With Business, Technology Consulting (TCG) and IP based business model. b. Customer Partners: More they approached Enterprises, more they realized a need of internal business leaders who could act as customer partners. Customer partners would closely work with the Enterprises helping them cater to their business needs and, creating high quality solutions as per requirements. Technology Consulting Group will work closely with Customer partners to maximize the value to their customers. c. CTO Organization: A restructured CTO organization is planned. They have recruited some highly rated technical talent from the industry. They are seeing technology spectrum rapidly changing and they align the CTO organization accordingly. These technology trends are crucial from organizational growth perspective. Here is a short list. Over last 3 years, the 4 focus areas – Cloud Computing, Business Intelligence and Analytics, Mobility and Collaboration - have evolved and will continue to grow in the coming years. Traditional Cloud Computing has become mainstream, but they see the evolution of Cloud services to span across both Private and Public cloud to evolve into a Hybrid cloud. Domain-focused enterprises are looking at Industry-specific clouds (e.g. Healthcare Cloud) to address the specific requirements of their respective domains/industries. A new line of business - Cloud Service Broker - helps Enterprises to seamlessly move to these heterogeneous Cloud environments. Enterprise Mobility is catching up in a big way. With the availability of affordable smartphones, tablets and `phablets` (a term coined to denote a device that is bigger than a phone, but smaller than a tablet). Enterprise users are buying these devices for their personal use and then expect the Enterprises to support these devices. The concept of "Bring The Own Device" (BYOD) is catching on and Enterprise CIOs are working hard to support this phenomenon without impacting the security aspects of the Enterprise. IOS and Android (different versions) are Enterprise mobile platform of choice. Given the wide variety of mobile devices coming into the Enterprises, cross-platform applications focused on `write-once run anywhere` model become very critical. HTML5 is rapidly catching on as the platform of choice for many such applications. Enterprise Mobile Device Management (MDM) is fast catching up as a critical requirement for most Enterprise CIOs. The purview of MDM covers not only provisioning and configuration, but also security, policy control, application downloads etc. Another evolving trend is the concept of an Enterprise App store - an Enterprise-Centric application store that controls and manages the applications that can run on the employees` devices. With Cloud, Collaboration and mobility working in coherence, there is an outburst of data. Industry now sees a lot of lightweight tools to analyze voluminous, granular data describing user behavior and preferences. Advances in big data and analytics will certainly reduce the entry barriers for some flavors of insights. The variety of cognitive visualization techniques, mobile platform and big data are crucial for any cloud strategy. Data outburst has created a need for systems to aggregate data from numerous sources and types with no constraint yet yielding valuable insights.
CONTINGENT LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Claims against the Company not acknowledged as debts |
|
|
|
-
Legal Claims |
0.000 |
0.180 |
|
-
Income tax |
114.560 |
81.700 |
|
|
114.560 |
81.880 |
i)
This represents disputed legal claim filed by
ex-employee, which has been since decided in the favour of the company.
ii)
This represents disputed income tax demands against
which the company has filed appeals for the respective years with relevant
authorities. The management is confident that the matter would be decided in
favour of the company. Consequently no provision has been in the books of
account in respect of such disputed income tax demands.
FIXED ASSETS:
Ř Freehold land
Ř Leasehold land
Ř Buildings
Ř Computers
Ř Office Equipments
Ř Plant and
Machinery
Ř Leasehold
Improvements
Ř Furniture and
Fixtures
Ř Vehicles
WEBSITE DETAILS
OVERVIEW
Persistent is a global company specializing in software product and technology innovation. For more than two decades, they have partnered closely with pioneering start-ups, innovative enterprises and the world’s largest technology brands. They have utilized their fine-tuned product engineering processes to develop best-in-class solutions for customers in technology, telecommunication, life science, healthcare, banking, and consumer products sectors across North America, Europe, and Asia.
Thanks to their extensive technology product expertise, today, customers also turn to them for technology strategy and consulting services. Persistent’s customers benefit from our deep knowledge of next-generation Cloud, BI and Analytics, Collaboration as well as Mobility-based computing platforms. By leveraging our strategic technology partnerships, IP-based accelerators, and agile development processes companies can successfully navigate increasing time-to-market pressures and deliver the highest quality solutions, faster and more cost effectively.
Persistent’s global team is made up of the industry’s best and brightest software engineers and technology consultants whose expertise spans from niche technologies, to the latest technologies and built-to-scale enterprise applications. Their team members share a passion for pushing the limits of the technology frontier and an unwavering commitment to quality, efficiency and innovation. That is why Persistent customers continue to partner with them across companies, careers and technology changes, and why in their third decade, they are still innovating with the market leaders they once helped launch.
PRESS RELEASE
Voltage Security Leverages
Persistent Systems to Deliver Solution Upgrades and Security Alerts in Record
Time
New arrangement greatly accelerates product releases and patches for leading-edge data protection solution
Santa Clara
and Cupertino, CA – November 29, 2012: Persistent Systems (BSE & NSE: PERSISTENT), the global
leader in software product and technology services, and Voltage Security®, the
world leader in data-centric encryption and key management, today announced an
innovative arrangement that greatly accelerates the process through which 1,000
enterprise users of Voltage SecureData™ data protection solution will receive
product releases and patches. Working with Persistent Systems' expert
engineering team, Voltage can now deliver solution upgrades within 18 hours,
while many competitive options still take up to a week. There’s also a faster
time to market for new features and security alerts, the ability to work across
13 operating systems and elimination of the potential for human error.
"In the security field, we don't have the luxury of time—our customers
expect fast release cycles and security alerts, and they should," said
John Weald, vice president, Engineering at Voltage. "Persistent Systems
understood our 'Agile Scrum' environment and was able to help accelerate the
release process without compromising quality. Reducing the turnaround time from
days to hours gives our customers a huge strategic advantage, and further
demonstrates Voltage Security's commitment to both innovation and customer
support."
Voltage Security provides data-centric encryption solutions to some of the
largest companies in the world across a wide variety of industries, including
payment systems, financial services, insurance, healthcare and e-commerce. When
the company moved to Agile Scrum development, the specific goal was to provide
releases simultaneously across all platforms the company supports. Voltage
turned to Persistent Systems to help ensure that Voltage SecureData would run
across multiple versions of Microsoft Windows, Sun Solaris, Red Hat Enterprise
Linux, AIX, HP-UX and others.
"Persistent Systems has a world-class team of engineering experts in
development, porting and QA, and we're privileged to be working with Voltage
Security in speeding the time to market for this critical product line,"
said Nitin Kulkarni, executive director and COO, Persistent Systems Ltd.
"Our joint efforts ensure that enterprise customers around the world are
more secure, the call on help desks is reduced and Voltage Security can respond
faster to new business opportunities."
About Voltage:
Voltage Security®, Inc. is the leading data protection provider, delivering
secure, scalable, and proven data-centric encryption and key management
solutions, enabling customers to effectively combat new and emerging security
threats. Powered by ground-breaking encryption innovations, including
Identity-Based Encryption™ (IBE), Format-Preserving Encryption™ (FPE), and
Page-Integrated Encryption™ (PIE), our powerful data protection solutions allow
any company to seamlessly secure all types of sensitive corporate and customer
information, wherever it resides, while efficiently meeting regulatory
compliance and privacy requirements.
About Persistent
Systems:
Established in 1990, Persistent Systems (BSE & NSE: PERSISTENT) is a global
company specializing in software product and technology services. For more than
two decades, Persistent has been an innovation partner for the world’s largest
technology brands, leading enterprises and pioneering start-ups. With a global
team of more than 6,000 employees, Persistent has 300 customers spread across
North America, Europe, and Asia. Today, Persistent focuses on developing
best-in-class solutions in four key next-generation technology areas: Cloud
Computing, Mobility, Analytics and Collaboration, for telecommunications, life
sciences, consumer packaged goods, banking and financial services and
healthcare verticals. For more information, please visit: www.persistentsys.com
Persistent Systems Unveils
Modern Enterprise Applications at E2 Innovate 2012
Company to Present at E2 and Showcase Next Generation Social, Mobile and Analytics Solutions
Santa Clara, CA –
E2 Innovate 2012 Booth #206 – November 12, 2012: Persistent Systems (BSE
and NSE: PERSISTENT), the global leader in software product and technology
services, today unveiled a new enterprise application at the E2 Innovate 2012
Conference being held from November 12-15, 2012 at the Santa Clara Convention
Center. The Company also announced it would present on "The Modern
Enterprise App Development Lifecycle," at the conference and demo several
cutting edge social, mobile and analytics solutions.
Persistent Systems' newly developed AppExchange application integrates
Salesforce Sales Cloud and Cisco WebEx Event Center allowing WebEx events to be
added to a campaign within Salesforce. The solution provides two-way
integration that not only empowers users to create, schedule and start WebEx
events from within a campaign but also enables users to import event attendee
details into Salesforce after a WebEx event.
"This integration significantly simplifies the workflow between two
applications that many sales organizations use to run their business,"
said Sanjeev Sisodiya, Vice President, Enterprise Collaboration Practice at
Persistent Systems. "Until now, users had to manually manage data between
the CRM and the online events they ran to build and improve their funnel. Now
they are seamlessly able to create and execute campaigns without having to
manage the respective data and systems."
"One of the highlights for E2 attendees is to get the latest, most
innovative answers on how they can continue to use social collaboration to work
smarter," said Paige Finkelman, E2 General Manager. "Persistent
Systems continues to push the envelope in bringing to market next-generation
enterprise applications that can help accelerate information, productivity and
revenue."
Persistent Systems' Sanjeev Sisodiya will present a session on "The
Modern Enterprise App Development Lifecycle," on Wednesday, November 14 at
2:15PM. The session outlines the journey ahead -- focusing on what
organizations can expect when re-architecting their approach to building cloud-based,
scalable, analytics driven, social and mobile enabled enterprise applications.
Sanjeev will discuss the new "Enterprise App" life cycle and share
early best practices from Persistent Systems' experience helping enterprises
leverage these platforms.
In addition, Persistent Systems will highlight the following demos at E2:
- A Social Intranet solution that
addresses traditional content publishing, team collaboration and
enterprise social capabilities all wrapped in a modern, mobile friendly,
user experience.
- Social Media Analytics. A case study
on how to analyze voluminous and unstructured social media data in real
time to drive customer engagement.
- A collaborative social gamification
platform called eMee for
engaging with customers, employees and other stakeholders.
E2 attendees can
stop by Persistent Systems' Booth and test their social enterprise maturity
using Persistent's innovative Social Maturity iPad Application that
provides an enterprise-level assessment of an organization's social maturity
and suggestions for next steps in their journey.
To schedule media and analyst briefings with Persistent Systems at E2 please
contact Ilona Mohacsi at ilona@penvine.com.
About E2:
E2 , formerly known as
Enterprise 2.0, is a UBM Tech platform that provides enterprises with the
knowledge needed to work smarter. E2 Social, held annually in Boston, navigates
the shift to social business that improves performance and collaboration. E2
Innovate, held annually in Santa Clara, brings together the next-generation in
enterprise applications to accelerate information, productivity and revenue. E2
also offers monthly webcasts, virtual events, and The BrainYard.com,
intelligence for the social enterprise.
About Persistent Systems:
Established in 1990, Persistent Systems (BSE and NSE: PERSISTENT) is a global
company specializing in software product and technology services. For more than
two decades, Persistent has been an innovation partner for the world’s largest
technology brands, leading enterprises and pioneering start-ups. With a global
team of more than 6,000 employees, Persistent has 300 customers spread across
North America, Europe, and Asia. Today, Persistent focuses on developing
best-in-class solutions in four key next-generation technology areas: Cloud
Computing, Mobility, Analytics and Collaboration, for telecommunications, life
sciences, consumer packaged goods, banking and financial services and
healthcare verticals.
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 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. 55.09 |
|
|
1 |
Rs. 89.54 |
|
Euro |
1 |
Rs. 72.77 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.