MIRA
INFORM REPORT
|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
DATAMATICS GLOBAL SERVICES LIMITED |
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Registered
Office : |
117/120 SDF Ivseepz, Andheri (East), Mumbai– 400096, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.11.1987 |
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Com. Reg. No.: |
11-045205 |
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Capital
Investment / Paid-up Capital : |
Rs. 294.747 Millions |
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CIN No.: [Company
Identification No.] |
L72200MH1987PLC045205 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMD11318G |
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PAN No.: [Permanent
Account No.] |
AAACD4471B |
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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
: |
Subject is engaged in providing business process transformation, IT
consulting, off-the-shelf technology solutions and customized software
services. |
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No. of Employees
: |
3130 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 12000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Unit 117-120, SDF Iv Seepz / SEZ MIDC, Andheri (East), Mumbai– 400096,
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Tel. No.: |
91-22-61020501/0504 |
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Fax No.: |
91-22-28291673 |
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E-Mail : |
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Corporate Office : |
Knowledge Centre, Street No. 17 MIDC, Andheri (East), Mumbai– 400093, |
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Tel. No.: |
91-22-61020000/0009 |
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Fax No.: |
91-22-28343669 |
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E-Mail : |
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Website : |
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Plant Locations : |
Mumbai: Unit No. 110, 117-120, SDF IV Seepz-SEZ, Andheri (East),
Mumbai - 400096, Unit No. 155, SDF V Seepz-SEZ, Andheri (East), Mumbai -
400 096, Units No. 172, 189, 190A, 190B and 190C, SDF VI,
Seepz-SEZ, Andheri (East), Mumbai - 400 096, 701, 702, Tower II, Seepz ++, Seepz-SEZ, Andheri (East),
Mumbai - 400096, Chennai: Crompton House, 3 M.G.R. Salai ( Nashik: Suyojit IT Park,
Suyojit Datamatics Knowledge Centre, Survey No. 804, Second & Third
Floor, Unit No. S-1 to S-3, Overseas: Datamatics Global Services, Inc. Datamatics Infotech Limited 8 The Square, Datamatics Global Technologies GmbH Gerhart-Hauptmann-Strape 20 64347 Griesheim Datamatics Global Services GmbH Im Datamatics Global Technologies AG MSJG Rechtsanwalte and Notare, Vorstadt 32, 6302 Zug. Datamatics Global Technologies Limited 3rd Floor, Harbour Front Building, President John Kennedy
Street, Port Louis, Republic of Mauritius Datamatics Global Services Pty Limited Monash Business Centre Pty Limited Datamatics Global Services GmbH d.o.o. Ulica Svetosavska 22, |
DIRECTORS
As on 31.03.2011
|
Name : |
Dr. Lalit S. Kanodia |
|
Designation : |
Chairman |
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Name: |
Mr. Rahul L. Kanodia |
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Designation : |
Vice Chairman and Chief Executive Officer |
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Name: |
Mr. Vidur V. Bhogilal |
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Designation : |
Executive Director and Chief finance officer |
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Name : |
Mr. Sameer L. Kanodia |
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Designation : |
Executive Director |
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Name : |
Mr. Radhakrishna K. Saraswat |
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Designation : |
Director |
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Name : |
Mr. Dileep Choksi |
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Designation : |
Director |
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Name : |
Mr. Sudhir C. Deshpande |
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Designation : |
Director |
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Name : |
Mr. Shahzaad S. Dalal |
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Designation : |
Director |
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Name : |
Dr. Habil F. Khorakiwala |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Vinaya Ravi |
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Designation : |
Head – Online Retail Solutions |
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Name : |
Divya Kamat |
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Designation : |
Vice President – Legal, Compliance Officer, Company Secretary |
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Name : |
Sanjeev Subhdar |
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Designation : |
Head-Global Engrg Solutions-Bangalore |
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Name : |
Priyadarshini Kanodia |
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Designation : |
Chief Investment Officer |
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Name : |
Michael Thuleweit |
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Designation : |
Key Managerial Personnel |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
11,070,106 |
18.78 |
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31,813,742 |
53.97 |
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- |
- |
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42,883,848 |
72.75 |
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Total shareholding of Promoter and Promoter Group (A) |
42,883,848 |
72.75 |
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(B) Public Shareholding |
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|
183,390 |
0.31 |
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|
183,390 |
0.31 |
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818,304 |
1.39 |
|
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6,279,476 |
10.65 |
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8,653,528 |
14.68 |
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|
130,827 |
0.22 |
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|
130,827 |
0.22 |
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|
15,882,135 |
26.94 |
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Total Public shareholding (B) |
16,065,525 |
27.25 |
|
Total (A)+(B) |
58,949,373 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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|
- |
- |
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- |
- |
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|
- |
- |
|
Total (A)+(B)+(C) |
58,949,373 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing business process transformation, IT
consulting, off-the-shelf technology solutions and customized software
services. |
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Product : |
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GENERAL INFORMATION
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No. of Employees : |
3130 (Approximately) |
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Bankers : |
·
State Bank of ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Standard Chartered Bank ·
Deutsche Bank |
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Facilities : |
(Working Capital loan from Standard Chartered Bank is secured by way of
Pari passu Charge on Hypothecation of Stock, Book Debts and Moveable Fixed
Assets of the Company both past and present.) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kanu Doshi Associates Chartered Accountants |
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Address : |
Mumbai, |
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Holding Company: |
Delta Infosolutions Private Limited |
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Foreign Subsidiaries : |
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Associate Company and Joint Venture: |
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CAPITAL STRUCTURE
After 15.09.2011
Authorised Capital : Rs.390.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 203.997
Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.5/- each |
Rs.500.000 Millions |
|
30000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.300.000 Millions |
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|
Total |
|
Rs.800.000
millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
58949337 |
Equity Shares |
Rs.5/- each |
Rs.294.747
Millions |
|
|
|
|
|
Notes:
1. Out of the
above, 28,480,000 (P.Y. 28,480,000) Equity Shares of Rs. 5/- each have been
Allotted as fully paid Bonus Shares by capitalisation of General Reserve and
Share Premium.
2. Out of the
above, 18,150,000 (P.Y. 18,150,000) Equity Shares of Rs. 5/- each have been
issued without consideration being received in cash.
3. Out of the
above, 31,813,742 (P.Y. 31,813,742) Equity Shares of Rs. 5/- each are held by
the Holding Company, Delta Info solutions Private Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
294.747 |
294.747 |
501.072 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
2879.377 |
2718.154 |
2559.416 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
3174.124 |
3012.901 |
3060.488 |
|
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LOAN FUNDS |
|
|
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1] Secured Loans |
44.586 |
39.161 |
86.050 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
44.586 |
39.161 |
86.050 |
|
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DEFERRED TAX LIABILITIES |
12.102 |
14.918 |
16.557 |
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|
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|
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TOTAL |
3230.812 |
3066.980 |
3163.095 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
703.482 |
725.478 |
773.531 |
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Capital work-in-progress |
164.586 |
64.677 |
25.834 |
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|
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|
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INVESTMENT |
1630.275 |
1321.031 |
1587.070 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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Amount recoverable from ESOP trust |
69.347 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
326.964
|
323.534 |
407.698 |
|
|
Cash & Bank Balances |
26.398
|
63.855 |
136.253 |
|
|
Other Current Assets |
0.393
|
0.000 |
2.979 |
|
|
Loans & Advances |
537.536
|
822.052 |
629.138 |
|
Total
Current Assets |
891.291
|
1209.441 |
1176.068 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19.884
|
12.445 |
24.204 |
|
|
Other Current Liabilities |
96.970
|
95.325 |
220.183 |
|
|
Provisions |
111.315
|
145.877 |
155.021 |
|
Total
Current Liabilities |
228.169
|
253.647 |
399.408 |
|
|
Net Current Assets |
663.122
|
955.794 |
776.660 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3230.812 |
3066.980 |
3163.095 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales from Software Services and Products |
1384.493 |
1308.958 |
1591.751 |
|
|
|
Other Income |
160.693 |
136.480 |
109.464 |
|
|
|
TOTAL (A) |
1545.186 |
1445.438 |
1701.215 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of IT Products and Licenses |
1.044 |
0.000 |
0.000 |
|
|
|
Operational Expenses |
1142.042 |
972.980 |
1127.711 |
|
|
|
Administration and Other Overhead |
127.481 |
130.185 |
165.472 |
|
|
|
TOTAL (B) |
1270.567 |
1103.165 |
1293.183 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B (C) |
274.619 |
342.273 |
408.032 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
2.594 |
2.543 |
6.984 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
272.025 |
339.730 |
401.048 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.218 |
62.405 |
74.598 |
|
|
|
|
|
|
|
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|
|
PROFIT BEFORE
TAX (E-F) (G) |
218.807 |
277.325 |
326.450 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.199 |
42.511 |
48.530 |
|
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|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
212.608 |
234.814 |
277.920 |
|
|
|
|
|
|
|
|
|
Add |
Tax Adjustment of
earlier years |
0.000 |
8.500 |
0.000 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
516.211 |
408.823 |
287.818 |
|
|
|
|
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|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Dividend |
44.212 |
73.687 |
91.384 |
|
|
|
Tax on Dividend |
7.172 |
12.237 |
15.531 |
|
|
BALANCE CARRIED
TO THE B/S |
627.435 |
516.211 |
408.823 |
|
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|
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|
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|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic: |
3.61 |
4.13 |
4.37 |
|
|
|
Diluted: |
3.61 |
4.12 |
4.35 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
367.890 |
401.720 |
440.050 |
|
Total Expenditure |
332.580 |
338.150 |
368.230 |
|
PBIDT (Excl OI) |
35.310 |
63.570 |
71.820 |
|
Other Income |
37.920 |
21.900 |
14.430 |
|
Operating Profit |
73.230 |
85.470 |
86.250 |
|
Interest |
0.270 |
0.850 |
2.020 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
72.960 |
84.620 |
84.230 |
|
Depreciation |
16.270 |
16.280 |
14.970 |
|
Profit Before Tax |
56.690 |
68.340 |
69.260 |
|
Tax |
7.060 |
15.810 |
13.250 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
49.63 |
52.530 |
56.010 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
49.630 |
52.530 |
56.010 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.76
|
16.25 |
16.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.80
|
21.19 |
20.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.72
|
14.33 |
16.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.09 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.09
|
0.10 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.91
|
4.77 |
2.94 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
Yes |
|
Yes |
|
Yes |
|
No |
|
Yes |
|
Yes |
|
No |
|
Yes |
|
No |
|
No |
|
Yes |
|
Yes |
|
-- |
|
No |
|
Yes |
|
Yes |
|
No |
|
No |
|
No |
|
No |
|
-- |
|
-- |
|
Yes |
|
Yes |
|
-- |
|
No |
|
Yes |
|
Yes |
|
Yes |
|
No |
PERFORMANCE
OVERVIEW:
During the year, Company’s
revenues (on a standalone basis), increased to Rs.1545.19 millions from
Rs.1,445.44 millions in 2009-10. The consolidated revenues also registered a
growth of 5.99% by increasing to Rs. 2,919.94 millions in 2010-11 from Rs.
2,754.94 millions in 2009-10. The standalone profit after tax was at Rs. 212.61
millions as against the previous years’ profit after tax of Rs.243.31 millions.
The consolidated profit after tax was Rs. 207.99 millions as against Rs. 221.92
millions for the previous year. The decline in profit after tax was due to
foreign exchange fluctuation coupled with modest increase in revenues and
increase in employee costs.
DATAMATICS
DELIVERY CENTRE OF EXCELLENCE, NASHIK
The Datamatics
Delivery Centre of Excellence at Nashik is housed in a 56,500 square feet
building named as ‘Suyojit Datamatics Knowledge Centre’ situated on the
Mumbai-Nashik highway. The total employee strength based in the centre
increased from 560 as on March 31, 2010 to 650 as on March 31, 2011. The Centre
witnessed improvement in repeat business and commendations from the customers.
The projects delivered from the Centre met 100% of their time and quality
objectives and were managed by Company’s teams based at Nashik, Mumbai and
During the year,
the Company quadrupled capacities of training facilities at its Nashik Centre
of
Excellence. From the
earlier three training rooms with a total capacity of 42 seats, the Centre now
has five training rooms, including a 60-seater auditorium, with a total
capacity of over 180 seats.
In addition, a new
guest house named ‘Casa Datamatics’ has been commissioned at Nashik. The
spacious 5,732 square feet four-storey building with modern amenities has a
capacity to accommodate 28 guests.
INVESTMENT IN
OVERSEAS SUBSIDIARIES
The Company has
successfully managed to establish in
During the year,
the Company has made investments worth Rs. 22.36 millions in its overseas
subsidiaries by subscribing to 1,700,000 fully paid Non Cumulative Redeemable
8% Preference shares of Datamatics Global Technologies Limited, a Company
incorporated in
The Company’s U.S. Subsidiary i.e. Datamatics Global Services, Inc. has
been turnaround resulting in a profit before tax of $ 399,975 as compared to
previous year’s loss of $ 542,571.
SIGNIFICANT EVENTS
Datamatics Global
Services GmbH, a wholly owned subsidiary of the Company has successfully
registered its 100% subsidiary in
The two
subsidiaries of the Company, namely, Datamatics Technologies UK Limited and
Datamatics Infotech Limited, entered into a slump sale agreement for transfer
of business and assets as on March 31, 2011.
Intellectual
Property Rights
As a strategy to
ensure sustainable means of wealth creation, the Company has consistently
focused on creating products having Intellectual Property Rights. The Company
has 8 (Eight) Copyrights registered for its proprietary processes. Datamatics
Logo is registered successfully in
Branding Exercise
The Company has a
new brand identity and website. This change has been brought about to take the
brand
to the next level of
marketing excellence. The logo has a contemporary look-and-feel, symbolizing
the Company’s global aspirations. The new logo, while continuing to have the
original brand mark with ‘G’ written inside ‘D’, will have DATAMATICS in
capital letters. Besides the new logo, the new tagline reads ‘Next Generation
Solutions’.
In sync with the
new brand identity, the Company also has a improved corporate website. The
website content and look and feel positions the Company as a provider of smart,
next generation solutions. The website content is now more customer-centric and
solution-focused.
SUBSIDIARIES
The Company has
one Indian subsidiary, Datamatics Software Services Limited.
The Company has
the following foreign subsidiaries as on March 31, 2011:
1. Datamatics
Global Services, Inc. (US).
2. Datamatics
Infotech Limited (
3. Datamatics
Technologies UK Limited (
4. Datamatics Global Services GmbH (
5. Datamatics Global Services Pty Limited (
6. Datamatics Global Technologies Limited (
7. Datamatics Global Technologies AG (
The Company’s
As per Section 212 of the Companies Act, 1956, the Company is required
to attach the Directors‘Report, Balance Sheet, and Profit and Loss Account of
its subsidiaries. The Ministry of Corporate Affairs, Government of India vide
its Circular No. 2/2011 dated February 8, 2011 has granted an exemption to
companies from complying with Section 212, provided such companies publish the Audited
consolidated financial statements in the Annual Report. Accordingly, the Annual
Report 2010-2011 contains the summary of financial statements of their
Company’s subsidiaries duly audited by its respective statutory auditors.
Relevant information for each subsidiary has been disclosed in the consolidated
balance sheet.
They hereby undertake that annual accounts of subsidiary companies and
the related detailed information shall be made available to shareholders of holding
and subsidiary companies seeking such information at any point of time. The
Annual Accounts of subsidiary companies shall be kept for inspection by any
shareholders in the registered office of the Holding Company and of the
subsidiary companies. They shall furnish the hard copies of details of accounts
of subsidiaries to any shareholder on demand within a reasonable period of
time.
JOINT VENTURE:
This Company has an existing Joint Venture Agreement named Cybercom
Datamatics Information Solutions with Cybercom Group Europe AB.
During the year, Datamatics Global Services, Inc., the
This Joint Venture will market innovative, next-generation Open Source
solutions to enterprises globally.
The economic turmoil has highlighted the benefits of Open Source
software, which offers credible alternatives to high cost, proprietary
enterprise applications at a fraction of the cost without recurring high
upgrade and maintenance costs of enterprise applications. This Joint Venture
will leverage the domain and technology strengths of both organizations to
address the business challenges of customers worldwide.
Learning and Development
Learning and Development (L&D) launched the following programmes
during the year:
(a) New
of the Company
represented their department and shared information for the same.
(b) New
Freshers Induction: It had 3 batches in this financial year. This is
intensive induction program, which is launched to give new joiners a broad
picture of the Company and also undergo training sessions on soft skills and
technical aspects.
(c) Behavioral
training programs: The Company’s Learning and Development team has brought
dynamic change in the behavioral training programs that is launched every month
such as Dress for Success (Men and Women separately), Mojo – A Spirit to live,
Apology Program, Vision Creation, Anger Management, Six Thinking Hats, Wisdom
Tooth, Be Confident–Be Successful, Women in Men’s World (only for women
employees, etc.). Every program was accepted and appreciated by all the
employee participants.
(d) Professional
training: During the year, the Company’s Learning and Development team designed
and delivered various programs to meet the training needs of professionals
across various echelons within the organization. Such continuous training has
created professionals who are trained on the latest technologies, tools and
techniques and who work as highly-cohesive, coordinated teams to meet the
organization’s vision and mission. Keeping this in mind, apart from technical
and behavioral programs Learning and Development at the Company has designed
‘Synergy’ – The Team Building Workshop, which is an outbound program which
follows the methodology of experiential learning. In all, 11 batches were
executed with an average feedback of 4.5 and 4.9 that is program feedback and
faculty feedback respectively. The departments that have been covered include
various business units, support departments and JV companies. Onsite Clients
also participated in the program.
(e) Eagles 3: The
Eagles 3 @ Datamatics Program was flagged off in October 2010, with 25 Eagles,
5 mentors and a strong Leadership team. Duration of the program was 4 months
and the entire team was divided into 5 groups. The objective of the program was
to increase sales by doing cross selling and penetrating more into the key
accounts. Throughout the program, these dedicated, passionate and focused
Eagles aimed to achieve only one target – that is increasing sales and their
efforts helped the top-line by Rs. 44 million approx. This season of Eagles was
regarded as a successful initiative as the results were quantifiable and gave a
cross-functional view to all the members.
(f) Just Do
it!: Another such program that was designed to enhance branding and
increase loyalty within the organization was “Just Do It” program. This program
aimed at creating pride of belonging to Datamatics.
(g) Four
Disciplines of Execution by Franklin Covey: Without focus and discipline
from every individual worker, organizational goals are at risk. This
training emphasized the need to expedite efforts towards realization
of Wildly Important Goals (WIGS) by realizing the fact that the real
change lies in not just executing, but executing against the whirlwind
of routine jobs. Through ‘The Four Disciplines of Execution’ training
was given to identify and execute the highest business priorities,
acting on appropriate measures, keeping a score board and creating a cadence
of accountability. This technique will help to evaluate a current
situation and also in taking timely corrective actions. Already 54
senior team members have been inducted and 9 team members have undergone
‘train the trainer’ workshop.
The Company’s
Learning and Development have clocked 1,24,355 man-hours in the year 2010-11 as
compared to 1,06,728 man-hours in the year 2009-10.
SIGNIFICANT
ACHIEVEMENTS
Microsoft Gold
Certification
Gold Certified
Partners are the top level of Microsoft solutions partners and have access to
the tools and support they need to help them stand out in the marketplace. As a
Microsoft Gold Certified body, a Company can have the opportunity to build the
closest working relationship with Microsoft and are guaranteed, at minimum,
telephone-based account engagement from Microsoft, along with other top-level
benefits such as a priority listing in the Microsoft Resource Directory.
During the year,
the Company received the highest Microsoft Gold Certification for the Custom
Development
Solution and
Information Worker Solution. The benefits associated with the certification are
access to the tools and support that partners need to help themselves stand out
in the marketplace. At this level, they have the opportunity to build a close
working relationship with Microsoft. Also, they receive several software
licensing and support benefits like training, subscription and promotion. This
relationship allows them to get technical resolutions quickly with Microsoft
expertise.
IBM PartnerWorld
Advanced
The term ‘Advanced
level Business Partner’ implies demonstration of a high level of skills and
market success. It means commitment to maintain a prosperous business
relationship with IBM. IBM upgraded its partnership with the Company to Advanced.
As a result, the benefits have also expanded. This also means that the Company
can now leverage the incremental resources of the PartnerWorld Industry
Networks and help to generate more leads and accelerate sales. With IBM
PartnerWorld Advanced, the Company will have accessibility to IBM business
intelligence reports and with partnership programs the partners are known
worldwide, enabling global visibility for Datamatics through IBM partner
programs.
Datamatics-Jahia
Partnership
Jahia, a premier
provider of Web Content Integration software combining web, document and portal
features,
entered into a
strategic partnership with the Company. The Company will now provide
cost-effective and
scalable content
management solutions for international organizations. The two companies share a
strong
commitment to
corporate social responsibility, including open source and Java development.
The Company will partner Jahia on projects for international, humanitarian and
healthcare organizations. The Company’s Telecom and Embedded Engineering
Services received the Excellence Award Certificate for Innovation at ACREX
India 2010 for i-AC for embedded software that makes window air conditioners
intelligent.
Excellence Award
Certificate for Innovation
The Competition
included 250 companies like ABB, Larsen & Turbo, Bajaj, Carrier, Daikin,
Emerson Network,
Hitachi Home,
Honeywell, LG, Lucas TVS, Mitsubishi and
Pidilite. ACREX India is the largest international exhibition and conference
catering to the air conditioning, refrigeration, ventilation and building
services’ industries. This exhibition happens only once in 2 years. Datamatics
showcased i-AC along with its partner Shanti Engineering. i-AC is an innovative
endeavor towards making a Green Earth. Both corporate and individual consumers
using i-AC can save up to 20% of energy used by their ACs. It uses infra-red
sensors to detect the presence of people in a room and accordingly directs air.
It can also switch between Air Conditioner and Fan according to the room’s temperature
variations. It also controls the ceiling fan’s speed.
Special
Datamatics’
customer won the InformationWeek EDGE – Enterprises Driving Growth and
Excellence (using IT) Award
Finolex, a Datamatics customer won the InformationWeek EDGE award in the
category of “Enterprises Driving Growth & Excellence Using IT”. Datamatics
intelligent solution framework deployed by Finolex is a key driver for the
breakthrough business benefits that Finolex enjoys today, thus demonstrating
the innovative use of IT that helped win the award.
GS100 – Listing among Top 20 industry specific BPO providers globally
Datamatics has
been listed among Global Services 100 listing, which is a significant
international recognition,
considering
Datamatics has been listed among TOP 20 Industry Specific BPO providers
globally.
IAOP Global 100 –
Listing among global listing of “Best 20 Companies by Service Provided –
Financial
Management
Services
The International
Association of Outsourcing Professionals (IAOP) has listed Datamatics among the
global listing of “Best 20 Companies by Service Provided – Financial Management
Services”.
Received Global HR
Strategy Award & HR Leadership Award at
The Company has
won the Global HR strategy Award while Dr. C. M. Dwivedi, President and Global
HR Head, received the ‘Most Powerful HR Professionals of India’ and ‘HR
Leadership’ awards. The awards were presented at the Asia’s Best Employer Brand
Awards 2010 held on July 23, 2010 at
Nominated for
global ESOMAR Excellence Award
Mr. Sandeep Arora,
Head – Research and Analytics Business Unit has been nominated as the Country
Representative of ESOMAR for
PROCESS
ENGINEERING
Process cell
continued doing its research and development to innovate new products and
technologies and created various solutions around its products this year, which
are well received in the market. There was a need to build process specific
solutions around its state of art technologies meeting specific requirements of
Datamatics clients. The intelligent data extraction tools were therefore
complimented with workflow enabling their customer to derive maximum efficiency
and higher accuracy. It was then supported by ERP integration tools and
archival and retrieval solutions.
This solution is
finding much wider acceptance, as they are addressing the exact needs of the
customer and are easy and quick to implement. Datamatics is projected to be one
of the leaders in back office automation and their solutions enable the clients
to bring down expenses by certain percentage.
The clientele
included some prestigious international and domestic names. Some of the large
industry leaders from various segments like manufacturing, media,
telecommunication, banks and insurance agreed to have Datamatics solutions
implemented in their offices for deriving maximum benefits and enable better
process control.
Process cell also
developed its open office based OCR engine.
SHARE CAPITAL
As on March 31, 2011, Paid-up Share Capital of the Company is Rs.
294.747 millions divided into 58,949,337 equity shares of Rs. 5/- each fully
paid up. During the year there has been no change in the Paid up capital of the
Company.
EMPLOYEE STOCK OPTION PLANS (ESOP)
Continuation of Key ESOP 2006, Key ESOP 2007 and General ESOP 2007
In the Key ESOP
2006, out of 2,00,000 options 1,80,000 options were initially granted. However
due to resignation of certain key employees 97,500 options were lapsed and
added back to the total available options. Further, out of the above, only
82,500 options were vested and the entire 82,500 options were exercised. As per
resolution passed in the AGM held on July 26, 2006, it was mentioned that upon
approval of any new Key Employee stock option plan, the existing Key ESOP 2006
shall lapse.
As per resolutions
passed in the AGM held on September 28, 2007 for Key and General ESOP 2007, it
was mentioned that upon approval of any new General/Key Employee stock option
plan, the existing Key/General employee stock option plan shall lapse.
The approval is
required for the partial modification of the above mentioned resolutions passed
giving effect to the continuation of Key ESOP 2006, Key ESOP 2007 and General
ESOP 2007 upon introduction of new ESOP schemes.
Introduction of
new Key Employee Stock Option Plan 2011 and new General Employee Stock Option
Plan 2011
The Compensation
Committee in its meeting held on May 27, 2011 proposed the introduction of a
new Key ESOP plan 2011 and subsequently, the Board of Directors have accorded
their consent in its meeting held on May 27, 2011 for the introduction of new
Key and General ESOP 2011. The approval is required for the said scheme in the
ensuing AGM.
The details of Key
ESOP 2006 and Key and General ESOP 2007 required to be provided as per clause
12 of the SEBI (Employee Stock Option Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999 to this report.
Management
Discussion & Analysis Report
Industry Overview
Global IT
According to the
NASSCOM Strategic Review 2011, worldwide technology products and services
related spend is expected to accelerate with emerging verticals and emerging
geographies, in addition to US, driving growth. IT services spend increasing by
1.4 per cent in 2010, within which IT outsourcing grew by 2.4 per cent.
Continuous ROI focus led to BPO growing by 4 per cent, while software products
rose by 3.7 per cent led by increased focus on security, storage, and
application development. Within IT outsourcing, global sourcing grew by 10.4
per cent in 2010, validating the industry’s integral position in service
delivery chain.
The year 2010-11
witnessed wide ranging contract restructuring exercises and deal size
reductions as buyers came to terms with new business models and budgetary
constraints. However, multi-sourcing saw higher adoption, precipitated by the
increased maturity of Indian providers. Recent global M&A activity in the
sector indicates select acquisitions by established service providers to
enhance skill and scale. While cost and talent
still remain
essential considerations for global sourcing, savvy customers are constantly demanding
more growth markets, flexibility and innovation.
According to the
NASSCOM Strategic Review 2011, the Indian IT-BPO sector is estimated to
aggregate revenues of USD 88.1 billion in F.Y. 2011, with the IT software and
services sector (excluding hardware) accounting for USD 76.1 billion of
revenues. During this period, direct employment is expected to reach nearly 2.5
millions, an addition of 240,000 employees, while indirect job creation is
estimated at 8.3 millions.
In
The IT industry
has helped
Export revenues
are estimated to gross USD 59 billion in F.Y. 2011 accounting for a 2 millions
workforce. The F.Y. 2011 was characterized by a consistent demand from the
Company Overview :
A number of
Corporations have restructured themselves around verticals and developed as
centre of excellence, to create and deliver holistic services/solutions, duly
customized to the needs of its customers, and geographies. This has resulted
not only in their sustained growth over the years, but has also enabled them to
expand their customer base, product verticals and reach across markets.
Development of solutions around platforms, technology developments, integrating
business intelligence and application development tools are proving to be game
changers for an increasing set of customers. There is increased globalization
in service delivery, cross border collaboration and partnerships to enhance
service offerings, and re-engineering of the talent pool for greater
productivity and efficiency.
Coupled with
automation and six sigma skills, incremental set of enhancements, imbibing best
in class learning and practices in established service delivery processes and
process innovation/re-engineering, the Company has meticulously developed the
ability through organic, inorganic and partnership routes. The Company aims at
lowest possible cost to demand for higher end solutions and measurable business
values by acting as a highly rationalized and competent provider base. The
Company has developed the ability to sense and understand the ecosystem,
challenges and opportunities amidst which its client’s business functions by
focusing on increasing efficiencies, reducing costs, improving productivity and
empowering its customer businesses using smart technology and smart platforms.
The Company aims at platforms and solutions ideally backed by smart technology
that can differentiate in the market place and allow competing on value-added
services and not
pricing alone.
Key Developments
1. Smart Billing
Solution
The Company
acquired a company in the telecom billing space in
2. Focus on
Developing New Markets
With a view to
ensure focused marketing of products and higher deal generation, the Company
has formed a
central ‘Large
Deal Pursuit Team’ (LDTP). The LDTP will play a key role in sourcing and
aligning new deals with company’s growth strategy. LDPT will drive and provide
needed leadership to qualify, lateral thinking with needed expertise in
creating compelling and credible value proposition to the clients.
LDPT will be the
central coordinating body based in Mumbai, which will act as a strong linkage
between global sales and LOBs across the organization. All opportunities that
are of certain size and/or that cut across multiple LOBs will be driven by
LDPT.
The Company has also
constituted Global Account Program Governance – GAPG based in Mumbai which
will act as a
strong linkage between sales and LOBs, GAPG will provide much needed
co-ordination and synergy to Account Managers and LOBs across the organization
globally.
Future Outlook
The global
economic downturn of the past year had a lingering effect on the GDP growth and
employment in developed markets. However, based on demand from the corporate
sector and return of discretionary spending, there was a surge in IT spending
across markets, both traditional and emerging. And not all of it was
customer-led. Service providers did their part too, by providing new business
models that encouraged first time buyers, and re-invented value propositions
for existing ones. Further, with IT sector focus shifting from basic
outsourcing advantages of cost and talent, to higher value added services,
innovation and transformation, global sourcing is now evolving from being
tactical to being of strategic benefit to clients.
The underlying theme
of 2010 has been the steady recovery from recession. Worldwide GDP, which had
declined by 0.6 per cent in 2009, grew 5 per cent in 2010 and is expected to
stabilize at about 4.4 per cent in 2011. Developing nations continue to grow
faster than the developed countries by at least three times. IT spend is
directly linked to growth in GDP and in line with this trend, IT spend in 2011
is expected to grow nearly 4 per cent. Worldwide IT spending will also benefit
from the accelerated recovery in emerging markets, which will generate more
than half of all new IT spending worldwide in 2011. In 2011, growth will
reflect new demand for IT goods and services, not pent-up demand from prior
years. 2011 will also see a major surge in the use of private and public cloud
and mobile computing on a variety of devices and through a range of new apps.
The BPO segment
grew by 14 per cent to reach USD 14.1 billions in F.Y. 2011. The year also
witnessed the next phase of BPO sector evolution - BPO 3.0 - characterized by
greater breadth and depth of services, process re-engineering across the value
chain, increased delivery of analytics and knowledge based services through
platforms, strong domestic market focus and delivery models. During the year,
the BPO sector growth was affected by delayed decision-making and deal
restructuring in the first half of the year, though it picked up momentum in
the second half. Changing demand patterns led to revamp of operations for
service providers-high focus on client relationships, mining existing clients
and restructured operations to provide focused vertical solutions. Further, the
industry focused on achieving excellence in business process management, and
delivering strong transformational benefits creating revenue impact for clients.
The engineering design and products development segments generated
revenues of USD 9 billion in F.Y. 2011, growing by 13.6 per cent, driven by
increasing use of electronics, fuel efficiency norms, convergence of local
markets, and localized products. Increasing confidence in relationships between
customers and service providers successfully executing a variety of activities
across low-medium-high complexity projects has led to increasingly larger sizes
of projects being sourced from India.
Strong economic
growth, rapid advancement in technology infrastructure, increasingly
competitive Indian organizations, enhanced focus by the government and
emergence of business models that help provide IT to new customer segments are
the key drivers for increased technology adoption in
Discussion on
Financial and Operational Performance for the year 2010-2011:
Standalone basis
- Total revenues increased by 6.90% from
INR 1445.44 millions in 2009-10 to INR 1545.19 millions in 2010-11.
- EBIDTA decreased from INR 342.27
millions in 2009-10 to INR 274.62 millions in 2010-11.
- There was no change in Capital.
- Fixed Assets has increased by 9.86%
from INR 790.15 millions in 2009-10 to INR 868.07 millions in 2010-11.
- Net Current Assets decreased by 30.62%
from INR 955.79 millions in 2009-10 to INR 663.12 millions in 2010-11.
Board of
Directors:
(1) Mr. Sameer L. Kanodia
Non-Independent Executive Director
Mr. Sameer L. Kanodia is Non-Independent Executive Director
of Datamatics Global Services Limited. He received his Bachelor of Science in Business
Administration from Bryant University, USA, with Marketing as a major,
graduating with honors. Among the honors he earned during his undergraduate
years was being featured in the Dean’s List throughout the program. He
subsequently received his Masters in Business Administration from Bryant
University, USA, with Finance as a major. He is currently serving on the Board
of Trustees at
(2) Mr. Rahul L. Kanodia
Non-Independent Executive Vice Chairman of the Board, Chief Executive Officer
Mr. Rahul L. Kanodia is Non-Independent Executive Vice
Chairman of the Board, Chief Executive Officer of Datamatics Global Services
Limited. He is a Commerce graduate from Mumbai and holds B.S degree (Computer
MIS) from
(3) Mr. Vidur V. Bhogilal
Chief Financial Officer, Non-Independent Executive Director
Mr. Vidur V. Bhogilal is Chief Financial Officer,
Non-Independent Executive Director of Datamatics Global Services Limited. He is
a qualified Chartered Accountant (CA) and Cost Accountant (ICWA) from India
& Certified Public Accountant (CPA) from the U. S. He is also a law
graduate. Mr. Bhogilal stood first in
(4) Mr. Dileep C. Choksi
Independent Non-Executive Director
Shri. Dileep C. Choksi is Independent Non-Executive Director of Datamatics Global Services Limited, since February 9, 2011. Mr. Choksi is a Chartered Accountant by profession and has over 35 years of professional experience. Mr. Choksi is also on the Board of Directors of several private sector organizations.
(5) Mr. Shahzaad S. Dalal
Independent Non-Executive Director
Mr. Shahzaad Dalal is Independent Non-Executive Director of Datamatics Global Services Limited. He is is Vice Chairman, IL&FS Investment Managers Limited (IIML). The private equity funds managed by IIML have a wide canvas across sectors in infrastructure such as telecom, transport, power and oil and gas as well as emerging areas in real estate, technology, retail, life sciences and consumer services. Mr. Dalal currently leads a competent team of 60 professionals involved in managing over 100 investments. Mr. Dalal is also on the Board of various companies to guide their growth plans and other strategic developments. Overall, Mr. Dalal assumes greater responsibility towards the crafting of exits through a range of diverse methods, including IPO’s and strategic sales. Prior to this, Mr. Dalal was Chief Executive Officer of the Asset Management Business of IL&FS. Within the IL&FS Group he has undertaken various responsibilities including overall planning and raising of resources for IL&FS, its group companies and other IL&FS sponsored infrastructure projects. Mr. Dalal has also headed the initiative for value structured finance/transactions in leasing, project finance and privatizations. Mr. Dalal is a Management Graduate from U S A.
(6) Mr. Sudhir C. Deshpande
Independent Non-Executive Director
Mr. Sudhir C. Deshpande is Independent Non-Executive
Director of Datamatics Global Services Limited. He is an engineer from
(7) Dr. Habil F. Khorakiwala
Independent Non-Executive Director
Dr. Habil F. Khorakiwala is
Independent Non-Executive Director of Datamatics Global Services Limited. He is
the Chairman of Wockhardt Group. He is an alumnous of
(9) Mr. Radhakrishna K. Saraswat
Independent Non-Executive Director
Mr. Radhakrishna K. Saraswat is
Independent Non-Executive Director of Datamatics Global Services Limited He is
a Fellow of Chartered Accountants of India. He has over 35 years of experience
in Finance & Accounts. Prior to his retirement from Datamatics Limited as
director (Finance), he was the President of S. M. Dyechem Limited and Sr. Vice
President of Grasim, where he was engaged in setting up their Mangalore
Refinery Project. Mr. R. K. Saraswat is also director* in following companies:
Zedtech Software Designs (
Contingent
Liability:
Provision is made
in the accounts if it becomes probable that an outflow of resources embodying
economic benefits will be required to settle the obligation.
Contingent
Liabilities to the extent not provided for:
|
|
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
(a) Details of
guarantees and sureties outstanding as at: |
|
|
|
(i) Guarantees given by Banks to Embassy Centre Premises Co-operative
Society Limited |
0.405 |
0.405 |
|
(ii) Guarantees given by Banks to the Assistant Commissioner of
Central Excise and Customs
department |
1.134 |
1.134 |
|
(iii) Guarantees given by Banks to UNFCCC, |
4.650 |
4.650 |
|
(b) Disputed
Income Tax Liability |
15.604 |
6.031 |
|
(c) Sales Tax |
5.075 |
0.229 |
|
(d) Others |
-- |
5.434 |
FIXED ASSETS
Tangible Assets:
·
Land
·
Buildings
·
Leasehold Premises
·
Plant and Machinery
·
Computers
·
Air Conditioners
·
Furniture and Fittings
·
Electrical Fittings
·
Office Equipments
·
Vehicles
Intangible Assets:
·
Computer Software
Internal Developed Software
·
Other Software
As Per Website Details:
BUSINESS
DESCRRIPTION:
Subject is an India-based global Information Technology (IT) and
Knowledge Process Outsourcing (KPO) company focused on delivering business
solutions that help enterprises across the world overcome their business
challenges. Its solutions and services span across a section of industries,
which include Banking and Finance, Insurance, Publishing, Manufacturing,
Research and Retail. Company’s varied business processes transcend finance and
accounts, Enterprise Document Management, Portal Management, Publishing
Solutions, Application Development, Support and Testing, Data warehousing and
Analytics, Engineering and Embedded solutions, billing solutions, and
Enterprise Content solutions. Its subsidiaries include Datamatics Software
Services Limited, Datamatics Global Services, Inc. (US), Datamatics Infotech
Limited (UK), Datamatics Technologies UK Limited (UK) and Datamatics Global
Services GmbH (
Subject is a technology company engaged in providing business process
transformation, IT consulting, off-the-shelf technology solutions and
customized software services. The company also provides services like embedded
engineering and telecommunications and has developed solutions for ticketing,
toll and parking applications. The BPO solutions offered by the company include
Content Management, Document Processing, Finance and Accounting, Online Retail
Solutions, and Research and Analytics. Further, the IT services provided by the
company are Application Management Services, Enterprise Application Services,
Independent Validation Services, Information Management, Product Management,
Telecom and Embedded Solutions and Professional Services. The company markets
solutions like: i-Mask, i-Cat, i-Pub, i-Mark and i-Clinic. Subject operates across the
COMPANY
OVERVIEW:
Subject is a trusted partner to several Fortune 500
Companies globally for managing their End-to-end Application Life Cycle and
Business Critical Processes. Subject is a global Information Technology (IT)
and Knowledge Process Outsourcing (KPO) organization focused on delivering
smart, next-generation business solutions that help enterprises across the
world overcome their business challenges. These solutions leverage innovations
in technology, knowledge of business processes, and domain expertise to provide
clients a competitive edge.
As a strategic partner, Subject helps its clients
improve their business competitiveness and achieve operational efficiencies.
The benefits delivered by the Subject’ unique solutions include accelerated
time-to-market for new products and services, maximized productivity and
efficiency in business processes, shorter turn-around times for service
delivery and lower total cost of ownership.
Subject’ next-generation solutions and the services
span:
- A cross
section of industries including Banking and Finance, Insurance,
Publishing, Manufacturing, Research and Retail.
- Varied
business processes that transcend F&A, Enterprise Document Management,
Portal Management, Publishing Solutions, Application Development, Support
and Testing, Data warehousing and Analytics, Engineering and Embedded
solutions, Billing solutions, Enterprise Content solutions.
Subject has a geographically diverse portfolio of
Fortune 500 client’s with a footprint across four continents-
AWARDS AND RECOGNITION:
Subject has won numerous awards
and accolades over the years. These have been in recognition of the company’s
focus on Innovation, Leadership and Customer-Centricity.
2012
- Subject
wins four prestigious awards at WORLD HRD CONGRESS 2012
- CIGNEX Subject recognized for their contribution to the ICT industry in the state of
2011
- Featured
amongst the Global Top 10 Mid-Tier Industry Specific BPO Service Providers
in the Global Services 100 list
- Ranked
Professionals (IAOP amongst the Global Top 20 Financial Management Service
Providers by the International Association of Outsourcing)
- Datamatics
and Blue Star win CSI 2011 Award for Excellence in IT
2010
- Listed amongst the Global Top 20 Industry
Specific BPO Service Providers in the Global Services 100 list
- Received
Global HR Strategy Award & HR Leadership Award at
- Subject’ customer won the InformationWeek
EDGE - Enterprises Driving Growth
2009
- Received HR
Super Achiever Award at
2007
- First Indian
company to have won the International Asia Pacific Quality Award in the
Services Category
- Ranked
Third globally, amongst global document process outsourcing providers by
'The Black Book of Outsourcing'
- Won the IMC
Ramkrishna Bajaj National Quality Award
2006
- Top 50 Best Managed Outsourcing Vendors by
'The Black Book of Outsourcing'
- Selected as
Rising Star at 'The Global Outsourcing 100' 2006 Outsourcing World
2004
- First
Indian non-voice third party BPO company to get listed on BSE and NSE
NEWS AND EVENTS:
04 April, 2012
HSL automates
account opening process with Datamatics solution
Intelligent data capture tool and workflow solution from
Datamatics helps the Mumbai based brokerage firm increase back-office staff
productivity and speed up account opening process.
HDFC Securities Limited (HSL) has been in
the broking biz for over a decade. A subsidiary of HDFC Bank, the firm is
headquartered in Mumbai with operations spread across all the major cities
throughout
With close to 24,000 new investors getting added to its customer base
every month, HSL has witnessed a continued phase of strong growth in the last
few years. However, as is often the case, business growth comes with attendant
consequences and challenges and HSL's story is no different.
It was late 2009, and the folks in the HSL operations team were in a
quandary. It seemed that with the growing customer base, the challenge of
opening customer accounts and managing records and contract documents had only
gotten worse. The firm had been acquiring anywhere between 1000-2000 customers
every day. Processing that many applications on a daily basis for activating
customer accounts was proving to be a costly and time consuming affair, especially
since HSL did not have a proper workflow in place. Neither did it have a system
for document management which made archiving and retrieving customer documents
for any operational or regulatory purpose, a nightmarish experience.
As per Manoj K Nanda, VP of Projects at HSL, “Our average cycle time to
activate a single customer account was something that we wanted to improve on.
We relied heavily on our back-office, where data capture happened manually.
This was time-consuming and error-prone. Plus, the staff there could only
upload the data in an online mode which delayed the account opening process
further.”
HSL also wanted to optimize informed business reporting along with a
robust and scalable document management system (DMS). The DMS would facilitate
easy archival and quick retrieval of documents, which was something the
firm wanted desperately.
“They were spending Rs. 50 on average for retrieving a single customer
contract and yet they would have to wait for days, sometimes even weeks just to
retrieve a certain customer contract from their warehouse located in Navi
Mumbai,” informed Nanda.
It didn't take long for the folks at HSL to realize that they needed to
take action before the situation got out of hands. After evaluating a number of
vendor offerings, HSL opted to go with Datamatics' solution. The
firm recommended a solution which comprised of tools including iQ for
intelligent data capture, iPM for workflow management, and EMC Documentum for
document archival/retrieval.
Kicking-off around August 2010, the entire project from conception to
implementation took nearly 11 months to complete. Of this, nearly 4 months went
into requirement finalization.
Talking about the experience, Rahul Kanodia, Vice Chairman and Chief
Executive Officer, Datamatics said, “There were basically three groups
participating while designing the new imaging-ready document. So we needed
integration from sales channel, operations and compliance during the
implementation. The requirement finalization stage, took about 4 months time. A
lot of brainstorming happened to make way for a workflow based system from the
existing manual processes.”
For the project, a team of dedicated people from Business Solutions
Group and IT was deployed by HSL, with need based participation from operations
and CPU. 4-5 members worked dedicatedly for the project with necessary
managerial supervision. The project did not require any major infrastructural
investments other than the basic support infrastructure needed for the data
capture engine, workflow solution and the EMC Documentum.
The AOF process at HSL today follows a simple yet effective flow. After
receiving the forms from its various branches, HSL sends the documents to its
CPU. From here, the forms are sent for inwarding and scrutiny at which stage
applications are verified on a number of counts and cross-checked for
duplicacy. Once verified, the applications are scanned and images are uploaded
on the iPM workflow engine. With the help iQ intelligent data capture, 'Makers'
at the HSL back-office fill-in all the details in the soft copy. To ensure that
the 'Makers' have filled all the fields correctly, 'Checkers' are employed to
examine the form and look for errors, if any. The forms that are cleared at
this stage, are sent for hand-off to the core systems and DMS for archiving and
retrieval.
Going live with the solution in July last year, HSL has witnessed a
number of benefits since. In the AOF process, the data capture cycle time has
been reduced to 7 minutes as against 10 minutes earlier. Plus, the overall time
for AOF process has been reduced to 5 days instead of the average 7 days it
took for HSL earlier.
According to Nanda, archiving & retrieving documents with bulk
upload/ download facilities has resulted in cost savings on document retrieval,
which is now almost instantaneous compared to the 7 days it used to take
earlier. Not to mention the cost of retrieving the documents which has been
reduced to half.
From the productivity aspect of the back-office staff, manual effort has
been reduced considerably as the iQ data capture engine addresses signature
cropping, categorization of supporting documents and business rule validations
in the capture process, leading to faster and more accurate processing of
forms.
The iPM Workflow has enabled tracking (which form is where and at what
stage), auto-allocation, exception handling, and document reconciliation. It
provides HSL complete process control due to real-time process monitoring as
against manual tracking earlier.
"There has also been a visible reduction in the load on the core
back-office system as a result of the deployment. Business efficiencies,
quality of services and satisfaction levels have increased considerably whereas
business, financial & regulatory risks have decreased significantly with
the new system," concluded Nanda
PRESS RELEASE:
CRISIL
assigns A1+ rating to bank facilities of Datamatics Global Services
20 April 2012
CIGNEX
Datamatics Announces Global Partnership with 10gen for MongoDB Big Data
Solutions
06 March 2012
Partnership to focus on consulting, implementation
and development services on MongoDB technology
CIGNEX
Datamatics has a dedicated practice and an expertise of implementing enterprise
class Big Data solutions. This partnership combines 10gens Big Data Solutions
with CIGNEX Datamatics expertise in Open Source solutions.
The
Big Data trend has highlighted the value of data and how organizations are
looking for innovative ways to store and process data. We plan to leverage
CIGNEX Datamatics' Open Source experience and MongoDBs clear industry
leadership to deliver Big Data solutions to customers having dynamic application
requirements, said Paul Anthony, Chief Executive Officer, CIGNEX Datamatics. He
added, they are very excited about this partnership and look forward to serve
clients jointly."
CIGNEX
Datamatics will provide key consulting, implementation, support and training
services in its role as a 10gen partner, based on MongoDB technology.
About
10gen: 10gen is the
initiator, contributor and continual sponsor of MongoDB, offering production
support, training, consulting and online management services for the database.
Thousands of leading Web 2.0 companies as well as Fortune 500 enterprises have
adopted MongoDB. 10gen is funded by Flybridge Capital Partners, Sequoia Capital
and Union Square Ventures.
About
CIGNEX Datamatics: CIGNEX Datamatics Inc. (a subsidiary of Datamatics Global Services
Limited) is the global leader in Commercial Open Source Enterprise solutions.
Since 2000, CIGNEX Datamatics has helped clients grow revenue and improve
profitability by delivering solutions based on Liferay, Alfresco, Magento,
Drupal, Ephesoft, JBoss, MuleSoft and others to address requirements across the
IT Enterprise ecosystem.
CIGNEX Datamatics is a
Platinum Partner of Liferay and Alfresco and provides Liferay Consulting,
Alfresco Consulting, Magento Consulting and consulting in Drupal.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 53.72 |
|
|
1 |
Rs. 86.98 |
|
Euro |
1 |
Rs. 70.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
No |
|
--AFFILIATION |
YES/NO |
Yes |
|
--LISTED |
YES/NO |
Yes |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
50 |
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.