MIRA
INFORM REPORT
|
Report Date : |
30.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
C-EDGE TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
Palm Centre, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.01.2006 |
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|
Com. Reg. No.: |
11-159038 |
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Capital
Investment / Paid-up Capital : |
Rs. 100.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2006PLC159038 |
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|
|
PAN No.: [Permanent Account No.] |
AACCC7950Q |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Service Provider of Information Technology. |
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|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 1019000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Tata Consultancy Services Limited which
hold 51 % of equity shares and 49 % owned by State Bank of India It is well established and reputed company having good track record. Financially
company performance appreciable subjected get good support from it holdings
Liquidity position is good. Performance capacity is high in the current year. Trade relations are reported to be trustworthy. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealing at
usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA- (Long term fund based facilities) |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation it carry very low credit risk. |
|
Date |
November, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Delip Bhagal |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-67789595 |
|
Date : |
30.11.2012 |
LOCATIONS
|
Registered Office : |
Palm Centre, |
|
Tel. No.: |
91- 22-67789379 |
|
Fax No.: |
91- 22-66303672 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
C-Edge Technologies Ltd. Wellspring, Phase III, Godrej and
Boyce Complex, Plant no 12, Gate No. 4, LBS Marg, Vikhroli (West),
Mumbai-400079, Maharashtra, India. |
|
Tel. No.: |
91- 22-67784106 |
|
Fax No.: |
91- 22-67784400 |
|
E-Mail : |
|
|
|
|
Sales
Team:
|
|
|
Tel. No.: |
91- 22-67784236 |
|
E-Mail : |
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|
Support
Team:
|
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|
Tel. No.: |
91- 22-67784200 / 04 / 07 / 14 / 17 / 24 / 33 / 39 |
|
E-Mail : |
DIRECTORS
As on 09.07.2012
|
Name : |
Mr. Chandrasekaran Natarajan |
|
Designation : |
Nominee director |
|
Address : |
302, Sagar Darshan, 8, |
|
Date of Birth/Age : |
02.06.1963 |
|
Qualification : |
Bachelor Degree in Applied Sciences, and Master Degree in computer
application |
|
Date of Appointment : |
19.01.2006 |
|
DIN No.: |
00121863 |
|
|
|
|
Name : |
Mr. Barindra Hemendra Sanyal |
|
Designation : |
Nominee director |
|
Address : |
B-21, Bandra Trilok CHS Limited, 313, Dr, |
|
Date of Birth/Age : |
19.10.1946 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
10.12.2009 |
|
DIN No.: |
00175046 |
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|
|
|
Name : |
Mr. Pradeep Kumar Panja |
|
Designation : |
Nominee director |
|
Address : |
Bhaskara, 21, I Main, 4th Cross Gaurav Nagar, JP Nagar, 7th
Phase Bangalore- 560078, Karnataka, India |
|
Date of Birth/Age : |
02.10.1955 |
|
Date of Appointment : |
09.07.2012 |
|
DIN No.: |
03614568 |
|
|
|
|
Name : |
Mr. Jambunathan Narayanan |
|
Designation : |
Nominee director |
|
Address : |
'H' Bungalow, SBI Colony, Sector - 13, Nerul (East), Navi Mumbai-
400706, |
|
Date of Birth/Age : |
16.03.1955 |
|
Date of Appointment : |
09.07.2012 |
|
DIN No.: |
05126421 |
KEY EXECUTIVES
|
Name : |
Mr. Prakash Dinesh Mehta |
|
Designation : |
Secretary |
|
Address : |
B-1/305, Bee Jumbo, CHSL Koldongri, Road No.2, |
|
Date of Birth/Age : |
23.08.1959 |
|
Date of Appointment : |
07.02.2006 |
|
PAN No.: |
AAHPM6789P |
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|
|
|
Name : |
Mr. Satya Sankar Mishra |
|
Designation : |
Manager |
|
Address : |
1305, 13th Floor, |
|
Date of Birth/Age : |
06.06.1971 |
|
Date of Appointment : |
13.04.2011 |
|
PAN No.: |
AFGPM9474H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tata Consultancy Services Limited, |
|
5099997 |
|
Tata Consultancy Services Limited JT N. Chandrasekaran |
|
1 |
|
Tata Consultancy Services Limited JT S. Mahalingam |
|
1 |
|
State Bank of |
|
4899998 |
|
Tata Consultancy Services Limited JT Suprakash Mukhopadhyay |
|
1 |
|
State Bank of |
|
1 |
|
State Bank of |
|
1 |
|
Total |
|
10000000 |
Equity Share Break up (Percentage of Total Equity)
As on 09.07.2012
|
Category |
Percentage |
|
Nationalised and
Other Bank |
49.00 |
|
Bodies corporate |
51.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Information Technology. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of Vikhroli West Branch, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road,Opp. Shiv Sagar Estate, Worli, Mumbai -
400018, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
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Ultimate Holding
Company: |
Tata Sons Limited |
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|
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Holding Company: |
Tata Consultancy Services Limited |
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Fellow Subsidiaries:
|
TCS Financial Solutions Australia Pty Limited |
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Investing Party: |
State Bank of |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.000 |
100.000 |
100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
154.790 |
54.934 |
13.855 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
254.790 |
154.934 |
113.855 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.395 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
16.395 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
(0.047) |
0.943 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
271.138 |
155.877 |
113.855 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
24.240 |
34.980 |
2.333 |
|
|
Capital work-in-progress |
52.424 |
0.000 |
14.749 |
|
|
|
|
|
|
|
|
INVESTMENT |
43.108 |
31.038 |
71.775 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.828 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
154.137
|
105.116 |
26.571 |
|
|
Cash & Bank Balances |
59.249
|
12.479 |
2.758 |
|
|
Other Current Assets |
15.514
|
16.032 |
8.246 |
|
|
Loans & Advances |
63.658
|
57.389 |
15.081 |
|
Total
Current Assets |
292.558
|
191.016 |
52.656 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
92.250
|
75.725 |
26.159 |
|
|
Other Current Liabilities |
10.431
|
5.780 |
1.528 |
|
|
Provisions |
38.511
|
19.652 |
0.799 |
|
Total
Current Liabilities |
141.192
|
101.157 |
28.486 |
|
|
Net Current Assets |
151.366
|
89.859 |
24.170 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
271.138 |
155.877 |
113.855 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
633.480 |
277.911 |
103.899 |
|
|
|
Other Income |
3.641 |
2.958 |
4.900 |
|
|
|
TOTAL |
637.121 |
280.869 |
108.799 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing service costs |
201.119 |
|
102.705 |
|
|
|
Employee related expenses |
95.330 |
61.928 |
|
|
|
|
Administrative selling other expenses |
162.428 |
58.545 |
|
|
|
|
TOTAL |
458.877 |
210.204 |
102.705 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
178.244 |
70.665 |
6.094 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
24.853 |
10.722 |
4.864 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
148.391 |
59.943 |
1.230 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
53.535 |
18.864 |
(0.037) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
99.856 |
41.079 |
1.267 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54.934 |
13.855 |
12.588 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
154.790 |
54.934 |
13.855 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.99 |
4.11 |
0.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
15.67
|
14.63 |
1.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.42
|
21.57 |
1.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
46.84
|
26.52 |
2.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.58
|
0.39 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
0.62
|
0.65 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.89 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Creditor due to Others |
92.250
|
75.725 |
26.159 |
|
|
|
|
|
|
Total |
92.250
|
75.725 |
26.159 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
------ |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
------ |
|
22] |
Litigations that
the firm / promoter involved in |
------ |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
------ |
|
26] |
Buyer visit
details |
------ |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
No |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from Suren Road,
Andheri (East), Mumbai-400093, Maharashtra, India, to the present address
w.e.f. 19.06.2006
FIXED ASSETS:
·
Computer Equipment
·
Office Equipment
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
|
1 |
Rs.88.38 |
|
Euro |
1 |
Rs.71.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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.