MIRA
INFORM REPORT
|
Report Date : |
08.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ATOS INDIA PRIVATE LIMITED [w.e.f. 28.09.2011] |
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Formerly Known As
: |
ATOS ORIGIN INDIA PRIVATE LIMITED |
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Registered
Office : |
Unit 126/127 SDC IV Seepz SEZ, Andheri (East), Mumbai – 400 096, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of Incorporation
: |
27.08.1983 |
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Com. Reg. No.: |
11-030711 |
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Capital
Investment / Paid-up Capital : |
Rs.22.377
Millions |
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|
|
CIN No.: [Company Identification
No.] |
u74140mh1983ptc030711 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
muma19784c |
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PAN No.: [Permanent Account No.] |
aaaco2461j |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
International IT Services Provider. |
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No. of Employees
: |
3000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 18700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Latest financial of
the company are missing from the government department. However, from the
available financial it seem that the company is performing very well. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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 |
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 PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Kishore |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-28290743 |
|
Date : |
07.09.2012 |
LOCATIONS
|
Registered Office : |
Unit 126/127 SDC IV Seepz SEZ, Andheri (East), Mumbai – 400 096, |
|
Tel. No.: |
91-22-28290743 / 67333400 |
|
Fax No.: |
91-22-28292744 / 67333401 / 28291700 |
|
E-Mail : |
mani.chalam@atosorigin.com |
|
Website : |
www.atosorigin.com |
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Location : |
Owned |
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|
|
|
Branch Office : |
Located
At: ·
Mumbai ·
Chennai ·
Pune ·
Kolkata ·
Bangalore ·
Gurgaon |
DIRECTORS
AS ON 30.06.2012
|
Name : |
Mr. Krishnamani Chalam |
|
Designation : |
Director |
|
Address : |
1203, Woodrose, Hiranandani Meadow, Gladys, Alwares Marg, Pokhran Road
No. 2, Thane (W), Maharashtra, India |
|
Date of Birth/Age : |
30.04.1958 |
|
Date of Appointment : |
15.03.2004 |
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Din No.: |
00560481 |
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|
|
|
Name : |
Mr. Milind Madhav Kamat |
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Designation : |
Director |
|
Address : |
C – 102, Marigold, Gundechas valley of Flowers, Thakur Village, Kandivali
(E), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
05.07.1960 |
|
Date of Appointment : |
03.08.2007 |
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Din No.: |
01772084 |
KEY EXECUTIVES
|
Name : |
Mr. Kishore |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Atos S.A., France (Nominee of Atos International B.V., The
Nederland’s) |
|
1 |
|
Atos International B.V., The Nederland’s |
|
2233520 |
|
Atos International Limited, London |
|
4166 |
|
|
|
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TOTAL
|
|
2237687 |
AS ON 30.06.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
International IT Services Provider. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
3000 [Approximately] |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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Pan No.: |
AACED4815A |
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Holding Company : |
Atos Origin B.V., The
Netherland’s |
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Ultimate Holding Company : |
Atos Origin S.A., France |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8650000 |
Equity Shares |
Rs. 10/- each |
Rs.86.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2237687 |
Equity Shares |
Rs. 10/-
each |
Rs.22.377
Millions |
NOTE:
1. Of the above 2233521 shares (2149999 shares as at 31st December,
2009) are hold by Atos Origin BV, The Netherland’s, the ultimate holding
company being Atos Origin S.A., France
2. Of the above 87607 shares were issues pursuant to a scheme of
amalgamation without payments being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
22.377 |
21.500 |
21.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4656.516 |
3750.948 |
2887.955 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Equity Share Suspense |
0.000 |
0.877 |
0.000 |
|
|
NETWORTH |
4678.893 |
3773.325 |
2909.455 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
4678.893 |
3773.325 |
2909.455 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
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|
|
FIXED ASSETS [Net Block] |
223.338 |
266.246 |
355.104 |
|
|
Capital work-in-progress |
0.632 |
6.834 |
24.961 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
55.472 |
|
|
DEFERREX TAX ASSETS |
218.818 |
106.923 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000
|
|
|
Sundry Debtors |
1048.834
|
1068.397 |
1469.987
|
|
|
Cash & Bank Balances |
3196.079
|
2323.228 |
1496.979
|
|
|
Other Current Assets |
3.984
|
92.601 |
146.128
|
|
|
Loans & Advances |
1380.469
|
894.513 |
503.570
|
|
Total
Current Assets |
5629.366
|
4378.739 |
3616.664 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
895.157
|
606.286 |
835.743 |
|
|
Other Current Liabilities |
76.432
|
76.489 |
103.182
|
|
|
Provisions |
421.672
|
302.642 |
203.821
|
|
Total
Current Liabilities |
1393.261
|
985.417 |
1142.746
|
|
|
Net Current Assets |
4236.105
|
3393.322 |
2473.918
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4678.893 |
3773.325 |
2909.455 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Software Services |
|
4539.468 |
3191.420 |
|
|
|
Revenue From Retail Automation Project |
5877.672 |
358.999 |
135.788 |
|
|
|
Other Income |
|
242.955 |
77.745 |
|
|
|
Increase/Decrease in Job in Progress |
|
(53.528) |
109.053 |
|
|
|
TOTAL |
5877.672 |
5087.894 |
3514.006 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and Other Expenses |
|
1738.006 |
1477.891 |
|
|
|
Payments to and Provisions for Employees |
4810.391 |
2205.309 |
1426.769 |
|
|
|
Sub-Contracting Charges |
|
169.594 |
101.760 |
|
|
|
TOTAL |
4810.391 |
4112.909 |
3006.420 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1067.281 |
974.985 |
507.586 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
127.471 |
155.368 |
108.429 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
939.810 |
819.617 |
399.157 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
49.672 |
73.370 |
69.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
890.138 |
746.247 |
329.841 |
|
|
|
|
|
|
|
|
|
|
NET LOSS OF
AMALGAMATING COMPANIES FOR THE PERIOD 1ST APRIL 2008 TO 31ST
DECEMBER, 2008 |
NA |
(4.699) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3623.486 |
2881.938 |
2552.097 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4529.054 |
3623.486 |
2881.938 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Software Exports |
5019.843 |
4047.767 |
3325.009 |
|
|
TOTAL EARNINGS |
5019.843 |
4047.767 |
3325.009 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase Incidental to Retail Automation Project |
0.000 |
21.024 |
71.873 |
|
|
|
Capital Goods |
60.096 |
50.776 |
61.289 |
|
|
TOTAL IMPORTS |
60.096 |
71.800 |
133.162 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
404.69 |
333.49 |
153.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
15.14
|
14.67 |
9.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
16.73 |
12.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.05
|
17.65 |
10.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.22 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
0.26 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.04
|
4.44 |
3.16 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.12.2010 (Rs. in millions) |
31.12.2009 (Rs. in millions) |
31.12.2008 (Rs. in millions) |
|
SUNDRY CREDITORS |
|
|
|
|
Total outstanding dues to micro and small enterprises |
-- |
-- |
-- |
|
Total outstanding dues to creditors other than micro and small enterprises |
895.157
|
606.286 |
835.743 |
|
TOTAL |
895.157
|
606.286 |
835.743 |
|
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 |
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
operations:
Income during the year amounted to Rs. 5877.670 Millions as against Rs.
5087.890 Millions in the previous year. Growth in revenue amounted to 15.54%
over previous year. During the year the company continued to focus on
delighting its customers by providing high quality and innovative software
solutions.
RESULTS:
Profit after tax
for the year was at Rs. 890.130 Millions as against profit of Rs. 746.240 Millions
for the previous year.
BUSINESS:
During the period
the company has been able to increase its business levels substantially as
compared to the previous year. The company operates as a global off shoring
centre; it expects substantial growth in business volumes in the years to come.
CONTINGENT LIABILITY IN RESPECT OF INCOME TAX MATTERS DISPUTED IN
APPEALS:
|
Particulars |
31.12.2010 (Rs. in millions) |
31.12.2009 (Rs. in millions) |
|
The income tax department
has raised demands aggregating to Rs.503.047 Millions for assessment year
2002-03 to 2008-09 (previous year Rs.239.338 Millions for assessment year
2002-2003 to 2007-08), which are in dispute. The appeals against the said
assessment orders are pending before the commissioner of income tax (appeals)
and Appellate Tribunai. The company has been advised that no further
provision for tax is required over and above the existing provision of
Rs.299.840 Millions (previous year Rs.138.270 Millions) |
203.206 |
101.060 |
|
TOTAL |
203.206 |
101.060 |
Fixed assets:-
· Leasehold improvements
· Computers
· Office Equipments
· Vehicles
· Software
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.55.52 |
|
|
1 |
Rs.88.49 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
54 |
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.