MIRA INFORM REPORT
|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HEXAWARE TECHNOLOGIES LIMITED |
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Registered
Office : |
152, Millenium Business Park, Sector 3rd ‘A’ Block, TTC
Industrial Area Mahape, Navi Mumbai – 400 710, Maharashtra |
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Country : |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
20.11.1992 |
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Com. Reg. No.: |
11-069662 |
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Capital
Investment / Paid-up Capital : |
Rs.593.090
millions |
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CIN No.: [Company Identification
No.] |
L72900MH1992PLC069662 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH02137C CHEH03372F |
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PAN No.: [Permanent Account No.] |
AABCA3203F AAACH1474L |
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Legal Form : |
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 information technology consulting, software
development and business process outsourcing. |
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No. of Employees
: |
9069 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
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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 |
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Maximum Credit Limit : |
USD 39386000 |
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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 well established and reputed company having a good track record.
Financial position of the company appears to be strong. Liquidity position is
good. Performance capability is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. In view of experience promoters, the company can be considered 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 |
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.
LOCATIONS
|
Registered Office/ Offshore Development Center 1 : |
152, Millenium Business Park, Sector 3rd ‘A’ Block, TTC
Industrial Area Mahape, Navi Mumbai – 400 710, Maharashtra, India |
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Tel. No.: |
91-22-67919595/ 41599595 |
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Fax No.: |
91-22-67919500/ 41599500 |
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E-Mail : |
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Website : |
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Head Office : |
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Tel. No.: |
609-409-6950 |
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Fax No.: |
609-409-6910 |
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Corporate Office : |
96-97, Mittal Chambers, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-66542682/83 |
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Fax No.: |
91-22-22872939 |
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Offshore Center 2 : |
1, Millennium
Business Park, Sector III, TTC Industrial Area, Mahape, Navi Mumbai – 400
710, Maharashtra, India |
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Offshore Center 3 : |
157, Millennium
Business Park, Sector III, TTC Industrial Area, Mahape, Navi Mumbai – 400
710, Maharashtra, India |
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Offshore Center 4 : |
SIPCOT IT Park, Navalur Post, Siruseri, Chennai – 603 103, Tamilnadu,
India |
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Offshore Center 5 : |
4th
Floor and 5th Floor, Block 1.5 SEZ, Embassy Techzone, Plot No.3, Rajiv
Gandhi IT Park, Phase II, Village Murunji, Taluka Mulshi, Hinjewadi (SEZ),
Pune – 411 057, Maharashtra, India |
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Offshore Center 6 : |
3rd Floor, Embassy Icon, 2/1 Infantry Road, Bangalore – 560
001, Karnataka, India |
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Development Center : |
Secaucus, NJ 400
Plaza Drive, First Fl, Secaucus NJ 07094 |
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Branch Office : |
Located at: ·
Navi Mumbai ·
Chennai ·
Pune ·
Nagpur ·
Bangalore ·
Coimbatore |
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Overseas Office : |
Located at: ·
·
·
Mexico ·
Brazil ·
·
·
·
Netherlands ·
Switzerland ·
Austria ·
Spain ·
Hungary ·
Singapore ·
Japan ·
Australia ·
Dubai |
DIRECTORS
As on 31.12.2012
|
Name : |
Mr. Atul K. Nishar |
|
Designation : |
Founder and Chairman |
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Name : |
Mr. P. R. Chandrasekar |
|
Designation : |
Global Chief Executive Officer and Vice Chairman |
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Date of Birth/ Age : |
28.09.1955 |
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Qualification : |
Mechanical
Engineering from Indian Institute of Technology, Madras (IITM), MBA from University
of Bombay. |
|
Experience in specific functional area : |
Wide experience
in Information Technology Services. |
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Date of Appointment : |
02.06.2008 |
|
List of Companies in which directorship held : |
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Name : |
Mr. R. V. Ramanan |
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Designation : |
Executive Director and President – Global Delivery |
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Name : |
Mr. Abhay Havaldar |
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Designation : |
Director |
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Name : |
Mr. Ashish Dhawan |
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Designation : |
Director |
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Date of Birth/ Age : |
11.03.1969 |
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Qualification : |
MBA with
distinction from Harvard University and a dual bachelors (BS/ BA) holder in applied
mathematics and economics with Magna Cum Laude honours from Yale University. |
|
Experience in specific functional area : |
Experience in
handling Private Equity Firm managing 2.25 Billion Dollar Assets. |
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Date of Appointment : |
20.05.2009 |
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Name : |
Mr. L. S. Sarma |
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Designation : |
Independent Director |
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Name : |
Mr. Shailesh V. Haribhakti |
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Designation : |
Independent Director |
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Name : |
Ms. Preeti Mehta |
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Designation : |
Independent Director |
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Name : |
Mr. S. K. Mitra |
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Designation : |
Independent Director |
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Name : |
Mr. Bharat Shah |
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Designation : |
Independent Director |
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Name : |
Mr. S. Doreswamy |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
30.09.1937 |
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Qualification : |
B. Sc. and Post Graduate in Law (B.L) |
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Experience in specific functional area : |
Banking and
Financial Services over more than three decades |
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Date of Appointment : |
17.02.2010 |
|
List of Companies in which directorship held : |
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KEY EXECUTIVES
|
Name : |
Mr. Rajiv Pant |
|
Designation : |
President North America Operations |
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Name : |
Mr. Ramanan Seshadri |
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Designation : |
Executive Vice President and Head Europe
Operations |
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Name : |
Mr. Uday C Reddy |
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Designation : |
Senior Vice President APAC – Operations |
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Name : |
Mr. Madhu Kumar |
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Designation : |
Executive Vice President and Global Head –
Travel and Transportation |
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Name : |
Mr. Ravi Vaidyanathan |
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Designation : |
Senior Vice President and Global Head –
Banking and Financial Services |
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Name : |
Mr. N. Nataraj |
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Designation : |
Chief Information Officer and Global Head –
Infrastructure Management Services |
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Name : |
Mr. Moorthi Chokkanathan |
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Designation : |
President and Global Head – Enterprise
Solutions |
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Name : |
Mr. Anand Moorthy |
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Designation : |
Senior Vice President and Global Head –
Quality Assurance and Testing Services |
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Name : |
Mr. R.U. Srinivas |
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Designation : |
Chief Executive Officer, Caliber Point |
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Name : |
Mrs. Amberin Memon |
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Designation : |
Chief People Officer and Senior Vice
President Healthcare and Insurance |
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Name : |
Mr. Sreenivas V. |
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Designation : |
Chief Strategy Officer |
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Name : |
Mr. Rajesh Kanani |
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Designation : |
Senior Vice President Corporate Finance and
Acting Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
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|
661410 |
0.24 |
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|
82722456 |
29.86 |
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|
83383866 |
30.10 |
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|
Total shareholding of Promoter and Promoter Group (A) |
83383866 |
30.10 |
|
(B) Public Shareholding |
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|
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|
17989876 |
6.49 |
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|
339475 |
0.12 |
|
|
5233734 |
1.89 |
|
|
116384371 |
42.01 |
|
|
64900 |
0.02 |
|
|
64900 |
0.02 |
|
|
140012356 |
50.54 |
|
|
|
|
|
|
9933708 |
3.59 |
|
|
|
|
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|
33793005 |
12.20 |
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|
3221500 |
1.16 |
|
|
200000 |
0.07 |
|
|
6473482 |
2.34 |
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|
6416472 |
2.32 |
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|
10 |
0.00 |
|
|
57000 |
0.02 |
|
|
53621695 |
19.36 |
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Total Public shareholding (B) |
193634051 |
69.90 |
|
Total (A)+(B) |
277017917 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
21290960 |
0.00 |
|
|
21290960 |
0.00 |
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Total (A)+(B)+(C) |
298308877 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in information technology consulting, software
development and business process outsourcing. |
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Products/ Services : |
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GENERAL INFORMATION
|
No. of Employees : |
9069 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Internal
Auditors : |
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Name : |
KPMG |
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Address : |
Mumbai, Maharashtra, India |
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Subsidiaries : |
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Other Related
Party : |
Hexaware Technologies Employee Stock Option Trust |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
325000000 |
Equity Shares |
Rs.2/- each |
Rs.650.000 millions |
|
1100000 |
Series “A” Preference Shares |
Rs.1421/- each |
Rs.1563.100 millions |
|
|
Total |
|
Rs.2213.100
millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
296544791 |
Equity Shares |
Rs.2/- each |
Rs.593.090
millions |
|
|
|
|
|
Reconciliation of
number of shares
|
Particulars |
As at 31st
December, 2012 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Shares
outstanding at the beginning of the year |
293358428 |
586.720 |
|
Shares
Issued during the year |
3186363 |
6.370 |
|
Shares outstanding at the
end of the year |
296544791 |
593.090 |
Details of shares
held by shareholders holding more than 5% shares
|
Name of Shareholder |
As at 31st
December, 2012 |
|
|
No. of Shares held |
% of holding |
|
|
i. Elder Infosytems Private Limited (Formerly Elder Hides and Leather
Private Limited) |
52154456 |
17.59 |
|
ii. Elder Venture LLP |
30030000 |
10.13 |
|
iii. Dali Limited |
28627294 |
9.65 |
|
iv. GA Global Investments Limited |
21139580 |
7.13 |
|
v. JP Morgan
Chase Bank, NA (unregistered ADR’s held by GA Global Investments Limited) |
21111400 |
7.12 |
|
vi. FID Funds (Mauritius) Limited |
- |
- |
Shares allotted as fully paid up by way of bonus shares
during five years preceding the year end
The Company
allotted 145545781 equity shares as fully paid up bonus shares by utilisation
of Securities premium account on 2nd March, 2011 pursuant to
shareholder’s resolution passed in Extra Ordinary General Meeting held on 15th
February, 2011
Rights, preferences and restrictions attached to
equity shares
The Company has
one class of equity shares having a par value of Rs.2 each. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
Shares reserved for issue under options
The Company has
granted employee stock options under ESOP 2002, 2007 and 2008 scheme. Each
option entitles the holder to one equity share of Rs.2 each. 6,452,576 options
were outstanding as on 31st December 2012
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
593.090 |
586.720 |
290.400 |
|
|
2] Share Application Money Pending Allotment |
0.380 |
0.000 |
1.090 |
|
|
3] Reserves & Surplus |
9253.030 |
7998.700 |
8451.620 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9846.500 |
8585.420 |
8743.110 |
|
|
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 |
101.790 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9948.290 |
8585.420 |
8743.110 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2512.260 |
2124.510 |
1454.240 |
|
|
Capital work-in-progress |
756.760 |
798.670 |
968.430 |
|
|
|
|
|
|
|
|
INVESTMENT |
4359.850 |
2298.440 |
2441.220 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000
|
|
|
Sundry Debtors |
2521.070
|
1964.290 |
1077.150
|
|
|
Cash & Bank Balances |
1103.170
|
2907.290 |
3668.070
|
|
|
Other Current Assets |
265.340
|
861.010 |
389.010
|
|
|
Loans & Advances |
1605.660
|
1445.850 |
904.100
|
|
Total
Current Assets |
5495.240
|
7178.440 |
6038.330 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1385.820
|
1215.990 |
162.190 |
|
|
Other Current Liabilities |
923.930
|
1521.420 |
1074.250
|
|
|
Provisions |
866.070
|
1077.230 |
922.670
|
|
Total
Current Liabilities |
3175.820
|
3814.640 |
2159.110 |
|
|
Net Current Assets |
2319.420
|
3363.800 |
3879.220
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9948.290 |
8585.420 |
8743.110 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
9124.740 |
6785.800 |
4236.510 |
|
|
|
Other Income |
458.520 |
449.370 |
519.070 |
|
|
|
TOTAL (A) |
9583.260 |
7235.170 |
4755.580 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Software and development expenses |
583.600 |
607.000 |
568.080 |
|
|
|
Employee benefits expenses |
4328.830 |
3335.340 |
2460.870 |
|
|
|
Operation and other expenses |
917.060 |
778.730 |
626.410 |
|
|
|
Exchange rate difference (net) |
71.130 |
(233.310) |
258.610 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
(366.400) |
|
|
|
TOTAL (B) |
5900.620 |
4487.760 |
3547.570 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3682.640 |
2747.410 |
1208.010 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.050 |
14.400 |
14.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2681.590 |
2733.010 |
1193.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
269.450 |
188.970 |
176.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3412.140 |
2544.040 |
1017.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
556.110 |
224.230 |
89.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2856.030 |
2319.810 |
928.270 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
3129.170 |
2471.690 |
2251.970 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend – Equity |
1247.270 |
732.810 |
232.500 |
|
|
|
Proposed Dividend – Equity |
355.850 |
440.040 |
203.990 |
|
|
|
Corporate Dividend Tax |
260.070 |
189.480 |
72.060 |
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3822.010 |
3129.170 |
2471.690 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from software solutions and consulting services |
8871.150 |
6564.610 |
4080.990 |
|
|
|
Interest income |
0.200 |
0.240 |
0.260 |
|
|
TOTAL EARNINGS |
8871.350 |
6564.850 |
4081.250 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
102.300 |
108.430 |
11.300 |
|
|
TOTAL IMPORTS |
102.300 |
108.430 |
11.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
9.66 |
7.94 |
3.21 |
|
|
|
- Diluted |
9.50 |
7.75 |
3.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
29.80
|
32.06 |
19.52
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
37.39
|
37.49 |
24.02
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.61
|
27.35 |
13.58
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.30 |
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.88 |
2.80
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
LISTING DETAILS:
|
|
BSE : 532129 NSE : HEXAWARE |
|
Stock Exchange Place : |
Bangalore Stock Exchange Limited Calcutta Stock Exchange Association Limited Cochin Stock Exchange Limited Delhi Stock Exchange Association Limited Hyderabad Stock Exchange Limited Inter-connected Stock Exchange of India Madras Stock Exchange Limited MCX Stock Exchange National Stock Exchange of India Limited Over The Counter Exchange of India Limited The Stock Exchange, Mumbai |
BACKGROUND
Subject is a
public limited company domiciled in India and incorporated under the provisions
of the Companies Act, 1956. The Company is engaged in information technology
consulting, software development and business process outsourcing. Hexaware
provides multiple service offerings to its clients across various industries
comprising travel, transportation, hospitality, logistics, banking, financial
services, insurance, healthcare, manufacturing and services. The various
service offerings comprise application development and management, enterprise
package solutions, infrastructure management, business intelligence and
analytics, business process, quality assurance and independent testing.
BOARD OF
DIRECTORS’ PROFILE
Mr. Atul K Nishar, Founder and Chairman
Mr. Atul K Nishar
founded Subject in 1990. He has been the driving force providing company with
strategic direction and marketing focus. Before establishing Subject, Mr.
Nishar founded a computer training company, Aptech Limited in 1985. He grew
Aptech to a leading global IT training outfit with over 2400 centers across 52
countries and served as its Chairman till 2003.
Mr. Nishar has
been associated with several government and trade bodies that play an
instrumental role in the development of India’s IT Sector. He was the Chairman
of NASSCOM in 2000 and continues to be on its Executive Council. Mr. Nishar is
a Fellow of the Institute of Chartered Accountants of India and received his
Bachelor Degrees in Commerce and Law from University of Bombay.
Mr. P. R. Chandrasekar, Global CEO and Vice Chairman
Mr. P. R.
Chandrasekar is based out of Hexaware’s New Jersey office and has vast
experience in business development, channel development, merger and
acquisitions and other strategic initiatives. Before joining Hexaware, he
served as Head American operations and President Americas and Europe at Wipro.
Prior to that, he was Director, Business Development with GE India. Mr.
Chandrasekar started his career with ICI India in 1979 and thereafter worked
with a California based consulting firm from 1986 to 1995. From 1995 to 2000 he
worked with GE Medical Systems.
Mr. Chandrasekar
holds a degree in Engineering from the Indian Institute of Technology, Madras
and has done his MBA from the Jamnalal Bajaj Institute of Management Studies,
Mumbai University.
Mr. R. V. Ramanan, Executive Director and President Global Delivery
Mr. R. V. Ramanan
joined Subject in 2003. He has been instrumental in establishing and growing
new service offerings including QATS and BI/BA horizontal practices at Subject.
Mr. Ramanan has
over two decades of experience in managing large delivery operations across multiple
geographies. He works closely with a few of Hexaware’s key customers, helping
them modernize and enhance efficacy of their IT systems. He also has been
furthering Hexaware’s research and development efforts. Prior to joining
Hexaware, Mr. Ramanan worked as the Chief Architect for Citibank implementing
Banking Software solutions in the European sector.
Mr. Ramanan holds
a Post Graduate degree in Technology from I.I.T. Delhi.
Mr. Abhay Havaldar, Director
Mr. Abhay Havaldar
established General Atlantic’s India office in 2002. He has been investing in
Indian businesses since 1996 as a partner at Draper International and Connect
Capital. He is a Charter Member of The Indus Entrepreneurs (TiE), a Board
member of Society for Innovation and Entrepreneurship (SINE) and a trustee of
United Way of Mumbai. He also serves as a Director on board of several other
companies including Jubilant Life Sciences Limited, IBS Software Services
(Private) Limited and Infotech Enterprises Limited
Mr. Havaldar holds
a Bachelor’s degree in Electrical Engineering from the University of Bombay and
Masters in Management degree from the Sloan Fellow Program at the London
Business School.
Mr. Ashish Dhawan, Director
Mr. Ashish Dhawan
is the Founder and CEO of Central Square Foundation. He is an entrepreneur and
philanthropist and at present is transitioning from his role as Senior Managing
Director, ChrysCapital; a private equity firm that he co-founded in 1999.
He is also a
founding member of Ashoka University, India’s first Liberal Arts University
that is being set-up in Sonipat (Haryana) in collaboration with University of
Pennsylvania.
Previously Ashish
has worked with leading investment institutions such as Goldman Sachs, GP
Investments and MDC Partners. He is an MBA with distinction from Harvard
University and a dual bachelor’s (BS/BA) holder in applied mathematics and
economics with Magna Cum Laude honours from Yale University.
Mr. L. S. Sarma, Independent Director
Mr. Sarma has been
on the board of subject since March, 2000. Earlier, he has worked for Punjab
National Bank, Reserve Bank of India and IDBI, a premier financial institution.
Mr. Sarma has
spent considerable part of his career abroad. He has carried numerous
assignments on Export finance in Africa and South East Asia. Since April 1999
he has been a representative of Botswana Export Development and Investment
Authority. Between 1990 and 1999, Mr. Sarma served as the Representative
Consultant of the Mauritius Export Development and Investment Authority.
He has also
co-authored a publication ‘Financing Exports in Developing Countries’ published
by the International Trade Center, Geneva.
Mr. Shailesh V. Haribhakti, Independent Director
Mr. Shailesh
Haribhakti has successfully established and led many innovative services. His
current passions involve outsourcing of knowledge processes, engaged investing
and efficiency and effectiveness enhancement in social, commercial and
governmental organisations. He strongly believes in ‘shared value’ creation,
good public and corporate governance and promoting a green environment. He
actively promotes these causes and contributes towards their evolution by
participating in the process of framing regulations and standards.
Mr. Haribhakti is
a Director on the board of public and private companies and holds chairmanship
/ membership in the regulatory committees of some companies including NSE
India, SEBI. Earlier he was President of Indian Merchants’ Chamber, Chairman of
Corporate Governance Committee of ASSOCHAM, Chairman of WIRC of ICAI, President
of BMA and President of IIA, Bombay. Mr. Haribhakti is a Chartered and Cost
Accountant, and a Certified Internal Auditor, Financial Planner and Fraud
Examiner.
Ms. Preeti Mehta, Independent Director
Ms Preeti Mehta is
a Partner of Messrs Kanga and Co., a leading firm of Advocates and Solicitors.
Ms. Mehta has qualified as a Solicitor both from Mumbai and England. She has
been practicing for close to two and a half decades and specializes in mergers
and acquisitions, private equity, foreign investment, corporate laws,
franchising and banking.
Ms. Mehta serves
as a Member of the Law Committee of the Bombay Chamber of Commerce and
Industry, a member of the Rotary Club of Bombay and on the Executive Council of
the Franchise Association of India (FAI).
Mr. S. K. Mitra, Independent Director
Mr. S. K. Mitra is
a well respected financial service professional in India. He was instrumental
in setting up the Merchant Banking Divisions of Bank of India and Standard
Chartered Bank. He was the Country Head – Corporate Banking and Investment
Banking at American Express Bank. Thereafter, he worked as Managing Director
with GIC Mutual Fund. In 1994 he joined the Aditya Birla Group as a Director
and set up a very successful financial services business for the Group.
Mr. Mitra has been
actively participating in several important Committees and Chambers in India.
He has been associated with several reputed companies as a Director and as an
Advisor. He is a regular contributor to domestic and international publications
and also a regular speaker in various forums. Mr. Mitra is Master of Science in
Mathematics and MBA.
Mr. Bharat Shah, Independent Director
Mr. Bharat Shah is
the Chairman of HDFC Securities Limited. He has been one of the founder members
of HDFC bank and joined the bank in 1994 as an Executive Director on its Board.
Earlier Mr Shah has worked with Union Bank of Switzerland, Citibank and Thomas
Cook.
Mr. Shah also is a
Director on board of several other companies. He also acts as an Trustee for
Yatra Art Fund, Vanita Vishram Trust, RBK International Academy and Foundation
for Liberal and Management Education.
Mr. Shah is
Bachelors in Science from the University of Mumbai and also holds a Degree in
Applied Chemistry with special reference to Metal Finishing from Borough
Polytechnic, London.
Mr. S. Doreswamy, Independent Director
Mr. S. Doreswamy
was Chairman and Managing Director of Central Bank of India and during his
tenure he successfully steered the loss making bank towards growth and
profitability. Prior to this, he was the Chairman and
Managing Director
of Dena Bank and handled multiple administrative and operational assignments.
Mr. S. Doreswamy
is a Director on board of several other companies including Caliber Point Business
Solutions Limited, Ceat Limited, Pantaloon Retail India Limited, Shakti Sugars
Limited and DSP Merill Lynch Trustee Co. Limited.
Mr. S. Doreswamy
is a fellow of the Indian Institute of Banking and Finance, a post graduate in
law and a Science graduate.
RESULTS OF OPERATIONS
Global operations:
Income from
operations increased to Rs.19481.780 millions in 2012 from Rs.14505.120
millions in 2011, growth of 34.3%. The growth in Dollar terms was 18.3%,
reaching USD 364.48 million Growth was driven largely by volume increase, aided
by increased realized bill rates as well as cross currency conversion benefits
and 2.4 % shift in favour of offshore.
Profit from
Operations (profit before Exchange Rate Difference, Interest, Other Income and
Provision for Taxation) was at Rs.3716.230 millions in 2012 as against
Rs.2366.410 millions in 2011, growth of 57%. Profitability rose to 1.57 times,
driven by significant SG&A leverage, improved cost efficiency through
better employee pyramid, higher realized bill rates as well as currency
benefits. Profit after Tax stood at Rs.3276.470 millions in 2012 as compared to
a profit of Rs.2670.270 millions in 2011, growth of 22.7%. PAT margins were at
16.8% in Rupee terms.
Some of the major achievements of the Company in
the year 2012 were:
• During the year
2012, 47 new clients were added. This took the total number of active clients
to 218, up from 192 in December 2011.
• During 2012, the
number of clients registering annual revenues in excess of USD 20 million each
remained steady at 3; clients in the USD 10 million - USD 20 million range
increased to 5, 7 clients in the USD 5 million - USD 10 million range, 40
clients in the USD 1 million – USD 5 million category and 55 clients with USD 1
million+ range – all on a trailing twelve months basis.
Significant Developments during CY 2012
The year 2012 was
marked with several significant achievements across various quarters. The
Company has strengthened its domain capabilities, increased the breadth and
depth of its service lines, has added significantly to the field sales
organization and has made several investments to enable expand its focus on
account management program.
The Company has
delivered above industry revenue growth on the back of several significant
large deal wins in the last one year. Winning these deals continue to
demonstrate the client’s recognition of the Company’s positioning, domain
knowledge, intellectual property (IP) assets and the Company’s execution
excellence.
The Company signed
a deal worth in excess of USD 10 million with an existing US based Fortune 500
Corporate to help its client reduce its total cost of ownership (TCO) on its
ERP applications.
The Company also
signed orders in excess of USD 10 million with an existing US based Fortune 20
company by which the customer would outsource application management of its
corporate HR systems.
Further, the
Company entered into a strategic alliance with a multibillion global corporate
to establish a large, secure Enterprise Resource Planning (ERP) Application
Outsourcing services unit for its global customers across multiple geographies
and industry verticals on a Build Operate and Transfer model. This is expected
to bring revenues estimated to the tune of USD 100 million cumulatively over
the next 4 years.
The Company bagged
a multi-million Dollar deal with a new logo in the Financial Services domain in
Europe. This multi-year deal includes services ranging from vertical specific,
BA / BI, Remote IMS and Emerging Technologies. This win establishes a key
foundation in pursuing multiple prospects in a strong area of strength, Capital
Markets, in a key market.
This success seen
with large deals renders the Company with potency to compete for new business
and expand its footprint across geographies.
Customer
centricity is a major focus area at the Company. In the last year, the Company
has launched several new service offerings to deliver value to its customers.
As mobile devices
become more popular and the demand for mobile business applications increase,
the Company launched Mobile Testing Solutions as a new service offering in
Enterprise Mobility. The Company designed a unique automated mobile application
testing and life cycle management solution which offers a holistic strategy to
enhance user experience while meeting business demands for cost and time to
market.
The Company also
rolled out its proprietary Enterprise Data Management (EDM) Intellectual
Property Asset called AIM (Analytics for Investment Management). AIM is a
prebuilt repository of dashboards, KPIs and reports supported by a dimensional
data model for Investment reporting for a 360 degree view of the Portfolios and
Assets under Management (AUM) they manage, in conjunction with the Trades,
Performance and Risk related thereto. At the core of the toolkit lies a
flexible and an integrated data model that helps manage the key dimensions and
metrics across the mentioned Investment Management functions. This service
predominantly solves the problem of traditional data warehouse, provides
quicker access to business data, and offers a 360 degree view of Portfolio,
Performance and Risk and supports ad-hoc reports, self-service and advanced
dashboard capabilities.
The Company has
been consistently focusing on New Initiatives and has been regularly investing
in multiple Centers of Excellence (CoE) in order to tap into the huge market
potential of these emerging technologies.
The Company
announced multiple initiatives on the Cloud such as Rainmaker, the Company’s
private cloud, Cloudview and cloudbased Software as a Service (SaaS) platform
for offering HR services, Republic. The Company is actively working on various
client engagements on migrating applications to public cloud platforms such as
Amazon, Google and Microsoft.
The Company is
progressively extending its business boundaries to accommodate the plethora of
mobile devices with the necessary infrastructure to support the various
platforms and a strategy to make the right investment decision among the many
competing options that are available. The Mobile Computing Practice at the
Company offers application development and maintenance capability around Apple®
iOS, Google Android, Microsoft Windows 7.x/8 and Research In Motion
Blackberry®. The application development capability is backed by a strong User
Experience (UX) team which is growing to keep up with the customers need. The
Company has also built implementation and governance capability with proven vendors
in this space. To accelerate the development and roll-out of mobile
applications, the Company has worked on a solution based on industry standards
ready to be adopted and implemented. The solution accelerator built by the
Company branded as “WorkQuikr” makes it easy to push applications to Android
and iOS based devices. The Company kick-started a specific CoE focused on Big
Data as part of its Business Intelligence and Analytics practice. This CoE
enabled the Company to build core competencies in this area such as Hadoop
ecosystem, MapReduce programming, advanced / predictive analytics, statistical
modeling and text mining and analytics. The Company has also been broadening
existing strategic partnerships to include Big Data related platforms and forming
alliances with focused technology companies gaining access to certain solutions
on Big Data platforms.
In the last year,
the Company has been bestowed with various Awards and honored with recognition
which continued to exemplify its innovation skills, its services and its
commitment. The Company was selected for the International Association of
Outsourcing Providers® (IAOP®) Global Outsourcing 100® list. The Company was
recognized for its global expertise overall and for its work in key areas such
as Human Resources Services, Transaction Processing Services and Air
Transportation.
The Company won
the EMC Transformers Award for its Cloud and Disaster Recovery (DR)
implementation. This Award recognizes innovation and the change brought in
Indian enterprises through smart and judicious use of IT.
The Company was
awarded the prestigious UK Oracle User Group (UKOUG) Partner of the Year Award
for the year 2012 in London. This Award was presented in recognition of the
Company’s innovative solutions, excellent service delivery, high quality talent
and top-notch client relationships. This award further reinforces the
leadership the Company enjoys in PeopleSoft services market for over 15 years
now. Caliber Point Business Solutions Limited, a wholly owned subsidiary of the
Company won ‘Best IT Enablement in BPO’ Award at the BPO Excellence Awards 2011
– 12. This award showcases Caliber Point’s expertise to ‘c.r.e.a.t.e. Value.’
for its customers by adopting and implementing cutting-edge technology while
crafting business solutions.
The Company won
the Best CIO of India Award conferred by the Stars of the Industry Group and
Asian Confederation of Businesses. This award was presented to recognize the
best performing CIO in the IT Sector and acknowledges the Company’s IT-agility
and project and IT performance.
The Company
received the prestigious CIO100 Award, from IDG and has also featured on their
Hall of Fame -2012 for winning it over the last 4 consecutive years.
The Company was
also conferred with the Information Mastermind Award 2012 by IDG.
India operations:
In the year 2012,
the revenue of the standalone legal entity increased by 34.47% to Rs.9124.740
millions. This is in comparison with revenue of standalone legal entity at
Rs.6785.800 millions in the previous year. The net profit after tax was
Rs.2856.030 millions as compared to a profit of Rs.2319.810 million in 2011, an
increase of 23.11%.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Operational Review
Post tough 2011,
the year 2012, started on a very somber note. After a sharp slowdown in the
global growth momentum in 2011 to 3.8% from 5.2% in 2010, most economists
predicted a further slowdown to 3.3% with little positive expectations from any
major economy. Despite such low expectations, the global economy grew even a
tad lower at 3.2%, mostly due to sharp slowdown in the growth of emerging
economies during the year to 5.1% against the projected growth of 5.4% at the
start of the year.
In line with the slow
growing and uncertain global environment, the global IT spending in 2012
increased by mild 4.2% to USD 3.7 trillion, while the IT outsourcing is
expected to have increased by even modest 2.1% to USD 251.7 billion. During
2012, the application outsourcing market is estimated to have grown by 2% to
reach USD 40.7 billion.
Due to continued
uncertainty in the global economic outlook, Indian IT-BPO industry is projected
to grow by 10.2% in the financial year 2012-13, lower than the initially
estimated growth of 11-14 % at the start of the financial year and lower than
the 14 % growth during 2011-12.
Despite sudden
global and domestic demand slowdown, Hexaware has been able to maintain its
growth momentum and grew much faster than the industry average. In 2012,
Hexaware grew by 18 %, at almost 1.65 times the industry average. This is on
the back of strong 33 % revenue growth during 2011. This growth was achieved
without sacrificing margins. Hexaware continues to enjoy one of the highest
operating margins in its peer group.
Geography wise,
despite below trend global growth and continued near recessionary environment
in most developed economies, US continued to build on its slow yet steady
growth momentum. Its unemployment rate declined to 7.8% in December 2012, first
time since January 2009. Unlike all other major economies, during the year, US
grew at much faster rate of 2.3% against the projected rate of 1.8%. US IT
spending is expected to have grown by 5.9% in 2012 while that the spending in
Western Europe is expected to have seen a decline of little over 4% in dollar
terms.
The year also
witnessed very sharp deceleration in Indian GDP growth, to a decade low of 4.5%
against the GDP growth of 7.5% in 2011 and much lower than the projected growth
of 7.0% during the start of the year. Led by continued deterioration of almost
all macroeconomic indicators, there was a considerable slowdown in private
investment and as a result the growth in gross fixed capital formation was at a
decade low level.
Despite much sharper
growth slowdown, the emerging markets IT spending growth was much higher than
the developed markets. The IT spending growth in most emerging markets
including India and China was much more robust at around 10-15%, albeit bit
lower than the preceding years. The overall emerging market IT spending during
2012 is estimated at USD 1.22 trillion. Region-wise the IT spending of emerging
Asia Pacific during the year is estimated at around USD 496 billion, of Latin
America at USD 326 billion while Central and Eastern Europe of USD 158 billion.
US has been the
biggest contributor to their revenue, while Europe and emerging markets are
increasingly adding more to their growth. To tap increasing demand in emerging
markets, they are gradually increasing their presence in the Latin America, one
of the fastest growing markets for IT. Within Asia Pacific Hexaware has been
focusing on high growth markets of India and Australia. Their Global delivery
centers offices in Mexico, USA and India helps them to meet the clients
outsourcing needs by providing them flexibility of near shoring or off shoring
the support team.
During the year,
their net employee addition was over 750 and the total employee headcount
crossed 9,000. Of these 750, around 525 were fresh from campus recruits.
Technical personnel comprised 92.3% of the total work force. Their workforce is
drawn from many nationalities, spanning over multiple countries globally. Their
choice of office locations merely reflects a desire to harness talent
irrespective of languages, social-economic-cultural background both in India
and overseas. Their employees are drawn from all age groups.
At Hexaware, they
coined a term ‘cohesive diversity’ to recognise, encourage and appreciate
multiplicity in their workforce. The employees align their individual profiles,
skills, aspirations and interests to move forward collectively with their
organisational objectives. Over the last three years, they have made
appreciable progress in pruning attrition rate and during the year 2012 it was
under 10%. They continue to invest in HexaVarsity, their corporate university,
to empower their employees and further build their commitment to training. It
is their inhouse Learning and Development Unit, which offers many conventional
and leading-edge learning programs for existing employees and new entrants
(both lateral entrants and fresh from campus).
Training is provided to all employees across the
company with the following major objectives:
• To build and
update the skill base to fill the specific needs of the projects and to develop
skills of members in line with new market demands and emerging technologies.
• To enable
professional growth of employees to prepare them for new role and career
growth.
• In line with the
growth plans of Hexaware, the investment in training has been fixed at the
level of dedicated 80 hours training/employee/ year.
FIXED ASSETS:
Tangible Assets
·
Land - Freehold
·
Land - Leasehold
·
Buildings
·
Plant and Machinery (includes computer systems)
·
Furniture and Fixtures
·
Vehicles
·
Improvements to leased premises
Intangible Assets
·
Software
WEBSITE DETAILS:
PRESS RELEASES:
HEXAWARE SIGNS MULTI-YEAR AGREEMENT
ESTIMATED REVENUE WORTH $ 30 MILLION
· Agreement strengthens Hexaware’s position in a multi-vendor scenario and enhances access to various business functions and across the spectrum of multiple service lines
· Increases the predictability in cash outflow for the client and secures benefits of scale by committing to larger business volumes; thereby, strengthening the ties
Mumbai – April 4, 2013: Hexaware Technologies Limited, a leading global provider of IT, BPO and consulting services has announced today that the Company has signed a large deal with revenue estimated at $ 30 million, with an existing Fortune 500 client, headquartered in The United States for a period of 3 years.
Hexaware has been associated with this leading multi-billion corporation for seven years, and this contract further increases its share of wallet with the client. Over the years, Hexaware has evolved to emerge as a key offshore partner for the client. This contract consolidates client IT spend across various business users and multiple technologies. Through this contract, Hexaware will have an estimated $ 5 million worth incremental business over the course of the deal. The revenues from this contract will begin to accrue with immediate effect as it also secures extension for the revenue streams from existing service lines for a 3 year period. An agreement like this gives clients greater predictability over their spend over the course of the deal while giving them greater agility to manage periods of ramp-up and ramp-down in line with business dynamics.
As a part of this engagement, Hexaware provides services that cater to multiple business users across different technology platforms. The service lines include: Software Development and Application Services Management (ASM) through Microsoft, Java and Legacy Applications, Enterprise Solutions through PeopleSoft and SAP, Business Intelligence and Analytics (BI / BA), Quality Assurance and Testing Services (QATS), Remote Infrastructure Management Services (IMS) and Business Process Outsourcing (BPO). Having a single order, such as this, gives Hexaware greater predictability on the business volume and the client a greater visibility on their cash outflows and benefits from economies of scale.
“For our strategic clients, we aspire to be the Primary
Go-To IT services partner and create value consistently through execution
excellence led by superior human capital, rich intellectual property assets and
domain intensive customized solutions we offer. In the spirit of true
partnership, we govern, manage, and deliver engagements within budgets and
timelines augmented by nimbleness and executive relationship management. With
customer relationships such as with this client, we are well positioned to
deliver healthy revenue growth on a sustainable basis”, remarked, Rajiv
Pant, President - North America Operations, Hexaware Technologies Limited.
To provide timely support and to help create value to this client, Hexaware leverages its global delivery model and executes the engagement through a dedicated team of 100+employees distributed globally across several locations cutting across the client premises in the United States and Hexaware’s own global delivery centers in Mexico and India. Such an agile execution model further enables seamless transition of personnel across business units at the client end. This further enhances Hexaware’s business know-how and the client stands to benefit from Hexaware’s best practices, and knowledge management systems.
Hexaware continues to strengthen its client relationships by deploying dedicated client partners and engagement directors at its key accounts to address the unique requirements of clients, leveraging the Company’s array of service offerings. This strategy has enabled the Top 10 clients at Hexaware to remain a significant growth catalyst contributing to 51% of the company’s revenue in 2012. Driven by this growth engine, Hexaware has delivered yet another year of above industry growth rate during the year gone by. The company reported annual revenue growth in $ terms of 18.3% as compared to NASSCOM announcement of 10.2% Y-o-Y for the same period.
About Hexaware
Hexaware is a leading global provider of IT and BPO services
and consulting. The Company focuses on key domains such as Banking, Financial
Services, Insurance, Travel, Transportation, Logistics, Life Sciences and
Healthcare. Our business philosophy, “Your Success is Our Focus”, is
demonstrated through the success we ensure for our clients. Hexaware focuses on
delivering business results and leveraging technology solutions by specializing
in Business Intelligence and Analytics, Enterprise Applications, Quality
Assurance and Testing, Remote Infrastructure Management Services and Legacy
Modernization. Founded in 1990, Hexaware has a well-established global delivery
model armed with proven proprietary tools and methodologies, skilled human
capital and SEI CMMI-Level 5 certification.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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.