MIRA
INFORM REPORT
|
Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
KPIT GLOBAL SOLUTIONS LIMITED (w.e.f. 10.06.2013) |
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|
|
|
Formerly Known
As : |
KPIT GLOBAL SOLUTIONS PRIVATE LIMITED (w.e.f. 21.05.2013) SYSTIME GLOBAL SOLUTIONS PRIVATE LIMITED (w.e.f. 15.03.2010) CHAITIME.COM INDIA PRIVATE LIMITED |
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Registered
Office : |
Systime Global Centre, 155, Millenium Business Park, Mahape, Navi
Mumbai – 400 710, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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|
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|
Date of
Incorporation : |
15.03.2000 |
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|
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|
Com. Reg. No.: |
11-124984 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.373.855
millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U72300MH2000PLC124984 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10107G |
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PAN No.: [Permanent Account No.] |
AABCC2531L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of providing software consultancy
services. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4073000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “KPIT Cummins Infosystems Limited, India”. It is an established company having satisfactory track record. Management of the company has failed to file the latest financials of
2013, with the Government Department. As per available, the company has reported a better increase in its
sales volume as well as net profitability during 2012. Financial and
liquidity position appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong holding company and experienced promoters, the
subject can be considered normal for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution of
slum dwellers. They contribute more than 7.5 % to the country’s gross domestic
product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-27783100)
LOCATIONS
|
Registered Office : |
Systime Global Centre, 155, Millenium Business Park, Mahape, Navi
Mumbai – 400 710, Maharashtra, India |
|
Tel. No.: |
91-22-27783100 |
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Fax No.: |
91-22-27783220 |
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E-Mail : |
DIRECTORS
AS ON 27.07.2012
|
Name : |
Mr. Kishor Parshuram Patil |
|
Designation : |
Director |
|
Address : |
Dwarka, Plot 15, Tejas Cooperative Housing Society, Kothrud, Pune –
411 038, Maharashtra, India |
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Date of Birth/Age : |
17.01.1962 |
|
Date of Appointment : |
30.09.2011 |
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DIN No.: |
00076190 |
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|
|
|
Name : |
Mr. Sudheer Bhaskar Tilloo |
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Designation : |
Director |
|
Address : |
Amit Blossom, 12th Lane, Prabhat Road, Pune – 411 004,
Maharashtra, India |
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Date of Birth/Age : |
29.05.1947 |
|
Date of Appointment : |
30.09.2011 |
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DIN No.: |
00103914 |
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|
|
|
Name : |
Mr. Pawan Kedarnath Sharma |
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Designation : |
Director |
|
Address : |
Bungalow No.387, Sector 21, Yamuna Nagar, Nigdi, Pune – 411 044, Maharashtra,
India |
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Date of Birth/Age : |
14.07.1968 |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
01924215 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Subhash Chipade |
|
Designation : |
Secretary |
|
Address : |
7, Shreyas Arbor, 40/A, Off Bhau Patil Road, Bopodi, Pune – 411 020,
Maharashtra, India |
|
Date of Birth/Age : |
22.06.1979 |
|
Date of Appointment : |
01.03.2012 |
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PAN No.: |
AENPC9559H |
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Mobile No.: |
91-9822633583 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.07.2012
|
Names of Equity Shareholders |
No. of Shares |
|
Systime Global Solutions (Mauritius) Limited, Mauritius |
4068319 |
|
Systime Global Solutions (Mauritius) Limited jointly with Ramesh
Grover |
1 |
|
Kpit Cummins Infosystems Limited, India |
5504198 |
|
Total |
9572518 |
|
Names of Preference Shareholders |
No. of Shares |
|
Kpit Cummins Infosystems Limited, India |
2781300 |
|
Total
|
2781300 |
AS ON 27.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
42.50 |
|
Bodies
corporate |
|
57.50 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing software consultancy
services. |
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Products/ Services : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India |
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Facilities : |
Notes: Long-term borrowings (i) The loan is repayable
in 60 monthly installments of Rs.0.140 million including interest thereon @
12.68% p.a. from the date of loan. Balance installments due as on Balance
Sheet Date: 16. (ii) The loans
was repayable in 36 monthly installments of Rs.0.076 million including
interest thereon @ 12% p.a. from the date of loan. The loan has been prepaid
during the year. (iii) There is no default as on the date of Balance Sheet in repayment
of loans and interest. Short-term borrowings (i) The above loan
is secured by way of "First charge by way of hypothecation of Company's
entire book debts, both present and future" and a "Letter of
Comfort" from KPIT Cummins Infosystems Limited, incase of default. (ii) There is no default as on the date of Balance Sheet in repayment
of loans and interest. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, 7th
Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road,
Pune – 411 016, Maharashtra, India |
|
PAN No.: |
AACPJ9815E |
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|
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Holding Company : |
·
KPIT Cummins Infosystems Limited, India (w.e.f. 1st
January, 2012) (CIN No.: L72200PN1990PLC059594) ·
SYSTIME Global Solutions (Mauritius) Limited,
Mauritius (upto 31st December, 2011) |
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|
|
|
Subsidiary
Companies : |
·
SYSTIME Computer Corporation, USA ·
SYSTIME Global Solutions PTY. Limited, Australia ·
SYSTIME Global Solutions PTE. Limited, Singapore ·
SYSTIME ME FZCO, UAE ·
SYSTIME Global Solutions Japan Limited, Japan ·
VersaPOS Group Inc., USA ·
SYSTIME Global Solutions Limited, UK(formerly
known as CMS Global Solutions Limited, UK) ·
VersaPOS Inc., USA ·
SYSTIME Global Solutions Limited, Brazil ·
SYSTIME Global Solutions Inc., Canada |
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|
|
|
Fellow Subsidiary Companies : |
·
KPIT Infosystems Inc., USA ·
KPIT Infosystems France SAS, France |
CAPITAL STRUCTURE
AS ON 27.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 millions |
|
2800000 |
Preference Shares |
Rs.100/- each |
Rs.280.000 millions |
|
|
Total |
|
Rs.500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9572518 |
Equity Shares |
Rs.10/- each |
Rs.95.725
millions |
|
2781300 |
Preference Shares |
Rs.100/- each |
Rs.278.130 millions |
|
|
Total |
|
Rs.373.855 millions |
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9580000 |
Equity Shares |
Rs.10/- each |
Rs.95.800 millions |
|
3182000 |
0.01% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.318.200 millions |
|
|
Total |
|
Rs.414.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9572518 |
Equity Shares |
Rs.10/- each |
Rs.95.725
millions |
|
2781300 |
0.01% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.278.130 Millions |
|
|
Total |
|
Rs.373.855 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
373.855 |
373.855 |
|
(b) Reserves & Surplus |
|
644.516 |
613.378 |
|
(c) Money received against share warrants |
|
0.001 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1018.372 |
987.233 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.581 |
3.172 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
20.613 |
25.395 |
|
Total Non-current
Liabilities (3) |
|
21.194 |
28.567 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
70.000 |
0.000 |
|
(b) Trade
payables |
|
129.518 |
135.045 |
|
(c)
Other current liabilities |
|
57.870 |
26.959 |
|
(d) Short-term
provisions |
|
24.026 |
34.386 |
|
Total Current
Liabilities (4) |
|
281.414 |
196.390 |
|
|
|
|
|
|
TOTAL |
|
1320.980 |
1212.190 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
45.961 |
55.646 |
|
(ii)
Intangible Assets |
|
5.143 |
6.697 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
496.480 |
496.110 |
|
(c) Deferred tax assets (net) |
|
17.379 |
24.209 |
|
(d) Long-term Loan and Advances |
|
63.856 |
107.011 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
628.819 |
689.673 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c) Trade
receivables |
|
549.781 |
455.079 |
|
(d) Cash
and cash equivalents |
|
24.156 |
16.262 |
|
(e)
Short-term loans and advances |
|
95.019 |
21.785 |
|
(f)
Other current assets |
|
23.205 |
29.391 |
|
Total
Current Assets |
|
692.161 |
522.517 |
|
|
|
|
|
|
TOTAL |
|
1320.980 |
1212.190 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
95.725 |
|
|
2] Share Application Money |
|
|
318.130 |
|
|
3] Reserves & Surplus |
|
|
590.858 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1004.713 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4.772 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
4.772 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1009.485 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
72.490 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
474.569 |
|
|
DEFERRED TAX ASSETS |
|
|
8.175 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
413.375 |
|
|
Cash & Bank Balances |
|
|
55.854 |
|
|
Other Current Assets |
|
|
8.006 |
|
|
Loans & Advances |
|
|
123.671 |
|
Total
Current Assets |
|
|
600.906 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
30.312 |
|
|
Other Current Liabilities |
|
|
73.482 |
|
|
Provisions |
|
|
42.861 |
|
Total
Current Liabilities |
|
|
146.655 |
|
|
Net Current Assets |
|
|
454.251 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1009.485 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
912.400 |
864.510 |
849.477 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
918.680 |
897.370 |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
918.680 |
897.370 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
25.613 |
68.867 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
17.993 |
20.199 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
55.460 |
7.620 |
48.668 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
26.410 |
(14.950) |
2.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
29.050 |
22.570 |
45.901 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
222.160 |
199.640 |
(95.567) |
|
|
|
|
|
|
|
|
|
|
EFFECT
OF SCHEME OF AMALGAMATION |
NA |
0.000 |
249.306 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Preference Dividend and Tax Thereon |
NA |
0.050 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
222.160 |
199.640 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income of Operations |
|
|
685.534 |
|
|
|
Reimbursement of Travel Expenses |
|
|
23.591 |
|
|
|
Dividend |
|
|
9.170 |
|
|
TOTAL EARNINGS |
804.610 |
737.230 |
718.295 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
4.347 |
|
|
TOTAL IMPORTS |
NA |
NA |
4.347 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.35 |
2.35 |
4.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.08 |
0.88
|
5.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.87 |
1.10
|
7.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.01
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.07 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.46 |
2.66
|
4.10 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current
maturities of long term debt:
|
Particulars |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
|
Current
maturities of long term debt: (Secured by
hypothecation of respective vehicles.) |
|
|
|
|
- From banks |
1.676 |
1.676 |
NA |
|
- From others |
0.000 |
0.908 |
NA |
|
Total |
1.676 |
2.584 |
NA[ |
|
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 |
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 |
Yes |
|
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 |
No |
LITIGATION
DETAILS:
CASE DETAILS
Bench:-Bombay
Presentation Date:- 08/08/2013
Lodging No.:- CAL/411/2013
Filing Date:- 08/08/2013
Reg. No.:- CA/381/2013
Reg. Date:- 22/08/2013
Petitioner:- Tops Security Limited
Respondent:- Systime Global Solutions Private Limited
District:- MUMBAI
Bench:- SINGLE
Status:- Pre-Admission
Category:- COMPANY APPLN. U/SEC 433,434,439 OF COMPANIES ACT
Next Date:- 17/12/2013
Stage:- FOR DIRECTION (COMPANY MATTERS)
Coram:- HON'BLE SHRI JUSTICE N.M. JAMDAR
Last Date:- 12/11/2013
Stage:- FOR DIRECTION (COMPANY MATTERS)
Last Coram:- HON'BLE SHRI JUSTICE N.M. JAMDAR
Act :- Companies Act & Rules 1956
Under Section:- 433 AND 434
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10346280 |
28/02/2012 |
100,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B36569275 |
|
2 |
10064216 |
31/07/2009 * |
110,000,000.00 |
IDBI BANK
LIMITED |
MARIGOLD HOUSE,
A 34, CROSS ROAD 2, MIDC, MAROL, |
A68189513 |
* Date of charge modification
Note:
The registered office has been shifted from 201, Arcadia, Nariman Point,
Mumbai-400021, Maharashtra, India to the present address w.e.f. 30.08.2010
COMPANY OVERVIEW:
The Company is a
Company registered under the provisions of the Companies Act, 1956. Pursuant to
sale of majority stake by SYSTIME Global Solutions (Mauritius) Limited the
Company has become subsidiary of KPIT Cummins Infosystems Limited, w.e.f. 1st
January, 2012.
The Company along
with its subsidiaries is engaged in the business of providing Software
consultancy services in the areas of Enterprise Resource Planning, Customer Relationship
Management, Supply Chain Management, Business Intelligence, Business
Integration, Human Resource Management, Infrastructure Management Services and
Strategic Sourcing.
OPERATIONS:
Income from
operations achieved during the year is Rs.912.400 Millions which is 5.5% higher
than the previous year. Profit after tax grew by 28% to Rs.29.050 Millions.
CHANGE IN SHAREHOLDING:
In accordance with
the provisions of the Subscription and Acquisition Agreement entered into
between the Company, KPIT Cummins Infosystems Limited, CMS Ident Private
Limited and CMS Computers Limited, KPIT Cummins Infosystems Limited who
previously held 50% of the Company’s shares increased their stake in the
Company by 7.5% during the year thus having an aggregate holding of 57.5% in
the
Company as on March 31, 2012.
AMALGAMATIONS:
Scheme of
Arrangement:
(a) On 1st
August, 2009, Chaitime.com India Private Limited (‘Chaitime’) along with
SYSTIME Computer Systems Limited (‘SYSTIME’) filed a scheme of arrangement
(‘the Scheme’) with the Honorable High Court of Judicature at Bombay (‘the High
Court’) under section 391 to 394 of the Act, with the consent of CMS Computers
Limited (the holding Company of SYSTIME). As per the Scheme, the entire
business and undertaking of SYSTIME would get transferred to Chaitime with
effect from appointed date i.e. 1st April, 2008 for the
consideration of 3,181,300 preference shares of Rs.100 each to be issued by
Chaitime to CMS Computers Limited.
The Scheme was
approved by the High Court on 20th November, 2009 and a certified
true copy of the order was received by Chaitime on 9th December 2009
which was filed with the Registrar of Companies on 8th January,
2010. Accordingly, the Scheme became effective from 8th January,
2010 with appointed date 1st April, 2008.
As per the
accounting treatment prescribed in the scheme, the difference between net
assets as at 1st April, 2008 transferred to Chaitime and the value
of preference shares issued by Chaitime amounting to Rs.391.218 millions was
credited to General Reserve Account.
As per Para 37 of
notified Accounting Standard 14 - Accounting for Amalgamations, in case of
‘Purchase Method’ as prescribed, if the net assets acquired is higher than the
consideration given, the difference should be treated as Capital Reserve.
However, following the accounting treatment prescribed in the Scheme which was
approved by the High Court, the Company had credited the difference between the
net assets acquired and the consideration given to the General Reserve account.
After the approval
of Scheme, with effect from 15th March, 2010, the name of the
Company was changed to Systime Global Solutions Private Limited from
Chaitime.com India Private Limited.
Subsequent to the
approval of the shareholders at the extra-ordinary general meeting held on 30th
August, 2010, the Company had issued and allotted 3,181,000, 0.01% Cumulative
Redeemable Preference Shares of face value of Rs 100 each redeemable in 20
years from the date of its allotment.
(b) Further,
pursuant to the approval of the Board of directors in their meeting held on 22nd
March, 2011, the Company had redeemed 400,000, 0.01% Cumulative Redeemable
Preference Shares at par aggregating to total value of Rs.40.000 millions.
Subsequent to the redemption,
in accordance with the provisions of section 80 of the Act, Rs.40.000 millions
representing the nominal amount of the preference share capital redeemed was
transferred to the Capital Redemption Reserve.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Income tax matters |
1.406 |
-- |
Notes:
These relate to
the cases of erstwhile SYSTIME Computers Systems Limited, which has been merged
with the Company, SYSTIME Global Solutions Private Limited, w.e.f. April
2008-2009.
a. Income tax
cases - AY 2006-2007:
The Company had
received notice of demand u/s 156 of the Income Tax Act, 1961 for Rs.0.756
million dated 3rd February, 2010 against which the Company had filed
a rectification application with Assistant Commissioner of Income Tax, Mumbai.
b. Income tax
cases - AY 2007-2008:
The Company had
received notice of demand u/s 156 of the Income Tax Act, 1961 for Rs.0.649
million dated 6th May, 2009 against which the Company had filed a
rectification application on 5th February 2010 with Assistant
Commissioner of Income Tax, Mumbai.
FIXED ASSETS:
Tangible assets
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Improvements to leased premises
Intangible Assets
·
Software
WEBSITE DETAILS:
NEWS/ PRESS RELEASES:
IT COMPANIES LIKE NIIT, TECH MAHINDRA, KPIT SEE
RISE IN DEMAND FROM REGIONAL AIRPORTS
Jochelle Mendonca, ET Bureau December 5, 2013
MUMBAI: Technology
services companies are seeing increased demand from regional airports as more
passengers fly in and out of smaller cities and the government looks to
modernise those airports as well as privatise others.
In September, the
government announced plans to privatise six airports - Kolkata, Chennai,
Lucknow, Guwahati, Jaipur and Ahmedabad. Also afoot are plans to build 34
non-metro airports with new terminals at Bhubaneswar, Ranchi, Puducherry and
Kadappa nearing completion.
"There is an
increased interest in upgrading IT. The government has seen the difference
between the privatised and public airports and now has the money to upgrade the
airports. It's a focus on security and customer satisfaction," said Amrit
Pandurangi, senior director at consultancy Deloitte.
SITA, a
technology company that specialises offering services to the air transport
industry, estimates that airport IT spending will touch $6 billion (370000.000
millions) this year, globally. There are no India-specific estimates.
"It is being
driven by a need to improve services to customers. Whether airports are
privatised or not, providing improved services is a top priority," said
John Kendall, program director, Asia Pacific Unisysm, which provided system integration
services for the Terminal 3 at the Delhi International Airport.
The Airports Authority of India is also working on several technology initiatives, including an Airports Operations Control Centre that will automate airport operations to improve efficiency and the
Airports Information Management System to streamline aspects such as revenue
and billing.
Earlier this
year, New Delhi-based NIIT Technologies won a 3440-millions contract to create
airport automation control centres for 10 airports in India. Industry players
expect the tenders for at least 10 more airports to be issued after the first
implementation is completed. The Airports Authority of India did not respond to
requests for comment.
Pune-based KPIT Technologies, which
is rolling out an enterprise resource planning system across 125 airports, sees further
opportunities in the other IT initiatives from airports.
"We do see
regional airports wanting to automate their systems. While they work with the
AAI, they also have some authority and budget to handle some IT requirements on
their own. The big airports have been privatised, so we do expect increased
competition for footfalls to drive this," said Pawan Sharma, president and
head of integrated enterprise solutions, at KPIT.
Industry players
say improving the ability to track luggage and prevent loss, dealing with
self-booking systems, creating a common system to reconcile processes such as
cargo handling and catering are seeing increased interest. The technology
deals, however, have a long lead time and there is still some time to
implementation.
"Airports
have been trying to upgrade for some time but now we are seeing new impetus. I
think it is on the horizon but the conversion of new deals would still take
about 18 months," Arvind Mehrotra, president APAC and Australia, at NIIT
Technologies, said.
The opportunity
for players is not just restricted to India. Tech Mahindra, which will
also chase the deals for Indian airport upgrades, see the shift to upgrade as a
more global phenomenon. "We expect about 200 airports (globally) will look
to automate their services in the next five years," said Harish Sharma,
vice president of the travel, transportation and logistics at Tech Mahindra.
KPIT CUMMINS TO MERGE
KPIT GLOBAL SOLUTIONS WITH ITSELF
24-07-2013
KPIT Cummins Infosystems, a global product engineering and IT consulting partner to automotive, manufacturing and energy and utilities corporations, has received an in-principle approval for the amalgamation of KPIT Global Solutions with itself, subject to necessary approvals. KPIT Global Solutions formerly know as Systime Global Solutions is a wholly owned subsidiary of the company. The board of director at its meeting held on July 23, 2013 has approved for the same.
KPIT Cummins Infosystems, an IT consulting and product engineering partner, is focused on co-innovating domain intensive technology solutions for global automotive and transportation, manufacturing and energy and utilities companies
KPIT CUMMINS CEO KISHOR PATIL SELLS SHARES WORTH
RS.310.000 MILLIONS
ET Bureau September 26, 2013
MUMBAI: Kishor
Patil, CEO of midsized IT services firm KPIT Cummins, sold 25 lakh shares in
the company, worth Rs.310.000 millions, according to a filing with the Bombay
Stock Exchange.
Patil now has a 2.65%
stake in the Pune-based firm, down from 3.94% earlier.
Mid-sized IT
firms have increasingly been in the spotlight for possible consolidation after
Hexaware promoter Atul Nishar and General Atlantic sold their stake to Barings
Asia Private Equity in August for about Rs.16000.000 millions.
Polaris Financial Technologies have also been reportedly considering selling of
its IT services business
Earlier this
month, rumours swirled that Tata Consultancy
Services - India's largest IT
services company - was looking to acquire a stake in KPIT. KPIT Cummins Group CEO
Ravi Pandit dismissed those rumours in media interviews saying there was no
merit in them.
KPIT Cummins has
said it expects to grow its sales by 14-15% this year, driven by traction in
the US and Asia Pacific. The company has been doing well as its main business
segment - the automotive sector - has been recovering strongly in the United
States. The company reported sales of Rs.6130.000 millions for the quarter
ended June 2013.
Shares of KPIT
Cummins closed down about 1% at Rs.132.95 on Thursday
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.61.69 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.84.07 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.