1. Summary Information
|
|
|
Country |
India |
|
Company Name |
FORBES TECHNOSYS
LIMITED |
Principal Name 1 |
Mr. Chandrasekhar Anant Karnik |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Ashok Debabrata Barat |
|
|
|
Registration # |
11-062425 |
|
Street Address |
|
||
|
Established Date |
09.07.1991 |
SIC Code |
-- |
|
Telephone# |
91-22-40749191 |
Business Style 1 |
Service Providers |
|
Fax # |
91-22-40719103 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.238,972,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Bodies
corporate |
Banking |
Development
Credit Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
22 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
-- |
Forbes and Company Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
297,098,000 |
Current Liabilities |
219,386,000 |
|
Inventories |
80,139,000 |
Long-term Liabilities |
220,907,000 |
|
Fixed Assets |
65,461,000 |
Other Liabilities |
6,459,000 |
|
Deferred Assets |
000 |
Total Liabilities |
446,752,000 |
|
Invest& other Assets |
36,061,000 |
Retained Earnings |
(206,965,000) |
|
|
|
Net Worth |
32,007,000 |
|
Total Assets |
478,759,000 |
Total Liab. & Equity |
478,759,000 |
|
Total Assets (Previous Year) |
328,379,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales/ Total Income |
898,211,000 |
Net Profit |
(88,253,000) |
|
Sales(Previous yr)/ Total Income |
443,021,000 |
Net Profit(Prev.yr) |
(60,032,000) |
MIRA
INFORM REPORT
|
Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FORBES TECHNOSYS LIMITED [w.e.f. 28.07.2004] |
|
|
|
|
Formerly Known
As : |
WANDEL AND COLTERMANN AND FORBES LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.07.1991 |
|
|
|
|
Com. Reg. No.: |
11-062425 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.238.972
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29290MH1991PLC062425 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMW02565D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF8567A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing transaction management products, solutions and services,
particularly to the Banking Financial Services, Utilities and Insurance
(BFSUI) industry in addition to the government institutions. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 128000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Forbes and Company Limited” having a good track record.
There appear accumulated losses from past some years. External borrowings
seem to be increasing over previous years. Liquidity position is weak. The ratings also take in to consideration the planned acquisition of
further stake in “Lux International AG, Switzerland” through the wholly owned
subsidiary of “Eureka Forbes Limited” (i.e. Aquamall) which will alter the
credit risk of the subject. Trade relations are fair. Business is active. Payment terms are
reported as regular. In view of experienced directors and promoters, the company 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA – [Long Term Fund Based Limits] |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
June, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ [Short Term Non-Fund Based Limits] |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
June, 2013 |
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 : |
Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-40749191 |
|
Fax No.: |
91-22-40719103 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head / Corporate Office : |
Plot No. C-17/18, Road No. 16, Wagle Industrial Estate, Thane (West) –
400604, Maharashtra, India |
|
Tel No.: |
91-22-40639595 |
|
Fax No.: |
91-22-40639516 |
|
|
|
|
Branch Office : |
Located At: ·
New Delhi ·
Chennai ·
Ahmedabad ·
Pune ·
Bangalore ·
Secunderabad ·
Kolkata |
DIRECTORS
AS ON 14.08.2012
|
Name : |
Mr. Chandrasekhar Anant Karnik |
|
Designation : |
Director |
|
Address : |
15, Meherabad, Company Housing Society, 1/594, Bhulabhai Desai Marg,
Mumbai – 400026, |
|
Date of Birth/Age : |
17.06.1952 |
|
Date of Appointment : |
24.03.1999 |
|
Din No.: |
00003874 |
|
|
|
|
Name : |
Mr. Ashok Debabrata Barat |
|
Designation : |
Director |
|
Address : |
Everest House 3rd Floor, |
|
Date of Birth/Age : |
05.12.1956 |
|
Date of Appointment : |
22.09.2006 |
|
Din No.: |
00492930 |
|
|
|
|
Name : |
Mr. Amit Mittal |
|
Designation : |
Director |
|
Address : |
Flat No. 8, 3rd Floor, Lyndewode House, 9 Bomanji Petit Road,
Mumbai – 400026, |
|
Date of Birth/Age : |
05.12.1966 |
|
Date of Appointment : |
03.11.2008 |
|
Din No.: |
02292626 |
|
|
|
|
Name : |
Mr. Subramania Kuppuswamy |
|
Designation : |
Director |
|
Address : |
52, Praneet, 234, |
|
Date of Birth/Age : |
17.09.1950 |
|
Date of Appointment : |
04.09.2009 |
|
Din No.: |
00058836 |
|
|
|
|
Name : |
Pallon Shapoor Mistry |
|
Designation : |
Director |
|
Address : |
Sterling Bay, 103, Walkeswar Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
12.03.1992 |
|
Date of Appointment : |
26.03.2012 |
|
Din No.: |
05229734 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod K Vora |
|
Designation : |
Secretary |
|
Address : |
303, Parshwanath Garden, 461, |
|
Date of Birth/Age : |
28.02.1958 |
|
Date of Appointment : |
16.03.2009 |
|
Pan No.: |
ACEPV9196J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Forbes Campbell Finance Limited, India |
|
11897180 |
|
Forbes Campbell Finance Limited JV Mr. V. K. Vora, India |
|
3 |
|
Forbes Campbell Finance Limited JV Mr. S.P. Kadakia, India |
|
5 |
|
Forbes Campbell Finance Limited JV Mr. Amit Mittal, India |
|
2 |
|
Forbes Campbell Finance Limited JV Mr. A. T. Shah, India |
|
2 |
|
Forbes Campbell Finance Limited JV Mr. P. K. Pradhan, India |
|
2 |
|
Forbes Campbell Finance Limited JV Mrs. Sunetra Ganesh, India |
|
6 |
|
|
|
|
|
TOTAL
|
|
11897200 |
AS ON 01.02.2013
|
Names of Allottees |
|
No. of Shares |
|
Forbes and Company Limited, India |
|
12000000 |
|
|
|
|
|
TOTAL
|
|
12000000 |
AS ON 14.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing transaction management products, solutions and services,
particularly to the Banking Financial Services, Utilities and Insurance
(BFSUI) industry in addition to the government institutions. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Development Credit Bank Limited, 601 and 602,
Peninsula Business Park, 6th Floor, Tower A, Senapati Bapat Marg,
Lower Parel, Mumbai-400013, Maharashtra, India ·
Union Bank of India ·
Vijaya Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
|
PAN No: |
AABFD7919A |
|
|
|
|
Holding Company : |
·
Forbes and Company Limited
[L17110MH1919PLC000628] ·
Forbes Campbell Finance Limited
[U51103TN1977PLC007310] |
|
|
|
|
Ultimate Holding Company: |
Shapoorji
Pallonji and Company Limited [U45200MH1943PLC003812] |
|
|
|
|
Fellow Subsidiary : |
Eureka Forbes Limited [U27109WB1931PLC007010] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
12000000 |
Preferences Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
TOTAL
|
|
Rs.240.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11897200 |
Equity Shares |
Rs.10/- each
|
Rs.118.972 Millions
|
|
12000000 |
Preferences Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
TOTAL |
|
Rs.238.972 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 |
|
238.972 |
188.972 |
|
(b) Reserves & Surplus |
|
(206.965) |
(118.712) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
24.173 |
8.566 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
5.733 |
7.912 |
|
(d) long-term provisions |
|
2.107 |
3.835 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
196.734 |
67.770 |
|
(b) Trade payables |
|
179.253 |
137.308 |
|
(c) Other current
liabilities |
|
34.400 |
29.160 |
|
(d) Short-term provisions |
|
4.352 |
3.568 |
|
TOTAL |
|
478.759 |
328.379 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
46.549 |
37.123 |
|
(ii) Intangible Assets |
|
18.912 |
14.121 |
|
(iii) Capital
work-in-progress |
|
16.156 |
26.332 |
|
(iv)
Intangible assets under development or work in progress |
|
19.905 |
16.388 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
5.814 |
4.342 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
80.139 |
74.175 |
|
(c) Trade receivables |
|
242.373 |
114.361 |
|
(d) Cash and cash
equivalents |
|
22.682 |
17.268 |
|
(e) Short-term loans and
advances |
|
25.463 |
23.514 |
|
(f) Other current assets |
|
0.766 |
0.755 |
|
TOTAL |
|
478.759 |
328.379 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
68.972 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(58.680) |
|
|
NETWORTH |
|
|
10.292 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
50.707 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
50.707 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
60.999 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
46.878 |
|
|
Capital work-in-progress |
|
|
3.614 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
50.955
|
|
|
Sundry Debtors |
|
|
72.708
|
|
|
Cash & Bank Balances |
|
|
8.361
|
|
|
Other Current Assets |
|
|
0.540
|
|
|
Loans & Advances |
|
|
12.290
|
|
Total
Current Assets |
|
|
144.854 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
102.987
|
|
|
Other Current Liabilities |
|
|
24.907
|
|
|
Provisions |
|
|
6.454
|
|
Total
Current Liabilities |
|
|
134.348
|
|
|
Net Current Assets |
|
|
10.507
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
60.999 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
898.211 |
443.021 |
295.255 |
|
|
|
Other Income |
13.667 |
5.477 |
1.182 |
|
|
|
TOTAL (A) |
911.878 |
448.498 |
296.437 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
123.287 |
90.560 |
|
|
|
|
Purchases of stock-in-trade |
564.866 |
228.387 |
|
|
|
|
Employee benefit expense |
81.700 |
71.430 |
340.420 |
|
|
|
Other expenses |
190.441 |
120.017 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
0.335 |
(23.453) |
|
|
|
|
TOTAL (B) |
960.629 |
486.941 |
340.420 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(48.751) |
(38.443) |
(43.983) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.185 |
9.808 |
4.903 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(71.936) |
(48.251) |
(48.886) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.317 |
11.781 |
9.794 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(88.253) |
(60.032) |
(58.680) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(88.253) |
(60.032) |
(58.680) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(118.712) |
(58.680) |
(171.028) |
|
|
|
|
|
|
|
|
|
Less |
REDUCTION OF
SHARE CAPITAL |
0.000 |
0.000 |
(171.028) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(206.965) |
(118.712) |
(58.680) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
NA |
NA |
12.109 |
|
|
|
Purchases for Resale |
NA |
NA |
7.904 |
|
|
TOTAL IMPORTS |
NA |
NA |
20.013 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(8.49) |
(8.70) |
(2.92) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(9.67)
|
(13.39) |
(19.80)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.83)
|
(13.55) |
(19.87)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.94)
|
(21.02) |
(30.61)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.75)
|
(0.85) |
(5.70)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
6.90
|
1.09 |
4.93
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
0.97 |
1.08
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
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 |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS AND
FUTURE PLANS:
During the last one year, the Company has made great strides in multiple
dimensions. Its turnover doubled as some of its businesses like Kiosk Business,
Recharge Business have grown substantially.
The Company has a
strong order book with orders from large nationalized banks and other
Government Departments. It also made an entry into new market segments and
added several new customers like Volkswagen, Shriram Finance, Maruti Suzuki,
Eureka Forbes, etc. It secured DGS and D approval for kiosks and got its first
order for 80 ATVMs (Automatic Ticket Vending Machines) from Western Railway.
Its product portfolio has been enhanced with the successful introduction of
Bulk Cash Deposit kiosks, The Megabanker, a multi-function ATM, ATVMs,
Enterprise Mobility Solutions etc. In order to meet the growing market demand
for kiosks and ATMs, FTL has established its second manufacturing facility.
The Company has
received several awards both at the National and International levels. It has
been actively involved with sustainability issues, and some of its products
have been designed to operate on solar power. It will be taking further actions
towards undertaking sustainability measures that will enable it to become a
corporation that offers products that enhance sustainability to its customers
through products and services.
FIXED ASSETS:
·
Furniture and Fittings
·
Data Processing Equipment
·
Vehicles
·
Office Equipment
·
Intellectual Property /
Distribution Rights
·
Bill Payment and Cheque
Deposit Software
·
Goodwill
NEWS:
FORBES
TECHNOSYS WINS THE GLOBAL IT ARCHITECTURE EXCELLENCE AWARD FOR 2012
BANGALORE,
JULY 27, 2012
Forbes Technosys Limited, a pioneer in the field of payments processing and transaction management solutions and services, has emerged as the winner of the Global IT Architecture Excellence Award in the "Cloud Computing Technologies" category at the iCMG Enterprise and IT Architecture World 2012 event held on 25th July 2012 at the Sheraton Bangalore.
"Cloud technology has been around for some time now, but the key is to leverage this technology effectively for deriving all the benefits, with respect to scalability, robustness, platform portability and cost. Forbes Technosys successfully leveraged cloud technology in designing and developing the Forbes Xpress platform, eventually passing on all the benefits of the cloud to the end consumers as well as the intermediary stakeholders," said Mr. Ajay Singh, CEO of Forbes Technosys Limited.
There were a total of 150 entries shortlisted from 27 countries, which were selected after three rounds of intense scrutiny and evaluation. Forbes Technosys was the sole winner in the Cloud Computing Technologies category, for the nomination of their Forbes Xpress Mobile Recharge and e-Distribution platform. Some of the winners in other categories included Lloyds Bank Group of UK, ICICI Bank, British Airport Authority, Bharti Infratel Limited, Royal Bank of Scotland, Credit Suisse, Intel Corporation and Cathay Pacific Airways.
“Technology innovation has always been an integral part of everything that we do at Forbes Technosys. We strive to develop cutting edge technology to enable electronic delivery of services to end customers. This award recognizes and validates our capabilities to design and develop world class technology," said Mr. Ashok Barat, Chairman of Forbes Technosys Limited.
Forbes Technosys is using Cloud technology to enable electronic delivery of a wide range of services such as banking, finance and retail services to customers through a diverse platform range such as mobile phones, PCs, hand-held terminals and self-service kiosks.
About Forbes Technosys
Forbes Technosys Limited (FTL) is a pioneer in Transaction Management Solutions. FTL provides services, solutions and networks that enable customers to manage their transactions more efficiently at a lower per transaction cost. FTL's customers include leading telecom companies, power and utilities, banks and financial institutions, airlines and government departments. FTL is a wholly owned subsidiary of Forbes and Company Limited (F and CL). F and CL is part of the Shapoorji Pallonji Group (SP Group) which has a turnover of over US $ 2.5 Billion.
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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.