MIRA INFORM REPORT
|
Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SONATA INFORMATION TECHNOLOGY LIMITED |
|
|
|
|
Registered
Office : |
No.208, T.V. Industrial Estate, K. Ahire Marg, Worli, Mumbai – 400
030, |
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|
Country : |
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Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
29.06.2000 |
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|
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|
Com. Reg. No.: |
11-127476 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.33.754 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72300MH2000PLC127476 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS8734J |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Software Services. |
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|
No. of Employees
: |
126 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1395000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Sonata Software Limited. It is an
established company having a satisfactory track record. The company has
incurred loss during 2012. However, networth appears to be satisfactory.
Trade relations are reported as decent. Business is active. Payments are
reported to be usually correct and as per commitment. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
April 12, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
April 12, 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.
INFORMATION PARTED BY
|
Name : |
Ms. Feroza Noshir Byramji |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-24943055 |
|
Date : |
26.06.2013 |
LOCATIONS
|
Registered Office/ Branch Office 1 : |
No.208, T.V. Industrial Estate, K. Ahire Marg, Worli, Mumbai – 400
030, |
|
Tel. No.: |
91-22-24943055/ 24923991 |
|
Fax No.: |
91-22-24396973 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
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|
|
|
Corporate Office/ Branch Office 2 : |
APS Trust Building, Bull Temple Road, N. R. Colony, Bangalore – 560
019, Karnataka, India |
|
Tel. No.: |
91-80-30971999 |
|
Fax No.: |
91-80-26610972 |
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E-Mail : |
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Branch Office 3 : |
New Delhi 24, I Floor, Okhla, Industrial Estate, Phase – III, New Delhi - 110
020, India |
|
Tel. No.: |
91-11-26932411-16/ 47779777 |
|
Fax No.: |
91-11-26932420/ 47779799 |
|
E-Mail : |
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Branch Office 4 : |
Hyderabad No.1-10-176, Begumpet Main Road, Opposite Hyd. Public School,
Hyderabad - 500 016, Andhra Pradesh, India
|
|
Tel. No.: |
91-40-27782000/ 27764801/ 39813899 |
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Fax No.: |
91-40-27764831 |
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E-Mail : |
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Branch Office 5 : |
Kolkata Suite # N-215, Ideal Plaza, 11/1, Sarat Bose Road, Kolkata - 700 020,
West Bengal, India |
|
Tel. No.: |
91-33-22891202-04 |
|
Fax No.: |
91-33-22891207 |
|
E-Mail : |
|
|
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|
Branch Office 6 : |
Chennai C, I Floor, Ali Towers, No.55, Greames Road, Chennai - 600 006,
Tamilnadu, India |
|
Tel. No.: |
91-44-28290552/ 28291707 |
|
Fax No.: |
91-44-28291708 |
|
E-Mail : |
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Branch Office 7 : |
Pune 127/1, Flat No.2, Above Vidya Sahakari Bank, Next to Hotel Sarjaa,
Sanewadi, Aundh, Pune - 411 007, Maharashtra, India |
|
Tel. No.: |
91-20-25887045/ 25883406 |
|
Fax No.: |
91-20-25883406 |
|
E-Mail : |
DIRECTORS
AS ON 09.07.2012
|
Name : |
Mr. Srikar Palem Reddy |
|
Designation : |
Director |
|
Address : |
306, Raheja Mansion, 13, Milton Street Cooke Town, Bangalore – 560
005, Karnataka, India |
|
Date of Birth/Age : |
30.05.1958 |
|
Date of Appointment : |
29.06.2000 |
|
DIN No.: |
00001401 |
|
|
|
|
Name : |
Mr. Brijendra Kumar Syngal |
|
Designation : |
Director |
|
Address : |
218, Mandakini Enclave, Alaknanda, New Delhi – 110 019, India |
|
Date of Birth/Age : |
14.06.1940 |
|
Date of Appointment : |
17.01.2005 |
|
Voter ID No.: |
NEC1379353 |
|
DIN No.: |
00002395 |
|
|
|
|
Name : |
Mr. Sujit Mohanty |
|
Designation : |
Whole-time Director |
|
Address : |
Flat # E 503, Fifth Floor, Block E, Sterling Terraces, No.3, 100 Ft
Ring Road, Banashankari IIIrd Stage, Bangalore – 560 085, Karnataka,
India |
|
Date of Birth/Age : |
22.12.1966 |
|
Date of Appointment : |
29.06.2000 |
|
PAN No.: |
AAIPM7964R |
|
DIN No.: |
00001404 |
|
|
|
|
Name : |
Mr. Narayanan Venkataraman |
|
Designation : |
Director |
|
Address : |
D-902, Brigade Millennium, Laburnum Block, Bangalore – 560 078,
Karnataka, India |
|
Date of Birth/Age : |
29.04.1971 |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
01856347 |
KEY EXECUTIVES
|
Name : |
Ms. Feroza Noshir Byramji |
|
Designation : |
Company Secretary |
|
Address : |
#301, Hilla Towers, Dr. S.S. Rao Road, Lalbaug, Mumbai – 400 012, Maharashtra,
India |
|
Date of Birth/Age : |
30.12.1963 |
|
Date of Appointment : |
11.10.2003 |
|
PAN No.: |
AHQPB6905N |
|
Voter ID No.: |
SOK1626829 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.07.2012
|
Names of Shareholders |
No. of Shares |
|
B. Ramaswamy |
100* |
|
P. Srikar Reddy |
100* |
|
Sujit Mohanty |
100* |
|
P V S N Raju |
100* |
|
Sonata Software Limited, India |
3374694 |
|
R. Sathyanarayana |
100* |
|
Mohan Muthuraj A R |
100* |
|
Priya Manoj Jaswani |
100* |
|
TOTAL
|
3375394 |
* (Beneficial Interest held by Sonata Software Limited w.e.f. 26.09.2000)
AS ON 09.07.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
99.98 |
|
Directors or relatives of Directors |
0.02 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Software Services. |
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Products/ Services : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
126 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Short-term
borrowings from banks represent the working capital facility of the Company
which is payable on demand, from Standard Chartered Bank, Citi Bank, BNP
Paribas, Axis Bank Limited and ING Vysya Bank and is secured by Pari passu
first charge on all the current assets of the Company both present and future
including stocks, book debts and other current assets wherever located. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
N.M. Raiji and Company Chartered Accountants |
|
Address : |
133/134,
Chandramani, 701/702, 7th Floor Telang X Road No.3, Matunga ,
Mumbai – 400 019, Maharashtra, India |
|
PAN No.: |
AAAFN4217G |
|
|
|
|
Name 2 : |
Deloitte
Haskins and Sells Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Holding Company : |
Sonata Software Limited, India CIN No.: L72200MH1994PLC082110 |
|
|
|
|
Fellow Subsidiaries : |
Sonata Software
FZ LLC |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000700 |
Equity Shares |
Rs.10/- each |
Rs.60.007
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3375394 |
Equity Shares |
Rs.10/- each |
Rs.33.754
Millions |
|
|
|
|
|
Reconciliation of
equity shares outstanding at the beginning and at the end of the year
31.03.2012
|
Particulars |
31.03.2012 |
|
|
|
No. of Shares |
Rs. in Million |
|
At the beginning
of the year |
3,375,394 |
33.754 |
|
Movement during
the year |
-- |
-- |
|
Outstanding at
the end of the year |
3,375,394 |
33.754 |
Terms / Rights
attached to equity shares
The company has
equity shares having a par value of Re.1. Each Shareholder is entitled for one
vote per share. The shareholders have the right to receive interim dividends
declared by the Board of Directors and final dividend proposed by the Board and
approved by the shareholders.
In the event of
liquidation by the company, the holders of the equity shares will be entitled
to receive in proportion to the number of equity shares held by them, the
remaining assets of the company, after distribution of preferential amounts.
The shareholders
have all other rights as available to equity shareholders as per the provisions
of the Companies
Act, 1956, read
together with the Memorandum of Association and Articles of Association of the
Company, as applicable.
Equity Shares held
by holding company
The entire equity
share of the company is held by the holding company Sonata Software Limited
Shareholders
holding more than 5% of equity shares in the company (as certified by
the Management)
|
Particulars |
31.03.2012 |
|
|
|
No. of Shares |
% Holding |
|
Sonata Software
Limited (Holding company) |
3375394 |
100.00 |
As per the of the
company including its register of shareholders / members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownership of shares.
Equity Shares
bought back during last five years
The company has
bought back the shares from holding company Sonata Software Ltd, 1,500,175
equity shares during 2006-07 and 1125131 equity shares during 2007-08.
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 |
|
33.754 |
33.754 |
|
(b) Reserves & Surplus |
|
314.922 |
412.307 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
348.676 |
446.061 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
Long-term provisions |
|
1.162 |
1.047 |
|
Total
Non-current Liabilities (3) |
|
1.162 |
1.047 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
486.838 |
501.647 |
|
(b)
Trade payables |
|
1325.423
|
934.337
|
|
(c)
Other current liabilities |
|
161.953
|
136.952
|
|
(d)
Short-term provisions |
|
0.488 |
0.447 |
|
Total
Current Liabilities (4) |
|
1974.702 |
1573.383 |
|
|
|
|
|
|
TOTAL |
|
2324.540 |
2020.491 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
4.089 |
2.489 |
|
(ii)
Intangible Assets |
|
0.064 |
0.109 |
|
(iii)
Capital work-in-progress |
|
0.000 |
1.012 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
6.876 |
4.629 |
|
(d) Long-term Loan
and Advances |
|
0.396 |
4.023 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
11.425 |
12.262 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
336.530
|
22.054
|
|
(c)
Trade receivables |
|
736.524
|
900.173
|
|
(d)
Cash and cash equivalents |
|
99.659
|
103.958
|
|
(e)
Short-term loans and advances |
|
1129.943 |
963.024 |
|
(f)
Other current assets |
|
10.459
|
19.020
|
|
Total
Current Assets |
|
2313.115 |
2008.229 |
|
|
|
|
|
|
TOTAL |
|
2324.540 |
2020.491 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
33.754 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
318.193 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
351.947 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
219.000 |
|
|
2] Unsecured Loans |
|
|
165.000 |
|
|
TOTAL BORROWING |
|
|
384.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
735.947 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3.974 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
1.252 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
77.286
|
|
|
Sundry Debtors |
|
|
785.950
|
|
|
Cash & Bank Balances |
|
|
87.213
|
|
|
Other Current Assets |
|
|
20.254
|
|
|
Loans & Advances |
|
|
1031.061
|
|
Total
Current Assets |
|
|
2001.764
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
934.099
|
|
|
Other Current Liabilities |
|
|
335.712
|
|
|
Provisions |
|
|
1.232
|
|
Total
Current Liabilities |
|
|
1271.043
|
|
|
Net Current Assets |
|
|
730.721
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
735.947 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
7935.167 |
6021.476 |
5036.061 |
|
|
|
Other Income |
72.764 |
39.171 |
5.130 |
|
|
|
TOTAL (A) |
8007.931 |
6060.647 |
5041.191 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of traded items |
7691.605 |
5286.283 |
4896.489 |
|
|
|
Employee benefit expenses |
271.960 |
215.584 |
|
|
|
|
Other operating expenses |
328.814 |
327.614 |
|
|
|
|
(increase) / decrease in inventories |
(314.476) |
55.232 |
|
|
|
|
TOTAL (B) |
7977.903 |
5884.713 |
4896.489 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30.028 |
175.934 |
144.702 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
125.213 |
50.399 |
26.409 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(95.185) |
125.535 |
118.293 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.094 |
1.595 |
2.995 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(96.279) |
123.940 |
115.298 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.105 |
39.122 |
39.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(97.384) |
84.818 |
76.198 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
386.054 |
301.236 |
225.038 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
288.670 |
386.054 |
301.236 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Software Services Rendered |
27.872 |
9.986 |
1.753 |
|
|
|
Sales Traded Products |
207.413 |
122.663 |
99.462 |
|
|
TOTAL EARNINGS |
235.285 |
132.649 |
101.215 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
3718.562 |
3442.352 |
3512.208 |
|
|
TOTAL IMPORTS |
3718.562 |
3442.352 |
3512.208 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(28.85) |
25.13 |
22.57 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
9768.600 |
|
|
|
|
|
Expected Sales (2013-2014): Rs.11000.000 millions
The above information has been parted by Ms. Feroza Noshir Byramji
(Company Secretary).
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.22)
|
1.40
|
1.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.21)
|
2.06
|
2.29
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.15)
|
6.15
|
5.75
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.28)
|
0.28
|
0.33
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.40
|
1.12
|
1.09
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.28
|
1.57
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
1325.423
|
934.337
|
934.099
|
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last four years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Inter corporate
deposit from holding company |
180.000 |
194.000 |
|
Total
|
180.000 |
194.000 |
Notes:
Inter corporate
deposit from Sonata Software Limited, the holding company which is payable on
demand and is not secured.
BACKGROUND:
The Company is a Company
registered in India with its registered office at Mumbai and operationally
headquartered out of Bangalore. SITL is a wholly owned subsidiary of Sonata
Software Limited and is primarily engaged in the business of providing
Information Technology Solutions, software development services and re selling
products of reputed companies such as Microsoft, IBM, Oracle etc. to its
customers in India and the Asia Pacific region.
BUSINESS REVIEW
The business of
The Company can be classified into two broad areas:
PRODUCTS
During the year,
The company has increased number of sizable customers for products and services
business. It has also won multi-year contracts for infrastructure Managed
services from its clients. The company has consolidated its position in the
Indian market and attained top position in most of the business lines in which
it is dealing. It has also won awards from various principals during the year.
The company’s strategy for the current financial year is to add and retain more
customers and provide more value added services to them. The company is also
planning to add more value added products to its portfolio which can give
higher returns to the company.
BUSINESS SOLUTIONS
During the year,
the Company has shown strong growth across all the service offerings. Client
additions for endto- end ERP implementation solutions were commendable. The
Company made significant client additions across all its ERP offerings. In
addition, The company moved beyond shores to win its first new client in Singapore
with a large win for engineering work on AX for one of the largest media and
advertising company in the world.
During the year,
the Company’s strategy of addressing select enterprise class clients paid rich
dividends. Their relationship with enterprise clients have become deeper and
have extended their engagements in multiple technology and service offerings. A
notable client win in the non-ERP services is a large travel house where The
company is developing an end-to-end solution to meet their business needs.
The Company
continues to enjoy preferred partner status from all key principals. In
particular, SAP has accorded them with an award for the “Best VAR of Year”
across the APJ region.
Detailed Management
review and performance summary during the year on each of the above business
heads has been given elsewhere in the Annual Report of 2011-12.
MANAGEMENT REVIEW – INDIAN OPERATIONS
PERFORMANCE
SUMMARY
1. Revenue
For the year ended
31st March, 2012
a. Revenue from
Products Business was Rs.7711.830 millions.
b. Revenue from
Business Solutions was Rs.223.000 millions.
2. EBITDA
EBITDA for the
year ended 31st March, 2012 was 0.38% of Total Income as compared to 2.92% for
the same period last year.
3. Profit After
Tax (PAT)
a. PAT for the
year ended 31St March, 2012 was at Rs.-97.380 millions as against Rs.84.820
millions for the same period last year.
b. Profit Margin
at -1.22% as compared to 1.40% for the same period last year.
CONTINGENT LIABILITIES:
a) Disputed
Karnataka Sales Tax demand for FY 2001-02 is Rs.0.294 million (Rs.0.294
million).
|
b) Contingent
Liabilities not provided for: |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Disputed Income |
|
|
|
Tax demands |
3076.555 |
269.095 |
FIXED ASSETS:
Tangible assets
·
Leasehold Improvements
·
Plant and Equipment
·
Furniture and Fixtures
·
Office Equipment
Intangible assets
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.59.85 |
|
|
1 |
Rs.92.30 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.