MIRA INFORM REPORT

 

 

Report Date :

10.05.2013

 

IDENTIFICATION DETAILS

 

Name :

VAKRANGEE SOFTWARES LIMITED

 

 

Registered Office :

Vakrangee House 66, Marol Cooperative Industrial Estate, Office  - M. V. Road, Marol, Andheri (East), Mumbai - 400 059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

28.05.1990

 

 

Com. Reg. No.:

11-056669

 

 

Capital Investment / Paid-up Capital :

Rs. 250.240 Millions

 

 

CIN No.:

[Company Identification No.]

L65990MH1990PLC056669

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

The company is engaged in Software Industries and has developed Paymaster Personnel Information System (PIS) Software and E-Edministrator School Management Information System Software

 

 

No. of Employees :

Information denied by management 

 

 

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 10000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow and Delayed

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. General financial position of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow and delayed by 90-120 days.

 

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

ICRA

Rating

A – TERM LOAN

Rating Explanation

The Adequate credit quality. It carries average credit risk

Date

10.10.2011

 

Rating Agency Name

ICRA

Rating

A2 + SHORT TERM NON – FUND BASED

Rating Explanation

The above average credit quality. It carry higher credit risk.

Date

10.10.2011

 

 

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 DENIED BY

 

Name :

Ms. Shikha

Designation :

Account Department

Contact No.:

91-22-28504028

Date :

08.05.2013

 

 

LOCATIONS

 

Registered Office :

Vakrangee House 66, Marol Cooperative Industrial Estate, Office - M. V. Road, Marol, Andheri (East), Mumbai - 400 059, Maharashtra, India

Tel. No.:

91-22-28504028/28503412/67765100

Fax No.:

91-22-28502017

E-Mail :

info@vakrangee.in

Website :

http://www.vakrangeesoftwares.com 

 

 

Branches :

Located At :

 

·         New Delhi

·         Gurgaon

·         Lucknow

·         Jaipur

·         Pune

·         Ahmedabad

·         Chandigarh

·         Patna

·         Bhopal

·         Raipur

·         Philippines

 

 

DIRECTORS

 

As on: 31.03.2012

 

Name :

Mr. Dinesh Nandwana

Designation :

Chairman and Managing Director

Date of Appointment :

28.05.1990

 

 

Name :

Dr. Nishikant Hayatnagarkar

Designation :

Whole Time Director, R and D

Date of Appointment :

27.08.1999

 

 

Name :

Mr. Ramesh M. Joshi

Designation :

Director

Date of Appointment :

20.10.2006

 

 

Name :

Mr. Anil Patodia

Designation :

Director

Date of Appointment :

02.04.1994

 

 

Name :

Mr. Sunil Agarwal

Designation :

Director

Date of Appointment :

28.06.2002

 

 

Name :

Mr. K. L. Varma

Designation :

Director

Date of Appointment :

30.11.2002

 

 

Name :

Mr. B. L. Meena

Designation :

Director

Date of Appointment :

25.10.2010

 

 

KEY EXECUTIVES

 

Name :

Ms. Shikha

Designation :

Account Department

 

 

Name :

Mr. Pratik Bhanushali

Designation :

Company Secretary

 

 

Audit Committee

 

 

 

Name :

Mr. K. L. Varma

Designation :

Chairman

 

 

Name :

Dr. Nishikant Hayatnagarkar

 

 

Name :

Mr. Anil Patodia

 

 

Name :

Mr. B. L. Meena

 

 

Remuneration  And Compensation

 

 

 

Name :

Mr. B. L. Meena

Designation :

Chairman

 

 

Name :

Mr. Ramesh Joshi

 

 

Name :

Mr. K. L. Varma

 

 

Shareholders/Investors  Grievance Committee

 

 

 

Name :

Mr. Ramesh Joshi

Designation :

Chairman

 

 

Name :

Mr. Anil Patodia

 

 

Name :

Dr. Nishikant Hayatnagarkar

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 31.03.2013

 

Category of Shareholder

Number of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

29870900

5.94

http://www.bseindia.com/include/images/clear.gifBodies Corporate

142324314

28.32

http://www.bseindia.com/include/images/clear.gifSub Total

172195214

34.27

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

172195214

34.27

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

28679887

5.71

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

291182

0.06

http://www.bseindia.com/include/images/clear.gifSub Total

28971069

5.77

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

215355127

42.86

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

23761027

4.73

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

51436255

10.24

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

10780628

2.15

http://www.bseindia.com/include/images/clear.gifClearing Members

9935917

1.98

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

844711

0.17

http://www.bseindia.com/include/images/clear.gifSub Total

301333037

59.97

Total Public shareholding (B)

330304106

65.73

Total (A)+(B)

502499320

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

502499320

0.00

 

 

Shareholding belonging to the category "Promoter and Promoter Group"

 

 

 

Details of Shares held

Sl.No.

Name of the Shareholder

No. of Shares held

As a % of grand total (A)+(B)+(C)

1

Vakrangee Holdings Private Limited

69400000

13.81

2

Vakarangee Holdings Private Limited

46035194

9.16

3

Dinesh Nandwana

29766000

5.92

4

Vakarangee Capital Private Limited

268,89120

5.35

5

Dinesh Nandwana HUF

98000

0.02

6

Mahendra Nandwana

6900

0.00

 

Total

172195214

34.27

 

 

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

 

Sl. No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

1

Highpoint Trading Company Private Limited

24721803

4.92

2

Seahorse Mercantile Company Private Limited

24647711

4.91

3

Bluepearl Trading Company Private Limited

24772086

4.93

4

Cybermetix Automation Private Limited

11108301

2.21

5

Ashtavakra Properties Private Limited

20051312

3.99

6

Abhirati Trading Private Limited

6000000

1.19

7

Life Insurance Corpration of India

28447952

5.66

8

Abhirati Trading Private Limited

33439981

6.65

9

Vinod Laxminarayan Bohra

11908436

2.37

10

Newtree Trading Company Private Limited

13165300

2.62

11

Bluepearl Trading Company Private Limited

12888500

2.56

12

Stock Holdings Corporation of India Limited

8390000

1.67

13

Newtree Trading Company Private Limited

6451139

1.28

 

Total

225992521

44.97

 

 

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

 

Sl. No.

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them

No. of Shares

Shares as % of Total No. of Shares

1

Life Insurance Corpration of India

28447952

5.66

2

Abhirati Trading Private Limited

33439981

6.65

 

Total

61887933

12.32

 

 

 Details of Locked-in Shares

 

Sl. No.

Name of the Shareholder

No. of Shares

Locked-in Shares as % of
Total No. of Shares

1

Vakrangee Holdings Private Limited

47400000

9.43

 

Total

47400000

9.43

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in Software Industries and has developed Paymaster Personnel Information System (PIS) Software and E-Edministrator School Management Information System Software

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by management 

 

 

Bankers :

·         Union Bank of India

·         Axis Bank Limited

·         ICICI Bank Limited

·         ING Vysya Bank Limited

·         Axis Trustee Services Limited

·         Andhra Bank Limited

·         Punjab National Bank Limited

·         Dhanlaxmi Bank Limited

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

Term Loans

 

 

From Banks

1337.390

0.000

From Others

222.221

0.000

Loans repayable on demand

 

 

From Banks

1936.169

1488.002

From Others (Vehicle Loans)

0.000

0.863

Inter Corporate Deposits

37.000

0.000

 

 

 

Total

3532.780

1488.865

 

 

Terms of repayment of term loans and other loans.

 

i) Term Loan from Banks:

The Company has entered into a Common Loan Agreement during the year appointing M/s. Axis Trustee Services Limited as Security Trustee for reallocation of the Rupee Term Loan amounting to Rs. 2250.000 Millions sanctioned during the year by Axis Bank Limited, under multiple banking arrangements.

 

The said Rupee Term Loan has been allocated to each of the lenders (parties to the Common Loan Agreement) as follows:

- Axis Bank Limited – Rs. 1000.000 Millions

- Andhra Bank – Rs. 750.000 Millions

- Punjab National Bank – Rs. 500.000 Millions

 

The initial interest rate in respect of all the lenders shall be 13% p.a. payable with monthly rests irrespective of the individual interest rates mentioned in respective lenders’ sanction letters, subject to further change in Base Rate till date of documentation. The highest rate of interest of any lender shall be applicable and payable by the Company to all the lenders. The interest spread reset shall be done every 2 years from the date of first disbursement. The loan is to be repaid in 14 unequal quarterly installments commencing after moratorium period of six months from the date of first disbursement / LC opening. First installment shall be due at the end of six months, thereby total tenor of the loan to be 45 months.

 

ii) Term Loan from GE Money Financial Services Private Limited carries an interest rate of 11.50% p.a. fixed for the first 6 months of the tenure, subject to the drawdown being made on or before July 31, 2011. After the expiry of first 6 months, the rate of interest has been increased to 12.93% p.a. The interest payment to be made monthly. Principal repayment shall be in monthly equal installments for 36 months from the date of drawdown.

 

Nature of security of each type of secured loans.

 

i) Term Loans from Banks

1. First pari-passu and exclusive charge on entire UID kits purchased out of the term loan.

2. Second parri-passu charge on current assets of the Company, including UID project receivables.

3. Second parri-passu charge on moveable assets of the Company.

4. Second parri-passu charge through mortgage on the office premises of the Company, situated at Marol Co-Operative

Industrial Society and Hind Saurashtra Industries Co-Operative Society Limited, Marol, Andheri (East), Mumbai.

5. First charge on the office premises of the Company, situated at New Delhi.

6. Personal Guarantee of Mr. Dinesh Nandwana, Chairman and Managing Director of the Company

 

ii) Term Loans from Others - GE Money Financial Services Private Limited:

1.       First pari-passu charge on all present and future fixed assets of the Company excluding (i) UID kits financed by

2.       Axis Bank and (ii) immovable property on the balance sheet of the Borrower as on March 31, 2011.

3.       In the event that the Company acquires any immovable property after March 31, 2011, it is required to create

4.       a charge on the said immovable property for the due repayment of this facility.

5.       Second pari-passu charge on all present and future current assets.

6.       4. Personal Guarantee of Mr. Dinesh Nandwana, Chairman and Managing Director of the Company.

 

Details of the aggregate of each loan guaranteed by directors or others, each head wise.

All the term loans amounting to Rs. 1559.612 Millions (P. Y. Nil) guaranteed by Mr. Dinesh Nandwana, Chairman and Managing Director of the Company.

 

Details of continuing default in the repayment of loans and interest, specifying the period and amount separately in each case.

There has been no default in the repayment of loans or interest thereon as on date.

 

Nature of security of each type of secured loans.

 

a) Loans repayable on demand from Banks:

The Company had entered into a Security Trustee Agreement appointing M/s. Axis Trustee Services

Limited as Security Trustee for availing the working capital facilities under the multiple banking

arrangement aggregating to Rs. 3750.000 Millions, with the following bankers:

- Axis Bank Limited

- Union Bank of India

- Barclays Bank PLC

- ICICI Bank Limited

- ING Vyasa Bank Limited

- Dhanlaxmi Bank Limited

 

These facilities are secured against the following charge on various assets of the Company:

1. Primary: First pari-passu charge on the entire current assets of the Company, both present and future.

 

2. Collateral:

- First pari-passu charge on the entire movable fixed assets of the Company (excluding UID kits purchased out of the term loan facilities), both present and future.

- First pari-passu charge on office premises of the company and of Vakrangee Technologies Limited, situated at Marol Co-Operative Industrial Society and Hind Saurashtra Industries Co-Operative Society Limited., Marol,

Andheri (East), Mumbai.

 

3. Personal Guarantee of Mr. Dinesh Nandwana, Chairman and Managing Director of the Company.

b) Loans repayable on demand from Others: Vehicle loans are secured against the specific asset (vehicle) finance

c) Loans and advances from Related Parties:

d) Inter Corporate Deposits: The Inter-Corporate Deposit amounting to Rs.37.000 Millions is secured against the Bank Guarantee given by the Company.

 

(c) Details of the aggregate of each loan guaranteed by directors or others, each headwise.

 

1. All the loans repayable on demand from banks amounting to Rs. 1936.169 Millions (P. Y. Rs.1488.002 Millions) guaranteed by Mr. Dinesh Nandwana, Chairman and Managing Director of the Company.

2. Loan from banks repayable on demand (facility from Dhanlaxmi Bank Limited) amounting to Rs. 249.000 Millions guaranteed by M/s. Vakrangee Technologies Limited.

 

(d) Details of continuing default in the repayment of loans and interest, specifying the period and amount separately in each case.

There has been no default in the repayment of loans or interest thereon as on date.

 

Banking Relations :

--

 

 

Statutory Auditors :

 

Name :

M/s. S. K. Patodia and Associates

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Subsidiaries Companies :

·         Vakrangee IT Solutions Limited, India

·         E-Doc Vision Infotech Private Limited, India

·         Vakrangee e-Solutions Inc., Phillipines

·         Vakrangee Energy Private Limited, India

·         Vakrangee Finserve Limited, India

 

 

Relative of key management personnel and Name of the enterprises having same key management personnel and/ or their relatives as the reporting enterprises with whom the Company has entered into transactions during the year

·         Vakrangee Holdings Private Limited

·         Vakrangee Technologies Limited

·         Vakrangee Infraprojects Limited

·         Omnis Edu-Health Limited

·         Omnis Infra Power Limited

 

CAPITAL STRUCTURE

 

 

As on: 31.07.2012

 

Authorised Capital : Rs. 750.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs. 502.196 Millions

 

 

As on: 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

750000000

Equity Shares

Rs.1/- each

Rs. 750.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

250239790

Equity Shares

Rs.1/- each

Rs. 250.240 Millions

 

 

 

 

 

(b) Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.

 

         i.            The Company has only one class of Equity Shares having a par value of Rs.1 (Previous Year Rs.10) per share. Each holder of Equity Share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. During the year ended March 31, 2012 the amount of per share dividend recognised as distributions to Equity Shareholders is Rs.0.20 per share of Rs.1 each including bonus shares (P.Y. Rs.2 per share of Rs.10 each). The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

       ii.            On receipt of shareholders’ approval by way of postal ballot on March 30, 2012, the Company has increased and subdivided its authorised share capital from Rs. 450.000 Millions divided into 4,50,00,000 Equity Shares of Rs.10 each to Rs.750.000 Millions divided into 75,00,00,000 Equity Shares of Rs.1 each and the Company has altered its Memorandum and Articles of Association accordingly.

 

      iii.            The dividend appropriation for the year ended March 31, 2011 provided for in the books of accounts in FY 2010-2011 was Rs. 57.975 Millions including corporate dividend tax of Rs. 8.092 Millions. However, the dividend declared and paid was Rs. 58.030 Millions including corporate dividend tax of Rs. 8.100 Millions. These liabilities were higher by Rs. 0.055 Millions. (Including corporate dividend tax of Rs. 0.008 Millions) due to issue of 23,733 equity shares as ESOPs on July 16, 2011 i.e. before book closure date notified for the declaration of dividend. The same has been accounted for in the current year in Profit & Loss Appropriation Account.

 

      iv.            In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

 

 

(c) Reconciliation of number of shares outstanding at the beginning and at the end of the reporting period

 

Particular

31.03.2012

No. of shares at the beginning of the year

 

23711513

Add: Issue of Shares during the year

-

 

Bonus Issue

-

-

Conversion of ESOPs

92446

 

Conversion of Share Warrants

1220000

1312466

 

 

25023979

Less: Cancellation of shares of Rs.10 each

 

(25023979)

Add: Issuance of new shares of Rs.1 each on account of sub-division

 

250239790

No. of shares at the end of the year

 

250239790

 

 

(d) Aggregate details for five immediately previous reporting periods for each class of shares

 

Particular

31.03.2012

No. of shares allotted as fully paid up pursuant to contracts without payment being received in cash

-

No. of shares allotted as fully paid by way of Bonus Shares

-

No. of shares bought back

-

 

In addition, the company has issued total 157814 shares (P.Y. 65348 shares) during the period of five years immediately preceding the reporting date on exercise of options granted under the employee stock option plan (ESOP) wherein part consideration was received in the form of employee services

 

 

(e) Details of Promoters’ holding more than 5% shares in the company

 

Number of shares held by

31.03.2012

Nos

%

Vakrangee Holdings Private Limited

4628300

18.50

Vakrangee Capital Private Limited

1344456

5.37

Dinesh Nandwana

1488300

5.95

 

 

(f) Detailed note on shares reserved to be issued under options and contracts (ESOPs or Loans) / commitment for the sale of shares (without payment being received in cash) divestments including the terms and conditions.

 

The Company has formulated Employees Stock Option Scheme, 2008 (ESOP Scheme) which was approved by the members of the Company at their meeting held on September 23, 2008, as modified on January 10, 2011.

 

Employees covered under Stock Option Plans are granted an option to purchase shares of the company at the respective exercise prices, subject to requirements of vesting conditions. These options generally vest over a period of four years from the date of grant. Upon vesting, the employees can acquire one equity share for every option.

 

The stock compensation cost is computed under the intrinsic value method and amortized on a straight line basis over the total vesting period of four years. For the year ended March 31, 2012, the company has recorded stock compensation expense of Rs. 12.460 Millions (Previous year Rs. 2.686 Millions)

 

The Remuneration and Compensation committee of the Board evaluates the performance and other criteria of employees and approves the grant of options. These options vest with employees over a specified period subject to fulfillment of certain conditions. Upon vesting, employees are eligible to apply and secure allotment of Company’s shares at a price determined on the date of grant of options.

 

On July 31, 2009, company granted 2, 70,700 options (“Grant 1”) convertible into equity shares of Rs. 10 each exercisable at Rs. 61.90.

 

On December 30, 2009, company granted 20,600 options (“Grant 2”) convertible into equity shares of Rs. 10 each exercisable at Rs. 67.85.

 

On May 18, 2010, company granted 1,56,200 options (“Grant 3”) convertible into equity shares of Rs. 10 each exercisable at Rs.146.50.

 

On November 24, 2010. Company granted 86,750 options (“Grant 4”) convertible into equity shares of Rs.10 each exercisable at Rs.150.00.

 

On August 12, 2011 company granted 64,850 options (“Grant 5”) convertible into equity shares of Rs.10 each exercisable at Rs.150.00

 

The above options vest over a period ranging from one to three years as follows:

 

Percent to Vest

Period of Vesting from the date of grant

33%

At the end of twelve months

33%

At the end of twenty four months

34%

At the end of thirty six months

 

 

The activity in the Scheme 2008 during the year ended March 2012 is set out as below:

 

Particular

31.03.2012

The Scheme 2008

 

Options outstanding, beginning of the period

468902

Add : Granted

64,850

Less: Exercised

92466

 

 

Options outstanding, end of the period

441286

Options exercisable, end of the period

114618

 

The options once granted to an eligible employee gets lapsed with the resignation / termination of the employment with the Company. However, the unvested / unexercised portion of the ESOP entitlement to that employee remain part of the respective grant out of which it was issued and they can be granted to any other eligible employee as decided by the Remuneration and Compensation Committee.

 

 

Particulars of payments received during the year towards ESOP Scheme 2008:

 

Particular of Grant

Amount received during the year

No. of shares allotted during the year

(In Nos)

Consideration amount towards shares allotted

Grant 1

3.800

61400

3.800

Grant 2

0.218

3216

0.218

Grant 3

3.535

24133

3.535

Grant 4

0.558

3717

0.558

Grant 5

-

-

-

 

Note: The Remuneration and Compensation Committee has been authorised to make amendments in the ESOP Scheme - 2008, with regard to the number of shares for every option granted and the price to be revised, to give effect of stock split & bonus issue announced by way of postal ballot during the year.

 

 

(g) Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures, bonds etc.

 

The Company does not have any securities convertible into shares as on reporting date.

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

250.240

237.115

224.962

2] Share Application Money

0.000

0.653

0.000

3] Money received against share warrants

0.000

85.400

41.475

4] Reserves & Surplus

3890.636

3239.225

2741.364

5] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4140.876

3562.393

3007.801

LOAN FUNDS

 

 

 

1] Secured Loans

3532.780

1488.865

570.148

2] Unsecured Loans

109.325

40.000

45.000

TOTAL BORROWING

3642.105

1528.865

615.148

DEFERRED TAX LIABILITIES

731.592

517.214

377.977

 

 

 

 

TOTAL

8514.573

5608.472

4000.926

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4871.177

2149.173

2307.917

Capital work-in-progress

0.788

0.000

0.000

 

 

 

 

INVESTMENT

583.730

600.608

531.200

DEFERREX TAX ASSETS

0.000

0.000

0.000

OTHER NONCURRENT ASSETS

47.232

26.416

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
35.899

8.957

77.657

 

Sundry Debtors
4452.352

2677.970

1422.508

 

Cash & Bank Balances
259.697

175.044

42.365

 

Other Current Assets
54.658

587.630

0.000

 

Loans & Advances
648.161

402.985

209.282

Total Current Assets
5450.767

3852.586

1751.812

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1189.074

828.795

459.771

 

Other Current Liabilities
1035.486

54.278

35.332

 

Provisions
214.561

137.238

94.900

Total Current Liabilities
2439.121

1020.311

590.003

Net Current Assets
3011.646

2832.275

1161.809

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

8514.573

5608.472

4000.926

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

13521.443

8523.377

4093.521

 

 

Other Income

42.348

14.367

6.724

 

 

TOTAL                                     (A)

13563.791

8537.744

4100.245

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Operating Expenses

10907.602

6992.682

 

 

Changes in Inventories

(10.822)

2.827

 

 

 

Employee Benefits Expenses

122.413

64.428

 

 

 

Other Expenses

122.612

98.384

 

 

 

TOTAL                                     (B)

11141.805

7158.321

3313.991

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2421.986

1379.423

786.254

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

552.515

179.053

58.627

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1869.471

1200.370

727.627

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

873.996

532.968

406.134

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

995.475

667.402

321.493

 

 

 

 

 

Less

TAX                                                                  (H)

320.415

186.644

80.443

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

675.060

480.758

241.050

 

 

 

 

 

Less/ Add

PRIOR PERIOD ADJUSTMENT

0.000

0.000

0.300

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1302.465

878.607

688.658

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

50.600

36.900

12.053

 

 

Dividend

2.000

20.000

33.744

 

 

Corporate Dividend Tax

0.000

0.000

5.604

 

BALANCE CARRIED TO THE B/S

1924.925

1302.465

878.607

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

0.000

131.975

65.123

 

 

Interest on loan

16.302

5.176

2.648

 

TOTAL EARNINGS

16.302

137.151

67.771

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

165.183

0.000

0.000

 

TOTAL IMPORTS

165.183

0.000

0.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.35

1.07

11.28

 

 

Particulars

 

 

 

31.03.2013

Sales Turnover (Approximately)

 

 

15550.000

 

 

The above information has been parted by Ms. Shikha

 

 

QUARTERLY RESULTS

 

Particulars (Rs in Millions)

30.06.2012

30.09.2012

31.12.2012

31.03.2013

Audited / UnAudited

 

 

 

 

 

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Net Sales

3394.100

3613.600

3889.200

4660.800

Total Expenditure

2561.400

2713.700

2864.600

3579.900

PBIDT (Excl OI)

832.600

899.900

1024.600

1081.000

Other Income

11.600

14.100

13.000

35.500

Operating Profit

844.200

914.000

1037.600

1116.500

Interest

207.600

203.600

210.700

236.600

Exceptional Items

0.000

0.000

0.000

0.000

PBDT

636.700

710.500

826.900

879.900

Depreciation

359.600

374.700

411.100

424.100

Profit Before Tax

277.100

335.800

415.900

455.800

Tax

72.400

90.800

88.700

140.000

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

204.700

245.000

327.200

315.800

Extraordinary Items

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

204.700

245.000

327.200

315.800

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)

4.97

5.63

5.88

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

7.36

7.83

7.85

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.65

11.12

7.92

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.24

0.18

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.88

0.43

0.21

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.23

3.77

2.97

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors

(Rs in millions)

Particular

31.03.2012

31.03.2011

31.03.2010

Current Payables (Including acceptances) outstanding for less than 12 months
1189.074

828.795

459.771

Total
1189.074

828.795

459.771

 

 

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

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

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]

Date of Birth of Proprietor/Partner/Director, if available

No

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

Yes

 

 

PERFORMANCE

 

Standalone:

During the year, the company recorded the total income of Rs.13563.791 Millions from Rs. 8537.744 Millions in previous year, a growth of 58.90%. The EBITDA stood at Rs. 2421.986 Millions from Rs. 1379.423 Millions in previous year, an increase of 75.58%. Profit after Tax was increased to Rs. 675.060 Millions from Rs. 480.758 Millions in previous year, up by 40.41%.

 

 

SUBSIDIARIES

 

The Company has the following subsidiaries:

 

• Vakrangee IT Solutions Limited

 

We hold 100% of Equity Share capital of the Company, originally incorporated as V-Techno Services Limited, Vakrangee IT Solutions Limited has proprietary softwares like Document Management Services (DMS), Human Capital Management (HCM) and School ERP which are ready to be utilized in years to come.

 

• e-Doc Vision Infotech Private Limited

 

The Company is to focus on consultancy on document and business process outsourcing to various customers. e-Doc Vision provides state of the art technology solutions. The Company has been allotted an Industrial plot admeasuring to 5 Acres from HSIIDC at IMT Manesar, Haryana, where on the Company is planning to develop an IT Centre. The project shall be financed partly by Vakrangee Softwares Limited in form of equity and partly by debt from outsiders.

 

• Vakrangee e-Solutions INC.

 

We hold 100% of Equity Share capital of the Company which is incorporated in the financial year 2009-10 at Philippines for implementing the project we have bagged for Digitization of critical for Govt. of Philippines by setting up digitization centers all over Philippines.

 

• Vakrangee Finserve Limited

 

Vakrangee Finserve Limited is a 100% Subsidiary of the Vakrangee Softwares Limited, incorporated in September 2011 with a focus on working as Business Correspondent for various Banks under the BC Model of Reserve Bank of India (2006) in the area of Financial Inclusion.

 

The Company has already signed agreements with State Bank of India, Bank of India and Union Bank of India for carrying out BC services for these banks in identified Gram Panchayats. The services include opening of Bank Accounts, Deposits, Withdrawals and remittances. Besides, the company would provide

 

Business Facilitator Services to these banks which involve mobilization deposits and loans.

 

The company has a plan to extend its network to about 5000 outlets across the country in the next three years.

 

 

Future Plan

 

Expansion of Our Touch-Point Business VSL is a system integrator in the Touch-Point business. Vakrangee, with its cutting edge technology deployment, delivers the services of the government to the citizens effectively and efficiently

 

The Company began its foray into the business of touch points by setting up the platform for issuing of Election ID for the Election Commission. During this phase, the company had campaign mode touch-points that went to different locations and issued the Election ID cards. The business expanded with the issuance of the Biometric cards under the RSBY program and MCA-21 Project. Currently we are executing the UID and PDS project as follows:

 

UID – Creating a billion plus identities

 

The Unique identity scheme involves the allocation of a unique identification number for every resident in the country, and this is to emerge as the single most important means to identify people in the country, underpinning all other instruments of identification such as the Ration Card, the Passport or Pan card etc.

 

At one stroke, the use of the UID based government to citizen transaction will eliminate leakage, ensure targeted distribution of subsidies, and make the interaction both faster and transparent. It will forever eliminate the use of multiple identities by people.

 

 

PDS – Ensuring targeted distribution of grains

 

The Public Distribution system was initially created to ensure efficient distribution of subsidized food grains to the economically backward populace. But systemic misuse and lack of accountable controls have ensured that most of the grains meant for the poor find their way to the open market.

 

The Biometric based Smart Card is a replacement for the old paper based ration card. The use of this smart card will demand physical presence and identification of the deserving person for distribution of the subsidized grains. It will ensure the elimination of leakage, and certify that the grains reach the people it is meant for. The company has already successfully implemented the pilot scheme for the generation of Biometric Smart Cards for PDS in Haryana, and is now seriously working on implementation of this project in other states. As the successful implementer of this project at the pilot stage, we are poised to bag the contracts in other states.

 

Today, we have transited into setting up permanent, on demand touch points – such as the Common Service Centres, which is a physical touch point that delivers a range of G2C, G2B, B2C, and B2 B services at village levels. Under the CSC, we bring a whole host of services under one roof, to create what we like to call the Village Level touch point!

 

 

Taking Governance to the Citizens–The Common

Service Centres

 

Until now, getting any government business done involved visits to multiple government offices and the dealing with the official red tape. This delayed implementation of government tasks and entailed long waits and multiple visits on the part of the citizens for fulfilling the simplest of tasks.

 

The Common Service Centre is a system that will completely transform the way government deals with people. Now instead of citizens visiting Government offices located in district or zilla headquarters, they can visit nearby Common Service Centres and seek a single window service for getting multiple tasks done. The scheme envisages one Common Service Centre for every six villages, thus making their presence ubiquitous. Apart from the G2C, the CSC will also serve a mix of B2B and B2C services, making it a kind of a Village Touch-Point. Vakrangee has taken on a pioneering role in the implementation of the CSC scheme and it has already established 205 such centres in the state of Punjab. We have also secured the mandate for setting up and operating a further 2571 CSC in the state of Rajasthan.

 

Amongst the mission mode projects, most of the central projects have been completed and in the coming years, the focus is on the implementation of the State Mission Mode Projects. Vakrangee, with its existing presence in almost all the states /UTs till the district level and in some states till the Gram Panchayat level has the competitive cost advantage to bag these state specific projects like e-district/PDS/ PanchayatX computerisation etc.

 

 

UNSECURED LOAN

(Rs in Millions)

Particular

As on

31.03.2012

As on

31.03.2011

Loans and Advances from Related Parties

94.325

0.000

Inter Corporate Deposits

15.000

40.000

 

 

 

Total

109.325

40.000

 

 

CONTINGENT LIABILITIES

(Rs in Millions)

Particular

31.03.2012

31.03.2011

Claims against the company not acknowledged as debts

0.000

0.000

Company has provided Bank Gauantee to various parties which is not acknowledged in books of accounts

166.945

47.244

Other contingent liabilities

0.000

0.000

Total

166.945

47.244

 

 

FIXED ASSETS

 

·         Buildings

·         Plant and Machinery

·         Furniture and Fixture

·         Vehicles

·         Office Equipments

·         Computers and Printer

 

 

AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND FINANCIAL YEAR ENDED 31.03.2013

 

                                                                                                                                                (Rs in millions)

 

3 months ended

Preceding 3 months ended

Year to date figure for current period ended

Year of date figures for the current period ended

Particulars

 

31.03.2013

31.12.2012

31.03.2013

31.03.2013

1

lncome from operations

 

 

 

 

 

a. Net Sales/lncome from Operations (Net of

excise duty)

4660.813

3889.117

15557.619

15471.506

 

b Other Operating lncome

0.017

0.077

0.133

0.153

 

Total

3660.830

3889.194

15557.752

15471.659

2

Expenses

 

 

 

 

 

a Cost of material consumed

3599.696

2761.925

11484.597

11510.110

 

c. Changes in inventories of finished goods, work in progress and stock in trade

(183.003)

3.237

(160.998)

(291.658)

 

d Employees cost

106.432

62.165

250.452

285.484

 

e. Depreciation

424.066

411.049

1569.433

1570.622

 

h. Other Expenses

36.749

37.293

145.583

152.584

 

Total

4003.940

3275.669

13289.067

13227.122

3

Profit/(Loss) from operations before other

lncome, finance costs and exceptional

items (1-2)

656.890

613.525

2268.685

2244.537

4

Other lncome

35.528

13.036

74.226

52.112

5

Profit/(Loss) before finance costs and I exceptional items (3+4

692.418

626.561

2342.911

2296.649

6

Finance Costs

236.573

210.694

858.368

859.573

7

Profit/(Loss) after finance costs but before exceptional items (5-6)

455.845

415.867

1484.543

1437.076

8

Exceptional items

-

-

-

-

19

Profit/(Loss) before tax (7+8)

455.845

415.867

1484.543

1437.076

10

Tax expense

140.013

88.666

391.817

393.642

11

Net Profit/(Loss) after tax (9-10)

315.832

327.201

1092.726

1043.434

12

Extraordinary Items (net of tax expense Rs. Nil)

-

-

-

-

13

Net Profit/(Loss) for the period (11+12)

315.832

327.201

1092.726

1043.434

14

Paid-up equity share capital

502.499

502.196

502.499

501.480

15

Revaluation Reserves as per Balance Sheet of previous year

3890.639

3890.639

3890.639

3918.793

16

Earnings Per Share (before extra ordinary items)

Basic (Rs.)

Diluted (Rs.)

 

 

0.63

0.62

 

 

0.65

0.64

 

 

2.18

2.14

 

 

2.08

2.04

17

Earnings Per Share (after extra ordinary items)

Basic (Rs.)

Diluted (Rs.)

 

 

0.63

0.62

 

 

0.65

0.64

 

 

2.18

2.14

 

 

2.08

2.04

 

 

 

3 months ended

Preceding 3 months ended

Year to date figure for current period ended

Year of date figures for the current period ended

Particulars

A PARTICULARS OF SHAREHOLDINGS

31.03.2013

31.12.2012

31.03.2013

31.03.2013

 

1. Public Shareholding

 

 

 

 

 

No. of shares

330304106

330000746

330304106

330304106

 

Percentage of shareholding

65.73

65.71

65.73

65.73

 

2. Promoter and Promoter group Shareholding

 

 

 

 

 

a. Pledged/Encumbered

 

 

 

 

 

-Number of Shares

 

 

 

 

 

Percentage of Shares(as a % of total

-

-

-

-

 

shareholding of promoter group)

-

-

-

-

 

-Percentage of Shares(as a % of the total

-

-

-

-

 

Share Capital of Company)

 

 

 

 

 

b Non-Encumbered

 

 

 

 

 

-Number of Shares

172195214

172195214

172195214

172195214

 

-Percentage of Shares(as a % of total

100.00

100.00

100.00

100.00

 

shareholding of promoter group)

 

 

 

 

 

-Percentage of Shares(as a % of the total

34.27

34.29

34.27

34.27

 

Share Capital of Company

 

 

 

 

 

 

Particular

3 Months ended (31.03.2013)

Investor Complaints

 

Pending at the beginning of the quarter

Nil

Received during the quarter

10

Disposed of during the quarter

10

Remaining unresolved at the end of the quarter

Nil

 

NOTE:

 

·         The above audited financial result for the year ended March 31, 2013 have been reviewed and recommended by the Audit Committee and approved by the Board of Director at their meeting held on April 25, 2013

 

·         The company has three subsidiaries as at march 31, 2013. In case of Vakrangee e-solution Inc., Phillippines. Audited financial results for the year ended December 31, 2012 and Unaudited financial results for the quarter ended march 31, 2013 have been considered for consolidation. In case of other subsidiaries audited financial results have been considered.

 

·         The board of director of the company recommended dividend of Rs. 0.20 per share on fully paid up equity of Rs.1 each for the financial year ended 31.03.2013, subject to members approval in the ensuring Annual General Meeting.

 

·         Out of the total 15172000 options granted by the company till date under ESOP scheme 2008. 5176020 options have been exercised in aggregate till march 31.03.2013, out of which 303360 options were exercised during ended 31.03.2013 by the employee and director of the company

 

·         The company predominantly provides the E-Governance related services. Considereding the narure of company’s business and operations, there is only one reportable segment in accordance with the requirement of the Accounting Standard 17 – Segment Reporting notified in the companies rules 2006.

 

·         Previous quarter’s year figures have been regrouped/ rearranged wherever necessary to confirm to the current quarter year’s presentation.

 

 

AUDITED STATEMENT OF ASSETS AND LIABILITIES AS ON MARCH 31, 2013

(Rs in Millions)

Particulars

 

As at

 

31.03.2012

30.09.2012

A EQUITY AND LIABILITIES

 

 

1. Shareholders'funds

 

 

(a) Share Capital

502.499

250.240

(b) Reserves & surplus

4652.894

3890.639

Sub-total

5155.394

4140.879

2. Non-current liabilities

 

 

(a) Long-term borrowings

1456.854

1559.612

(b) Deferred tax liabilities (net)

827.005

731.592

(c) Other long-term liabilities

78.372

69.917

(d) Long-term provisions

0.000

0.000

Sub-total

2362.231

2361.121

3. Current liabilities

 

 

(a) Short-term borrowings

2695.498

2082.494

(b) Trade payables

1747.917

1189.074

(c) Other current liabilities

1222.922

965.568

(d) Short-term provisions

406.852

214.562

Sub-total

6073.188

4451.698

Total

13590.813

10953.697

B ASSETS

 

 

1. Non-current assets

 

 

(a) Fixed assets

4183.722

4871.966

(b) Non-current investments

116.730

583.730

(c) Long-term loans and advances

242.766

330.208

(d) Other non-current assets

67.081

47.232

Sub-total

4610.299

5833.136

2. Current assets

 

 

(a) Inventories

198.582

35.899

(b) Trade receivables

6613.695

4452.353

(c) Cash and cash equivalents

312.228

259.697

(d) Short-term loans and advances

350.972

317.953

(e) Other current assets

1505.037

54.658

Sub-total

8980.515

5120.560

Total

13590.813

10953.697

 

 

MEDIA RELEASE

 

VAKRANGEE SOFTWARES Q3FY 2012-13 FINANCIAL RESULTS

NET SALES STOOD AT RS. 3889.200 MILLIONS, YOY GROWTH OF 14.2%

PAT STOOD AT RS. 327.200 MILLIONS, YOY GROWTH OF 89.5%

 

MUMBAI, January 14, 2013: Vakrangee Softwares Limited (VSL), a prominent system integrator and  service provider of end-to-end “e-Governance” solutions which brings together all hardware, software  as well as on ground activation for various e-governance schemes announced its unaudited Financial  Results for the quarter ended December 31, 2012, of the financial year 2012-13.

 

Key Financial Highlights for Q3FY12-13

 

·         Net Sales stood at Rs. 3889.200 Millions in Q3FY12-13 as against Rs. 3405.100 Millions for the corresponding quarter last year, registering a growth of 14.2%

·         EBITDA stood at Rs. 1037.600 Millions in Q3FY12-13 as against Rs. 674.6 Millions for the corresponding quarter last year, registering a growth of 53.8%

·         EBITDA margin is 26.7% as against 19.8% for the corresponding quarter last year

·         PAT stood at Rs. 327.200 Millions in Q3FY12-13 as against Rs. 172.700 Millions for the corresponding quarter last year, registering a growth of 89.5%

·         EPS (basic) for the face value of Rs. 1/- stood at Rs. 0.65 in Q3FY12-13 as against Rs.0.35 in Q3FY11-12

 

Key Financial Highlights for 9 months ended December 31, 2012 for FY12-13

 

·         For 9 months ended December 31, 2012, Net Sales stood at Rs. 10896.900 Millions as against Rs. 9001.700 Millions for the same period of last financial year, registering a growth of 21.1%

·         For 9 months ended December 31, 2012, PAT stood at Rs. 776.900 Millions as against Rs. 476.900 Millions for  the same period of last financial year, registering a growth of 62.9%

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 54.24

UK Pound

1

Rs. 84.30

Euro

1

Rs. 71.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

UDS

 

 

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

5

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

7

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

--DEFAULTER

 

 

--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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.