MIRA
INFORM REPORT
|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
KPIT TECHNOLOGIES LIMITED (w.e.f 19.09.2013) |
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Formerly Known
As : |
KPIT CUMMINS INFOSYSTEMS LIMITED |
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Registered
Office : |
35 and 36, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.12.1990 |
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Com. Reg. No.: |
11-059594 |
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Capital
Investment / Paid-up Capital : |
Rs.385.630 Millions |
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CIN No.: [Company Identification
No.] |
L72200PN1990PLC059594 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Provides Software and IT Enabled Service. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 35000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track record.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation it carry very low credit risk |
|
Date |
February, 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 DECLINED BY
|
Name : |
Mr. Mandar |
|
Designation : |
Finance Department |
|
Date : |
11.10.2013 |
LOCATIONS
|
Registered Office / Head Office
: |
35 and 36, |
|
Tel. No.: |
91-20-66525000 |
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Fax No.: |
91-20-66525001 |
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E-Mail : |
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Website : |
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Software
Development Centres: |
Located At · Bangalore · Chennai · Hyderabad · Mumbai ·
Uttar Pradesh |
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Overseas Offices : |
Located At · USA · Canada · Brazil · UK · Sweden · France · The Netherlands · China · Japan · Singapore · South Korea · South Africa ·
SEZ Premises |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. S.B. (Ravi) Pandit |
|
Designation : |
Chairman and Group Chief Executive Officer |
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|
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|
Name : |
Mr. Kishor Patil |
|
Designation : |
Chief Executive Officer and Managing Director |
|
Qualification : |
B. Com, FCA, AICWA |
|
Date of Appointment : |
28.12.1982 |
|
Last Employment |
Practising Chartered Accountant |
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|
Name : |
Mr. Sachin Tikekar |
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Designation : |
Whole – time Director |
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|
Name : |
Prof. Alberto Sangiovanni Vincentelli |
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Designation : |
Director |
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Name : |
Mr. Amit Kalyani |
|
Designation : |
Director |
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Name : |
Mr. Anant Talaulicar |
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Date of Birth/Age : |
Director |
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Name : |
Elizabeth Carey |
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Designation : |
Director |
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Name : |
Ms. Lila Poonawalla |
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Designation : |
Director |
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Name : |
Dr. R.A. Mashelkar |
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Designation : |
Director |
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Name : |
Cariappa Chenanda |
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Designation : |
Alternate Director |
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Name : |
Dwayne Allen |
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Designation : |
Alternate Director |
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Name : |
Mr. Manisha Girotra |
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Designation : |
Director |
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|
Name : |
Mr. Sanjay Kukreja |
|
Designation : |
Director |
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Name : |
Mr. B V R Sbbu |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R Swaminathan |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Mandar |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
14327272 |
7.42 |
|
|
23410240 |
12.12 |
|
|
9046246 |
4.69 |
|
|
9046246 |
4.69 |
|
|
46783758 |
24.23 |
|
|
|
|
|
|
40000 |
0.02 |
|
|
40000 |
0.02 |
|
Total shareholding of Promoter and Promoter Group (A) |
46823758 |
24.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11566100 |
5.99 |
|
|
138024 |
0.07 |
|
|
9401577 |
4.87 |
|
|
63305146 |
32.79 |
|
|
84410847 |
43.72 |
|
|
|
|
|
|
8824520 |
4.57 |
|
|
|
|
|
|
20138095 |
10.43 |
|
|
6396121 |
3.31 |
|
|
26493466 |
13.72 |
|
|
296116 |
0.15 |
|
|
21733347 |
11.26 |
|
|
12220 |
0.01 |
|
|
3160640 |
1.64 |
|
|
568805 |
0.29 |
|
|
582170 |
0.30 |
|
|
140168 |
0.07 |
|
|
61852202 |
32.03 |
|
Total Public shareholding (B) |
146263049 |
75.75 |
|
Total (A)+(B) |
193086807 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
193086807 |
0.00 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PROMOTER AND PROMOTER GROUP"
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|||
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
||
|
1 |
Proficient
Finstock LLP |
2,31,09,330 |
11.97 |
0 |
0.00 |
0.00 |
11.97 |
|
2 |
Kpit Cummins
InfoSystems Limited - Employees Welfare Trust |
89,63,144 |
4.64 |
0 |
0.00 |
0.00 |
4.64 |
|
3 |
Kpit Cummins
InfoSystems Limited - Employees Welfare Trust |
83,102 |
0.04 |
0 |
0.00 |
0.00 |
0.04 |
|
4 |
Shashishekhar B.
Pandit |
2,25,000 |
0.12 |
0 |
0.00 |
0.00 |
0.12 |
|
5 |
S.B. (Ravi)
Pandit Jointy held with Ms Nirmal Pandit |
99,000 |
0.05 |
0 |
0.00 |
0.00 |
0.05 |
|
6 |
Nirmala Pandit |
2,32,000 |
0.12 |
0 |
0.00 |
0.00 |
0.12 |
|
7 |
Hemalata A
Shende |
40,000 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
8 |
Chinmay Pandit
jointly held with Nirmal Pandit |
20,000 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
9 |
Chinmay Pandit |
18,620 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
10 |
Prachi Pandit |
4,000 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
11 |
Kishor P. Patil |
74,91,800 |
3.88 |
7090000 |
94.64 |
3.67 |
3.88 |
|
12 |
Anupama Patil |
90,000 |
0.05 |
70000 |
77.78 |
0.04 |
0.05 |
|
13 |
Anupama Patil
jointly held with Mr.Kishor Patil |
32,330 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
14 |
Latika Patil |
1,280 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
15 |
Kishor Patil
jointly held with Ms. Anupama Patil |
4,000 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
16 |
Shrikrishna
Patwardhan |
11,00,000 |
0.57 |
0 |
0.00 |
0.00 |
0.57 |
|
17 |
Ajay Shridhar
Bhagwat |
19,76,000 |
1.02 |
0 |
0.00 |
0.00 |
1.02 |
|
18 |
Ajay Shridhar
Bhagwat |
6,73,800 |
0.35 |
0 |
0.00 |
0.00 |
0.35 |
|
19 |
Ajay Bhagwat |
6,00,000 |
0.31 |
600000 |
100.00 |
0.31 |
0.31 |
|
20 |
Ashwini Ajay Bhagwat
jointly held with Mr.Ajay Bhagwat |
43,300 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
21 |
Anil Gajanan
Kulkami |
4,25,342 |
0.22 |
80000 |
18.81 |
0.04 |
0.22 |
|
22 |
Sheela Anil
Kulkarni jointly held with Ms. Sarita Aniruddha Vaidya |
30,000 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
23 |
Sheela Anil
Kulkami |
20,000 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
24 |
Sachin
Dattatraya Tikekar |
12,03,800 |
0.62 |
0 |
0.00 |
0.00 |
0.62 |
|
25 |
Saroj Dattatray
Tikekar |
37,000 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
26 |
K and P
Management Services Private Limited |
3,00,910 |
0.16 |
0 |
0.00 |
0.00 |
0.16 |
|
|
Total |
4,68,23,758 |
24.25 |
7840000 |
16.74 |
4.06 |
24.25 |
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 |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Warhol Limited |
16987858 |
8.80 |
8.80 |
|
|
2 |
ICICI Prudential Life Insurance Company Limited |
8843965 |
4.58 |
4.58 |
|
|
3 |
Van Dysk |
7776000 |
4.03 |
4.03 |
|
|
4 |
CX Securities Limited |
5790399 |
3.00 |
3.00 |
|
|
5 |
Citigroup Global Markets Mauritius Private Limited |
5277365 |
2.73 |
2.73 |
|
|
6 |
Cummins Inc |
5155164 |
2.67 |
2.67 |
|
|
7 |
Cummins India Limited |
5155163 |
2.67 |
2.67 |
|
|
8 |
CX Partners Fund Limited |
5081357 |
2.63 |
2.63 |
|
|
9 |
Acacia Partners Lp |
5040000 |
2.61 |
2.61 |
|
|
10 |
SBI Magnum Tax Gain Scheme - 1993 |
4074084 |
2.11 |
2.11 |
|
|
11 |
Steadview Capital Mauritius Limited |
3273066 |
1.70 |
1.70 |
|
|
12 |
Cargill Mauritius Limited |
2942996 |
1.52 |
1.52 |
|
|
13 |
Morgan Stanley Invesment Management INC A/c Morgan Stanley India
Investment Fund INC |
2464301 |
1.28 |
1.28 |
|
|
14 |
Sundaram Mutual Fund A/C Sundaram Select Midcap |
2400000 |
1.24 |
1.24 |
|
|
15 |
Acacia Institutional Partners Lp |
2933900 |
1.52 |
1.52 |
|
|
16 |
Acacia Conservation Fund Lp |
2100000 |
1.09 |
1.09 |
|
|
17 |
IIFL Inc A/C Altavista Capital India Fund Limited |
1952000 |
1.01 |
1.01 |
|
|
18 |
Mousseganesh Limited |
2000095 |
1.04 |
1.04 |
|
|
|
Total |
89247713 |
46.22 |
46.22 |
|
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 |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Warhol Limited |
16987858 |
8.80 |
8.80 |
|
|
|
Total |
16987858 |
8.80 |
8.80 |
|
DETAILS OF LOCKED-IN SHARES
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Van Dysk |
77,76,000 |
4.03 |
|
2 |
CX Partners Fund
Limited |
50,81,357 |
2.63 |
|
3 |
Aprajita Jethy |
1,02,643 |
0.05 |
|
|
Total |
1,29,60,000 |
6.71 |
BUSINESS DETAILS
|
Line of Business : |
Provides Software and IT Enabled Service. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India · HDFC Bank Limited · The Hongkong and Shanghai Banking Corporation Limited · Citibank N.A. · Axis Bank Limited · BNP Paribas · Standard Chartered Bank · ICICI Bank Limited · DBS Bank Limited ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, “B” Wing, 7th
Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road,
Pune – 411016, Maharashtra, India |
|
|
|
|
Legal Advisors : |
|
|
Name : |
AZB and Partners Advocates and Solicitors |
|
Address : |
Express Towers – 23rd floor, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
|
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|
Associate Company: |
· GAIA System Solution Inc |
|
|
|
|
Joint Venture: |
· Impact Automotive Solution Limited, (Jointly controlled entity) |
|
|
|
|
Enterprise over which KMP has significant influence: |
· KP Corporate Solutions Limited, · KIPT Cummins Infosystems Limited · Employees Welfare Trust |
|
|
|
|
Subsidiary
Companies (Direct Holding): |
· KPIT Infosystems Limited UK · KPIT Infosystems Inc. USA · KPIT Infosystems France SAS, France (Formerly known as Pivolis) · KPIT (Shanghai) Software Technology Company Limited · KPIT Infosystems Netherlands B.V. · Systime Global Solutions Private Limited · Sparta Infotech India Private Limited, India |
|
|
|
|
Subsidiary
Companies (Indirect Holding): |
· KPIT Infosystems GmbH, Germany · In2soft GmbH, Germany (Upto 1st January 2013) · CPG Solutions, LLC USA · Sparta Consulting Inc., USA · KPIT Infosystem (Brasil) Serviços De Tecnologia e Participações Ltda., Brazil · KPIT SolvCentral.Com (Upto 30th September 2013) · Systime Computer Corporation, United States of America (USA) · KPIT Infosystems ME FZE, United Arab Emirates (Formerly Known as Systime ME FZCO) (upto 6th February 2013) · Systime Global Solutions Limited, Brazil · SYSTIME Global Solutions, Inc. Canada · Systime Global Solutions Pty Limited, Australia (Dissolves w.e.f. 5th June 2012) · Systime Global Solutions Pte Limited, Singapore (Dissolves w.e.f. 25th September 2012) · Systime Global Solutions Limited, United Kingdom (Formerly known as CMS Global Solutions Limited) (Dissolves w.e.f. 5th February 2013) · Systime Global Solutions Japan Limited, Japan (Dissolves w.e.f. 18th June 2012) |
CAPITAL STRUCTURE
As on 12.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs. 750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
193086807 |
Equity Shares |
Rs.2/- each |
Rs. 386.174
Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs. 750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
192815199 |
Equity Shares |
Rs.2/- each |
Rs. 385.630
Millions |
|
|
|
|
|
Note:
Reconciliation of the
number of equity shares outstanding:
|
|
31.03.2013 |
|
|
Particulars |
Number of Shares |
Rs. In Millions |
|
Number of shares outstanding at the beginning of the year |
177942876 |
355885752 |
|
Add: Shares issued on exercise of employee stock options |
1912323 |
3824646 |
|
Add: Issue of bonus shares |
-- |
-- |
|
Add: Shares issued on preferential basis |
12960000 |
25920000 |
|
Number of shares outstanding at the end of the year |
19281599 |
38563398 |
The Company has only one class of shares referred to as equity shares having a par value of Rs. 2/- each shareholder of equity shares is entitled to one vote per share.
Number of equity shares held by each shareholder holding more than 5% shares in the Company are as follows:
|
|
31.03.2013 |
|
|
Particulars |
Number of Shares |
% of shares held |
|
Warhol Limited |
17769657 |
9.22% |
|
Proficient Trading and Investment Private Limited |
16987858 |
8.81% |
|
ICICI Prudential Life Insurance Company Limited |
-- |
-- |
|
Cummins India Limited |
-- |
-- |
|
Cummins Inc. |
-- |
-- |
|
KPIT Systems Limited.- Employees Welfare Trust |
-- |
-- |
10,025,489 equity shares (Previous Year 11,582,682) of Rs. 2 each are reserved for issuance towards outstanding employee stock option granted (Refer Note 44)
Aggregate number of equity shares allotted as fully paid-up by way of bonus shares for the period of five years immediately preceding the Balance Sheet date – 88,971,438 (Previous Year 88,971,438)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
385.630 |
355.886 |
175.727 |
|
(b) Reserves & Surplus |
8486.103 |
5786.070 |
5640.531 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.935 |
1.054 |
2.610 |
|
Total
Shareholders’ Funds (1) + (2) |
8872.668 |
6143.010 |
5818.868 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
996.905 |
3.698 |
115.070 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
7.465 |
56.293 |
|
(c) Other long term liabilities |
0.000 |
263.984 |
69.383 |
|
(d) long-term provisions |
111.213 |
69.405 |
37.851 |
|
Total Non-current Liabilities (3) |
1108.118 |
344.552 |
278.597 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1616.690 |
1400.045 |
804.360 |
|
(b) Trade payables |
633.713 |
543.159 |
443.187 |
|
(c) Other current
liabilities |
769.053 |
595.696 |
521.764 |
|
(d) Short-term provisions |
313.884 |
261.398 |
169.727 |
|
Total Current Liabilities (4) |
3333.340 |
2800.298 |
1939.038 |
|
|
|
|
|
|
TOTAL |
13314.126 |
9287.860 |
8036.503 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1187.479 |
1167.854 |
779.285 |
|
(ii) Intangible Assets |
240.740 |
276.101 |
374.882 |
|
(iii) Capital
work-in-progress |
16.955 |
73.083 |
280.580 |
|
(iv)
Intangible assets under development |
183.597 |
92.619 |
0.708 |
|
(b) Non-current Investments |
5364.751 |
3663.193 |
1790.745 |
|
(c) Deferred tax assets (net) |
7.077 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
880.308 |
852.106 |
725.965 |
|
(e) Other Non-current assets |
31.871 |
30.512 |
26.628 |
|
Total Non-Current Assets |
7912.778 |
6155.468 |
3978.793 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2034.897 |
363.159 |
475.079 |
|
(c) Trade receivables |
2225.093 |
1945.893 |
1747.277 |
|
(d) Cash and cash
equivalents |
689.828 |
397.632 |
1480.830 |
|
(e) Short-term loans and
advances |
350.215 |
371.998 |
307.369 |
|
(f) Other current assets |
101.315 |
53.710 |
47.155 |
|
Total Current Assets |
5401.348 |
3132.392 |
4057.710 |
|
|
|
|
|
|
TOTAL |
13314.126 |
9287.860 |
8036.503 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7152.407 |
6128.918 |
5276.387 |
|
|
|
Other Income |
81.577 |
59.217 |
65.588 |
|
|
|
TOTAL (A) |
7233.984 |
6188.135 |
5341.975 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
3536.677 |
3340.063 |
3053.358 |
|
|
|
Other expenses |
1878.656 |
1438.733 |
1112.670 |
|
|
|
Exceptional Items |
18.482 |
(100.451) |
0.000 |
|
|
|
TOTAL (B) |
5433.815 |
4678.345 |
4166.028 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1800.169 |
1509.790 |
1175.947 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
82.123 |
45.493 |
35.615 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1718.046 |
1464.297 |
1140.332 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
375.140 |
395.677 |
350.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1342.906 |
1068.620 |
789.428 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
312.393 |
321.935 |
94.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1030.513 |
746.685 |
694.879 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Software Services |
5873.582 |
5156.094 |
4554.542 |
|
|
|
Interest on Fixed Deposits |
0.001 |
0.001 |
0.001 |
|
|
|
Interest from Inter Company loans given |
11.923 |
2.079 |
0.088 |
|
|
TOTAL EARNINGS |
5885.506 |
5158.174 |
4554.631 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
86.172 |
145.423 |
112.663 |
|
|
TOTAL IMPORTS |
86.172 |
145.423 |
112.663 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
5.63 |
4.21 |
4.10 |
|
|
|
Diluted |
5.47 |
4.15 |
4.03 |
|
QUARTERLY RESULTS
|
PARTICULARS
|
30.06.2013 |
|
Type |
1st Quarter |
|
Net Sales |
1904.700 |
|
Total
Expenditure |
1465.100 |
|
PBIDT (Excl OI) |
439.600 |
|
Other Income |
50.600 |
|
Operating Profit |
490.200 |
|
Interest |
46.000 |
|
Exceptional
Items |
0.000 |
|
PBDT |
444.200 |
|
Depreciation |
96.300 |
|
Profit Before
Tax |
347.900 |
|
Tax |
61.100 |
|
Provisions and
contingencies |
0.000 |
|
Profit After Tax |
286.800 |
|
Extraordinary
Items |
0.000 |
|
Prior Period
Expenses |
0.000 |
|
Other
Adjustments |
0.000 |
|
Net Profit |
286.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
14.25
|
12.07 |
13.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.78
|
17.44 |
14.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.35
|
19.58 |
13.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.17 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.29
|
0.23 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.12 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
|
|
|
|
From Banks (Secured by first charge by way of mortgage of certain movable and
immovable current and future fixed assets) |
136.842 |
0.000 |
62.510 |
|
Total |
136.842 |
0.000 |
62.510 |
|
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
RESULT OF
OPERATIONS
During the year, the Company continued to post industry-leading growth
rate to clock total sales (consolidated) of Rs. 22386.280 Millions, a growth of
49.24%. Earnings before interest, tax, depreciation and amortization (EBITDA)
was Rs. 3,639.860 Millions on consolidated basis. Net profit after tax grew by
36.91% to Rs. 1,990.050 Millions.
In USD terms, the sales for the year on a consolidated basis was 410.450
Millions as against 309.280 Millions during the previous year, a growth of 33%.
Average realization rate was Rs. 54.54 per US Dollar.
Standalone sales for the fiscal year 2012-13 grew by 16.70% to reach Rs.
7,152.410 Millions. Net profit after tax increased by 38% to Rs. 1,030.510
Millions.
CHANGE OF NAME
Over the years,
the Company has emerged as a major technology service provider, catering to
customers in the automotive, manufacturing, energy and utilities sectors. With
its technology focus, the Company has attained technology leadership position
in the industry. Therefore, the Board believes that the name of the Company
should also reflect the Company’s technology focus and leadership position.
Hence, the Directors propose to change the name of the Company as ''KPIT
Technologies Limited''. Special resolutions have been put up for shareholders''
approval of the name change and the consequential amendments in the Company’s
memorandum and articles of association.
INFORMATION ABOUT THE SUBSIDIARIES
As on March 31,
2013, the Company had 15 subsidiaries, including step-down subsidiaries.
During the year,
the Company increased its shareholding in Systime Global Solutions Private
Limited to 76%. Systime ME FZCO, a wholly owned subsidiary of SYSTIME Global
Solutions Private Limited was rechristened as KPIT Infosystems ME FZE during
the year.
It is proposed to
amalgamate Sparta Infotech India Private Limited with the Company and in this
connection, the Board of Directors of the Company and that of Sparta Infotech
India Private Limited have already approved the scheme of amalgamation. The
Company has filed the applications with Bombay Stock Exchange and National
Stock Exchange for in-principle approval to the said scheme of amalgamation.
The merger application is expected to be filed with the High Court shortly.
SolvCentral.com
Inc, a direct wholly-owned subsidiary of KPIT Infosystems Inc, and In2Soft
GmbH, a direct wholly-owned subsidiary of KPIT Infosystems GmbH, were merged
with their respective parent companies during the year.
AWARDS/RECOGNITION
- Mr. Kishor
Patil, Chief Executive Officer and Managing Director was selected among 16
finalists for the Ernst and Young Entrepreneur of the Year Award 2012.
- KPIT Cummins was
awarded with EMC Transformers Award 2012 for successful implementation of
innovative solutions that helped in transforming internal IT functions.
- KPIT Cummins
received EDGE 2012 award (Enterprise Driving Growth and Excellence through IT)
in the category of "Data Centre and Networking" at ITEROP 2012,
Mumbai for effective implementation of Unified computing infrastructure.
- KPIT Cummins was
awarded with the prestigious Mahesh Modi Environment Excellence award for 2013.
Revolo - the plug-in hybrid solution was honoured for its impact on
environmental improvement.
- KPIT Cummins was
awarded with the 2012 Oracle Excellence Award for Specialized Partner of the
Year - North America for demonstrating an outstanding and innovative solution
based on Oracle products.
- KPIT unveiled
Rapid App Deployment Framework to Develop and Deploy Apps Anywhere - Apps-to-Go
is a safe, secure and seamless solution for car makers to deploy vehicle
centric custom branded apps on head units and mobile devices.
- KPIT Cummins partnered
with Livio to bring new applications to cars. The partnership aims to integrate
Livio Connect with GENIVI compliant KIVI software framework allowing cars to
seamlessly and securely communicate with mobile devices.
- Two patents
awarded - KPIT was granted two US patents by USPTO which were filed in the area
of hybrid technology.
COMPANY OVERVIEW
The Company provides software and IT enabled services to its clients.
The Company predominantly provides services in Automotive, Energy and Utilities
and Industrial Equipment Industry. The company’s registered office is in Pune
and is has subsidiaries across the globe. Most of the revenue is generated from
the export of services.
MANAGEMENT
DISCUSSION AND ANALYSIS
Global Economic
Scenario:
As they started the year FY2013, macro-economic conditions remained volatile. During the first half of the year growth was stable and seen across sectors and markets. However as the year progressed, challenges started surfacing across the industry. Many organizations started facing client specific issues resulting in subdued growth. Growth was seen in patches from a few industry verticals. While US continued facing uncertainties mainly in the first half of the year, the economic indicators started improving towards the second half. At the same time the Euro zone crisis further deepened.
Globally the 2008 financial crisis that continued to impact the India IT industry until now is subsiding. The industry has rapidly evolved and has now become quite agile in terms of expanding to new verticals or geographies, acquiring new customers and providing that extra value to the customers. The industry transformed from being just IT vendors to becoming strategic partners. They moved from being mere service providers to solutions providers, offering solutions that are IP driven, productized and transformative. Experts predict that in the coming years companies will move from investing in cost-centric IT applications to business enablement technologies such as cloud, mobility, analytics and social media. These offerings will enable customers to increase revenues, profitability and cash flows.
Industry Growth
Estimates:
The world-wide IT spending is expected:
• To reach USD 3.8 Trillion in 2013, an increase of 4.1% from 2012 spending of USD3.6 Trillion.
• T he enterprise software related spend is estimated to reach USD 297 Billion compared to USD 279 Billion in 2012, a growth of 6.4%.
• IT services spend is expected to reach USD 918 Billion, a growth of 4.5% against USD 878 Billion in 2012.
The India IT BPM sector is estimated to aggregate revenues of:
• TSD 108 Billion in FY2013 with exports touching USD 75.8 Billion growing at10.2%.
• Tomestic IT BPM services revenue is expected to grow at 14.1% to gross Rs. 1,047Billion in FY2013.
• T he ERandD and software products segment is expected to generate revenues of USD 18 Billion in FY2013.
The Indian IT BPM domestic revenue is expected to grow by:
• 13% - 15% to reach Rs. 1,180 Billion - Rs. 1,200 Billion in FY2014
• The exports are likely to grow by 12% - 14% to USD 84 Billion - USD 87 Billion in FY2014
Increase in global technology spending, adoption of disruptive technologies, changing business models, new buyer segments and emerging markets are expected to drive the future growth.
Focus Industry
Trends:
Over the last decade, cost has been the major factor driving the manufacturing domain. However the future will be defined by technology. Global manufacturing corporations are investing significantly in IT. The enterprise IT spending for manufacturing and natural resources sector is expected to reach USD 482 Billion in 2013, up 2.9% from USD468 Billion in 2012. The increased IT spend is driven by pent-up consumer demand, changing buying patterns, shorter time to market, increasing user maturity and advent of new technology.
Organizations have been investing in core ERP technologies to turn around their mission critical business processes while preparing for the next level of growth. Now they are also looking beyond ERP to leverage technology to deliver value to the enterprise. End customers are looking for more innovative output from manufacturers, which is expected to impact the way products are designed, manufactured and sold, including everything fromnano technologies to 3D printing. As per a recent report, the global market for 3D printing is projected to reach USD 4.5 Billion by 2018, driven by the development of innovative printing techniques, expanding application areas and declining cost of systems and consumables. Most of the advancement is seen in the areas of new production processes and new information technologies. It is also expected that soon there will be in-sourcing of production base back to developed world from the developing nations. The rising wage pressures along with issues relating to supply chain brought about by natural disasters in the Asian region combined with the time factor where speed to market is critical, is compelling global manufacturing corporations to relocate their manufacturing centres.
Similar to the broader manufacturing segment automakers have also been facing a whole new set of challenges in terms of addressing the future mobility needs. The expanding middle class of emerging markets like China, India, Brazil, Russia and other growing nations, with their low car ownership and pace of urban development, continues to present growth opportunities for car makers. The consumers in mature markets are downscaling to smaller, fuel efficient cars, buyers in developing markets also prefer owning larger models like SUVs and pick-ups, apart from small cars. With rising concerns and continuous government focus on needs to curb emissions, there is more emphasis on the development of hybrid vehicles and bringing in efficiency and optimization in the vehicle's "Internal combustion engine" (ICE). In emerging markets like China and Brazil, a lot of investment is being directed into power trains with an aim to downsize ICE and improve the traditional combustion engine. The increased usage of mobile phones and other gadgets and their growing significance in our day-to-day lives is also driving the need to stay connected even when travelling. Some of the recent advancements in sensor, positioning, computing and communication technologies combined with advanced software and cloud computing are bringing the concept of autonomous vehicle closer to reality. With alarge population living in over crowded cities, smaller urban friendly vehicles are becoming a necessity with concepts such as car sharing, mobility etc. gaining popularity. Many people are considering Mobility-as-a-Service as an alternative to car ownership.
Car sharing trends:
• In 2013, global car sharing is expected to cross 3 Million members and 70,000 vehicles on a cumulative basis;
• In 2012, the number was 2.300 Millions members and 54,310 vehicles.
Thus compared to the past, OEMs today must adapt to a far greater complexity in a number of different areas to maintain their market share by launching new, safe, comfortable and ergonomically advanced vehicles, while incorporating latest technologies with low production costs.
The energy and utilities industry is undergoing through a transformational phase of business and technical innovation. Public and private utility companies are considering new technologies to reduce cost, bring in operational efficiencies and enhance their competitive advantage. Some of these technical innovations are also creating opportunities to leverage technology that did not exist before. The utility companies are aligning their IT investments with regulatory and compliance requirements, market restructuring, environmental issues and customer needs. In 2013, the total enterprise IT spending for utilities is expected to reach USD 138 Billion, up by 3.1% from USD 134 Billion in 2012.
The roll-out of smart grids has led to generation of huge volumes of real-time data which needs analytics to transform the information into business intelligence. Utilities are using social media to widen their scope of customer engagement. They are also leveraging the cloud platform to manage data and need analytics for enabling better business decisions and improved customer services. With utilities upgrading their electric and distribution network there is a huge boost to the advanced metering infrastructure market, which not only reduces cost but also provides other benefits at the customer and operational levels.
All the trends mentioned above indicate a common phenomenon that their focused industry segments are rapidly evolving and transforming themselves for the next growth wave which is being driven by technology and innovation. They are therefore getting prepared to leverage their domain expertise and be at the forefront to take advantage of this technological transformation.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10367459 |
05/07/2012 |
37,098,544.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE
LIMITED |
2ND FLOOR,
BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B44485464 |
|
2 |
10348266 |
02/04/2012 |
55,095,779.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE
LIMITED |
2ND FLOOR,
BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B37171485 |
|
3 |
10278505 |
18/03/2011 |
50,000,000.00 |
DBS BANK LIMITED |
221, FORT HOUSE,
3RD FLOOR, D.N.ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B09899071 |
|
4 |
10281271 |
23/05/2013 * |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77088896 |
|
5 |
10264749 |
29/12/2010 |
50,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B05080783 |
|
6 |
10184801 |
29/09/2009 |
100,000,000.00 |
AXIS BANK LIMITED |
1262/B, STERLING
PLAZA, DECCAN GYMKHANA, JANGLI MAHARAJ ROAD, PUNE, MAHARASHTRA - 411004,
INDIA |
A72962897 |
|
7 |
10163385 |
24/01/2012 * |
80,000,000.00 |
STANDARD CHARTERED BANK |
90, M.G. ROAD,
FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B31047202 |
|
8 |
10144950 |
09/04/2012 * |
130,000,000.00 |
BNP PARIBAS |
UNIT NO.5,
GODREJ MILLENIUM, 9 KOREGAON PARK, PUNE, MAHARASHTRA - 411001, INDIA |
B37725348 |
|
9 |
10138363 |
30/07/2012 * |
380,000,000.00 |
CITIBANK N. A. |
FIRST FLOOR, ONYX
TOWER, NEAR WESTIN HOTEL, NORTH MAIN ROAD, KOREGAON PARK, PUNE, MAHARASHTRA -
411001, INDIA |
B45605128 |
|
10 |
10003689 |
29/05/2012 * |
250,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
AMAR AVINASH CORPORATE
CITY, SECTOR NO. 11, BUND |
B41937525 |
Note: * Date of
charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Outstanding Bank Guarantees in routine course of busine |
137.371 |
37.543 |
|
Corporate Guarantee provided by the Company for loan taken by KPIT Infosystems Inc. USA of USD 16,000,000 |
870.229 |
818.504 |
|
Income tax matters |
65.388 |
23.237 |
|
VAT matters |
4.742 |
27.673 |
|
Services Tax Matters |
309.606 |
0.000 |
FIXED ASSETS
Tangible Assets
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicle
·
Office Equipment
Intangible Assets
·
Goodwill
·
Products Development Cost
·
Right to render business
process outsourcing services
·
Software
INCOME STATEMENT
FOR QUARTER ENDED JUNE 30TH, 2013 (REVISED FORMAT)
(Rs. In Millions)
|
PARTICULARS |
Q1 FY14 |
Q3 FY 13 |
Q-o-Q Growth |
Q1 FY13 |
Y-o-Y Growth |
|
Sales |
6132.110 |
5698.610 |
7.61% |
5382.650 |
13.92% |
|
Employee Benefit Expenses |
3285.550 |
2869.200 |
14.51% |
2724.430 |
20.60% |
|
Depreciation and Amortization Expenses |
121.680 |
126.000 |
(3.42%) |
113.460 |
7.25% |
|
Other Expenses |
1880.580 |
1816.510 |
3.53% |
1851.750 |
1.56% |
|
Total Expenses |
5287.810 |
4811.710 |
9.89% |
4689.640 |
12.76% |
|
Profit before Other Income, Finance costs and Exceptional Item |
844.290 |
886.910 |
(4.80%) |
693.010 |
21.83% |
|
Other Income |
58.840 |
(93.470) |
(162.95%) |
30.300 |
94.12% |
|
Profit before Finance costs and exceptional Items |
903.130 |
793.440 |
13.83% |
723.320 |
24.86% |
|
Finance costs |
56.260 |
31.610 |
77.99% |
29.760 |
89.03% |
|
Profit after Finance costs and exceptional Items |
846.880 |
761.83 |
11.16% |
693.550 |
22.11% |
|
Exceptional Items |
-- |
-- |
-- |
26.730 |
-- |
|
Profit Before Tax |
846.880 |
761.830 |
11.16% |
720.280 |
17.58% |
|
Tax Expenses |
245.500 |
206.770 |
18.73% |
184.770 |
32.87% |
|
Net Profit from ordinary activities after Tax |
601.380 |
555.060 |
8.35% |
535.510 |
12.30% |
|
Extraordinary Items |
-- |
-- |
-- |
-- |
-- |
|
Net Profit for the Period |
601.380 |
555.060 |
8.35% |
535.510 |
12.30% |
|
Share of profit from associate |
-- |
-- |
-- |
(10.430) |
-- |
|
Minority Interest |
-- |
43.38 |
-- |
12.28 |
-- |
|
PAT |
601.380 |
511.680 |
17.53% |
512.800 |
17.27% |
|
Paid up Capital |
386.170 |
385.630 |
-- |
356.620 |
-- |
|
EPS (INR 2/-Face Value each) |
|
|
|
|
|
|
Basic |
3.11 |
2.65 |
17.16% |
2.88 |
8.06% |
|
Fully Diluted |
3.04 |
2.58 |
17.67% |
2.81 |
8.05% |
|
Common Size Analysis: |
|
|
|
|
|
|
EBITDA Margin |
15.86% |
17.83% |
(1.97%) |
15.09% |
0.77% |
|
Net Profit Margin |
9.81% |
8.98% |
0.83% |
9.53% |
0.28% |
BALANCE SHEET
SUMMARY
(Rs. In Millions)
|
Particulars |
30.06.2013 |
|
Equity and Liabilities: |
|
|
Shareholders‟ Funds |
11081.930 |
|
Share Application Money pending allotment |
1.720 |
|
Minority Interest |
-- |
|
Non-Current Liabilities: |
1599.780 |
|
Long Term Borrowings |
1456.710 |
|
Deferred Tax Liabilities |
-- |
|
Other Long Term Liabilities |
0.820 |
|
Long Term Provisions |
142.250 |
|
Current Liabilities: |
7165.310 |
|
Short term borrowings |
2996.440 |
|
Trade Payables |
1848.840 |
|
Other Current Liabilities |
2320.030 |
|
Total Equity and Liabilities |
19848.740 |
|
|
|
|
Assets: |
|
|
|
|
|
Non-Current Assets: |
9340.710 |
|
Fixed Assets |
2158.020 |
|
Goodwill on consolidation |
5754.460 |
|
Other Non-Current Assets |
1428.240 |
|
Current Assets: |
10508.020 |
|
Current Investments |
1927.840 |
|
Trade Receivables |
4813.690 |
|
Cash and Cash equivalents |
2342.940 |
|
Other Current Assets |
1423.550 |
|
Total Assets |
19848.740 |
PRESS RELEASES
KPIT
CUSTOMERS WIN PRESTIGIOUS ORACLE EXCELLENCE AWARD FOR SUPPLY CHAIN MANAGEMENT
Mike Johnston of Cummins Turbo Technologies and Tom Crowe of PL
Developments were
recognized for their impactful leadership in transformational Supply
Chain IT projects
SAN FRANCISCO, October 02, 2013 KPIT (BSE: 532400; NSE: KPIT), a
Platinum level member of Oracle Partner Network (OPN), congratulates their
clients for winning prestigious 2013 Oracle Excellence A wards.
Mr. Mike Johnston, COO of Cummins Turbo Technologies (TT), a business
unit of Cummins Inc. is the winner of the Oracle Excellence Award: Leadership
in Value Chain Management in EMEA, and Mr. Tom Crowe, Chief Supply Chain
Officer of PL Developments, is the winner of the Oracle Excellence Award:
Leadership in Value Chain Management in North America.
Mr. Johnston and Mr. Crowe were both recognized for demonstrating
outstanding leadership and technology vision in the successful deployment of
Oracle products and services to simplify IT, power innovation, and drive transformational
change in their organizations The winners were selected by a panel of Oracle
executives and industry experts who considered factors including the uniqueness
of the business case, the degree of innovation in the solutions and change
management methodologies employed, and the business benefits realized to the
candidate’s respective lines of business or entire organization.
“My team along with experts from KPIT restructured the demand management
part of our supply chain, providing long term visibility to our entire supply
chain ecosystem,” said Mike Johnston of Cummins TT. “By using KPIT’s
Predict-to-Plan-to-Consensus (P2P2C) solution, we improved data analytics and
collaborative demand planning Together we created a practical IT roadmap with a
clear emphasis on Proactive Risk Identification and Management. With Oracle
Demantra, Cummins Turbo Technologies successfully developed a global
forecasting model to enable strategic analysis of changing markets, our
customers and business requirements.”
Tom Crowe of PL Developments (PLD) stated, “In partnership with KPIT, we
deployed a comprehensive value chain transformation incorporating solutions for
both process and discrete manufacturing. By leveraging KPIT’s extensive
experience and its Oracle Warehouse Management All-in-One solution, PLD
increased inventory accuracy, recovered warehouse space, reduced travel time
and completed the installation and troubleshooting of RF data collection and
labeling equipment.
Pawan Sharma, President and Head, Integrated Enterprise Solutions, KPIT
said,“ I am excited that both the North America and EMEA awards for Value Chain
leadership were awarded to KPIT’s clients and pleased to be associated with
these two outstanding companies and leaders. Their business vision,
understanding of the complex supply chains and ability to drive the team has
been exceptional. We are honored that KPIT could help contribute to their
success.”
About Cummins
Turbo Technologies
Cummins Turbo Technologies (NYSE: CMI) is one of the world's largest
designers and manufacturers of turbochargers for the medium- heavy duty diesel
engines market and has a reputation for producing innovative and dependable
solutions for specific product requirements of this key market sector. Its
Holset brand is one of the best known in the industry having developed an
enviable reputation in pursuit of improved engine efficiencies and emissions
reduction in on-and off-highway, marine and power generation applications
worldwide. Cummins Turbo Technologies is a business unit of Cummins Inc., one
of
the largest independent makers of diesel engines and related products in
the world with operations in more than 190 countries, a workforce of over
44,000 employees and revenues of $18 billion in 2011.
About PL
Developments
Founded in 1988, PL Developments has evolved into the position of a
trusted industry partner in the Rx, OTC and nutritional supplements industries,
serving national retailers and many global CPG brand companies. Its mission is
to deliver products with the highest level of quality and service at an
affordable cost. PLD’s commitment to quality ensures that every product
produced meets or exceeds industry standards.
About KPIT
KPIT (BSE: 532400, NSE: KPIT), a global IT consulting and product
engineering partner, is focused on co-innovating domain intensive technology
solutions for corporations specializing in automotive and transportation,
manufacturing and energy and utilities. A Platinum level member of Oracle Partner
Network (OPN) and leader in technology solutions and services, KPIT currently
partners with 180+ global corporations including Original Equipment
Manufacturers (OEMs), high-tech manufacturers, oil and gas manufacturers and
automotive Tier 1 companies.
About the Oracle
Partner Network
Oracle Partner Network (OPN) Specialized is the latest version of
Oracle's partner program that provides partners with tools to better develop,
sell and implement Oracle solutions. OPN Specialized offers resources to train
and support specialized knowledge of Oracle products and solutions and has
evolved to recognize Oracle's growing product portfolio, partner base and
business opportunity. Key to the latest enhancements to OPN is the ability for
partners to differentiate through Specializations. Specializations are achieved
through competency development, business results, expertise and proven success.
.
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.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
68 |
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.