MIRA INFORM REPORT
|
Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
LARSEN AND TOUBRO INFOTECH LIMITED (w.e.f. 31.03.2002) |
|
|
|
|
Formerly Known
As : |
L AND T INFORMATION TECHNOLOGY LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.12.1996 |
|
|
|
|
Com. Reg. No.: |
11-104693 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.161.250
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH1996PLC104693 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04432B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1681P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is mainly engaged in the business of Software
Development. |
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|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 49000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
Comments : |
Subject is a wholly owned subsidiary of L and T Limited. It is a well established and reputed company having a good track
record. The financial position of the company seems to be strong. Performance
capability is high. Liquidity position is good. The company gets strong financial support from its group companies.
The promoters seems to be experience businessman. Trade relations are
reported to be fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
Having high degree of safety and carry very
low credit risk. |
|
Date |
October 09, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
October 09, 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 DENIED
Management Non Co-operative (91-22-67525656)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 / 67766138 |
|
Fax No.: |
91-22-67525858 / 67525893 / 67768162 |
|
E-Mail : |
|
|
Website : |
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|
|
|
Technologies Centers : |
Located At: ·
Powai, Mumbai ·
Mahape Road, Navi Mumbai ·
Airoli, Navi Mumbai ·
Pune ·
Bengaluru ·
Chennai ·
Mysore ·
Hinjewadi, Pune |
|
|
|
|
Technologies Centre : |
Locate At: ·
Vadodara ·
Mysore |
|
Overseas Office: |
Located At: ·
USA ·
Canada ·
Europe ·
Japan ·
Korea ·
Singapore ·
South Africa ·
Kuwait ·
UAE ·
Saudi Arabia ·
Qatar ·
Oman ·
Australia ·
New Zealand |
DIRECTORS
As on: 23.08.2012
|
Name : |
Mr. Anilkumar Manibhai Naik |
|
Designation : |
Director |
|
Address : |
High Trees, 54 Pali Hills, Bandra (West), Mumbai – 400050, |
|
Date of Birth/Age : |
09.06.1942 |
|
Date of Appointment : |
23.12.1996 |
|
DIN No.: |
00001514 |
|
|
|
|
Name : |
Mr. Vijay Kumar Magapu |
|
Designation : |
Director / Manager |
|
Address : |
Flat No. 402/403, |
|
Date of Birth/Age : |
12.06.1945 |
|
Date of Appointment : |
13.08.2004 |
|
DIN No.: |
00001658 |
|
|
|
|
Name : |
Mr. Samir Thakorbhai Desai |
|
Designation : |
Director |
|
Address : |
7050, NW 126, Terrace, |
|
Date of Birth/Age : |
26.08.1946 |
|
Qualification: |
MBA, MS in Electrical Engineering, B.S. in Physics and Electrical
Engineering |
|
Date of Appointment : |
27.01.2007 |
|
DIN No.: |
01182256 |
|
|
|
|
Name : |
Mr. Sankaranarayana Rama Iyer |
|
Designation : |
Director |
|
Address : |
Flat No. 32, Rashmi Swarnakutir, Premises Co-operative Society,
Demonte Park Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
19.08.1939 |
|
Qualification: |
M Tech and Ph.D. from IIT Mumbai |
|
Date of Appointment : |
27.01.2007 |
|
DIN No.: |
00076549 |
|
|
|
|
Name : |
Mr. Mukund Manohar Chitale |
|
Designation : |
Director |
|
Address : |
4/46, Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East), Mumbai-400057,
Maharashtra, India |
|
Date of Birth/Age : |
16.11.1949 |
|
Date of Appointment : |
17.10.2011 |
|
DIN No.: |
00101004 |
|
|
|
|
Name : |
Mr. Narasimham Rama Lakshmi Kotikalapudi |
|
Designation : |
Whole Time Director |
|
Address : |
2661, Venetian LN, Elgin IL, 60124, United States of America |
|
Date of Birth/Age : |
25.02.1947 |
|
Date of Appointment : |
31.03.2012 |
|
DIN No.: |
03499884 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Kumar Magapu |
|
Designation : |
Manager |
|
Address : |
Flat No. 402/403, Verona Hiranandani Gardens, Powai, Mumbai-400076,
Maharashtra, India |
|
Date of Birth/Age : |
12.06.1945 |
|
Date of Appointment : |
22.02.2011 |
|
Pan No.: |
AABPM4456B |
|
|
|
|
Name : |
Angna Arora |
|
Designation : |
Company Secretary |
|
Address : |
C-703, Sun Flower, Valley of Flowers, Gundecha Thakur Village,
Kandivali (East), Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1979 |
|
Date of Appointment : |
03.08.2011 |
|
Pan No.: |
AIBPA4887E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 23.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, |
|
32249988 |
|
Anilkumar Manibhai Naik Jointly with Larsen and Toubro Limited,
|
|
2 |
|
Yeshwant Moreshwar Deosthalee Jointly with Larsen and Toubro
Limited, |
|
2 |
|
Jagdish Pandurang Nayak Jointly with Larsen and Toubro Limited, |
|
2 |
|
Ram Nath Mukhija Jointly with Larsen and Toubro Limited, |
|
2 |
|
Krishnanurthi Venkataramanan Jointly with Larsen and Toubro Limited, |
|
2 |
|
Vijaykumar Magapu Jointly with Larsen and Toubro Limited, |
|
2 |
|
|
|
|
|
TOTAL
|
|
32250000 |
Equity Share Break up (Percentage of Total Equity)
As on: 23.08.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is mainly engaged in the business of Software
Development. |
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Products : |
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GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Financial
Institution: |
|
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai – 400020, Maharashtra, India |
|
PAN No.: |
AAAFS2967E |
|
|
|
|
Ultimate Holding
company: |
Larsen and Toubro Limited CIN No.: L99999MH1946PLC004768 |
|
|
|
|
Subsidiary company: |
|
|
|
|
|
Fellow Subsidiary
company : |
CIN No.: U72200TZ1997PLC008145
CIN No.: U29119MH2006PTC165102
CIN No.: U65990MH1994PLC083147
CIN No.: U66030MH2007PLC177117
CIN No.: U65993TN2001PLC046691
CIN No.: U31101MH2006PTC166541
CIN No.: U40101MH2007PLC174071
CIN No.: U40100MH2006PLC160413
CIN No.: U74200MH2007PLC176358
CIN No.: U74210MH1995PLC088099
CIN No.: U74210KA2004PLC035094
CIN No.: U45201TN1997PLC038175
CIN No.: U67190TN2006PLC059527
CIN No.: U29119MH1997PLC109700
CIN No.: U28920MH1952PLC008893
CIN No.: U72200AP1997PLC026885 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32750000 |
Equity Shares |
Rs.5/- each |
Rs.163.750 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32250000 |
Equity Shares |
Rs.5/- each |
Rs.161.250
Millions |
|
|
|
|
|
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 |
161.250 |
161.250 |
161.250 |
|
(b) Reserves & Surplus |
12184.561 |
10116.056 |
11014.959 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12345.811 |
10277.306 |
11176.209 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
361.900 |
452.222 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1256.885 |
2022.189 |
815.660 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1618.785 |
2474.411 |
815.660 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1703.565 |
2033.365 |
2378.471 |
|
(b) Trade
payables |
1899.199 |
1735.109 |
1733.268 |
|
(c) Other
current liabilities |
2469.933 |
1648.876 |
745.397 |
|
(d) Short-term
provisions |
1877.116 |
1655.939 |
2155.206 |
|
Total Current
Liabilities (4) |
7949.813 |
7073.289 |
7012.342 |
|
|
|
|
|
|
TOTAL |
21914.409 |
19825.006 |
19004.211 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2225.535 |
2170.148 |
1662.756 |
|
(ii)
Intangible Assets |
316.138 |
301.469 |
253.845 |
|
(iii)
Capital work-in-progress |
462.058 |
74.327 |
82.837 |
|
(iv)
Intangible assets under development |
321.152 |
210.070 |
113.902 |
|
(b) Non-current Investments |
4019.287 |
4037.277 |
4077.667 |
|
(c) Deferred tax assets (net) |
57.931 |
20.285 |
57.477 |
|
(d) Long-term Loan and Advances |
1931.575 |
1355.385 |
1783.749 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9333.676 |
8168.961 |
8032.233 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
217.300 |
355.590 |
1030.749 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
7233.994 |
6266.709 |
4661.990 |
|
(d) Cash
and cash equivalents |
1135.875 |
1229.352 |
1312.749 |
|
(e)
Short-term loans and advances |
2979.546 |
2982.734 |
2824.429 |
|
(f) Other
current assets |
1014.018 |
821.660 |
1142.061 |
|
Total
Current Assets |
12580.733 |
11656.045 |
10971.978 |
|
|
|
|
|
|
TOTAL |
21914.409 |
19825.006 |
19004.211 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
36134.206 |
29595.545 |
22837.412 |
|
|
|
Other Income |
167.352 |
89.988 |
710.091 |
|
|
|
TOTAL (A) |
36301.558 |
29685.533 |
23547.503 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
21085.735 |
17700.804 |
14153.663 |
|
|
|
Other expenses |
7002.757 |
5700.014 |
5020.402 |
|
|
|
TOTAL (B) |
28088.492 |
23400.818 |
19174.065 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8213.066 |
6284.715 |
4373.438 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
197.670 |
358.027 |
92.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8015.396 |
5926.688 |
4280.876 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
622.467 |
565.839 |
594.997 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7392.929 |
5360.849 |
3685.879 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1777.228 |
1313.201 |
556.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5615.701 |
4047.648 |
3129.153 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8292.389 |
7705.812 |
6744.171 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
600.000 |
500.000 |
400.000 |
|
|
|
Dividend |
3031.500 |
2547.750 |
1515.750 |
|
|
|
Tax on Dividend |
491.800 |
413.321 |
251.762 |
|
|
BALANCE CARRIED
TO THE B/S |
9784.790 |
8292.389 |
7705.812 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
34037.500 |
27892.500 |
21817.396 |
|
|
|
Other Income |
|
|
2.484 |
|
|
TOTAL EARNINGS |
34037.500 |
27892.500 |
21819.880 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
35.310 |
|
|
|
Others |
NA |
NA |
39.558 |
|
|
TOTAL IMPORTS |
NA |
NA |
74.868 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
174.13 |
125.51 |
97.03 |
|
|
|
Diluted |
167.06 |
120.42 |
95.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
15.50
|
13.63 |
13.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.46
|
18.11 |
16.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.35
|
34.62 |
25.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.52 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17
|
0.24 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.65 |
1.56 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
161.250 |
161.250 |
161.250 |
|
Reserves & Surplus |
11014.959 |
10116.056 |
12184.561 |
|
Net
worth |
11176.209 |
10277.306 |
12345.811 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
452.222 |
361.900 |
|
Short term borrowings |
2378.471 |
2033.365 |
1703.565 |
|
Total
borrowings |
2378.471 |
2485.587 |
2065.465 |
|
Debt/Equity
ratio |
0.213 |
0.242 |
0.167 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
22837.412 |
29595.545 |
36134.206 |
|
|
|
29.592 |
22.093 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
22837.412 |
29595.545 |
36134.206 |
|
Profit |
3129.153 |
4047.648 |
5615.701 |
|
|
13.70% |
13.68% |
15.54% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
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 |
Yes |
LITIGATION DETAILS
|
Bench:-Bombay |
|
Lodging No.:- |
ITXAL/227/2012 |
Filing Date:- |
13/02/2012 |
Reg. No.:- |
ITXA/469/2012 |
Reg. Date:- |
09/05/2012 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX – 2 |
Respondent:- |
LARSEN AND TOUBRO INFOTECH |
||||
|
Petn.Adv.:- |
P. C. CHHOTARAY |
Resp.Adv.:- |
ATUL KARSANDAS JASANI |
||||
|
District:- |
MUMBAI |
|
Bench:- |
DIVISION |
||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
Next Date:- |
07/05/2014 |
Stage:- |
FOR ADMISSION |
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
754.275 |
744.125 |
|
|
|
|
|
Total |
754.275 |
744.125 |
PERFORMANCE OF THE
COMPANY
During the year, with a view to accelerate growth in IT services space, the Company has reorganized its business into three clusters, in form of Services Cluster (comprising Banking, Financial Services and Insurance, Media and Entertainment and Travel and Logistics) and Industrials Cluster comprising all manufacturing sectors, while Telecom relates to Product Engineering Services. The revenue contribution from North America dropped marginally from 67.6% in previous year to 65.3%, while contribution from Europe increased from 15.7% to 17.2%. The contribution from Asia Pacific was unchanged at 6.2% (previous year 6.2%), domestic business contributed 5.8% (previous year 5.9%) and rest of the world contributed 5.5% (previous year 4.6%). During F. Y. 2012-13, the Company grew its revenue by 22.1% and PAT by 38.7%. In terms of Business Segments for F. Y. 2012-13, the contribution from Services was 43.1% (previous year 42.7%), while Industrials was 45.3% (previous year 45.3%) and Telecom 11.6% (previous year 12.0%).
INDUSTRY SCENARIO AND
BUSINESS OUTLOOK
Outlook for FY 14 for IT Services Industry is positive. IT services spending in North America and Europe which was subdued in FY 13 is expected to pick up. IT market in Emerging geographies EMEA and Asia Pacific is also expected to grow at higher rate. These projections augur well for IT Services Industry in general. Technology trends show that Social Media, Mobility, Analytics and Cloud (SMAC) will continue to garner attention across all Verticals. According to Nasscom, IT exports from India are expected to grow at 12-14% during FY 14, faster than the revised 10.9% growth it predicted for FY13. Since the base of the Indian IT sector is now almost twice the size it was five years ago, revenue growth would not be as high as it used to be.
However, the Industry also faces key issues such as increasing protectionist measures by developed economies, exchange rate volatility, etc.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10350500 |
30/03/2012 |
508,750,000.00 |
BNP Paribas |
20 Collyer Quay,, #01-01 Tung Centre, Singapore, |
B37820966 |
|
2 |
10244870 |
13/12/2010 * |
250,000,000.00 |
Bank of Baroda |
J.P. House, M.V. Road, Saki Naka, Mumbai, Maharashtra - 400072, INDIA |
B02679587 |
|
3 |
10240298 |
01/09/2010 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
A95086781 |
|
4 |
90164528 |
10/12/2008 * |
400,000,000.00 |
ABN Amro Bank N.V. |
74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai, Maharashtra - 400021, INDIA |
A53599445 |
|
5 |
90164348 |
27/03/2003 |
100,000,000.00 |
ABN AMRO BANK .V. |
14 VEERNARIMAN POINT, MUMBAI, Maharashtra - 400023, |
- |
|
6 |
90164342 |
25/04/2010 * |
250,000,000.00 |
Corporation Bank |
Veena Chambers, 21 Dalal Street, Mumbai, Maharashtra - 400026, INDIA |
A85512739 |
|
7 |
90164297 |
19/07/2004 * |
100,000,000.00 |
ABN AMRO NAMLN.V. |
14 VEERNARIMA ROAD, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
8 |
90163952 |
22/06/2009 * |
580,000,000.00 |
The Hongkong and Shanghai Banking Corporation Ltd |
52/60, Mahatma Gandhi Road, Mumbai, Maharashtra - 400001, INDIA |
A65628497 |
* Date of charge modification
FIXED ASSETS:
- Leasehold
Land
- Building
- Plant and
Machinery
- Computers
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.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
8 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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.