MIRA INFORM REPORT
|
Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIFY TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
Tidel Park, 2nd Floor, No. 4, Canal Bank Road, Taramani,
Chennai - 600113, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.12.1995 |
|
|
|
|
Com. Reg. No.: |
18-050809 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1329.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200TN1995PLC050809 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES04930C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS9032R |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Providing services such as Network and IT services,
Internet Access Services, Online Portal and Content offerings, Software
services and in selling Hardware and Software related to such services. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 25230000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has achieved decent profitability during financial year
2013. General financial position of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
21.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3+” |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
21.11.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Poorna |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-44-22540770 |
|
Date : |
23.04.2014 |
LOCATIONS
|
Registered Office : |
TIDEL Park, 2nd Floor, No. 4, Canal Bank Road, Taramani, Chennai -
600113, Tamilnadu, India |
|
Tel. No.: |
91-44-22540770/ 77 |
|
Fax No.: |
91-44-22540771 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Overseas Offices: |
Located At ·
United States of America ·
United Kingdom ·
Dubai |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Raju Vegesna |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Ananda Raju Vegesna |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. T H Chowdary |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C B Mouli |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P S Raju |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S K Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C E S Azariah |
|
Designation : |
Director |
KEY EXECUTIVES
|
Audit Committee |
· Mr. C B Mouli (Chairman and Financial Expert) · Mr. S K Rao · Mr. C E S Azariah |
|
|
|
|
Compensation
Committee |
· Mr. T H Chowdary (Chairman) · Mr. P S Raju · Mr. S K Rao ·
Mr. C E S Azariah |
|
|
|
|
Name : |
Mr. Kamal Nath |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. M P Vijay Kumar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. L V Veeranjaneyulu Y |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Poorna |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Ramanand Core Investment Company Private Limited@ |
12,50,00,000 |
70.02% |
|
Infinity Satcom Universal Private Limited |
1,45,30,000 |
8.14% |
|
Infinity Capital Ventures, LP |
1,39,02,860 |
7.79% |
@ These shares are partly paid-up to the extent of Rs.6.25 per share Also refer to note C (46)
BUSINESS DETAILS
|
Line of Business : |
Providing services such as Network and IT services,
Internet Access Services, Online Portal and Content offerings, Software services
and in selling Hardware and Software related to such services. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End users |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· State Bank of India · AXIS Bank Limited · Union Bank of India · Oriental Bank of Commerce · IDBI Bank Limited · Citibank N.A. · ICICI Bank Limited |
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Facilities : |
NOTE SHORT TERM
BORROWINGS (a) Cash credit facilities amounting to Rs 477.800 Millions are primarily secured by way of pari-passu first charge on the entire current assets of the Company. Further, these facilities are collaterally secured by way of equitable mortgage over the office premises and also by way of pari-passu charge on the unencumbered movable fixed assets of the Company. (b) Other cash credit facilities are secured by pari-passu first charge on the current assets of the Company and pari-passu second charge on entire movable fixed assets of the Company, both present and future. Further, these facilities are additionally secured by equitable mortgage over the land and building of M/s Pace Info Com Park Private Limited, a subsidiary company and also by the corporate guarantee issued by the said subsidiary. (c) These working capital loans bear interest ranging from 13.00% to 13.50% p.a. These facilities are subject to an annual renewal. (d) Letters of credit discounted (including Buyers’
credit) is secured by pari-passu charge on the current assets of the Company
and pari-passu charge on movable assets of the Company, both present and
future. These loans bear interest ranging from 13.50% to 15.50% p.a. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
ASA and Associates Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Holding companies : |
· Infinity Satcom Universal Private Limited. · Raju Vegesna Infotech and Industries Private Limited (subsidiary of Infinity Satcom Universal Private Limited) · Ramanand Core Investment Company Private Limited (subsidiary of Raju Vegesna Infotech and Industries Private Limited) |
|
|
|
|
Subsidiaries: |
· Sify Software Limited · Sify Technologies (Singapore) Pte. Limited · Hermit Projects Private Limited · Pace Info Com Park Private Limited and · Sify Empower India Foundation |
|
|
|
|
Enterprises over
which KMP have significant influence: |
· VALS Developers Private Limited and · Raju Vegesna Developers Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs. 1800.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178513589 |
Equity Shares |
Rs.10/- each |
Rs. 1785.100 Millions |
|
|
|
|
|
|
Subscribed and Fully Paid-up Capital : |
|||
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
53513589 |
Equity Shares |
Rs.10/- each |
Rs. 535.100 Millions |
|
|
|
|
|
|
Subscribed but not fully Paid-up Capital : |
|||
|
|
|
|
|
|
12,50,00,000 |
Equity Shares [Refer note (c) below] |
Rs.6.25/- each |
Rs. 781.300 Millions |
|
|
|
|
|
|
|
Add: Forfeited shares |
|
Rs. 12.800 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1329.200
Millions |
NOTE
(a) The equity shares are the only class of share capital having a par value of Rs.10 per share. Of the above, 3,89,82,937 shares are represented by American Depository Shares (‘ADS’) issued by the Company in accordance with applicable laws and regulations.
(b) Equity shares carry voting rights proportionate to the paid-up value per share. In the event of liquidation of the company, holders of the equity shares are entitled to be repaid the amounts credited as paid up on those equity shares. All surplus assets after settlement of liabilities as at the commencement of winding-up shall be paid to the holders of equity shares in proportion to their shareholdings. The above payment is subject to the rights of creditors, employees, taxes, if any, and any other sums as may be prescribed under the Companies Act, 1956. Of the above ADS,1,39,02,860 ADS held by M/s Infinity Capital Ventures LP are not tradable and are restricted.
(c) In 2010-11, the Company approved the issuance, in a private placement, of upto an aggregate of 12,50,00,000 of the Company’s equity shares at a price of Rs.32 per share aggregating to Rs.40,000.These shares carry a face value of Rs.10. As of March 31, 2013, these shares are partly paid to the extent of Rs.6.25 (March 31, 2012: Rs.6.25) per share. Until the full purchase price is paid by the purchasers, the company retains a lien on these equity shares. Also refer note C (46).
(d) Of the total outstanding shares,12,50,00,000 shares (March 31, 2012: 12,50,00,000) are held by M/s Ramanand Core Investment Company Private Limited, holding company
(e) Of the total outstanding shares, 17,81,901 shares are reserved for issue to eligible employees under Associate Stock Option Plans. Refer to note C (37) for activities in Associate Stock Option plan.
Reconciliation of
number of shares in the beginning and at the end of the year
|
Particular |
As at March 31, 2013 |
|
|
Number of shares |
Amount paid-up |
|
|
Number of shares outstanding at the beginning of the year |
17,85,13,589 |
1329.200 |
|
Add: Shares issued during the year on private placement |
-- |
-- |
|
Add: Issues of shares on exercise of ASOP |
-- |
-- |
|
Number of shares outstanding at the end of the year |
17,85,13,589 |
1329.200 |
Shareholders holding
more than 5% of the shares of the Company:
|
Name of
Shareholders |
As at March 31, 2013 |
|
|
Number of Shares held |
% holding |
|
|
Ramanand Core Investment Company Private Limited@ |
12,50,00,000 |
70.02% |
|
Infinity Satcom Universal Private Limited |
1,45,30,000 |
8.14% |
|
Infinity Capital Ventures, LP |
1,39,02,860 |
7.79% |
@ These shares are partly paid-up to the extent of Rs.6.25 per share Also refer to note C (46)
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 |
1329.200 |
1329.200 |
858.800 |
|
(b) Reserves & Surplus |
4979.300 |
4553.500 |
3742.100 |
|
(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) |
6308.500 |
5882.700 |
4600.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
787.400 |
289.300 |
388.800 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
223.300 |
209.700 |
165.700 |
|
(d) long-term
provisions |
34.000 |
29.900 |
31.800 |
|
Total Non-current
Liabilities (3) |
1044.700 |
528.900 |
586.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
804.400 |
963.900 |
1274.000 |
|
(b) Trade
payables |
1835.200 |
2016.000 |
1616.800 |
|
(c) Other
current liabilities |
1505.200 |
1065.500 |
1154.900 |
|
(d) Short-term
provisions |
322.400 |
2.500 |
2.600 |
|
Total Current Liabilities
(4) |
4467.200 |
4047.900 |
4048.300 |
|
|
|
|
|
|
TOTAL |
11820.400 |
10459.500 |
9235.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2565.900 |
2866.900 |
3073.300 |
|
(ii)
Intangible Assets |
579.600 |
86.000 |
84.500 |
|
(iii)
Capital work-in-progress |
1688.600 |
303.100 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
539.900 |
460.100 |
|
(b) Non-current Investments |
29.800 |
511.000 |
637.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1646.700 |
1408.500 |
1082.600 |
|
(e) Other
Non-current assets |
78.200 |
79.900 |
33.800 |
|
Total Non-Current
Assets |
6588.800 |
5795.300 |
5372.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
154.900 |
0.000 |
|
(b)
Inventories |
184.800 |
19.500 |
15.600 |
|
(c) Trade
receivables |
2561.100 |
2296.700 |
1855.900 |
|
(d) Cash
and cash equivalents |
865.700 |
832.300 |
505.100 |
|
(e)
Short-term loans and advances |
1544.600 |
1257.000 |
1359.800 |
|
(f) Other
current assets |
75.400 |
103.800 |
127.000 |
|
Total
Current Assets |
5231.600 |
4664.200 |
3863.400 |
|
|
|
|
|
|
TOTAL |
11820.400 |
10459.500 |
9235.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8212.500 |
6970.800 |
6566.000 |
|
|
|
Other Income |
209.200 |
199.900 |
156.100 |
|
|
|
TOTAL (A) |
8421.700 |
7170.700 |
6722.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold and
services rendered |
4659.700 |
4019.700 |
3802.400 |
|
|
|
Employees benefits expense |
1017.800 |
977.500 |
1006.900 |
|
|
|
Other expenses |
1630.200 |
1456.200 |
1526.900 |
|
|
|
Exceptional Items |
(394.300) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
6913.400 |
6453.400 |
6336.200 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
1508.300 |
717.300 |
385.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
241.700 |
274.300 |
245.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1266.600 |
443.000 |
140.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
840.800 |
686.700 |
682.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
425.800 |
(243.700) |
(542.300) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(3.700) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
425.800 |
(240.000) |
(542.300) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2404.100) |
(2164.100) |
(1621.800) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1978.300) |
(2404.100) |
(2164.100) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of services |
3062.300 |
2449.300 |
2151.600 |
|
|
TOTAL EARNINGS |
3062.300 |
2449.300 |
2151.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Hardware/software imported |
11.600 |
20.300 |
78.700 |
|
|
|
Fixed assets |
421.900 |
197.300 |
129.700 |
|
|
TOTAL IMPORTS |
433.500 |
217.600 |
208.400 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.23 |
(2.32) |
(8.32) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.06 |
(3.35) |
(8.07) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.18 |
(3.50) |
(8.26) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.22 |
(2.68) |
(6.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
(0.04) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.25 |
0.21 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.15 |
0.95 |
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 |
858.800 |
1329.200 |
1329.200 |
|
Reserves & Surplus |
3742.100 |
4553.500 |
4979.300 |
|
Net
worth |
4600.900 |
5882.700 |
6308.500 |
|
|
|
|
|
|
long-term borrowings |
388.800 |
289.300 |
787.400 |
|
Short term borrowings |
1274.000 |
963.900 |
804.400 |
|
Total
borrowings |
1662.800 |
1253.200 |
1591.800 |
|
Debt/Equity
ratio |
0.361 |
0.213 |
0.252 |
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 |
6566.000 |
6970.800 |
8212.500 |
|
|
|
6.165 |
17.813 |
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 |
6566.000 |
6970.800 |
8212.500 |
|
Profit |
(542.300) |
(240.000) |
425.800 |
|
|
(8.26%) |
(3.44%) |
5.18% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
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 |
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 |
LITIGATION DETAILS
CHENNAI
COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
ORIGINAL PETITION |
|
Case No.: |
67 |
|
Year : |
2013 |
|
Petitioner : |
TIDEL PARK LIMITED |
|
Respondent : |
SIFY TECHNOLOGIES LIMITED |
|
Pet's Advocate : |
M/S.KING AND PARTRIDGE |
|
Res's Advocate : |
M/S.T.V.KRISHNAMACHARI |
|
Category : |
Section 34 |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Apr 16 2013 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10477500 |
20/01/2014 |
720,000,000.00 |
STATE BANK OF INDIA |
LEATHER AND INTERNATIONAL BRANCH, MVJ TOWERS, 177/1, POONAMALEE HIGH ROAD, KILPAUK, CHENNAI, TAMIL NADU - 600010, INDIA |
B96319827 |
|
2 |
10451021 |
28/09/2013 |
430,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, 192 ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
B85715811 |
|
3 |
10452292 |
06/09/2013 |
380,000,000.00 |
UNION BANK OF INDIA |
ANDHERI (EAST) BRANCH MAYANI MANOR, SIR M.V. ROAD ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA |
B86362340 |
|
4 |
10452296 |
06/09/2013 |
470,000,000.00 |
UNION BANK OF INDIA |
ANDHERI (EAST) BRANCH MAYANI MANOR, SIR M.V. ROAD ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA |
B86363454 |
|
5 |
10452786 |
21/08/2013 |
850,000,000.00 |
UNION BANK OF INDIA |
ANDHERI (EAST) BRANCH MAYANI MANOR, SIR M.V. ROAD ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA |
B86547445 |
|
6 |
10441628 |
28/06/2013 |
3,910,000,000.00 |
STATE BANK OF INDIA (LEAD BANK OF SBI CONSORTIUM I |
LEATHER AND INTERNATIONAL BRANCH, MVJ TOWERS, 177/1, POONAMALLE HIGH ROAD, KILPAUK, CHENNAI, TAMILNADU - 600010, INDIA |
B81486102 |
|
7 |
10410970 |
04/02/2014 * |
2,440,000,000.00 |
STATE BANK OF INDIA |
LEATHER INTERNATIONAL BRANCH, MVJ TOWERS, 177/1,
POONAMALEE HIGH ROAD, KILPAUK, CHENNAI, TAMILNADU |
B95734778 |
|
8 |
10343783 |
20/03/2012 |
22,687,954.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED |
2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B35665025 |
|
9 |
10314188 |
15/10/2011 |
17,375,904.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED |
2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B23938061 |
|
10 |
10312220 |
10/10/2011 |
11,358,567.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED |
2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B23273014 |
|
11 |
10223409 |
15/06/2010 |
23,579,887.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED |
2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A87541819 |
|
12 |
10217880 |
10/05/2010 |
4,195,595.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED |
2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A85274595 |
|
13 |
10204663 |
10/03/2010 |
51,498,471.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED |
2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A80298771 |
|
14 |
10184684 |
10/11/2009 |
54,049,734.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED |
2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A73077356 |
|
15 |
90287953 |
26/08/2013 * |
1,000,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, 192 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B84732122 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from others |
74.700 |
84.400 |
|
Total |
74.700 |
84.400 |
BACKGROUND
The Company is a Company domiciled in India. The address of the Company’s registered office is 2nd Floor, Tidel Park, 4, Rajiv Gandhi Salai, Taramani, Chennai – 600113, India. The Company is primarily involved in providing services such as Network and IT services, Internet Access Services, Online Portal and Content offerings, Software services and in selling Hardware and Software related to such services. Sify was incorporated on December 12, 1995 and is listed on the NASDAQ
Global Select Market.
FINANCIAL REVIEW
During the year, the Company registered revenue of Rs. 8212.000 millions as against Rs.6971.000 millions in the previous year, recording a significant growth of 18%. The EBITDA for the year was Rs. 1057.000 millions as compared to Rs 588.000 millions in the previous year, a growth of 80%. The profit before tax for the year was Rs.426.000 millions compared to the loss of Rs 240 million reported during the previous year, reflecting improvement in the performance of the Company.
MAJOR CORPORATE
DEVELOPMENTS
DIVESTMENT OF STAKE
IN MF GLOBAL SIFY SECURITIES INDIA PRIVATE LIMITED
As mentioned in the last year Report, the Company has divested its entire holding in MF Global Sify Securities India Private Limited, an Associate Company, to Phillip (Mauritius) Private Limited for a consideration of Rs.1390.000 millions.
MERGER OF SUBSIDIARY
COMPANIES
The Directors wish to state that the Board of Directors of M/s Sify Software Limited and M/s Hermit Projects Private Limited, the wholly owned subsidiaries, have approved the merger of the subsidiaries with the Company effective April 1, 2013. The proposal is subject to the approval of the shareholders of the Company at a Court convened meeting and the confirmation of the Hon’ble High Court of Judicature at Madras and other statutory authorities.
The proposed merger would showcase the combined strength and cross subsidize the activities of all the Companies and would help the Company to save administrative and compliance costs.
SETTING OFF THE CARRY
FORWARD LOSSES AGAINST SECURITIES PREMIUM ACCOUNT
The Directors have approved the proposal to set off the accumulated carry forward losses of the Company to the tune of Rs. 1980.000 Millions against the Company’s Securities Premium Account as on March 31, 2013 for better presentation of financial statements of the company. This proposal is subject to the approval of the shareholders at the Court convened meeting of the Company, confirmation of the Hon’ble High Court of Judicature at Madras and other statutory authorities.
BUSINESS REVIEW
The Enterprise Services comprising of Network services and IT services, accounted for Rs. 7871.000 millions; around 96% of the total revenue of the Company. On a year on year basis, the Enterprise business has grown by around 20% in terms of revenue.
• Network Data services from the Company continue to be the big winner with a robust growth of 21% over last year.
• Voice business has grown by 27% and the Carrier business has grown by 22% over last year.
• Internet services to Enterprises grew by 50% and Wireless Access Links have grown by 40% over last year.
• Revenue from Hosting Business has grown by 19% over the last Financial Year.
• The Company’s Data Center capacity would receive a huge fillip with the new Tier III facilities in Noida and Rabale to be launched soon. The Noida Data Center is certified Tier III by Uptime institute.
• The Company’s Cloud business saw the maximum traction with a growth of more than 50% in revenue over last fiscal.
• The Company’s portal, Sify.com grew around 55% in the year, helped largely by Sify Finance which is now among the top 3 finance portals in the category, having a growth rate of 113%.
The Company’s focus in the coming quarters would remain on multi-technology integrated projects aimed towards gaining increased wallet share of the Company’s large base of existing customer’s IT spend.
On the services front, the Company has launched Desktop-as-a-Services (DaaS), IP Surveillance and Cloud Disaster Recovery as a service. The Company also introduced new Information Security Consulting service which involve ERP application suite assessment, control audit, business process audit and IS audit.
The Company is also becoming regular at the national award forums and this year was no exception. The Company won the Best Telecom Data Center Award for the Year 2012 by CMAI, the third year in succession and the fifth time, overall.
Recognition also came from industry peers with VMware awarding Sify “The best Service Provider Partner” Award for 2012. This unique distinction carries a high credential as the “first V-Cloud Powered Partner” for VMware in India.
The Company is proud to record that this year and further to the success enjoyed last year, Sify.com became the first website to partner 9 national publications and dailies and enable live web-streaming of the Union Budget 2013.
BUSINESS
REORGANIZATION:
The company is at a crucial stage of its maturity cycle. Over the years, from being an innovator in the private ISP space, the company moved into building products and services for the Emerging and established Enterprise market. In time, the Company had a presence in the entire IT eco-system.
It was time to consolidate the multiple product offerings. The Company has now repackaged its product offerings along vertical lines. The long term vision is to transform the company from “Telecom Service Provider” to an “IT Solutions and Services Leader”, the genesis of Sify Version 3.0
While the company would continue to invest in the Core IT facilities like Data Center and Network Backbone, it is the scale that would be the primary focus. That would be driven by Solutions, Services and Project led engagements with clients. As the company embarks on this journey, the Company reorganized its Go-to-Market strategy with a clear focus on the following:
• The company has in-house “design” and “implementation” capabilities in areas like Data Center, Network and Security which can be expanded and monetized to address “Customer On-Premise” integration projects. This laid the foundation for building Professional Services Capability around various technologies, for both Domestic & International business.
• To facilitate and strengthen the above, the Company is entering into partnerships with leading Technology OEMs to gain the status of desired level of certification and professional services capabilities.
• The company is also investing resources in a “Partner Eco-system” through which it could sell its products like
Telecom Services and Data Center Services.
• The company’s large SMB customer base presents a significant “Up-sell” opportunity. With its “Service Provider
DNA”, the company aims to productize IT services on hosted or cloud model, specially designed for SMB space.
• The company is also driving a strategy backed by “Proposition based” sales rather than “Product led” sales.
• The company would continue to aggressively court the PSU and Government space which is a big spender in India.
• Applications and Software Services with Infrastructure and Managed Services offerings are being integrated to be able to address larger customer spend.
• The Company intends to build services capabilities around other 3rd Party leading Applications/Software Provider and expand Sify’s Cloud offerings around both Infrastructure and Applications.
• Company would focus on more Managed Services led offerings around Data Center Services and Network Services rather than offering stand-alone Hosting and Bandwidth Services respectively.
• The company is strengthening its RIM led Managed Services portfolio allowing it to expand its current foot print and customer base outside India.
THE BROAD FOOTPRINT
OF THE INDIVIDUAL BUSINESS IS EXPANDED AS UNDER.
TELECOM SERVICES
Telecom Services will drive growth by collaborating with other Telcos on Master Network Integration projects like DoP, focusing on Program led partnerships with other IT players and by offering customized solutions built around
existing Network infrastructure.
DATA CENTRE SERVICES
The Data Center Hosting business would be run as an independent Business Unit and this Unit would collaborate
with the Managed Services and Cloud Business Unit to ensure better ROI of the Company’s investment. Protecting increasing commoditization of DC business is of prime focus and the Company offers increased value
proposition through holistic IT services engagement.
TECHNOLOGY
INTEGRATION SERVICES
This business will combine the Company’s IT capabilities with its core telecom and data center products to provide a converged turn-key ICT solution to the customer. It will leverage the Company’s homegrown expertise
in design, implementation and maintenance to deliver end-to-end managed IT services across data center, network and security.
CLOUD AND MANAGED
SERVICES
The mandate to the MITS team is to drive all IT Services led projects encompassing single / multi-towers of IT like Data Center, Network, Security, End User Computing etc. They will execute this using a framework built around “Tools, Process & People” and extend services over a robust RIM delivery model. This model will extensively utilize the cloud platform for delivering services like IaaS and PaaS.
APPLICATIONS SERVICE
Partnership will be at the core of this business line. They will seek out alliances with Strategic Application Providers while simultaneously building an eco-system of independent software vendors on their Cloud platform. They will support all system integration projects that are application led while scripting go-to-market strategies with synergetic Application partners.
SUBSIDIARY COMPANIES
SIFY SOFTWARE LIMITED
During the year, the Company reported a revenue of Rs.579.870 millions as against Rs.591.900 millions in the previous year. The loss incurred was Rs.303.700 millions as compared to Rs.238.000 millions in the previous year. Further, Sify Technologies Limited has converted the trade advances of Rs.345.800 millions extended to the Company into an interest bearing loan effective April 1, 2012.
PACE INFO COM PARK
PRIVATE LIMITED
As the Company is executing the Data Center building project, the Company is yet to earn revenue during the year.
HERMIT PROJECTS
PRIVATE LIMITED
The Company did not have any operations during the year.
SIFY TECHNOLOGIES
(SINGAPORE) PTE. LTD.
During the year, the Company reported a revenue of Rs.11.310 millions as against Rs.400.030 millions in the previous year. The loss incurred was Rs 5.180 millions as compared to a profit of Rs.3.500 millions in the previous year.
SIFY EMPOWER INDIA
FOUNDATION
Sify Empower India Foundation (SEIF) was incorporated as a non-profit organisation in November 2010 to carry on the activity of promoting employability, education, financial inclusion and healthcare for urban and rural consumers through the innovative use of Information and Communications Technology (ICT) in an integrated and
sustainable manner.
Initially, STL had 10% holding in SEIF and acquired an additional 89.80% in October 2012. Though the Company holds substantial majority of the shares, SEIF is not considered as subsidiary for consolidation purposes as the Company intends to close the company.
Due to change in business model SEIF has not started its commercial activities. Hence it is proposed to close SEIF by filing the necessary application with the statutory authorities.
SIFY INTERNATIONAL
INC.
As the Company did not have any business operations, the Company was dissolved and the Dissolution Certificate has been received from the statutory authorities in US.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(i) Claim against the Company not acknowledged as debt |
|
|
|
- In respect of service tax claims |
478.900 |
421.700 |
|
- In respect of income tax claims |
0.000 |
85.000 |
|
- In respect of sales tax claims |
13.500 |
0.000 |
|
(ii) Liability on customer letter of credit discounted |
25.000 |
87.800 |
|
(iii) Guarantee given to subsidiary |
110.000 |
110.000 |
|
(iv) Liability on EPCG: During the year, the Company has participated in the Export Promotion Capital Goods Scheme (“the scheme”) under which capital equipments are permitted to be imported against a special licence at a substantially reduced customs duty, subject to fulfilment of obligation to export goods/services supplied or rendered by use of capital equipment imported under the scheme to the extent of over 8 times the value of duty saved over a period of 8 years from the date of obtaining the licence. In case of failure to meet the export obligation, the company would be liable to pay the differential between the normal duty and the duty saved under the scheme along with the interest. As of now, the Company is holding 19 licences with a corresponding export obligation of Rs.626.900 Millions. Taking into account the track record of our exports, the Company believes that it would be able to meet the export obligation within the time frame and would not be exposed to any liability on account of the above scheme. |
|
|
FIXED ASSETS
v
Tangible
Assets
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fittings
· Office Equipment
· Plant and Machinery
· Leasehold Improvements
· Motor Vehicles
v
Intangible
Assets
· Undersea Cable Capacity
· System Software
· Customer and Contract Related Intangibles
PRESS RELEASE
SIFY TECHNOLOGIES TO ANNOUNCE FINANCIAL RESULTS FOR YEAR ENDED MARCH
31, 2014 ON TUESDAY, APRIL 22, 2014
Chennai, India, Tuesday, April 15, 2014: Sify Technologies Limited (NASDAQ NM: SIFY), a leader in Managed Enterprise, Network, IT and Software services in India with global delivery capabilities and a pioneer in consumer internet services, today announced that it will report its unaudited IFRS financial results for the full year ended March 31, 2014 on Tuesday, April 22, 2014 before the market opens.
In conjunction with the announcement, Sify will host a conference call at 8:30
AM ET with Mr. Raju Vegesna, Chairman of the Board, Mr. Kamal Nath, Chief
Executive Officer and Mr. MP Vijay Kumar, Chief Financial Officer. Interested
parties may participate by dialing 877-407-8031 (Toll Free in the U.S. or
Canada) or +1-201-689-8031 (international), which will also be simultaneously
broadcast live over the Internet at www.sifycorp.com or http://www.investorcalendar.com.
Please allow extra time prior to the call to visit the site and download the
streaming media software required to listen to the Internet broadcast.
The online archive of the Web cast will be available shortly after the
conference call, or investors can listen to the replay by dialing 877-660-6853
(Toll Free in the U.S. or Canada) or +1-201-612-7415 (International) and
entering conference ID number 13580558. Please allow for some time post
conference call to access the archive of the Web cast. The replay is available
until 11:59 PM of April 29, 2014.
About Sify
Technologies
Sify is among the largest integrated ICT Solutions and Services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common telecom data network infrastructure reaching more than 1250 cities and towns in India. This telecom network today connects 36 Data Centres across India including Sify’s 5 Tier III Data Centres across the cities of Chennai, Mumbai, Delhi and Bengaluru.
A significant part of the company’s revenue is derived from Enterprise Services, comprised of Telecom services, Data Center services, Cloud and Managed services, Application services and Technology Integration services. Sify also provides services that cater to the burgeoning demands of the SMB/SOHO community, much of it on its Cloud services platform.
Sify is ISO 9001:2008 certified for Enterprise Sales, Provisioning, support and customer relationship management of ICT solutions and services including VPN, Network, Voice, Data Centre hosting, Integration services, security services and managed services. Sify has been certified in ISO / IEC 20000 - 1:2011 and ISO/IEC 27001:2005 certified for Internet Data Center operations. Sify has been certified in SSAE16 SOC2 Type II for Cloud Infrastructure. Sify has licenses to operate NLD (National Long Distance) and ILD (International Long Distance) services and offers VoIP backhaul for international carriers. With the Sify Cable landing station and partnerships with submarine cable companies globally, Sify is present in almost all the spheres of the ICT eco system.
The company has an expanding base of Managed Services customers, both in India and overseas, and is India’s first enterprise managed services provider to launch a Security Operations Center (SOC) to deliver managed security services. The software team develops applications and offers services to improve business efficiencies of its current and prospective client bases. Sify also offers services in the specialized domains of eLearning, both in India and globally. The business also operates two of the most popular internet portals in India, Sify.com and Samachar.com.
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.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.