MIRA
INFORM REPORT
|
Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
VAKRANGEE LIMITED
(w.e.f. October
01, 2013) |
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|
|
|
Formerly Known
As : |
VAKRANGEE
SOFTWARES LIMITED |
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Registered
Office : |
‘Vakrangee
House’, Plot No.66, Marol Co-Operative Industrial Estate, M.V. Road, Marol,
Andheri (East), Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
28.05.1990 |
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Com. Reg. No.: |
11-056669 |
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Capital
Investment / Paid-up Capital : |
Rs.502.499
millions |
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CIN No.: [Company Identification
No.] |
L65990MH1990PLC056669 |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMV09885B |
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PAN No.: [Permanent Account No.] |
AAACV9920D |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in business of providing e-governance
related solutions, system integration, and information technology (IT)
enabled services. |
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No. of Employees
: |
5585 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20622000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track record. Financial
position of the company seems to be decent. Trade relations are
reported to be fair. Business is active. Payment terms are reported to be
regular. The company can
be considered normal for business dealing 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
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 |
ICRA |
|
Rating |
Long Term, Term Loans: BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
March , 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term, Non-Fund Based: A2 |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
March , 2014 |
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 : |
Ms. Anagha |
|
Designation : |
Admin Head |
|
Contact No.: |
91-22-28503412 |
|
Date : |
28.04.2014 |
LOCATIONS
|
Registered Office : |
‘Vakrangee
House’, Plot No.66, Marol Co-Operative Industrial Estate, M.V. Road, Marol, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-28504028/
28503412/ 67765100 |
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Fax No.: |
91-22-28502017 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
Located at : · Haryana · Chandigarh · New Delhi · Gurgaon · Jaipur · Lucknow · Indore · Ahmedabad · Pune · Bengaluru |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Dinesh Nandwana |
|
Designation : |
Chairman and Managing Director |
|
Date of Appointment : |
28.05.1990 |
|
|
|
|
Name : |
Dr. Nishikant Hayatnagarkar |
|
Designation : |
Whole Time Director, R&D |
|
Date of Appointment : |
27.08.1999 |
|
|
|
|
Name : |
Mr. Ramesh M. Joshi |
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Designation : |
Director |
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Date of Appointment : |
20.10.2006 |
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|
Name : |
Mr. Anil Patodia |
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Designation : |
Director |
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Date of Appointment : |
02.04.1994 |
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|
|
|
Name : |
Mr. Sunil Agarwal |
|
Designation : |
Director |
|
Date of Appointment : |
28.06.2002 |
|
|
|
|
Name : |
Mr. B.L. Meena |
|
Designation : |
Director |
|
Date of Appointment : |
25.10.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Darshi Shah |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Ms. Anagha |
|
Designation : |
Admin Head |
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|
|
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Audit Committee : |
Mr. B. L. Meena (Chairman) Mr. Ramesh Joshi Mr. Anil Patodia |
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Remuneration and Compensation : |
Mr. B. L. Meena (Chairman) Mr. Ramesh Joshi Mr. Dinesh Nandwana |
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Shareholders/ Investors
Grievance Committee : |
Mr. Ramesh Joshi (Chairman) Mr. Anil Patodia Dr. Nishikant Hayatnagarkar |
|
|
|
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Resource
committee : |
Mr. Dinesh Nandwana (Chairman) Mr. Anil Patodia Dr. Nishikant Hayatnagarkar |
|
|
|
|
Corporate
governance committee : |
Mr. Anil Patodia (Chairman) Dr. Nishikant Hayatnagarkar Mr. Ramesh Joshi |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholders |
Number of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
29865100 |
5.93 |
|
|
165311414 |
32.83 |
|
|
195176514 |
38.77 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
195176514 |
38.77 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
29373021 |
5.83 |
|
|
8598828 |
1.71 |
|
|
37971849 |
7.54 |
|
|
|
|
|
|
172136723 |
34.19 |
|
|
|
|
|
|
20199619 |
4.01 |
|
|
65702418 |
13.05 |
|
|
12295117 |
2.44 |
|
|
6190204 |
1.23 |
|
|
6104913 |
1.21 |
|
|
270333877 |
53.69 |
|
Total
Public shareholding (B) |
308305726 |
61.23 |
|
Total
(A)+(B) |
503482240 |
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) |
503482240 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 million
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total |
||
|
1 |
Vakrangee
Holdings Private Limited |
69400000 |
13.78 |
|
2 |
Vakrangee
Holdings Private Limited |
55975194 |
11.12 |
|
3 |
Vakrangee
Capital Private Limited |
39936220 |
7.93 |
|
4 |
Dinesh
Nandwana |
19767100 |
3.93 |
|
5 |
Dinesh
Birdhilal Nandwana |
10000000 |
1.99 |
|
6 |
Dinesh
Nandwana HUF |
98000 |
0.02 |
|
|
Total |
195176514 |
38.77 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Life
Insurance Corporation of India |
28335417 |
5.63 |
|
|
2 |
Bluepearl
Trading Company Private Limited |
33188500 |
6.59 |
|
|
3 |
Seahorse
Mercantile Company Private Limited |
21371371 |
4.24 |
|
|
4 |
Highpoint
Trading Company Private Limited |
20675664 |
4.11 |
|
|
5 |
Abhirati
Trading Private Limited |
10000000 |
1.99 |
|
|
6 |
Ashtavakra
Properties Private Limited |
10050000 |
2.00 |
|
|
7 |
Newtree
Trading Company Private Limited |
15636099 |
3.11 |
|
|
8 |
Bluepearl
Trading Company Private Limited |
8018781 |
1.59 |
|
|
9 |
Vinod
Laxminarayan Bohra |
6759828 |
1.34 |
|
|
10 |
Abhirati
Trading Private Limited |
5397568 |
1.07 |
|
|
|
Total |
159433228 |
31.67 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Bluepearl Trading Co Private Limited |
33188500 |
6.59 |
|
|
2 |
Life Insurance Corporation of India |
28335417 |
5.63 |
|
|
|
Total |
61523917 |
12.22 |
Details of Locked-in Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Vakrangee Capital Private Limited |
39936220 |
7.93 |
|
2 |
Vakrangee Holdings Private Limited |
24400000 |
4.85 |
|
|
Total |
64336220 |
12.78 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of providing e-governance related
solutions, system integration, and information technology (IT) enabled
services. |
GENERAL INFORMATION
|
No. of Employees : |
5585 (Approximately) |
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Bankers : |
·
State Bank of Travancore, 112-115, Tulsiani Chambers, Free Press
Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India ·
Vijaya Bank, New Excelsior Building, 2nd Floor, Wallace
Street, Fort, Mumbai – 400 001, Maharashtra, India ·
Bank of India, Oriental Building, Ground Floor, 364, D.N. Road, Fort,
Mumbai – 400 001, Maharashtra, India ·
Indian Overseas Bank, A-5/6, Saraf Choudhari Nagar, Thakur Complex,
Kandivli (East), Mumbai – 400 101, Maharashtra, India ·
Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir M.V.
Road, Andheri (East), Mumbai – 400 069, Maharashtra, India ·
State Bank of India, Backbay Reclamation Branch, Raheja Chambers, Free
Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India · Axis Bank Limited · ICICI Bank Limited · ING Vysya Bank Limited · Andhra Bank · Punjab National Bank ·
Dhanlaxmi Bank Limited ·
State Bank of Mauritius, 101, Raheja Center, Free Press Journal
Road, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Facilities : |
Notes: LONG-TERM
BORROWINGS Terms of repayment of term loans and other loans. i) Term Loan from Banks: 1. The Company
has entered into a Common Loan Agreement appointing Axis Trustee Services Limited
as Security Trustee for reallocation of the Rupee Term Loan amounting to
Rs.2250.000 millions sanctioned by Axis Bank Limited. The said Rupee
Term Loan has been allocated to each of the lenders (parties to the Common
Loan Agreement) as follows: - Axis Bank
Limited - Rs.1000.000 millions - Andhra Bank -
Rs.750.000 millions - Punjab
National Bank - Rs.500.000 millions The initial
interest rate in respect of all the lenders shall be 13% p.a. payable with
monthly rests irrespective of the individual interest rates mentioned in
respective lenders’ sanction letters, subject to further change in Base Rate
till date of documentation. The highest rate of interest of any lender shall
be applicable and payable by the Company to all the lenders. The interest
spread reset shall be done every 2 years from the date of first disbursement.
The loan is to be repaid in 14 unequal quarterly installments commencing
after moratorium period of six months from the date of first disbursement /
LC opening. First installment shall be due at the end of six months, thereby
total tenor of the loan to be 45 months. 2. The Company
has taken a term loan in the form of External Commercial Borrowings (ECBs) of
USD 10 Million from State Bank of Mauritius during the year. The borrowings
are made at an interest rate equal to the sum of LIBOR and the Margin as
specified in the Term Loan Facility Agreement. The payment of interest to be
made quarterly. Present rate of interest is 3.561% p.a. The loan is to be
repaid in 12 quarterly installments starting from June 30, 2014, with first
11 installments in equal amounts and the amount of the last i.e. twelfth
installment being the balance of principal pending for repayment, thereby
total tenor of the loan to be five years. The Company has
entered into a Cross Currency and Interest Rate Swap facility with the State
Bank of Mauritius, Mumbai Office, for hedging of the ECB repayments
(principal and interest). By way of this swap facility, the rate of interest
has been fixed at 9.62% p.a. for complete tenor of the term loan. The spot
reference rate for repayment of the said loan has been fixed at Rs.56.08 for
1 USD. The bank has
sanctioned Loan Equivalent Value (LEV) of Rs.64.930 millions under currency
swap facility. Negative Mark-to-Market threshold limit for margin call has
been fixed at Rs.50.000 millions. In case, the net payables exceed the
exposure, the Bank has the right to call for additional deposit margin
forthwith to maintain the exposure within the threshold limit. The Company
shall deposit cash collateral as per Bank’s instructions, if negative MTM
exceeds Rs.50.000 millions. ii) Term Loan
from GE Money Financial Services Private Limited, including fresh borrowings
during the year, carries an interest rate equal to the sum of Reference
Benchmark rate and the Interest spread as specified in the Loan agreement.
Present rate of interest is 11.52% p.a. w.e.f. January 20, 2013 and 12.70%
p.a. for the fresh borrowings during the year drawn on March 8, 2013. The
interest payment to be made monthly. Principal repayment shall be in monthly
equal installments for 36 months from the date of drawdown. iii) Obligation
under finance lease from Siemens Financial Services Private Limited are
repayable in 36 monthly equal installments. These obligations carry an
interest rate of 14.00% p.a. Nature of security of each type of secured loans. i) Term Loans
from Banks - Axis Bank, Andhra Bank and Punjab National Bank: 1. First
pari-passu charge on entire UID kits purchased out of the term loan. 2. Second
parri-passu charge on current assets of the Company. 3. Second
parri-passu charge on moveable assets of the Company. 4. Second
parri-passu charge through mortgage on the office premises of the Company,
situated at Marol Co-Operative Industrial Society and Hind Saurashtra
Industries Co-Operative Society Limited, Marol, Andheri (East), Mumbai. 5. Second pari
passu charge on the assets financed through ECB facility sanctioned by State
Bank of Mauritius 6. Lien on Fixed
Deposit amounting to Rs.35.000 millions held with the Banks. 7. Personal Guarantee of Mr. Dinesh Nandwana, Chairman and Managing
Director of the Company. ii) Term Loans from Banks - State Bank of
Mauritius (ECB): 1. First charge
on all moveable and immoveable fixed assets financed out of the term loan,
with a minimum asset cover ratio of 1.33 times. 2. Second
parri-passu charge on all assets of the Company excluding those financed
through this term loan. 3. Second pari
passu charge on the UID kits procured from term loans availed from Axis Bank,
Andhra Bank and Punjab National Bank. 4. Personal Guarantee of Mr. Dinesh Nandwana, Chairman and Managing
Director of the Company. iii) Term Loans from Others - GE Money Financial
Services Private Limited: 1. First pari-passu
charge on all present and future moveable fixed assets of the Company
excluding, UID kits financed by Axis Bank, Andhra Bank, Punjab National Bank
and assets financed by State Bank of Mauritius. 2. First pari
passu charge on all the immovable properties of the company acquired after
March 31, 2011 3. First
parri-passu charge through mortgage on the office premises of the Company,
situated at Marol Co-Operative Industrial Society and Hind Saurashtra
Industries Co-Operative Society Limited, Marol, Andheri (East), Mumbai and on
the office premises of the Company situated at Chandigarh. 4. Second
pari-passu charge on all present and future current assets. 5. Second
pari-passu charge on UID kits financed by term loans of Axis Bank, Andhra
Bank, Punjab National Bank. 6. Second pari
passu charge on the assets financed through ECB facility sanctioned by State
Bank of Mauritius. 7. Personal Guarantee of Mr. Dinesh Nandwana, Chairman and Managing
Director of the Company. iv) Finance Lease facility - Siemens Financial
Services Private Limited Obligations under finance lease are secured against fixed assets
obtained under finance lease arrangements Details of the
aggregate of each loan guaranteed by directors or others, each head-wise. All the term
loans amounting to Rs.1434.577 millions (P.Y. Rs.1559.612 millions)
guaranteed by Mr. Dinesh Nandwana, Chairman and Managing Director of the
Company. Details of
continuing default in the repayment of loans and interest, specifying the period
and amount separately in each case. There has been no default in the repayment of loans or interest
thereon as on date. SHORT-TERM
BORROWINGS Nature of security of each type of secured loans. a) Loans
repayable on demand from Banks: The Company had
entered into a Security Trustee Agreement in the previous year appointing
Axis Trustee Services Limited as Security Trustee for availing the working
capital facilities under the multiple banking arrangement aggregating to
Rs.3750.000 millions and the arrangement was converted into Working Capital
Consortium Agreement from December 14, 2012 for the facilities amounting to
Rs.5250.000 millions, with the following bankers: - Axis Bank
Limited - Union Bank of
India - State Bank of
India - ICICI Bank
Limited - ING Vyasa Bank
Limited - Dhanlaxmi Bank
Limited - State Bank of
Mauritius These facilities
are secured against the following charge on various assets of the Company: 1. Primary: First pari-passu charge on the entire
current assets of the Company, both present and future. 2. Collateral: - First
pari-passu charge on the entire movable fixed assets of the Company
(excluding UID kits financed by Axis Bank, Andhra Bank, Punjab National Bank
and assets financed by State Bank of Mauritius) both present and future. - First
pari-passu charge on entire lands and office premises of the company and of
Vakrangee Technologies Limited, situated at Marol Co-Operative Industrial
Society and Hind Saurashtra Industries Co-Operative Society Limited, Marol,
Andheri (East), Mumbai. - Second
pari-passu charge on the UID kits purchased from the term loan facilities
from Axis Bank, Andhra Bank and Punjab National Bank. - Second
pari-passu charge on the assets financed through ECB facility sanctioned by
State Bank of Mauritius 3. Corporate
Guarantee of Company, Vakrangee Technologies Limited. 4. Personal Guarantee of Mr. Dinesh Nandwana, Chairman and Managing
Director of the Company. |
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
·
GE Money Financial Services Private Limited, 401-402, 4th
Floor, Aggarwal Millenium Tower, E-1, 2, 3, Netaji Subhash Place, Pitampura
Delhi, Delhi – 110 034, India ·
Axis Trustee Services Limited, Axis House, 2nd Floor,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400
025, Maharashtra, India |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S.K. Patodia and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiary Companies
with whom the Company has entered into transactions during the year : |
·
Vakrangee IT Solutions Limited ** ·
E-Doc Vision Infotech Private Limited ·
Vakrangee e-Solutions Inc. ·
Vakrangee Finserve Limited ·
Vakrangee Energy Private Limited *** ** ceased to be a subsidiary from March 29, 2013 *** ceased to be a subsidiary from January 7, 2012 |
|
|
|
|
Relative of key management personnel and Name of
the enterprises having same key management personnel and/ or their relatives as
the reporting enterprises with whom the Company has entered into transactions
during the year : |
·
Vakrangee Holdings Private Limited ·
Vakrangee Lacteus and Hortus Limited ·
Vakrangee Capital Private Limited ·
Vakrangee Technologies Limited ·
Vakrangee Infraprojects Limited ·
Omnis Edu-Health Limited ·
Omnis Infra Power Limited |
CAPITAL STRUCTURE
AFTER 10.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000000 |
Equity Shares |
Re.1/- each |
Rs.750.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
503482240 |
Equity Shares |
Re.1/- each |
Rs.503.482
millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000000 |
Equity Shares |
Re.1/- each |
Rs.750.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
502499320 |
Equity Shares |
Re.1/- each |
Rs.502.499
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 |
502.499 |
250.240 |
237.115 |
|
(b) Reserves & Surplus |
4652.893 |
3890.636 |
3239.225 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
85.400 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.653 |
|
Total Shareholders’
Funds (1) + (2) |
5155.392 |
4140.876 |
3562.393 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1456.854 |
1559.612 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
827.005 |
731.592 |
517.214 |
|
(c) Other long
term liabilities |
78.373 |
69.917 |
4.756 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2362.232 |
2361.121 |
521.970 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2695.498 |
2082.494 |
1528.865 |
|
(b)
Trade payables |
1747.917 |
1189.074 |
828.795 |
|
(c)
Other current liabilities |
1222.921 |
965.569 |
49.522 |
|
(d) Short-term
provisions |
406.852 |
214.561 |
137.238 |
|
Total Current
Liabilities (4) |
6073.188 |
4451.698 |
2544.420 |
|
|
|
|
|
|
TOTAL |
13590.812 |
10953.695 |
6628.783 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4183.720 |
4871.179 |
2149.173 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.788 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
116.730 |
583.730 |
600.608 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
242.766 |
330.208 |
299.949 |
|
(e) Other
Non-current assets |
67.081 |
47.232 |
26.416 |
|
Total Non-Current
Assets |
4610.297 |
5833.137 |
3076.146 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
198.582 |
35.899 |
8.957 |
|
(c)
Trade receivables |
6613.696 |
4452.353 |
2677.970 |
|
(d) Cash
and cash equivalents |
312.227 |
259.695 |
175.044 |
|
(e)
Short-term loans and advances |
350.972 |
317.953 |
103.036 |
|
(f) Other
current assets |
1505.038 |
54.658 |
587.630 |
|
Total
Current Assets |
8980.515 |
5120.558 |
3552.637 |
|
|
|
|
|
|
TOTAL |
13590.812 |
10953.695 |
6628.783 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
15557.752 |
13521.443 |
8523.377 |
|
|
|
Other Income |
74.226 |
42.348 |
14.367 |
|
|
|
TOTAL (A) |
15631.978 |
13563.791 |
8537.744 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
11484.597 |
10907.602 |
6992.682 |
|
|
|
Changes in Inventories |
(160.998) |
(10.822) |
2.827 |
|
|
|
Employee Benefits Expenses |
250.451 |
122.413 |
64.428 |
|
|
|
Other Expenses |
145.585 |
122.612 |
98.384 |
|
|
|
TOTAL (B) |
11719.635 |
11141.805 |
7158.321 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3912.343 |
2421.986 |
1379.423 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
858.367 |
552.515 |
179.053 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3053.976 |
1869.471 |
1200.370 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1569.433 |
873.997 |
532.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1484.543 |
995.474 |
667.402 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
391.817 |
320.415 |
186.644 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1092.726 |
675.059 |
480.758 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
86.400 |
0.000 |
131.975 |
|
|
|
Interest on loan to subsidiary |
22.540 |
16.302 |
5.176 |
|
|
TOTAL EARNINGS |
108.940 |
16.302 |
137.151 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
165.183 |
0.000 |
|
|
TOTAL IMPORTS |
0.000 |
165.183 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
2.18 |
1.35 |
1.07 |
|
|
|
- Dilated |
2.14 |
1.33 |
0.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.99
|
4.98 |
5.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.54
|
7.36 |
7.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.02
|
9.60 |
11.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.24 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.81
|
0.88 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.15 |
1.40 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
237.115 |
250.240 |
502.499 |
|
Reserves & Surplus |
3239.225 |
3890.636 |
4652.893 |
|
Money
received against share warrants |
85.400 |
0.000 |
0.000 |
|
Share
Application money pending allotment |
0.653 |
0.000 |
0.000 |
|
Net worth |
3562.393 |
4140.876 |
5155.392 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
1559.612 |
1456.854 |
|
Short term borrowings |
1528.865 |
2082.494 |
2695.498 |
|
Total borrowings |
1,528.865 |
3,642.106 |
4,152.352 |
|
Debt/Equity ratio |
0.429 |
0.880 |
0.805 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
8523.377 |
13521.443 |
15557.752 |
|
|
|
58.640 |
15.060 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
8523.377 |
13521.443 |
15557.752 |
|
Profit |
480.758 |
675.059 |
1092.726 |
|
|
5.64% |
4.99% |
7.02% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current
maturities of long-term debts:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Current maturities of long-term debts |
1091.721 |
874.983 |
0.000 |
|
Check
List by Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10465372 |
22/11/2013 |
250,000,000.00 |
STATE BANK OF TRAVANCORE |
112-115, TULSIANI CHAMBERS,
FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B91632000 |
|
2 |
10465013 |
16/11/2013 |
300,000,000.00 |
VIJAYA BANK |
NEW EXCELSIOR BUILDING, 2ND
FLOOR, WALLACE STREET, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B91474791 |
|
3 |
10464112 |
14/11/2013 |
250,000,000.00 |
BANK OF INDIA |
ORIENTAL BUILDING, GROUND
FLOOR, 364, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B91088716 |
|
4 |
10462458 |
31/10/2013 |
250,000,000.00 |
INDIAN OVERSEAS BANK |
A-5/6, SARAF CHOUDHARI
NAGAR, THAKUR COMPLEX, KANDIVLI (EAST), MUMBAI, MAHARASHTRA - 400101, INDIA |
B90345596 |
|
5 |
10457741 |
10/10/2013 |
210,000,000.00 |
UNION BANK OF INDIA |
ANDHERI (EAST) BRANCH, MAYANI
MANOR, SIR M.V. ROAD, ANDHERI (EAST), MUMNBAI, MAHARASHTRA - 400069, INDIA |
B88598701 |
|
6 |
10457745 |
10/10/2013 |
340,000,000.00 |
UNION BANK OF INDIA |
ANDHERI (EAST) BRANCH, MAYANI
MANOR, SIR M.V. ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA |
B88599899 |
|
7 |
10445270 |
02/08/2013 |
700,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION
BRANCH, RAHEJA CHAMBERS, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA
- 400021, INDIA |
B83152397 |
|
8 |
10411133 |
29/01/2014 * |
360,000,000.00 |
GE MONEY FINANCIAL
SERVICES PRIVATE LIMITED |
401-402, 4TH FLOOR,
AGGARWAL MILLENIUM TOWER, E-1, 2, 3, NETAJI SUBHASH PLACE, PITAMPURA DELHI,
DELHI - 110034, INDIA |
B95474995 |
|
9 |
10396151 |
19/12/2012 |
4,851,000,000.00 |
AXIS TRUSTEE SERVICES
LIMITED |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B65583080 |
|
10 |
10426282 |
07/06/2012 |
560,800,000.00 |
STATE BANK OF MAURITIUS |
101, RAHEJA CENTER, FREE
PRESS JOURNAL ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B67687715 |
|
11 |
10324337 |
26/12/2011 * |
2,250,000,000.00 |
AXIS TRUSTEE SERVICES
LIMITED |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B30329270 |
|
12 |
10302252 |
29/01/2014 * |
500,000,000.00 |
GE MONEY FINANCIAL
SERVICES PRIVATE LIMITED |
401-402, 4TH FLOOR, AGGARWAL
MILLENIUM TOWER, E-1, 2, 3, NETAJI SUBHASH PLACE, PITAMPURA DELHI, DELHI -
110034, INDIA |
B95408035 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
(i) Loans and Advances from Related Parties |
0.000 |
94.325 |
|
(ii) Inter Corporate Deposits |
0.000 |
15.000 |
|
(iii) Other Loans and Advances |
0.000 |
0.000 |
|
Total
|
0.000 |
109.325 |
Notes:
SHORT-TERM
BORROWINGS
Inter Corporate Deposits
The Inter-Corporate Deposit amounting to Rs. Nil (Previous Year
Rs.37.000 millions) were secured against the Bank Guarantee given by the
Company.
Details of the
aggregate of each loan guaranteed by directors or others, each head-wise.
All the loans
repayable on demand from banks amounting to Rs.2695.498 millions (P.Y.
Rs.1936.169 millions) guaranteed by Mr. Dinesh Nandwana, Chairman and Managing
Director of the Company.
Details of
continuing default in the repayment of loans and interest, specifying the
period and amount separately in each case.
There has been no default in the repayment of loans or interest thereon
as on date.
CORPORATE
INFORMATION
The Company is a
public company domiciled in India and incorporated in May 1990 under the
provisions of the Companies Act, 1956. Its shares are listed on Bombay stock
exchange and National Stock Exchange in India. Subject along with its
subsidiaries eDoc Vision Infotech Private Limited, Vakrangee e-Solutions Inc.
(Philippines), Vakrangee Finserve Limited provides diverse solutions, services
in e-governance sector with special competencies in handling massive,
multi-state, and e-governance enrollment projects and software and IT
solutions, Data Digitisation, Data Management System and Print Management
System.
BOARD OF DIRECTORS
DINESH NANDWANA (Chairman and Managing Director)
Mr. Dinesh
Nandwana is one of the main promoters of the company. By profession, Mr.
Nandwana is a Chartered
Accountant. He is
the navigator who drove the Company from a modest consultancy company to a well
renowned
and prominent
e-governance Company. His vast experience is backed by astute and dynamic
leadership qualities. Mentoring the core management team and to carry the team
to deliver the best in the class e-governance and IT & IT enabled services
has been his forte over the years. His vision to take the Company to the new
orbit have helped the Company to achieve the stringent targets and to claim the
position of one of the best e-governance players in the market.
NISHIKANT HAYATNAGARKAR (Executive Director -
R&D)
Dr. Nishikant
Hayatnagarkar is a Doctorate in Computer Science from I. I. T., Powai, Mumbai.
He is associated with the company since 1994. He is a well-known personality in
the field of microchip designing. He has developed a voice recognition system,
which is widely used in various applications like Tele Banking, Tele Gas
Booking etc. He has also designed and developed Multilingual Keyboard and is
consultant to Media Labs Asia – Kamal Rekhi School for Information Technology
(IIT Mumbai) for development of Multilingual data input device – Marathi
language Key Board (Key – Lekh) and E-Lekh (Tablet based Marathi language
Input).
RAMESH M. JOSHI (Non Executive Independent Director)
Mr. Ramesh M.
Joshi is a graduate in Economics and Law from the University of Nagpur. He had
held various important positions in the Reserve Bank of India. He had the
privilege of being nominated as a nominee of RBI on the Boards of various
Banks. He had retired as an Executive Director of SEBI. He is also practicing
as a senior corporate consultant.
ANIL PATODIA (Non Executive Independent Director)
Mr. Anil Patodia
has a Bachelor’s degree in commerce with over 20 years experience of
administration and has good leadership qualities to control huge projects
involving large manpower.
SUNIL AGARWAL (Non Executive Independent Director)
Mr. Sunil Agarwal
is Bachelor of Commerce with over 25 years experience in business administration.
He is a very successful businessman with good leadership qualities to control
huge projects and explore new business opportunities.
B.L. MEENA (Non Executive Independent Director)
Shri B.L. Meena
has rich experience of having worked in different Government departments,
including being Chief Commercial Manager NW Railway Jaipur of Indian Railway
Traffic Service where he served for 28 years.
PERFORMANCE
Standalone
During the year,
the Company recorded the total income of Rs.15631.978 millions from
Rs.13563.791 millions in previous year, a growth of 15.25%. The EBITDA stood at
Rs.3912.345 millions from Rs.2421.990 millions in previous year, an increase of
61.53%. Profit after Tax was increased to Rs.1092.727 millions from Rs.675.063
millions in previous year, up by 61.87%.
SUBSIDIARIES
The Company has
made an additional investments of Rs.25.000 millions comprising of 2500000
equity shares of Rs.10 each in one of its subsidiary companies, eDoc Vision
Infotech Private Limited during the year 2012-13.
The Company has the following subsidiaries:
• eDoc Vision Infotech Private Limited
The Company is to
focus on consultancy on document and business process outsourcing to various
customers. eDoc provides state of the art technology solutions. The Company has
been allotted an Industrial plot admeasuring to 5 Acres from HSIIDC at IMT
Manesar, Haryana, where on the Company is planning to develop an IT Centre. The
project shall be financed partly by subject in form of equity and partly by
debt from outsiders.
• Vakrangee e-Solutions INC.
They hold 100% of
Equity Share capital of the Company which is incorporated in the financial year
2009-10 at Philippines for implementing the project they had bagged for
Digitization of critical for Govt. of Philippines by setting up digitization
centers all over Philippines.
• Vakrangee Finserve Limited
Vakrangee Finserve
Limited is a 100% Subsidiary of the subject, incorporated in September 2011
with a focus on working as Business Correspondent for various Banks under the
BC Model of Reserve Bank of India (2006) in the area of Financial Inclusion.
The Company has
already signed agreements with State Bank of India, Bank of India and Union
Bank of India for carrying out BC services for these banks in identified Gram
Panchayats. The services include opening of Bank Accounts, Deposits,
Withdrawals and remittances. Besides, the company would provide Business
Facilitator Services to these banks which involve mobilization deposits and
loans.
The company has a
plan to extend its network to about 5000 outlets across the country in the next
three years.
CONTINGENT
LIABILITIES:
|
Particular |
31.03.2013 (Rs in Millions) |
31.03.2012 (Rs in Millions) |
|
Claims against the company not acknowledged as debts |
0.000 |
0.000 |
|
Company has provided Bank Guarantee to various parties which is not acknowledged in books of accounts |
253.879 |
166.945 |
|
Other contingent liabilities (Note 1) |
21.027 |
0.000 |
|
Total |
274.906 |
166.945 |
Notes:
1. Income Tax demand
has been raised during the course of Block Assessment for the Assessment Year
2005-06 to Assessment Year 2011-12 of Rs.21.027 millions (Previous Year Nil)
for which the Company has filed rectification u/s 154 of the Income Tax Act,
1961. Appeals are pending before the Commissioner of Income Tax (Appeals).
2. The amount of
liabilities, which may occur on levying of penalty and/or charges by clients
for delays in execution of contracts within the time prescribed in the
agreement, is unascertained.
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED DECEMBER 31, 2013 (STANDALONE)
(Rs.
in millions)
|
S. No. |
Particulars |
3 months ended |
Preceding 3 months ended |
Year to date figures for the previous period ended |
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
(Un-audited) |
(Un-audited) |
(Un-audited) |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a).Net
Sales/ Income from Operations (Net of excise duty) |
4892.107 |
4263.765 |
13175.310 |
|
|
(b).Other
Operating Income |
0.002 |
0.007 |
0.083 |
|
|
Total Income from Operations (Net) (a+b) |
4892.109 |
4263.772 |
13175.393 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost
of materials Consumed |
3543.023 |
2948.906 |
9245.846 |
|
|
(b) Purchase
of Stock in Trade |
-- |
-- |
-- |
|
|
(c)
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(150.511) |
41.575 |
(61.984) |
|
|
(d)
Employee Benefit Expense |
48.023 |
66.678 |
211.182 |
|
|
(e) Depreciation
and Amortisation Expense |
430.197 |
434.702 |
1278.236 |
|
|
(f)
Other Expenses |
47.770 |
31.913 |
110.561 |
|
|
Total Expenses |
3918.502 |
3523.774 |
10783.841 |
|
3 |
Profit/(Loss)
from Operations before Other Income, Finance Cost and Exceptional Items (1-2) |
973.607 |
739.998 |
2391.552 |
|
4 |
Other
Income |
3.292 |
49.994 |
111.705 |
|
5 |
Profit/(Loss)
from Ordinary Activities before Finance Cost and Exceptional items (3+4) |
976.899 |
789.992 |
2503.257 |
|
6 |
Finance
Cost |
195.223 |
198.088 |
611.815 |
|
7 |
Profit/(Loss)
from Ordinary Activities after Finance Cost but before Exceptional Items
(5-6) |
781.676 |
591.904 |
1891.442 |
|
8 |
Exceptional
Items |
-- |
-- |
-- |
|
9 |
Profit/(loss)
from Ordinary Activities before Tax (7-8) |
781.676 |
591.904 |
1891.442 |
|
10 |
Tax
Expense |
|
|
|
|
|
(a)
Current Tax |
312.672 |
248.606 |
816.928 |
|
|
(b)
Deferred Tax |
(41.953) |
(43.990) |
(162.855) |
|
|
(c) Taxes
of earlier year |
-- |
-- |
8.218 |
|
|
(d) Mat
credit Utilised |
-- |
(50.325) |
(50.325) |
|
|
Total Tax Expenses |
270.719 |
154.291 |
611.966 |
|
11 |
Net
Profit/(Loss) from Ordinary Activities after Tax (9-10) |
510.957 |
437.613 |
1279.476 |
|
12 |
Extra-Ordinary
Items (net of Tax expense) |
-- |
-- |
-- |
|
13 |
Net
Profit for the period (11-12) |
510.957 |
437.613 |
1279.476 |
|
14 |
Share of
Profit/ (Loss) of Associates |
-- |
-- |
-- |
|
15 |
Minority
Interest |
-- |
-- |
-- |
|
16 |
Consolidated
Net Profit/ (loss) after Taxes, Minority Interest and share of profit or loss
of Associates (13+14+15) |
-- |
-- |
-- |
|
17 |
Paid Up
Equity Share Capital FV Re.1/- each) |
503.482 |
502.965 |
503.482 |
|
18 |
Reserves
excluding Revaluation Reserve as per Balance Sheet of Previous Accounting
Year |
4652.894 |
4652.894 |
4652.894 |
|
19 (i) |
No. of equity shares for computing EPS |
|
|
|
|
|
(a)
Basic |
502889194 |
502797254 |
502889194 |
|
|
(b)
Diluted |
511574775 |
511370095 |
511574775 |
|
19 (ii) |
Earnings per Share(EPS) (before
Extraordinary Items) (of Re.1/- each not annualized) |
|
|
|
|
|
(a)
Basic |
1.02 |
0.87 |
2.54 |
|
|
(b)
Diluted |
0.99 |
0.86 |
2.50 |
|
19 (iii) |
Earnings per Share(EPS) (after
Extraordinary Items) (of Re.1/- each not annualized) |
|
|
|
|
|
(a)
Basic |
1.02 |
0.87 |
2.54 |
|
|
(b)
Diluted |
0.99 |
0.86 |
2.50 |
|
Part II |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding: |
|
|
|
|
|
- No of Shares |
308305726 |
307788806 |
308305726 |
|
|
- Percentage of Shareholding |
61.23 |
61.19 |
61.23 |
|
2 |
Promoter and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the
total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the
total share capital of the company) |
-- |
-- |
-- |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
195176514 |
195176514 |
195176514 |
|
|
- Percentage of Shares (as a % of the
total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares (as a % of the
total share capital of the company) |
38.77 |
38.81 |
38.77 |
|
|
Particulars |
3 months ended (31.12.2013) |
|
B |
Investor Complaints |
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
Nil |
|
|
Disposed
of during the quarter |
Nil |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
Notes:
1. In accordance with the
requirements of Clause 41 of the Listing Agreement with the Stock Exchanges, the
Statutory Auditors have performed a limited review of the Company's standalone
financial results for the quarter ended December 31, 2013. There are no
qualifications in the limited review report.
2. The Standalone financial results for the
quarter ended December 31, 2013 have been reviewed and recommended by the Audit
Committee and approved by the Board of Directors at their respective meeting
held on January 20, 2014.
3. Out of the total 1,51,72,000 options granted by the Company till date under "ESOP scheme 2008", 61,58,940 options have been exercised in aggregate till December 31, 2013, out of which 5,16,920 options were exercised during the quarter ended December 31, 2013 by the employees of the Company.
4. The Company’s activities predominantly comprises of providing the E-governance related services. Considering the nature of Company’s business and operations, there is only one reportable segment (business and / or geographical) in accordance with the requirements of the Accounting Standard 17 – “Segment Reporting” notified in the Companies (Accounting Standards) Rules 2006.
5. The board at its meeting held on Monday, January 20, 2014, considered and approved allotment of 2,50,00,000 fully convertible warrants on preferential basis to Vakrangee Capital Private Limited, a promoter group company, at an exercise price of Rs.100/- per warrant, convertible each into equivalent no. of equity share having face value of Re.1/- per share at a premium of Rs.99/- per share, convertible at the sole option of the allottee in one or more trenches at any time after the date of allotment but before expiry of 18 months from the date of allotment, subject to members approval.
6. Previous quarter's /
year’s figures have been regrouped / rearranged wherever necessary to confirm
to the current quarter's/ year’s presentation.
FIXED ASSETS:
Tangible Assets
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computers and Printers
WEBSITE DETAILS:
MEDIA RELEASE
VAKRANGEE Q3FY2013-14
FINANCIAL RESULTS
EBITDA STOOD AT
Rs.1407.100 MILLIONS, YOY GROWTH OF 35.61%
PAT STOOD AT
Rs.511.000 MILLIONS, YOY GROWTH OF 56.17%
PAT MARGIN IS 10.45
% IN Q3FY2013-14
MUMBAI, January 20, 2014: Vakrangee Limited (VL), announced its
unaudited Financial Results for the quarter ended December 31, 2013, of the
financial year 2013-14.
Key Financial Highlights for Q3FY2013-14
·
Net Sales stood at Rs.4892.100 millions in
Q3FY2013-14 as against Rs.3889.200 millions for the corresponding quarter last
year, registering a growth of 25.79%
·
EBITDA of Rs.1407.100 millions in Q3FY2013-14 as
against Rs.1037.600 millions for the corresponding quarter last year,
registering a growth of 35.61%
·
EBITDA margin is 28.76% as against 26.68% for the
corresponding quarter last year
·
PAT stood at Rs.511.000 millions in Q3FY2013-14 as
against Rs.327.200 millions for the corresponding quarter last year,
registering a growth of 56.17%
·
PAT margin is 10.45% as against 8.41% for the
corresponding quarter last year
·
EPS (basic) for the face value of Rs.1 stood at
Rs.1.02 in Q3FY2013-14 as against Rs.0.65 in Q3FY2012-13
Key Financial Highlights for 9 months ended December 31, 2013 for
FY2013-14
·
For 9 months ended December 31, 2013, Net Sales stood
at Rs.13175.400 millions as against Rs.10896.900 millions for the same period
of last financial year, registering a growth of 20.91%
·
For 9 months ended December 31, 2013, PAT stood at
Rs.1279.500 millions as against Rs.776.900 millions for the same period of last
financial year, registering a growth of 64.69%
About Vakrangee
Limited (BSE Code: 511431; NSE Code: VAKRANGEE)
Incorporated in 1990, the Company is a prominent system integrator and
end-to-end service provider which brings together all hardware, software as
well as on ground activation for various Mission Mode Projects under National
e-Governance Plan.
We are currently implementing Election related projects, UID Enrollment,
Direct Benefit Transfer through Financial Inclusion, Public Distribution
System, Common Service Centres, National Population Register, E-Mitra, Land and
IGRS. We have partnered with Nationalized Banks, Private Banks, Regional Rural
Banks, Central government and State governments for successfully implementing
these flagship projects that will benefit every Indian.
The Company has been certified with CMMI Maturity Level 3, ISO
9001:2008, ISO 20000-1:2011 and ISO 27001:2005.
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 records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.50 |
|
UK Pound |
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.