MIRA INFORM REPORT
|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
PERSISTENT SYSTEMS LIMITED |
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Registered
Office : |
Bhageerath, 402, Senapati Bapat Road, Pune – 411016, Maharashtra |
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Country : |
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Financials (as
on) : |
30.06.2014 (Consolidated) |
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Date of
Incorporation : |
30.05.1990 |
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Com. Reg. No.: |
11-056696 |
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Capital
Investment / Paid-up Capital : |
Rs.400.000
Millions |
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CIN No.: [Company
Identification No.] |
L72300PN1990PLC056696 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
PNEP00909G |
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PAN No.: [Permanent
Account No.] |
AABCP1209Q |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in software product, services and
technology innovation. The Company offers complete product life cycle
services. |
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No. of Employees
: |
1816 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 50800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-20-67030000)
LOCATIONS
|
Registered Office : |
Bhageerath, 402, Senapati Bapat Road, Pune – 411016, Maharashtra,
India |
|
Tel. No.: |
91-20-67030000 / 30234000 |
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Fax No.: |
91-20-67030009 |
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E-Mail : |
auadhoot_upadye@persistent.co.in
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Website : |
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SEZ Unit 1 : |
4 Floor, Building No. IT 3, Zone Number C - 1, Special
Economic Zone, Rajiv Gandhi Infotech Park, Hinjawadi, Pune – 411057,
Maharashtra, India |
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Tel. No.: |
91-20-67983500 |
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SEZ Unit 2 : |
8 Floor, Unit No. 1, Building No. 14, Raheja Mind Space,
Cyberabad, Sy. No. 64 (Part), Hi-Tech City, Madhapur, Hyderabad – 500081,
Andhra Pradesh, India |
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Tel. No.: |
91-40-67442002 |
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Fax No.: |
91-40-67441509 |
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Development Centres : |
Located At: ·
Pune o
2A Senapati Bapat Road, Pune - 411016,
Maharashtra, India o 9A/12 Kashibai Khilare Marg, Erandwana, Pune – 411004, Maharashtra, India o 39 Phase I, Rajiv Gandhi Infotech Park, Hinjawadi, Pune 411 057, Maharashtra, India ·
Bengaluru o 1 Floor, GGR Towers, 2 Building, Sy # 18/2B, Ambalipura Road, Ambalipura Village, Sarjapur Road, Bellandur Gate, Bengaluru East Taluk, Bengaluru 560103, Karnataka, India o 1Prestige Pegasus, 3 Floor, No. 19 of Ambalipura Village, VarthurHobli, Bengaluru South Taluk, Bengaluru – 560037, Karnataka, India ·
Goa o
L- 44 Unit - 1, Software Technology Park, Verna
Industrial Estate, Verna, Salcette, Goa – 403722, Maharashtra, India ·
Hyderabad o
2 Floor, Building No. 2B, Maximus Towers, Raheja
Mind Space, Survey No. 64 (Part), APIIC Software Unit Layout, Hi-Tech City,
Madhapur Village, Serilingampally Mandal, Hyderabad - 500081, Andhra Pradesh, India ·
Nagpur o
8 and 9 IT Park, MIDC Parsodi, Nagpur – 440022,
Maharashtra, India o
2nd and 3rd Floor, Infotech Tower, IT Park,
M.I.D.C., Parsodi, Nagpur – 440022, Maharashtra, India |
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Branch Office in India : |
Located At: ·
Pune ·
Nagpur ·
Goa ·
Hyderabad ·
Bangalore |
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Overseas Branch Office : |
Located At: ·
Australia ·
Germany ·
Japan ·
Malaysia ·
South Africa ·
United Kingdom |
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Anand Deshpande |
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Designation : |
Founder, Chairman and Managing Director |
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Name : |
Mr. Pradeep Kumar Bhargava |
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Designation : |
Independent Director |
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Name : |
Mr. Sanjay. Kumar Bhattacharya |
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Designation : |
Independent Director |
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Name : |
Dr. Anant Jhingran |
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Designation : |
Independent Director |
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Name : |
Mr. Prakash Telang |
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Designation : |
Independent Director |
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Name : |
Mr. Kiran Umrootkar |
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Designation : |
Independent Director |
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Name : |
Mr. Nitin Kulkarni |
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Designation : |
Executive Director |
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Name : |
Mr. Mritunjay Kumar Singh |
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Designation : |
Executive Director |
KEY EXECUTIVES
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Name : |
Mr. Amit Atre |
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Designation : |
Company Secretary |
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Name : |
Mr. Rohit Kamat |
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Designation : |
Chief Financial Officer |
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Audit Committee
: |
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Name : |
Mr. Kiran
Umrootkar |
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Designation : |
Chairman of the
Committee and Independent Director |
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Name : |
Mr. Pradeep
Kumar Bhargava |
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Designation : |
Independent
Director |
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Name : |
Mr. Sanjay Kumar
Bhattacharyya |
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Designation : |
Independent
Director |
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Name : |
Mr. Nitin Kulkarni |
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Designation : |
Executive Director |
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Corporate Social Responsibility (CSR) Committee : |
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Name : |
Mr. Prakash
Telang |
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Designation : |
Chairman of the
Committee and Independent Director |
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Name : |
Mr. Sanjay Kumar
Bhattacharyya |
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Designation : |
Independent
Director |
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Name : |
Dr. Anant
Jhingran |
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Designation : |
Independent
Director |
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Corporate Social
Responsibility (CSR) Committee : |
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Name : |
Dr. Anant
Jhingran |
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Designation : |
Chairman of the Committee and Chairman and Managing Director |
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Name : |
Mr. Pradeep Kumar Bhargava |
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Designation : |
Independent
Director |
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Name : |
Mr. Prakash Telang |
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Designation : |
Independent
Director |
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Executive Committee : |
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Name : |
Mr. Kiran Umrootkar |
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Designation : |
Chairman of the Committee and Independent Director |
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Name : |
Dr. Anant Jhingran |
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Designation : |
Independent Director |
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Name : |
Mr. Nitin Kulkarni |
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Designation : |
Executive Directortin Kulkarni |
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Name : |
Mr. Prakash Telang |
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Designation : |
Independent Director |
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Nomination and Governance Committee |
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Name : |
Mr. Pradeep Kumar Bhargava |
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Designation : |
Chairman of the Committee and Independent Director |
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Name : |
Mr. Sanjay Kumar Bhattacharyya |
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Designation : |
Independent Director |
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Name : |
Dr. Anant Jhingran |
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Designation : |
Independent Director |
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Name : |
Mr. Prakash Telang |
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Designation : |
Independent Director |
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Name : |
Mr. Kiran Umrootkar |
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Designation : |
Independent Director |
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Shareholders' / Investors' Grievance Committee |
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Name : |
Mr. Sanjay Kumar Bhattacharyya |
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Designation : |
Chairman of the Committee and Independent Director |
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|
Name : |
Mr. Pradeep Kumar Bhargava |
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Designation : |
Independent Director |
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Name : |
Dr. Anant Jhingran |
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Designation : |
Independent Director |
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Name : |
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Designation : |
Mr. Nitin Kulkarni |
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Executive Director |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
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|
15216120 |
38.04 |
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|
369400 |
0.92 |
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|
369400 |
0.92 |
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|
15585520 |
38.96 |
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Total
shareholding of Promoter and Promoter Group (A) |
15585520 |
38.96 |
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(B)
Public Shareholding |
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|
3894401 |
9.74 |
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|
35354 |
0.09 |
|
|
10764490 |
26.91 |
|
|
183431 |
0.46 |
|
|
183431 |
0.46 |
|
|
14877676 |
37.19 |
|
|
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|
551894 |
1.38 |
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|
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|
2515750 |
6.29 |
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|
3264428 |
8.16 |
|
|
3204732 |
8.01 |
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|
441313 |
1.10 |
|
|
2662065 |
6.66 |
|
|
66686 |
0.17 |
|
|
31168 |
0.08 |
|
|
3500 |
0.01 |
|
|
9536804 |
23.84 |
|
Total
Public shareholding (B) |
24414480 |
61.04 |
|
Total
(A)+(B) |
40000000 |
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) |
40000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in software product, services and
technology innovation. The Company offers complete product life cycle
services. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
1816 (Approximately) |
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Bankers : |
·
Axis Bank ·
Bank of India ·
BNP Paribas ·
Bank of Tokyo-Mitsubishi ·
Citibank NA ·
HDFC Bank Limited ·
State Bank of India ·
Syndicate Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
S.R. Batliboi and Company Chartered Accountants |
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Auditors : |
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Name 2 : |
Joshi Apte and Company Chartered Accountants |
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Subsidiaries (As on
31.03.2014) : |
· Persistent Systems, Inc. · Persistent Systems Pte Limited · Persistent Systems France SAS · Persistent Systems Malaysia Sdn. Bhd. · Persistent Telecom Solutions Inc. (wholly owned subsidiary of Persistent Systems, Inc.) ·
CloudSquads Inc. (wholly owned subsidiary of
Persistent Systems, Inc.) |
CAPITAL STRUCTURE
As on 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
112000000 |
Equity Shares |
Rs.10/- each |
Rs.1120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
a)
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period
There
is no movement in the shares outstanding at the beginning and at the end of the
reporting period.
b) Terms / rights attached to equity shares
The Company has only one class of equity shares having
a par value of Rs.10 per share. Each holder of equity shares is entitled to one
vote per share. The Company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
During the quarter ended June 30, 2014, the amount of
per share interim dividend recognized as distributions to equity shareholders
is Rs. Nil (Corresponding period: Rs. Nil/ Previous year Rs.8).
During the year ended March 31, 2014, the amount of
per share final dividend recognized as distributions to equity shareholders was
Rs.4.
In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the shareholders.
c)
Details of
shareholders holding more than 5% shares in the Company
|
Name of
Shareholder |
No.
in Millions |
% holding |
|
Dr. Anand Deshpande jointly
with Mrs. Sonali Anand Deshpande |
11.46 |
28.65% |
|
Mr. Suresh Deshpande jointly
with Mrs. Sulabha Suresh Deshpande |
4.09 |
10.24% |
|
PSPL ESOP Management Trust |
2.66 |
6.65% |
|
Saif Advisors Mauritius
Limited |
2.13 |
5.33% |
* The shareholding information is based on legal ownership
of shares and has been extracted from the of the Company including register of
shareholders / members.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2014 (Consolidated) |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
400.000 |
400.000 |
400.000 |
|
(b) Reserves & Surplus |
12,293.560 |
11,618.680 |
9,660.440 |
|
(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) |
12,693.560 |
12,018.680 |
10,060.440 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
31.870 |
31.870 |
14.200 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
1.090 |
0.890 |
0.360 |
|
(d) long-term provisions |
99.690 |
93.230 |
79.870 |
|
Total Non-current Liabilities (3) |
132.650 |
125.990 |
94.430 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
272.190 |
271.890 |
230.570 |
|
(c) Other current
liabilities |
559.380 |
335.840 |
196.340 |
|
(d) Short-term provisions |
499.670 |
731.050 |
709.680 |
|
Total Current Liabilities (4) |
1,331.240 |
1,338.780 |
1,136.590 |
|
|
|
|
|
|
TOTAL |
14,157.450 |
13,483.450 |
11,291.460 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2,666.480 |
2,555.190 |
2,638.350 |
|
(ii) Intangible Assets |
143.810 |
162.850 |
240.480 |
|
(iii) Capital
work-in-progress |
253.360 |
304.670 |
346.260 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2,628.390 |
1,441.200 |
750.300 |
|
(c) Deferred tax assets (net) |
127.860 |
136.460 |
111.780 |
|
(d) Long-term Loan and Advances |
380.380 |
459.430 |
627.120 |
|
(e) Other Non-current assets |
21.680 |
465.570 |
526.290 |
|
Total Non-Current Assets |
6,221.960 |
5,525.370 |
5,240.580 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3,574.160 |
4,071.360 |
3,116.180 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
2,660.260 |
2,265.930 |
2,033.990 |
|
(d) Cash and cash
equivalents |
595.520 |
589.370 |
298.080 |
|
(e) Short-term loans and
advances |
415.810 |
362.340 |
265.750 |
|
(f) Other current assets |
689.740 |
669.080 |
336.880 |
|
Total Current Assets |
7,935.490 |
7,958.080 |
6,050.880 |
|
|
|
|
|
|
TOTAL |
14,157.450 |
13,483.450 |
11,291.460 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2014 (Consolidated) |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2,907.110 |
11,841.160 |
9,967.510 |
|
|
|
Other Income |
283.380 |
371.280 |
288.300 |
|
|
|
TOTAL (A) |
3,190.490 |
12,212.440 |
10,255.810 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
1,454.540 |
5,581.700 |
4,778.600 |
|
|
|
Cost of Technical Professional |
260.290 |
1,094.570 |
973.080 |
|
|
|
Other expenses |
389.110 |
1,531.730 |
1,440.830 |
|
|
|
TOTAL (B) |
2,103.940 |
8,208.000 |
7,192.510 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,086.550 |
4,004.440 |
3,063.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.200 |
0.530 |
0.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,086.350 |
4,003.910 |
3,062.940 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
115.610 |
584.080 |
596.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
970.740 |
3,419.830 |
2,465.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
258.120 |
934.130 |
647.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
712.620 |
2,485.700 |
1,818.090 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5127.700 |
4197.880 |
3526.350 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend |
0.000 |
320.000 |
240.000 |
|
|
|
Proposed final dividend |
0.000 |
160.000 |
120.000 |
|
|
|
Tax on Dividend |
0.000 |
81.580 |
59.320 |
|
|
|
Transferred to general reserve |
0.000 |
994.300 |
727.240 |
|
|
BALANCE CARRIED
TO THE B/S |
5840.320 |
5127.700 |
4197.880 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of software |
|
10606.230 |
9088.190 |
|
|
|
Interest |
|
20.050 |
5.260 |
|
|
|
Dividend |
|
19.410 |
0.000 |
|
|
|
Other Earnings |
|
3.630 |
3.640 |
|
|
TOTAL EARNINGS |
NA |
10649.320 |
9097.090 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
165.770 |
140.710 |
|
|
TOTAL IMPORTS |
NA |
165.770 |
140.710 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
18.15 |
63.89 |
47.12 |
|
|
|
Diluted |
17.82 |
62.14 |
45.45 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2014 (Consolidated) |
31.03.2014 |
31.03.2013 |
|
PAT / Total Income |
(%) |
22.34 |
20.35 |
17.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
33.39 |
28.88 |
24.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.71 |
29.48 |
24.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.28 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.96 |
5.94 |
5.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
30.06.2014 (Consolidated)
|
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
400.000 |
400.000 |
400.000 |
|
Reserves & Surplus |
9660.440 |
11618.680 |
12293.560 |
|
Net
worth |
10060.440 |
12018.680 |
12693.560 |
|
|
|
|
|
|
long-term borrowings |
14.200 |
31.870 |
31.870 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
14.200 |
31.870 |
31.870 |
|
Debt/Equity
ratio |
0.001 |
0.003 |
0.003 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
30.06.2014 (Consolidated)
|
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
9,967.510 |
11,841.160 |
2,907.110 |
|
|
|
18.798 |
(75.449) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
30.06.2014 (Consolidated)
|
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
9,967.510 |
11,841.160 |
2,907.110 |
|
Profit |
1,818.090 |
2,485.700 |
712.620 |
|
|
18.24% |
20.99% |
24.51% |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN:
|
Particulars |
30.06.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Indian rupee loan from others |
31.870 |
31.870 |
|
Total |
31.870 |
31.870 |
Notes:
The term loans from
Government departments have the following terms and conditions:
Loan I - amounting to Rs.15.060 millions (Corresponding period Rs.6.540 millions Previous year Rs.15.060 millions) with interest payable @ 2% per annum guaranteed by a bank guarantee by the Company and repayable in ten equal semiannual installments over a period of five years commencing from March 2016.
Loan II - amounting to Rs.16.810 millions (Corresponding
period Rs.7.660
million/ Previous year Rs.16.810 millions) with Interest payable @ 3% per
annum repayable in ten equal annual installments over a period of ten years
commencing from September 2015.
NATURE OF OPERATIONS
The Company is a
public Company domiciled in India and incorporated under the provisions of the
Companies Act, 1956 (the “Act”). The shares of the Company are listed on Bombay
Stock Exchange and National Stock Exchange. The Company is a global company
specializing in software products, services and technology innovation. The
Company offers complete product life cycle services.
BUSINESS OVERVIEW
The Company specializes in
building computer software products. The Company’s business is organized with a
focus on the following three areas: Products (IP Business), Platforms
(Solutions Integration) and Services (Product Engineering). The Company has
decided to brand the product business separately from the Persistent brand and
has named it ‘Accelerite’. Accelerite will be headquartered in the Silicon
Valley and will help The Company provide clarity – the Persistent brand is for
product development and the Accelerite brand is for products.
The company has organized the
development and engineering teams around three strategies: Account-Led,
Platform-Led and Product-Led. Further, Account-Led teams are organized as Named
Accounts and Growth Accounts.
Driven by growth in the platform
based solutions and IP led business, the consolidated revenue of The Company
recorded an increase of 15.2% in the US Dollar terms and 28.9% in the Rupee
term during the year under review. The consolidated EBIDTA increased by 28.4%
and net profit after tax went up by 32.9% during the same period.
A detailed overview of the business
is described in the Management Discussion and Analysis (MD and A) section of
this report.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90087461 |
10/10/2005 |
45,000,000.00 |
CITI BANK N.A. |
2413; Parmar House, East Street, Pune, Maharashtra - 411001, India |
- |
|
2 |
90085601 |
02/03/2006 * |
108,000,000.00 |
BANK OF INDIA |
Pune Main Branch 8, Dr. Koyaji Road, Pune, Maharashtra - 411001, India |
- |
FIXED ASSETS:
·
Freehold land
·
Leasehold land
·
Buildings
·
Computers
·
Office Equipments
·
Plant and Machinery
·
Leasehold Improvements
·
Furniture and Fixtures
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.60.73 |
|
UK Pound |
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.