MIRA
INFORM REPORT
|
Report Date : |
107.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZENSAR TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
|
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Country : |
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|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
29.03.1963 |
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|
|
|
Com. Reg. No.: |
11-012621 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.435.810 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L72200PN1963PLC012621 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEZ01771A |
|
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|
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PAN No.: [Permanent Account No.] |
AAACF0742K |
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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
: |
Providing Technology and Software Services. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 30400000 |
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|
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having fine track
record. The rating reflects broad client base, diversified revenue base across
geographies and verticals, healthy profitability indicators and strong
capital structure. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund Based Limit = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
14.03.2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Fund Based Limit = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
14.03.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Zensar Knowledge Park, Kharadi, Plot No. 4, MIDC Off Nagar Road,
Pune-411014, Maharashtra, India |
|
Tel. No.: |
91-20-66074000 |
|
Fax No.: |
91-20-66074444 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. H. V. Goenka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P. K. Mohapatra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. John Levack |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ganesh Natarajan |
|
Designation : |
Vice Chairman and Chief Executive Officer |
|
Date of Birth / Age : |
55 years |
|
Qualification : |
BE(Mech.), P.G.(Ind Engg), Ph.d. |
|
Date of Appointment : |
01.03.2001 |
|
|
|
|
Name : |
Mr. P. K. Choksey |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Venkatesh Kasturirangan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arvind Agrawal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. T. Vaswani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Niraj Bajaj |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Manish Dugar |
|
Designation : |
Director * |
* Term 25.07.2012 to 31.05.2013
KEY EXECUTIVES
|
Name : |
Mr. Vivek Gupta |
|
Designation : |
Chief Executive and Head, Global Infrastructure Management |
|
|
|
|
Name : |
Mr. Nitin Parab |
|
Designation : |
Chief Executive and Head, Enterprise Transformation
Services |
|
|
|
|
Name : |
S.
Balasubramaniam |
|
Designation : |
Chief Financial
Officer |
|
|
|
|
Name : |
Mr. Yogesh
Patgaonkar |
|
Designation : |
Global Head, Human Resources |
|
|
|
|
Name : |
Mr. Ajay Bhandari
|
|
Designation : |
Chief Corporate
Development Officer |
|
|
|
|
Name : |
Mr. Sanjay
Marathe |
|
Designation : |
Head-Strategic
Services Unit and Chief Technology Officer |
|
|
|
|
Name : |
Mr. Harish Gala |
|
Designation : |
Head, Enterprise Applications (Oracle and SAP) and
Hyderabad Location |
|
|
|
|
Name : |
Mrs. Prameela Kalive |
|
Designation : |
Head, Strategic Services and Pune Location |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1 |
0.00 |
|
|
20061084 |
45.90 |
|
|
20061085 |
45.90 |
|
|
|
|
|
|
1030922 |
2.36 |
|
|
1030922 |
2.36 |
|
Total shareholding of Promoter and Promoter Group (A) |
21092007 |
48.26 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
270484 |
0.62 |
|
|
11817 |
0.03 |
|
|
1500 |
0.00 |
|
|
5247354 |
12.01 |
|
|
5531155 |
12.66 |
|
|
|
|
|
|
899251 |
2.06 |
|
|
|
|
|
|
4127973 |
9.45 |
|
|
1443712 |
3.30 |
|
|
10609321 |
24.28 |
|
|
10301294 |
23.57 |
|
|
308027 |
0.70 |
|
|
17080257 |
39.08 |
|
Total Public shareholding (B) |
22611412 |
51.74 |
|
Total (A)+(B) |
43703419 |
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) |
43703419 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Technology and Software Services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
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|
|
|
Wholly owned subsidiaries: |
·
Zensar Technologies,
Inc., USA ·
Zensar Technologies
(UK) Limited ·
Zensar Technologies
(Singapore) Pte. Limited ·
Zensar Advanced
Technologies Limited ·
Zensar Technologies
(Shanghai) Company Limited ·
PSI Holding Group Inc. ·
Zensar Technologies IM
Inc. (formerly known as Akibia, Inc.) ·
Akibia, B.V. ·
Aquila Technology Corp. |
|
|
|
|
Parties having control (directly or
indirectly): |
·
Chattrapati Investments
Limited ·
Pedriano Investments
Limited ·
Summit Securities
Limited ·
Electra Partners
Mauritius Limited ·
Instant Holdings
Limited ·
Swallow Associates LLP |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47500000 |
Equity Shares |
Rs.10/- each |
Rs.475.000 Millions |
|
250000 |
Preferences Shares |
Rs.100/- each |
Rs.25.000 Millions |
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43580988 |
Equity Shares |
Rs.10/- each |
Rs.435.810 Millions |
Reconciliation of
the shares outstanding as at the beginning and at the end of the year
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the year |
43409774 |
434.098 |
|
Add: Shares issued on exercise of Employee Stock Options |
171214 |
1.712 |
|
Outstanding at
the end of the year |
43580988 |
435.810 |
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.
In the event of
liquidation of the Company, the holder of equity shares will be entitled to
receive any of the remaining assets of the Company, after distribution of all
preferential amounts. However, no such preferential amounts exist currently.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
The board of
directors in their meeting on January 21, 2013, declared an interim dividend of
Rs.3.50 per equity share. The board of directors in their meeting on April 22,
2013, proposed final dividend of Rs.4.50 per equity share. The total dividend
appropriation for the year ended March 31, 2013 amounted to Rs.405.188 Millions
including corporate dividend tax of Rs.56.557 Millions.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
RPG Cellular Investment and Holdings Private
Limited |
- |
- |
|
Electra Partners Mauritius Limited |
10301294 |
23.64% |
|
Summit Securities Limited |
4758076 |
10.92% |
|
Idea Tracom Private Limited |
3096800 |
7.11% |
|
Fidelity Management and Research Company |
3499999 |
8.03% |
|
Swallow Associates LLP* |
12048606 |
27.65%s |
* RPG Cellular Investments and Holdings Private Limited has merged with
Swallow Associates LLP w.e.f. March 27, 2012
Aggregate number of bonus shares issued, shares issued for consideration
other than cash and shares bought back during the period of five years
immediately preceeding 31st March, 2013.
|
Particulars |
Number
of Shares |
|
Equity shares
alloted as fully paid bonus shares by capitalisation of profits transferred
from General Reserve |
21589818 |
|
Equity shares bought
back by the company by utilisation of Securities Premium Account and General
Reserve |
- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
435.810 |
434.098 |
433.038 |
|
(b) Reserves & Surplus |
4653.748 |
3740.256 |
3236.674 |
|
(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) |
5089.558 |
4174.354 |
3669.712 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
31.786 |
27.175 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
71.081 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
80.105 |
86.095 |
0.000 |
|
Total Non-current Liabilities (3) |
111.891 |
113.270 |
71.081 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
232.464 |
237.501 |
121.734 |
|
(c) Other current
liabilities |
408.354 |
545.617 |
469.224 |
|
(d) Short-term provisions |
270.991 |
323.162 |
251.742 |
|
Total Current Liabilities (4) |
911.809 |
1106.280 |
842.700 |
|
|
|
|
|
|
TOTAL |
6113.258 |
5393.904 |
4583.493 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
790.796 |
860.281 |
883.161 |
|
(ii) Intangible Assets |
64.392 |
58.542 |
59.300 |
|
(iii) Capital
work-in-progress |
7.720 |
0.000 |
45.271 |
|
(iv)
Intangible assets under development |
16.915 |
27.067 |
4.658 |
|
(b) Non-current Investments |
109.132 |
93.499 |
70.858 |
|
(c) Deferred tax assets (net) |
124.227 |
117.131 |
100.231 |
|
(d) Long-term Loan and Advances |
172.245 |
231.053 |
355.691 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1285.427 |
1387.573 |
1519.170 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
417.366 |
468.181 |
246.381 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
2307.095 |
2168.983 |
1435.334 |
|
(d) Cash and cash
equivalents |
534.200 |
378.829 |
347.436 |
|
(e) Short-term loans and
advances |
511.067 |
528.876 |
564.631 |
|
(f) Other current assets |
1058.103 |
461.462 |
470.541 |
|
Total Current Assets |
4827.831 |
4006.331 |
3064.323 |
|
|
|
|
|
|
TOTAL |
6113.258 |
5393.904 |
4583.493 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
8376.655 |
7127.430 |
5776.089 |
|
|
|
Other Income |
346.494 |
279.129 |
142.095 |
|
|
|
TOTAL (A) |
8723.149 |
7406.559 |
5918.184 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
4573.648 |
4113.640 |
3431.293 |
|
|
|
Other Expenses |
2162.289 |
1659.856 |
1357.143 |
|
|
|
TOTAL (B) |
6735.937 |
5773.496 |
4788.436 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1987.212 |
1633.063 |
1129.748 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.784 |
10.338 |
8.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1978.428 |
1622.725 |
1121.151 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
268.562 |
250.508 |
258.805 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1709.866 |
1372.217 |
862.346 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
494.605 |
426.721 |
(22.422) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1215.261 |
945.496 |
884.768 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
658.664 |
866.289 |
907.671 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
800.000 |
750.000 |
|
|
|
Proposed Dividend |
196.114 |
173.639 |
151.563 |
|
|
|
Tax on Proposed Dividend |
56.557 |
49.269 |
24.587 |
|
|
|
Interim Dividend |
152.517 |
130.213 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
468.737 |
658.664 |
866.289 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Fees for technical services outside India in connection with
development / production of computer software |
7739.929 |
6435.272 |
5536.668 |
|
|
TOTAL EARNINGS |
7739.929 |
6435.272 |
5536.668 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Software |
4.394 |
3.069 |
10.978 |
|
|
|
Capital Goods |
48.116 |
35.799 |
92.530 |
|
|
TOTAL IMPORTS |
52.510 |
38.868 |
103.508 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
27.93 |
21.79 |
20.47 |
|
|
|
- Diluted |
27.39 |
21.55 |
20.10 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
2181.500 |
2441.800 |
2266.600 |
|
Total Expenditure |
1699.700 |
1711.600 |
1706.600 |
|
PBIDT (Excl OI) |
481.800 |
730.200 |
560.000 |
|
Other Income |
260.100 |
122.200 |
68.000 |
|
Operating Profit |
741.900 |
852.400 |
628.000 |
|
Interest |
9.100 |
1.900 |
2.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
732.800 |
850.500 |
625.800 |
|
Depreciation |
72.400 |
72.900 |
75.400 |
|
Profit Before Tax |
660.400 |
777.600 |
550.400 |
|
Tax |
199.100 |
256.200 |
106.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
4.613 |
521.400 |
444.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
461.300 |
521.400 |
444.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.93 |
12.77 |
14.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.41 |
19.25 |
14.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.20 |
26.61 |
19.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.33 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.01 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.29 |
3.62 |
3.64 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION
DETAILS:
|
CASE DETAILS Presentation Date:- 02/01/2014
Petn. Adv.: SURESH
KUMAR (I2100) Bench:- DIVISION
Status:- Pre-Admission
Act :- Wealth Tax Act,
1957
Under Section:- 27A |
GENERAL
INFORMATION
The Company along with its wholly owned and controlled
subsidiaries Zensar Technologies Inc.,Zensar Technologies (UK) Limited, Zensar
Technologies (Singapore) Pte. Limited, Zensar Advanced Technologies Limited,
Zensar Technologies (Shanghai) Company Limited, PSI Holding Group Inc., Zensar
Technologies IM Inc. (formerly known as Akibia, Inc.), Akibia B. V. and Aquila
Technology Corp. is engaged in providing a complete range of IT Services and
Solutions. The Company's industry expertise spans across Manufacturing, Retail,
Media, Banking, Insurance, Healthcare and Utilities
FINANCIAL RESULTS
During the financial year 2012-13, the Company recorded
total income of Rs.8723.100 Millions comprising Income from Software
Development and Allied Services of Rs.8250.700 Millions, and other income of
Rs.472.400 Millions. The Company recorded a net profit of Rs.1215.300 Millions
reflecting a growth of 29%.
MANAGEMENT
DISCUSSION AND ANALYSIS
Zensar Technologies is a technology partner of choice for global
organisations looking to strategically transform, grow, and lead in today's
challenging business environment. Backed by a strong track-record of
innovation, 6500 + associates and a footprint in more than 20 global locations,
Zensar's comprehensive range of software services and solutions enable its 400+
forward-looking customers to cross new thresholds of business performance.
Zensar helps them simplify, optimise and accelerate their IT landscape helping
them transform their businesses. The Company given its growth in recent times
has moved up the NASSCOM listing of Software Service Companies in India by 6
places to # 13 this year. This is reiterated in the Porter's Prize for Best
Strategic Management in the Information, Media and Telecom Industries that has
been bestowed upon the Company. A noted publication, Dataquest in its Top 200
listing has rated Zensar 20 notches higher in their industry rankings of April
2012.
CURRENT STRENGTH
AND FUTURE PROJECTIONS
With a strong focus on continuous innovation, customer sovereignty and
people orientation, Zensar has been able to demonstrate extraordinary growth
and excellence in business results. In the past year, the Company has been
restructured to provide specialised vertical solutions to global corporations
across the world. The solutions and domain expertise has helped Zensar generate
revenues from the existing customer base and add new customers to the vertical
portfolios. The Company's expansion into new age technologies, Social Media,
Mobility, Analytics and Cloud Computing are expected to provide significant
avenues for growth.
Zensar also rolled out its new and focused verticalised innovative
solution strategy during the year and integrated theonsite Data Centre and
Information Security services of itsacquired company, Akibia with its Remote
Infrastructure Management service line. These moves are in line with the
Company's long-term strategy of building specific offerings across various
lines of business thus embarking on an ambitious plan to be the next generation
global industry player.
The strength of Zensar is the energy of their teams. Focused HR
initiatives have contained attrition at a low and the motivation levels of
teams at a high. The Company launched the iZen initiative to instill higher
leadership capabilities in all their managers and will ensure that the
capabilities and motivation of their associates remains the strength of Zensar
in all geographies.
Zensar has been chosen by SAP, Oracle, Microsoft and Google, as their
partner in many key markets and the organisation is in process of redefining
the strategic imperatives for their business in the years ahead and looks to
the future with great confidence. We are on track to become a significant player
in both Infrastructure Management and Application Services globally and have
seen excellent business in the USA, South Africa and Middle East reflecting the
inherent strength of their new Vertical go-to-market strategy Additionally, in
this year Zensar received accolades from all segments of the industry– the
Company retained its position amongst India's top 20 software companies by
NASSCOM and was also listed in the 2011 Global Service 100 and IAOP Global
Outsourcing 100 list.
INDUSTRY OUTLOOK
2012 – 13
In the face of a volatile economic environment, 2012 recorded a steady
growth for technology and related services sector, with worldwide spending of
USD 1.9 Trillion and a growth rate of 4.8 percent over 2011. BPM services with
4.9 percent (slightly above industry average) contributed majorly to the
growth, followed by IT services and packaged software each with 3.3 percent
growth. IT, BPM services and software products continued to lead, accounting
for over USD 1 Trillion which is 58 per cent of the total IT spend. IT hardware
with growth rate of near 7 percent touched USD 797 Billion and accounted for
the remaining 42 percent of the worldwide technology spend in 2012.
In line with growth in global IT spend, the global sourcing market also
grew to USD 124-130 Billion, showing growth of 9percent over 2011 which is
nearly twice the growth of global IT spend. APAC spend grew 6 percent, nearly
1.6 times faster than mature geographies. IT spends of Americas remained steady
at 5 percent and EMEA recorded a minimal growth of 1 percent over 2011. The
impact was also visible on the vertical spending with emerging verticals
driving incremental growth in 2012. While BFSI and manufacturing segment
remained the two largest verticals in terms of total share in IT spending with
more than 40 percent share, emerging verticals like healthcare, retail,
government and utilities contributed 30 per cent of total IT spend in 2012.
Lingering concerns about the global economy also impacted contracts
demonstrating volume decline of nearly 13 percent, however the Average Contract
Value (ACV) remained fairly steady at USD 21 Billion largely due to a number of
megadeals in BPM. In terms of regional contracts, APAC was the sole market to
have registered significant growth over 2011, with near 55 percent (value
terms) and increased its share in total contract value to 15 percent. The EMEA
contracts declined 13 percent and the Americas by about 2.5 percent.
FUTURE OUTLOOK
The global economy is set to improve 2013 onwards, with global GDP
expected to increase by 3.5 percent in 2013 and further by 4.1 percent in 2014.
Simultaneously, the growing importance of the BRIC economies in world trade
means that these markets are maturing from just being sources of cheap labour
to sources of innovation. Five major technology changes are expected to open
new opportunities for service providers – smart computing that are expected to
drive industry-specific solutions, Software-as-a-Service (SaaS) to play a
dominant role, social technologies empowering all elements of an industry's
value chain including suppliers, employees, customers, and business partners,
mobility lending access to anytime, anywhere information and analytics giving
real-time intelligence. Another mega trend is around buyers of technology - the
expanding role of IT means that the stakeholder has expanded beyond CIOs;
employees now are influencing corporate tech adoption and IT's role is also
shifting from a reactive back-end support operation to a proactive enabler of
innovation.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31TH DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
2239.900 |
2408.300 |
6805.800 |
|
b) Other operating income |
26.700 |
33.500 |
84.100 |
|
Total
income from Operations(net) |
2266.600 |
2441.800 |
6889.900 |
|
2.Expenditure |
|
|
|
|
a) Purchase of traded goods |
13.000 |
16.700 |
50.900 |
|
b) Employee benefit expenses |
1249.400 |
1248.700 |
3677.000 |
|
c) Depreciation and amortisation expense |
75.400 |
72.900 |
220.700 |
|
c) Other expenses |
444.200 |
446.200 |
1389.000 |
|
Total expenses |
1782.000 |
1784.500 |
5337.600 |
|
3. Profit from operations before other income and
financial costs |
484.600 |
657.300 |
18552.300 |
|
4. Other income |
68.000 |
122.200 |
449.300 |
|
5. Profit from ordinary activities before finance costs |
552.600 |
779.500 |
2001.600 |
|
6. Finance costs |
2.200 |
1.900 |
13.200 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
550.400 |
777.600 |
1988.400 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
550.400 |
777.600 |
1988.400 |
|
10.Tax expenses |
106.400 |
256.200 |
561.700 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
444.000 |
521.400 |
1426.700 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
444.000 |
521.400 |
1426.700 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
437.000 |
436.800 |
437.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16. Earnings per share |
|
|
|
|
Basic |
10.16 |
11.95 |
32.69 |
|
Diluted |
9.96 |
11.75 |
32.14 |
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
22611412 |
22595643 |
22611412 |
|
- Percentage of shareholding |
51.74% |
51.73% |
51.74% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
21092007 |
21081304 |
21092007 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
48.26% |
48.27% |
48.26% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
48 |
||
|
Disposed of during the quarter |
48 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
Notes:
1. The above financial results were reviewed and recommended by the Audit Committee and taken on record by the Board of Directors at its meeting held on 21st January 2014.
2. The Limited Review under clause 41 of the Listing Agreement has been carried out by the Statutory Auditors. The Report does not contain anything which would have an impact on the results for the quarter ended 31st December 2013.
3. Other Income (Net) for the quarter and nine months ended December 31, 2013 includes foreign exchange gain/ (loss) of Rs. (41.400) Millions and Rs.262.000 Millions respectively. (Corresponding previous period: net gain/ (loss) of Rs.48.000 Millions and Rs.170.000 Millions). Other Income (Net) for the quarter ended September 30, 2013 includes foreign exchange gain/ (loss) of Rs.102.700 Millions.
4. During the quarter ended 31st December 2013, the Company issued 9,196 equity shares, pursuant to the exercise of stock options by certain employees under the "2002 ESOP" and 17,276 equity shares under "2006 ESOP" stock option plan
5. The Board of Directors at their meeting held on January 21, 2014 have declared an Interim Dividend of Rs.4.00 per Equity Share.
6. Figures for the previous periods/year have been regrouped wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10290541 |
03/08/2011 * |
2,272,720,000.00 |
Standard
Chartered Bank |
Crescenzo, 3 A/F, Plot No C 38 And 39,G Block, Bandra Kurla
Complex, Mumbai, Maharashtra - 400051, India |
B18441386 |
|
2 |
10130485 |
11/04/2012 * |
150,000,000.00 |
The
Royal Bank of Scotland N.V. (Formerly ABN Amro Bank N.V.) |
327, M. G. Road, Camp, Pune,
Maharashtra - 411001, INDIA |
B38180832 |
|
3 |
90084119 |
11/05/1994 |
16,500,000.00 |
UNION
BANK OF INDIA |
Industrial Finance Branch,
Union Bank Bhawan; 1st Floor; 239;
Backbay R., Bombay, Maharashtra - 400021, India |
- |
|
4 |
90082397 |
14/04/1994 |
38,248,064.00 |
INDIAN
OVERSEAS BANK |
762; ANNA SALAI, MADRAS, Tamil
Nadu - 600002, INDIA |
- |
|
5 |
90084104 |
31/03/1994 |
29,500,000.00 |
STATE
BANK OF TRAVANCORE |
Free Press Journal Marg,
Nariman Point, Mumbai - 400021 Maharashtra, India |
- |
|
6 |
90089889 |
20/10/1993 |
30,000,000.00 |
UNION
BANK OF INDIA |
Industrial Finance Branch,
Union Bank Bhawan; 239 ; V. Bhavan Marg N. Point, Mumbai - 400021
Maharashtra, India |
- |
|
7 |
90089834 |
07/04/1993 * |
19,500,000.00 |
STATE
BANK OF INDIA |
Industrial Finance Branch;
Killick House, Charanj IT Rai Marg; Fort, Mumbai - 400001 Maharashtra, India |
- |
|
8 |
90083936 |
19/01/1993 |
10,000,000.00 |
UNITED
BANK OF INDIA |
25; Sir P. M. Road, Bombay,
Maharashtra - 400001, India |
- |
|
9 |
90089812 |
08/01/1993 |
16,500,000.00 |
STATE
BANK OF IRAVANCORE |
III Fres Press House; 11th
Floor, Nariman Point, Mumbai - 400021,
Maharashtra, India |
- |
|
10 |
90082371 |
10/08/1992 |
56,843,875.00 |
INDIAN
OVERSEAS BANK |
762; Anna Salai, Madras, Tamil
Nadu - 600002, India |
- |
|
11 |
90089655 |
21/05/1991 |
30,500,000.00 |
STATE
BANK OF INDIA |
Commercial Branch, Justice G. N. Vaidya Marg, Bombay, Maharashtra
- 400023, India |
- |
|
12 |
90089572 |
23/08/1990 * |
36,500,000.00 |
STATE
BANK OF INDIA |
Commercial Branch, Justice G. N. Vaidya Marg, Bombay,
Maharashtra - 400023, India |
- |
|
13 |
90082333 |
19/05/1989 |
56,285,640.00 |
INDIAN
OVERSEAS BANK |
762; Anna Salai, Madras, Tamil
Nadu - 600002, India |
- |
|
14 |
90083524 |
16/03/1988 |
4,300,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
Nariman Bhawan; 227; Vinay K.,
Shah Marg; Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
15 |
90087589 |
24/03/1998 * |
38,248,064.00 |
BANK
OF MAHARASHTRA |
Lokmangal; 1501, Shivajinagar,
Pune, Maharashtra - 411005, India |
- |
|
16 |
90083424 |
03/03/1986 |
219,840.00 |
CITI
BANK N. A. |
293; Dr. D. N. Road, Bombay,
Maharashtra - 400081, India |
- |
|
17 |
90089301 |
04/02/1986 |
987,000.00 |
BANK
OF INDIA |
70/80; M. G. Road, Bombay,
Maharashtra - 400023, India |
- |
|
18 |
90089295 |
17/12/1985 |
4,620,000.00 |
BANK
OF INDIA |
Commercial Branch, Justice G.
N. Vaidya Marg, Bombay, Maharashtra - 400023, India |
- |
|
19 |
90083417 |
29/09/1989 * |
6,780,000.00 |
THE
INDUSTRIAL CREDIT AND INVNESTMENT |
163; Backbay Reclamation, Bombay,
Maharashtra - 400020, India |
- |
|
20 |
90083310 |
18/08/1983 * |
3,750,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
Yogaksheme, Jeevan
Bima Marg, Bombay, Maharashtra - 400021, India |
- |
|
21 |
90083301 |
18/08/1983 * |
3,750,000.00 |
STATE BANK OF INDIA |
Bombay Samachar
Marg, Bombay, Maharashtra - 400023, India |
- |
|
22 |
90083291 |
18/08/1983 * |
3,750,000.00 |
GENERAL INSURANCE CORPORATION OF INDIA |
Industrial
Assurance Bldg., Churchgate, Bombay, MAharashtra - 400020, India |
- |
|
23 |
90083270 |
18/08/1983 * |
3,750,000.00 |
The Industrial Credit and Investment Co. Of India Limited |
163; Backbay
Reclamation, Bombay, Maharashtra - 411020, India |
- |
|
24 |
90083262 |
24/10/1980 |
6,960,000.00 |
STATE BANK OF INDIA |
Commercial Branch,
Bank Street, Bombay, Maharashtra - 400023, India |
- |
|
25 |
90083259 |
04/10/1980 |
5,500,000.00 |
STATE BANK OF INDIA |
Commercial Branch,
Bank Street, Bombay, Maharashtra - 400023, India |
- |
|
26 |
90087533 |
28/05/1980 |
1,900,000.00 |
STATE BANK OF INDIA |
Commercial Branch,
Bank Street, Bombay, Maharashtra - 400023, India |
- |
|
27 |
90083235 |
07/04/1994 * |
30,000,000.00 |
STATE BANK OF INDIA |
Industrial Finance
Branch, Killick House; Charanj IT Rai Marg, Bombay, Maharashtra - 411001,
India |
- |
|
28 |
90089148 |
25/08/1978 |
5,500,000.00 |
STATE BANK OF INDIA |
Bombay Samachar Marg,
Mumbai - 400023, Maharashtra - India |
- |
FIXED ASSETS:
·
Leasehold
·
Freehold
·
Buildings
·
Improvement to Leasehold
·
Premises
·
Plant and Machinery
·
Furniture, Fixture and Office Equipment
·
Motor Vehicles
·
Data Processing
·
Equipment –Own Use
·
Software Including Courseware
NEWS:
ZENSAR TECHNOLOGIES BAGS
DEALS WORTH RS 1800.000 MILLIONS
IT firm Zensar Technologies BSE 2.17 % today said it has bagged deals worth
over Rs.1800.000 Millions this month from the US market.
"It has been
a good start to the calender year. All the new deals signed so far are in North
America and span all Zensar services in the areas of ERP, application
management and infrastructure management," Zensar
Technologies Vice
Chairman and CEO Ganesh Natarajan said in a statement.
The US market accounts for close to 60 per cent of the exports of Indian IT
services players.
The new deals
signed include one with an access equipment manufacturer, while another is a
large vendor consolidation agreement with a billion-dollar network equipment
vendor.
"Our
strategies for new client acquisition in the US region have begun to show
significant traction helping provide the necessary boost to sales," Zensar
Chief Executive and Head (Enterprise Transformation Business) Nitin Parab said.
The client
acquisition in the US has been buoyant in all three verticals that Zensar is
focusing on including manufacturing, retail and insurance, he added.
"The order
book for the year ahead looks robust and we hope to further close some
significant deals in the pipeline in the coming months," he said.
ZENSAR REVENUES UP 12.8% IN THIRD QUARTER
Zensar
Technologies today announced its third Quarter results, reporting revenues of
Rs.5920.100 Millions, a growth of 12.8% over the same quarter previous year of
Rs.5247.800 Millions . The PAT is at Rs.507.100 Millions, a 4.1% increase over
the same quarter previous year of Rs.487.000 Millions. The profit growth has
been impacted due to currency fluctuations during the period.
The
Infrastructure Management business of the company, which has been restructured
over the last few quarters, has shown a sharp increase in dollar revenues of
over 12% on a sequential quarter basis. The company reported 12 new customer
wins in the quarter including over 27 million dollars of new business in IM.
Zensar’s focus on
Continental Europe is also paying dividends. The territory has recorded robust
growth of 11.1% over the same quarter previous year
Vivek Gupta, Chief
Executive of Global Infrastructure Management business at Zensar Technologies
said, “The Quarter has been upbeat with several new client additions, with the
company’s focus on cloud, security and multi-vendor services reaping results.
We have a robust pipeline and are confident of good conversion in 2014.”
Business Highlights
The new wins this
Quarter include Infrastructure management services for
·
a
centralized government banking system
·
a
large payment processing company
·
a
producer of computer servers
·
a
large multinational engineering and electronics conglomerate corporation
·
a
significant multinational corporation selling telepresence and voice
communication solutions
·
a
leader in providing comprehensive serialized data warehousing, traceability, and
information management solutions
Zensar closes
multi-million dollars in first month of 2014
US MARKETS SET FOR SIGNIFICANT GROWTH
Zensar Technologies, a leading software services and infrastructure provider has
recorded significant wins amounting to over Rs.1800.000 Millions at the start
of calendar year 2014
.
Dr. Ganesh
Natarajan, Vice Chairman and CEO, Zensar Technologies said, “It has been a good
start to the calendar year. All the new deals signed so far are in North
America and span all Zensar services in the areas of ERP, Application
Management and Infrastructure Management. US, Europe and Africa will continue
to be key growth markets for Zensar.”
The new deals won
include a leading manufacturer of access equipment, specialty vehicles and
truck bodies partnering with them on their transformation initiatives; legacy
transformation initiatives for a large energy company delivering top-quality,
competitively priced solutions that helps utilities and retail energy
suppliers, a multi-year maintenance and infrastructure contract for a leading
North American real estate major, and a large biomedical laboratory
instruments manufacturer.
The company has
also closed a large vendor consolidation deal with a significant multibillion
dollar network equipment manufacturer making Zensar the single vendor to run an
end-to-end portfolio that includes strategy, development, operations and
quality assurance services, with the assurance of future business in driving
key collaboration strategies for the company. The engagement moved from the
existing support portfolio to an end-to-end services scenario as also involving
future roadmap exercises. In this strategic consolidation, the complete program
was reduced by seven vendors to just one partner.
Nitin Parab,
Chief Executive and Head, Enterprise Transformation Business, Zensar
said, “Our strategies for new client acquisition in the US region have begun to
show significant traction helping provide the necessary boost to sales. The
client acquisition in the US has been buoyant in all three verticals that we
are focusing on including Manufacturing, Retail and Insurance. The order book
for the year ahead looks robust and we hope to further close some significant
deals in the pipeline in the coming months.”
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
`
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
65 |
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.