MIRA
INFORM REPORT
|
Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRIGYN TECHNOLOGIES LIMITED |
|
|
|
|
Formerly Known
As : |
LEADING EDGE SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
27, SDF-1, SEEPZ, Andheri (East), Mumbai – 400096,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.03.1986 |
|
|
|
|
Com. Reg. No.: |
11-039341 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 293.487 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L72200MH1986PLC039341 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT01880E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL2065K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Provinding IT Solutions and Services. |
|
|
|
|
No. of Employees
: |
1050 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4280000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an estasblished company having satisfactory track record. Profitability of the company seems to be decent. General financial
position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for businesss dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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 : |
27, SDF-1, SEEPZ, Andheri (East), Mumbai – 400096,
Maharashtra, India |
|
Tel. No. : |
91-22-61400909 |
|
Fax No. : |
91-22-28291418 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Overseas Offices : |
Located at · Edison, New Jersey Boston, Massachusetts Washington, DC Pforzheim Winterthur |
DIRECTORS
As on 31.03.2013
|
Name : |
R. Ganapathi |
|
Designation : |
Chairman and Executive Director |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
B.Tech Degree |
|
|
|
|
Name : |
Ms. P. Bhavana Rao |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
30 Years |
|
Qualification : |
Graduation in B Tech (IT) and post graduation in MBA (Human Resource). |
|
|
|
|
Name : |
Dr. P. Raja Mohan Rao |
|
Designation : |
Non-Executive Director |
|
Qualification : |
doctorate in Economics |
|
|
|
|
Name : |
C.V. Rao |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Dr. C. Rao Kasarabada |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
A. R. Ansari |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
01.07.1952 |
|
Qualification : |
B.Sc, BE (Mining) |
|
Date of Appointment : |
14.08.2013 |
|
|
|
|
Name : |
Mr. Mohan Narayanan |
|
Designation : |
Independent Director |
|
Qualification : |
Veteran in the IT industry |
|
Date of Appointment : |
14.08.2013 |
|
|
|
|
Name : |
Ch. V.V. Prasad |
|
Designation : |
Independent Director |
|
Qualification : |
Diploma in Mechanical engineering |
|
|
|
|
Name : |
Mr. Vivek Khare |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. B. R. Patil |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Rohit Koli |
|
Designation : |
Financial Manager |
|
|
|
|
Name : |
Mr. Parthasarathy Iyengar |
|
Designation : |
Company Secretary, Compliance Officer, Head – Legal and Admin |
|
|
|
|
Name : |
Valmeeka Nathan |
|
Designation : |
Chief Executive Officer |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
Bachelors degree in Mechanical Engineering from Birla Institute of Technology and Science, Pilani |
|
Experience : |
25 Years |
|
Date of Appointment : |
25.04.2013 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
14159020 |
48.24 |
|
|
14159020 |
48.24 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14159020 |
48.24 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3400 |
0.01 |
|
|
3400 |
0.01 |
|
|
|
|
|
|
1570610 |
5.35 |
|
|
|
|
|
|
6574077 |
22.40 |
|
|
6355242 |
21.65 |
|
|
686387 |
2.34 |
|
|
536387 |
1.83 |
|
|
150000 |
0.51 |
|
|
15186316 |
51.74 |
|
Total Public shareholding (B) |
15189716 |
51.76 |
|
Total (A)+(B) |
29348736 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
29348736 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provinding IT Solutions and Services. |
GENERAL INFORMATION
|
No. of Employees : |
1050 (Approximately) |
|
|
|
|
Bankers : |
· Punjab National Bank ING Vysya Bank HDFC Bank Limited |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ford, Rhodes, Parks and Company Chartered Accountants |
|
Address : |
Sai Commercial Building, 312/313, 3rd Floor, BKS Devshi Marg, Govandi (East), Mumbai – 400088, Maharashtra, India |
|
Tel. No. : |
91-22-67979819 / 67979823 / 67979822 |
|
E-Mail : |
|
|
|
|
|
Subsidiary
companies: |
· Leading Edge Infotech Limited eCapital Solutions (Bermuda) Limited (under voluntary
liquidation) Applisoft Inc. (till May 18, 2010 as company was
voluntarily liquidated) |
|
|
|
|
Step down
subsidiary companies: |
· Trigyn Technologies (India) Private Limited Trigyn Technologies Europe GmbH (under voluntary
liquidation) Trigyn Technologies Inc. eVector (India) Private Limited (Under Liquidation) Trigyn Technologies Limited UK (Liquidated in 2004) eVector Inc. USA (Liquidated) |
|
|
|
|
Entity which has a
substantial interest in the Company: |
United Telecoms Limited |
|
|
|
|
Other Related
Parties: |
· Andhra Networks Limited Promuk Hoffmann International Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Millions |
|
5,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29,348,736 |
Equity Shares |
Rs.10/- each |
Rs. 293.487 Millions |
|
|
|
|
|
Note
Reconciliation of
number of shares
|
Particulars |
As at March 31, 2013 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Balance as at the beginning of the year |
29,348,736 |
293.487 |
|
On conversion of equity warrants |
-- |
-- |
|
On exercise of Employee stock options |
-- |
-- |
|
Balance as at the
end of the year |
29,348,736 |
293.487 |
Rights, preferences
and restrictions attached to shares –
Equity shares: The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Preference Shares: The Company's authorised capital is divided in equity share capital and preference share capital. However the company has not yet issued any preference share.
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Particulars |
As at March 31, 2013 |
|
|
Number of Shares |
% of Holding |
|
|
|
|
|
|
United Telecoms Limited |
14,159,020 |
48.24% |
|
|
|
|
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 |
293.487 |
293.487 |
279.037 |
|
(b) Reserves & Surplus |
777.399 |
733.796 |
668.911 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
6.795 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1070.886 |
1027.283 |
954.743 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
12.569 |
8.446 |
6.357 |
|
(c) Other current
liabilities |
151.713 |
152.935 |
139.747 |
|
(d) Short-term provisions |
27.896 |
6.134 |
3.711 |
|
Total Current Liabilities (4) |
192.178 |
167.515 |
149.815 |
|
|
|
|
|
|
TOTAL |
1263.064 |
1194.798 |
1104.558 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12.383 |
10.907 |
8.304 |
|
(ii) Intangible Assets |
3.106 |
5.826 |
7.471 |
|
(iii) Capital work-in-progress |
0.185 |
0.185 |
0.185 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
456.804 |
456.804 |
456.804 |
|
(c) Deferred tax assets (net) |
10.174 |
8.056 |
0.000 |
|
(d) Long-term Loan and Advances |
162.102 |
147.503 |
30.032 |
|
(e) Other Non-current assets |
85.833 |
78.978 |
72.556 |
|
Total Non-Current Assets |
730.587 |
708.259 |
575.352 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
252.232 |
227.150 |
140.743 |
|
(d) Cash and cash
equivalents |
74.124 |
63.896 |
183.980 |
|
(e) Short-term loans and
advances |
27.694 |
30.510 |
10.944 |
|
(f) Other current assets |
178.427 |
164.983 |
193.539 |
|
Total Current Assets |
532.477 |
486.539 |
529.206 |
|
|
|
|
|
|
TOTAL |
1263.064 |
1194.798 |
1104.558 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
392.905 |
300.846 |
274.692 |
|
|
|
Other Income |
28.357 |
48.772 |
18.412 |
|
|
|
TOTAL (A) |
421.262 |
349.618 |
293.104 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefits expenses |
275.111 |
213.848 |
163.662 |
|
|
|
Other expenses |
77.142 |
55.908 |
63.058 |
|
|
|
TOTAL (B) |
352.253 |
269.756 |
226.720 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
69.009 |
79.862 |
66.384 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.002 |
3.558 |
3.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
66.007 |
76.304 |
63.375 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.740 |
9.372 |
8.974 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
58.267 |
66.932 |
54.401 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.664 |
14.778 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
43.603 |
52.154 |
54.401 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from Communications and information technology staffing support services |
387.247 |
285.474 |
272.350 |
|
|
TOTAL EARNINGS |
387.247 |
285.474 |
272.350 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
1.49 |
1.79 |
2.05 |
|
|
|
Diluted
|
1.49 |
1.75 |
2.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
342.900 |
407.700 |
|
Total Expenditure |
|
333.100 |
399.300 |
|
PBIDT (Excl OI) |
|
9.800 |
8.400 |
|
Other Income |
|
34.600 |
7.900 |
|
Operating Profit |
|
44.400 |
16.300 |
|
Interest |
|
0.400 |
0.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
43.900 |
15.500 |
|
Depreciation |
|
1.800 |
1.800 |
|
Profit Before Tax |
|
42.200 |
13.700 |
|
Tax |
|
14.100 |
4.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
28.100 |
9.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
28.100 |
9.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.35
|
14.92 |
18.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.83
|
22.25 |
19.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.32
|
9.17 |
8.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.07 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77
|
2.90 |
3.53 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10202577 |
29/01/2010 |
31,800,000.00 |
PUNJAB NATIONAL BANK |
OFFSHORE BANKING UNIT, SEEPZ ANDHERI (EAST), MUMBAI - 400096, MAHARASHTRA, INDIA |
A79344255 |
|
2 |
90242455 |
29/12/2003 * |
586,500,000.00 |
GLOBAL TRUST BANK LIMITED |
LANDMARK ;21/15; M.G. ROAD, BAANGALORE, KARNATAKA, INDIA |
- |
|
3 |
90242184 |
29/04/1998 |
200,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
ROMAN HOUSE, 169; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA, INDIA |
- |
|
4 |
90242170 |
02/02/1998 |
243,000.00 |
THE NORTH CANARA G.S.B. CO-OPRATIVE BANK LIMITED |
DINDOSHI, BOMBAY, MAHARASHTRA, INDIA |
- |
|
5 |
90242067 |
21/11/1995 |
5,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
ROMAN HOUSE, 169; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA, INDIA |
- |
|
6 |
90242012 |
09/03/1994 |
9,950,000.00 |
STATE BANK OF INDIA |
SEEPZ BRANCH, BOMBAY, MAHARASHTRA, INDIA |
- |
* Date of charge modification
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
Subject, earlier known as Leading Edge Systems Limited, (“Trigyn” or the “Company”) is a leading IT solutions and services Company with global operations, delivering cost effective and quality end to end solutions and services. Trigyn’s services help its customers to integrate business processes with technology and to operate in a marketplace that is no longer constrained by time and distance, thus providing a sustainable competitive advantage to its customers. The Company offers its valuable services to clients of repute in domains of International Organizations, Non- Governmental Organizations, State and Local Governments, and the Commercial sector including Financial Services, Pharmaceutical, Manufacturing and Distribution. The Company offers a comprehensive range of service offerings including Offshore Development and Maintenance Solutions and Services, Staff Augmentation, Managed Services, and Business Process Outsourcing. These services include System Integration Services, Application Development and Maintenance, Reengineering, 24X7 Support Services, Financial Products Support for the Asia marketplace and more. The Company maintains Centers of Excellence in its Offshore Development Center focused on Enterprise Content Management, Enterprise Mobility and Emerging Technologies.
SOLUTIONS AND
SERVICES
• SYSTEM INTEGRATION
SERVICES
Trigyn operates a highly effective, efficient and proven Offshore Development Center (ODC) based in Mumbai, India. Trigyn provides a host of services for its customers from its ODC, these include; 24X7 Helpdesk and Support Services, Application Development and Maintenance Services, Reengineering Services, Content Management Services, Web Application and Support Services, and Business Process Outsourcing Services. There is an ongoing endeavor to leverage the Company’s quality achievements which include CMMI Version 1.2 Level 3 process maturity, as well as its ISO 9001:2008 certification, to add value to its esteemed customer’s investments and to manage the delivery and support services provided by the Company. The Company prides itself on having a proven team to oversee the delivery center, along with a highly integrated and automated set of tools to track, manage and maximize its human capital resources, control risk and provide transparency in all its operations to ensure its customers remain satisfied and receive value from its services. To ensure that these objectives are achieved, the Company has adopted and is using the industry leading enterprise project management tool called Digité, which is used by a number of its multinational competitors.
• MANAGED SERVICES
Trigyn has a proven track record in providing large scale Managed Services. Trigyn has delivered large scale engagements globally, across 14 countries and has established infrastructure, management resources, and methodologies that ensure success. Trigyn has the experience to meet and exceed the most demanding Service Level Agreements (SLAs) in very challenging environments. Trigyn is able to mobilize and deploy IT resources and offer other logistical services to some of the most remote locations with limited connectivity and infrastructure. Today, Trigyn has over 600 highly skilled resources working in its Managed Services operation, providing services in more than 14 different countries
Trigyn’s Managed Services offerings provide a host of benefits to their clients, including:
• Improved service levels, security and availability
• Extended capabilities with optimal resource management
• Ability to manage change with agility and excellence
• Ability to align IT with business strategy
• Staff Augmentation Services
Trigyn operates a highly refined, mature and integrated staff augmentation business which provides qualified and reliable resources to its customer over a broad range of technologies and in diverse geographic locations. This operation is headed by a team of industry veterans with extensive industry knowledge and staffed by seasoned recruitment specialists both in the USA and in Mumbai, India. The Company has invested in human capital and tools to ensure that this sector of its business can respond to the highly competitive nature of this business and has achieved significant success measured by the growth in its base of esteemed customers. At the core of this offering is a fully integrated Resource Management System (RMS), which allows for the seamless integration of opportunities from around the globe to be sourced by the most cost effective means and managed from multiple locations. The Company continues to enjoy much success from its continued focus on the diversification of its Staff Augmentation business. The Company continues to add to its portfolio of clients in the International Governments, Non-Governmental, State and Local Governments and Commercial sectors. Most of the resources placed fall into the following areas or domains:
• Project Management and Business Analysis
• Architecture, Design, Development and Quality Assurance
• Helpdesk and Network Support
• Network and Infrastructure Design
• ERP Technical and Functional (SAP and Oracle)
• UX/UI and Usability
INDUSTRY OUTLOOK
Trigyn is well positioned to continue to grow along with the industry. With the continued economic slowdown which has impacted the US and EU markets, the advantages for companies operating in resource rich markets such as India, will continue to prove to be a source of stability and growth.
It has also been widely reported in the past from several multi nationals with multi-country operations as well as syndicated analysts comparing the various sourcing locations that India offers the best “bundle” of benefits being sought by the global sourcing industry.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(A) Claims against
the Company not acknowledged as debts |
|
|
|
- Income tax matters |
234.848 |
196.847 |
|
- Services tax matters |
1.176 |
1.176 |
|
- Guarantees issued by banks on behalf of the Company |
91.531 |
87.305 |
|
Total |
327.555 |
285.328 |
FIXED ASSETS
v
Tangible
Assets
Buildings
Computers
and Peripherals
Office
Equipment
Furniture
and Fixtures
Leasehold
Improvements
v
Intangible assets
Computer
Softwares/ Licenses
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.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
49 |
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.