MIRA
INFORM REPORT
|
Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
INFOSYS LIMITED (w.e.f. 2012) |
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Formerly Known
As : |
INFOSYS TECHNOLOGIES LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.07.1981 |
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Com. Reg. No.: |
08-013115 |
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Capital
Investment / Paid-up Capital : |
Rs.2860.000
millions |
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|
CIN No.: [Company Identification
No.] |
L85110KA1981PLC013115 |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject
is engaged in providing business consulting, technology, engineering and
outsourcing services, also offers software products and platforms. |
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No. of Employees
: |
Approximately 160405 (Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
AAA (86) |
|
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 |
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Maximum Credit Limit : |
USD 1683680000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a large Indian IT services company. It is a well-established
and reputed company having excellent track record. The rating continue to reflect Infosys’s
leading position in the Indian Information Technology (IT) services space,
strong global competitiveness, robust financial risk profile and debt-free
balance sheet. Trade relations are reported as trustworthy. 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before. A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart
has acquired fashion portal Myntra as it prepares to
battle with the rapidly expanding India arm of the global e-commerce giant
Amazon. The company raised $ 210 million from Russian Investment firm DST
Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune
in the second half of 2014. GM was one of the few global carmakers that was
using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year
to $ 158.84 billion. The top 10 of the 100 slots were dominated by US
companies.
Infosys lost another heavy weight when B G Srinivas,
a board member put in his papers. He is the third CEO-hopeful to quit after
Chairman N R Narayana Murthy’s return to the company
– Ashok Vemuri and V Balakrishnan being the other two. While Vemuri
went on to lead IGate, Balakrishnan
joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs.2153.37 crore – in the three
months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala
Police had arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Commercial Paper Programme: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
February 26, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-Term Debt Programme: AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
February 26, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-80-28520261)
LOCATIONS
|
Registered Office/ Corporate Headquarters : |
Electronics City, Hosur Road, Bangalore – 560 100, Karnataka, India |
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Tel. No.: |
91-80-28520261 |
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Fax No.: |
91-80-28520362 |
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E-Mail : |
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Website : |
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Branch
Office : |
Plot No.24, Rajiv Gandhi Infotech Park, Phase II, Village Maan,
Taluka Mulshi |
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Tel. No.: |
91-20-39827000 |
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Fax No.: |
91-20-39828000 |
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Software
Development Centre : |
Located at: ·
Ranga
Reddy District ·
Hyderabad ·
Bhubaneswar ·
Bangalore ·
Chandigarh ·
Chennai ·
Gurgaon ·
Jaipur ·
Dakshina
Kanada ·
Mangalore ·
Mumbai ·
Mysore ·
Pune ·
Thiruvananthapuram |
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Overseas Office : |
Located at: ·
Hong Kong ·
Japan ·
Malaysia ·
Mauritius ·
Auckland NZ ·
Wellington ·
Singapore ·
Dubai ·
Sharjah ·
Belgium ·
Czech Republic ·
Denmark ·
Finland ·
Paris ·
Toulouse ·
Frankfurt ·
Munich ·
Stuttgart ·
Walldorf ·
Ireland ·
Italy ·
Norway ·
Russia ·
Spain ·
Sweden ·
Basel ·
Geneva ·
Zurich ·
The Netherlands ·
London ·
Swindon ·
North America ·
South Africa |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Narayana Murthy |
|
Designation : |
Executive Chairman of the Board |
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|
Name : |
S. Gopalakrishnan |
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Designation : |
Executive Vice Chairman of the Board |
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|
Name : |
S.D. Shibulal |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
Name : |
K.V. Kamath |
|
Designation : |
Lead Independent Director |
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|
Name : |
Ann M. Fudge |
|
Designation : |
Independent Director |
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|
Name : |
Carol M. Browner |
|
Designation : |
Independent Director |
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|
Name : |
Prof. Jeffrey S. Lehman |
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Designation : |
Independent Director |
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|
|
|
Name : |
Kiran
Mazumdar Shaw |
|
Designation : |
Independent Director |
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|
Name : |
Dr. Omkar Goswami |
|
Designation : |
Independent Director |
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Name : |
U.B. Pravin Rao |
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Designation : |
President and Whole-time Director |
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Name : |
Ravi Venkatesan |
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Designation : |
Independent Director |
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Name : |
R. Seshasayee |
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Designation : |
Independent Director |
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Name : |
Srinath
Batni |
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Designation : |
Whole-time Director |
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Name : |
B.G. Srinivas |
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Designation : |
President and Whole-time Director |
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Audit Committee : |
R. Seshasayee, Chairperson and Financial
Expert K.V. Kamath Prof. Jaffrey S. Lehman |
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Corporate Social Responsibility Committee : |
K.V. Kamath, Chairperson R. Seshasayee Kiran
Mazumdar Shaw S.D. Shibulal |
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Management Development and Compensation Committee : |
Prof. Jeffrey S. Lehman, Chairperson K.V. Kamath Dr. Omkar Goswami |
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Nominations and Governance Committee : |
K.V. Kamath, Chairperson R. Seshasayee Kiran
Mazumdar Shaw |
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Stakeholders Relationship Committee : |
Dr. Omkar Goswami,
Chairperson Prof. Jeffrey S. Lehman Ravi Venkatesan |
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Risk Management Committee : |
Ravi Venkatesan,
Chairperson Dr. Omkar Goswami R. Seshasayee Kiran
Mazumdar Shaw |
KEY EXECUTIVES
|
Name : |
Parvatheesam K. |
|
Designation : |
Chief Risk and Compliance Officer and Company
Secretary |
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|
|
|
Name : |
Rajiv Bansal |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Srikantan Moorthy |
|
Designation : |
Global Head – Human Resource Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholders |
No. of Shares |
% of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
91508078 |
19.01 |
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|
91508078 |
19.01 |
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|
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|
Total shareholding of Promoter and Promoter Group (A) |
91508078 |
19.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
27643671 |
5.74 |
|
|
317566 |
0.07 |
|
|
52863082 |
10.98 |
|
|
238673391 |
49.58 |
|
|
106499 |
0.02 |
|
|
106499 |
0.02 |
|
|
319604209 |
66.40 |
|
|
|
|
|
|
3504544 |
0.73 |
|
|
|
|
|
|
39148605 |
8.13 |
|
|
14342557 |
2.98 |
|
|
13249782 |
2.75 |
|
|
9587465 |
1.99 |
|
|
3662317 |
0.76 |
|
|
70245488 |
14.59 |
|
Total Public shareholding (B) |
389849697 |
80.99 |
|
Total (A)+(B) |
481357775 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
92878391 |
0.00 |
|
|
92878391 |
0.00 |
|
Total (A)+(B)+(C) |
574236166 |
0.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Sub
Total
Foreign
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in providing business consulting, technology, engineering and outsourcing
services, also offers software products and platforms. |
GENERAL INFORMATION
|
No. of Employees : |
Approximately 160405 (Group) |
|
|
|
|
Bankers : |
·
ANZ Bank, Taiwan ·
Bank of America, U.S. ·
Citibank NA, Australia ·
Citibank NA, India ·
Citibank NA, EEFC (U.S. dollar account) ·
Citibank NA, Japan ·
Citibank NA, New Zealand ·
Citibank NA, South Africa ·
Citibank NA, Thailand ·
Deutsche Bank, EEFC (Euro Account) ·
Deutsche Bank, EEFC (GBP Account) ·
Deutsche Bank, EEFC (AUD Account) ·
Deutsche Bank, EEFC (U.S. dollar account) ·
Deutsche Bank, Belgium ·
Deutsche Bank, France ·
Deutsche Bank, Germany ·
Deutsche Bank, Netherlands ·
Deutsche Bank, Russia ·
Deutsche Bank, Russia (U.S. dollar account) ·
Deutsche Bank, Singapore ·
Deutsche Bank, Spain ·
Deutsche Bank, Switzerland ·
Deutsche Bank, Switzerland (U.S. dollar account) ·
Deutsche Bank, U.K. ·
Deutsche Bank - EEFC (Swiss Franc account) ·
HSBC Bank, Hong Kong ·
ICICI Bank Limited, India ·
ICICI Bank – EEFC (U.S. dollar account) ·
Nordbanken, Sweden ·
Punjab National Bank, India ·
RBS, Denmark ·
Royal Bank of Canada, Canada ·
State Bank of India ·
The Bank of Tokyo – Mitsubishi UFJ Limited, Japan
·
Allahabad Bank ·
Andhra Bank ·
Axis Bank Limited ·
Bank of Baroda ·
Canara Bank ·
Central Bank of India ·
Corporation Bank ·
Federal Bank ·
ICICI Bank Limited ·
IDBI Bank ·
IndusInd Bank ·
ING Vysya Bank ·
Indian Overseas Bank ·
Jammu and Kashmir Bank ·
Kotak Mahindra Bank
Limited ·
Oriental Bank of Commerce ·
Ratnakar Bank ·
State Bank of Hyderabad ·
South Indian Bank ·
Syndicate Bank ·
Vijaya Bank ·
Yes Bank ·
HDFC Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.S.R. and Co. LLP Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
|
|
|
Subsidiaries : |
·
Infosys BPO, India ·
Infosys China, China ·
Infosys Mexico, Mexico ·
Infosys Sweden, Sweden ·
Infosys Shanghai, China ·
Infosys Brasil, Brazil ·
Infosys Public Services, U.S. ·
Infosys Consulting India Limited, India ·
Infosys Americas, U.S. ·
Infosys BPO s.r.o.,
Czech Republic ·
Infosys BPO (Poland) Sp.Z.o.o,
Poland ·
Infosys BPO S. de R.L. de C. V., Mexico ·
Infosys McCamish Systems
LLC, U.S. (Formerly known as McCamish Systems LLC) ·
Portland Group Pty. Limited, Australia ·
Portland Procurement Services Pty. Limited, Australia ·
Infosys Australia, Australia ·
Edgeverve Systems Limited, India ·
Lodestone Holding AG, Switzerland ·
Lodestone Management Consultants (Canada) Inc., Canada ·
Lodestone Management Consultants Inc., U.S. ·
Lodestone Management Consultants Pty. Limited, Australia ·
Lodestone Management Consultants (Asia Pacific) Limited, Thailand ·
Lodestone Management Consultants AG, Switzerland ·
Lodestone Augmentis AG, Switzerland ·
Hafner Bauer & Ödman
GmbH, Switzerland ·
Lodestone Management Consultants (Belgium) S.A., Belgium ·
Lodestone Management Consultants GmbH, Germany ·
Lodestone Management Consultants Pte Limited, Singapore ·
Lodestone Management Consultants SAS, France ·
Lodestone Management Consultants s.r.o.,
Czech Republic ·
Lodestone Management Consultants GmbH, Austria ·
Lodestone Management Consultants China Co., Limited, China ·
Lodestone Management Consultants Limited, U.K. ·
Lodestone Management Consultants B.V., Netherlands ·
Lodestone Management Consultants Ltda.,
Brazil ·
Lodestone Management Consultants sp. z.o.o.,
Poland ·
Lodestone Management Consultants Portugal, Unipessoal,
Lda., Portugal ·
S.C. Lodestone Management Consultants S.R.L., Romania ·
Lodestone Management
Consultants S.R.L., Argentina |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000000 |
Equity Shares |
Rs.5/- each |
Rs.3000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
571402566 |
Equity Shares |
Rs.5/- each |
Rs.2860.000
millions |
|
|
|
|
|
The details of shareholders holding more than 5% shares as at March 31,
2014 is as follows:
|
Name of
the shareholder |
As at 31st March, 2014 |
|
|
No. of Shares |
% Held |
|
|
Life Insurance Corporation of India (Includes
all schemes under their management) |
18656581 |
3.25 |
|
Deutsche Bank Trust Company Americas
(Depository of ADRs-legal ownership) |
92470660 |
16.10 |
The
reconciliation of the number of shares outstanding and the amount of share
capital as at March 31, 2014 is as follows:
|
Particulars
|
As at 31st March, 2014 |
|
|
No. of Shares |
Amount (Rs. in millions) |
|
|
Number
of shares at the beginning of the period |
574236166 |
2870.000 |
|
Add:
Shares issued on exercise of employee stock options |
-- |
-- |
|
Less:
Treasury Shares |
2833600 |
10.000 |
|
Number of shares at the end of the period
|
571402566 |
2860.000 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2860.000 |
2870.000 |
2870.000 |
|
(b) Reserves & Surplus |
418060.000 |
357720.000 |
294700.000 |
|
(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) |
420920.000 |
360590.000 |
297570.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
560.000 |
0.000 |
|
(c) Other long
term liabilities |
3640.000 |
1200.000 |
210.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3640.000 |
1760.000 |
210.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
680.000 |
1780.000 |
680.000 |
|
(c)
Other current liabilities |
40710.000 |
28270.000 |
23650.000 |
|
(d) Short-term
provisions |
61170.000 |
37880.000 |
36040.000 |
|
Total Current
Liabilities (4) |
102560.000 |
67930.000 |
60370.000 |
|
|
|
|
|
|
TOTAL |
527120.000 |
430280.000 |
358150.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
57190.000 |
44250.000 |
40450.000 |
|
(ii)
Intangible Assets |
130.000 |
280.000 |
160.000 |
|
(iii)
Capital work-in-progress |
9540.000 |
11350.000 |
5880.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
39680.000 |
27640.000 |
10680.000 |
|
(c) Deferred tax assets (net) |
5420.000 |
3780.000 |
1890.000 |
|
(d) Long-term Loan and Advances |
22270.000 |
15290.000 |
14310.000 |
|
(e) Other
Non-current assets |
520.000 |
310.000 |
130.000 |
|
Total Non-Current
Assets |
134750.000 |
102900.000 |
73500.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
27490.000 |
15800.000 |
3410.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
73360.000 |
63650.000 |
54040.000 |
|
(d) Cash
and cash equivalents |
241000.000 |
204010.000 |
195570.000 |
|
(e) Short-term
loans and advances |
50520.000 |
43920.000 |
31630.000 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
392370.000 |
327380.000 |
284650.000 |
|
|
|
|
|
|
TOTAL |
527120.000 |
430280.000 |
358150.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from software
services and products |
443410.000 |
367650.000 |
312540.000 |
|
|
|
Other Income |
25760.000 |
22150.000 |
18290.000 |
|
|
|
TOTAL |
469170.000 |
389800.000 |
330830.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expenses |
243500.000 |
199320.000 |
154730.000 |
|
|
|
Deferred consideration
pertaining to acquisition |
2280.000 |
850.000 |
0.000 |
|
|
|
Cost of technical
sub-contractors |
25960.000 |
17310.000 |
24830.000 |
|
|
|
Travel expenses |
12870.000 |
12810.000 |
9440.000 |
|
|
|
Cost of software packages
and others |
9200.000 |
7340.000 |
6250.000 |
|
|
|
Communication expenses |
3290.000 |
2890.000 |
2030.000 |
|
|
|
Professional charges |
4740.000 |
5040.000 |
4370.000 |
|
|
|
Other expenses |
16300.000 |
11940.000 |
10280.000 |
|
|
|
Exceptional Item - Dividend income |
0.000 |
(830.000) |
(5780.000) |
|
|
|
TOTAL |
318140.000 |
256670.000 |
206150.000 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
151030.000 |
133130.000 |
124680.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11010.000 |
9560.000 |
7940.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
140020.000 |
123570.000 |
116740.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
38080.000 |
32410.000 |
32040.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
101940.000 |
91160.000 |
84700.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from software
services and products |
431500.000 |
360200.000 |
|
|
|
|
Interest received from banks and others |
70.000 |
40.000 |
|
|
|
|
Dividend received from subsidiary |
0.000 |
830.000 |
|
|
|
TOTAL EARNINGS |
431570.000 |
361070.000 |
311870.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
3740.000 |
3070.000 |
NA |
|
|
|
Software Packages |
30.000 |
30.000 |
NA |
|
|
TOTAL IMPORTS |
3770.000 |
3100.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
178.39 |
158.76 |
147.51 |
|
|
|
- Diluted |
178.39 |
158.76 |
147.50 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
113190.000 |
|
Total Expenditure |
|
|
81220.000 |
|
PBIDT (Excl OI) |
|
|
31970.000 |
|
Other Income |
|
|
7900.000 |
|
Operating Profit |
|
|
39870.000 |
|
Interest |
|
|
0.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
39870.000 |
|
Depreciation |
|
|
1920.000 |
|
Profit Before Tax |
|
|
37950.000 |
|
Tax |
|
|
10750.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
27200.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
27200.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
21.73 |
23.39 |
25.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
31.58 |
33.61 |
37.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.64 |
31.89 |
34.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.34 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.83 |
4.82 |
4.72 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
2870.000 |
2870.000 |
2860.000 |
|
Reserves & Surplus |
294700.000 |
357720.000 |
418060.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
297570.000 |
360590.000 |
420920.000 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Income from software services and products |
312540.000 |
367650.000 |
443410.000 |
|
|
|
17.633 |
20.607 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Income from software services and products |
312540.000 |
367650.000 |
443410.000 |
|
Profit |
84700.000 |
91160.000 |
101940.000 |
|
|
27.10% |
24.80% |
22.99% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS:
CASE
PENDING
|
High Court of Karnataka -Bangalore Bench |
ITA 420/2013 |
|
THE COMMISSIONER
OF INCOME-TAX |
Respondent/ Defnt. Name |
INFOSYS
TECHNOLOGIES LIMITED |
|||
|
Petnr./ Appnt. Advocate |
K V ARAVIND |
Respnt./ Defnt. Advocate |
|
||
|
Date Filed |
31/08/2013 |
Classification |
|
District |
Bangalore City |
|
Stage |
HEARING |
Last Posted For |
ADMISSION |
|
|
|
Last Action
Taken |
ADMIT/RULE |
Last Date of
Action |
14/03/2014 |
Next Hearing
Date |
-- |
|
Latest Order |
|
||||
|
Before Hon'ble Judge/s |
DILIP B. BHOSALE B. MANOHAR |
||||
Lower Court Details [Appeal
from below case.]
|
Case No |
Court Name |
Disposal Dt |
|
ITA 543/2012 |
INCOME TAX APPELLATE TRIBUNAL BANGALORE |
19/04/2013 |
Details of the
Daily Order
|
Sl No |
Honble Judge |
Date of Order |
|
1 |
HONBLE DBBJ & BMJ |
23/01/2014 |
|
2 |
HONBLE DBBJ & BMJ |
14/03/2014 |
Note:
No Charges Exist for Company.
COMPANY OVERVIEW
The
Company along with its controlled trust, Infosys
Science Foundation, majority-owned and controlled subsidiary, Infosys BPO Limited and its controlled subsidiaries ('Infosys BPO') and wholly-owned and controlled subsidiaries,
Infosys Technologies Australia Pty. Limited ('Infosys Australia'), Infosys
Technologies (China) Co. Limited ('Infosys China'), Infosys Technologies S. de R. L. de C. V. ('Infosys Mexico'), Infosys
Technologies (Sweden) AB ('Infosys Sweden'), Infosys Tecnologia do Brasil Ltda ('Infosys
Brasil'), Infosys Public
Services, Inc. ('Infosys Public Services'), Infosys Consulting India Limited, Infosys
Americas, Inc. ('Infosys Americas'), Edgeverve Systems Limited ('Edgeverve'),
Infosys Technologies (Shanghai) Co. Limited ('Infosys Shanghai') and Lodestone Holding AG and its
controlled subsidiaries ('Infosys Lodestone') is a
leading global services corporation. The Company provides business consulting,
technology, engineering and outsourcing services to help clients build
tomorrow's enterprise. In addition, the Company offers software products and
platforms.
REVENUES –
STANDALONE
Our total income on a standalone basis increased to Rs.443410.000
millions from Rs.367650.000 millions in the previous year, at a growth rate of
20.6%. Their software export revenues aggregated to Rs.430630.000 millions, up by
19.8% from Rs.359320.000 millions in the previous year. Out of the total
revenue, 63.1% came from North America, 22.1% from Europe, 2.9% from India and
11.9% from the Rest of the World. On a standalone basis, their share of
revenues from all parts of the world outside of North America increased to
36.9% in the current year from 36.2% in the previous year.
PROFITS – STANDALONE
Their gross profit on a standalone basis amounted to Rs.176030.000
millions (39.7% of revenue) as against Rs.151030.000 millions (41.1% of
revenue) in the previous year. The Operating Profit Before Depreciation
amounted to Rs.125270.000 millions (28.2% of revenue) as against Rs.110150.000
millions (30.0% of revenue) in the previous year. Sales and marketing costs
were 5.4% and 5.1% of their revenue for the years ended March 31, 2014 and
March 31, 2013, respectively. General and administration expenses were 6.1% and
6.0% of their revenues during the current year and previous year, respectively.
The net profit before exceptional item and tax was Rs.140020.000 millions
(31.6% of revenue) as against Rs.122740.000 millions (33.4% of revenue) in the
previous year.
SUBSIDIARIES
They are a global IT services and consulting company. Their subsidiaries
help them deliver end-to-end services to maximize value for their clients. At
the beginning of the year, they had 10 direct subsidiaries. During the year,
they incorporated Edgeverve Systems Limited and Infosys Americas, Inc. The Honorable
High Court of Karnataka sanctioned the scheme of amalgamation of Infosys Consulting India Limited with Infosys
Limited with an effective date of August 23, 2013 and an appointed date of
January 12, 2012. As on March 31, 2014, they have 11 direct subsidiaries and 25
step-down subsidiaries.
PRODUCTS, PLATFORMS AND
SOLUTIONS
In November 2013, Gartner analyst Susan Tan, in her report, Market
Insight: Integrated Platform Solutions are the Next Frontier for IT Services
Providers, stated, "Infosys is perhaps the most
aggressive of IT services providers in going after the integrated platform
solution market." This is a strong endorsement for their Products,
Platforms and Solutions group, which operates under the Infosys
Edge umbrella. The report also highlights the strengths of their Edge Platform
Solutions - providing the client with end-to-end solutions, bundling
infrastructure, software license, operations and business process services.
With seven Edge products / platforms and six other product-based
solutions and nearly 90 clients, Infosys Edge has
developed a key portfolio of strategic investments in products and platforms
and has a good mix of horizontal and vertical offerings. This has helped them
establish ourselves as a credible IP owner.
AWARDS AND
RECOGNITION
In fiscal year 2014, as in the previous years, they received a number of
awards and recognition from national and international industry bodies and
media houses. The significant ones among them are as follows:
Corporate governance and investor relations
- They were voted the best in several categories, including 'Best
Overall for Corporate Governance' and 'Best for Investor Relations', in Asiamoney's Annual Corporate Governance Poll 2013.
- They were ranked third globally for corporate governance practices and
second best for IR websites in India by IR Global Rankings 2013.
- They topped the 2013 Institutional Investor Rankings among all Indian
companies across sectors.
- They were honored in the 2013 Institutional
Investor All Asia Rankings.
Banking
- Their flagship banking product, Finacler,
was recognized as a 'Best in Class' provider by the CEB TowerGroup
Mobile Banking Solutions Technology Analysis report.
Finacler won the prestigious
'Best Core Banking Technology' award at the Innovation in Technology and
Transaction Banking Awards 2013, organized by The Banker.
- Gartner's International Retail Core Banking report positioned them as
a leader for the seventh time in a row for Finacler.
Healthcare
- Infosys Public Services, Inc. was recognized
by Avivia Health from Kaiser Permanente as a
strategic partner to develop its innovative gamification
platform to improve consumer engagement.
- Infosys Public Services, Inc. has been named
in the 'Healthcare's Hottest Companies for 2013' list by Modern Healthcare, a
leading healthcare publication for senior decision makers.
MERGER OF INFOSYS
CONSULTING INDIA LIMITED
The Honorable
High Court of Karnataka sanctioned the scheme of amalgamation of Infosys Consulting India Limited (ICIL) with Infosys Limited with an effective date of August 23, 2013
and an appointed date of January 12, 2012. ICIL was a wholly-owned subsidiary
of Infosys Limited and was engaged in
software-related consultancy services. The merger of ICIL into Infosys Limited has been accounted for under pooling of interest
method referred to in Accounting Standard 14, Accounting for Amalgamation
(AS-14).
All the assets and
liabilities of ICIL on and after the appointed date and prior to the effective
date have been transferred to Infosys Limited on a
going concern basis. As ICIL was a wholly-owned subsidiary of Infosys Limited, no shares have been allotted to the
shareholders upon the scheme becoming effective.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
Outstanding guarantees
and counter guarantees to various banks, in respect of the guarantees given
by those banks in favor of various government
authorities and others |
240.000 |
190.000 |
|
Claims against the
Company, not acknowledged as debts (1) [Net
of amount paid to statutory authorities Rs.17160.000 millions (Rs.11140.000
millions)] |
1690.000 |
5350.000 |
(1) Claims against the Company not acknowledged as
debts include demands from the Indian Income tax authorities for payment of additional
tax of Rs.15480.000 millions (Rs.10880.000 millions),
including interest of Rs.4300.000 millions (Rs.3130.000 millions)
upon completion of their tax review for fiscal years 2006, 2007, 2008 and 2009.
These income tax demands are mainly on account of disallowance of a portion of
the deduction claimed by the Company under Section 10A of the Income Tax Act.
The deductible amount is determined by the ratio of export turnover to total
turnover. The disallowance arose from certain expenses incurred in foreign
currency being reduced from export turnover but not reduced from total
turnover. The tax demand for fiscal years 2007, 2008 and 2009 also includes
disallowance of portion of profit earned outside India from the STP units and
disallowance of profits earned from SEZ units. The matter for fiscal years
2006, 2007, 2008 and 2009 are pending before the Commissioner of Income tax
(Appeals), Bangalore. The company is contesting the demand and the Management
including its tax advisors believes that its position will likely be upheld in
the appellate process. The Management believes that the ultimate outcome of
these proceedings will not have a material adverse effect on the Company's
financial position and results of operations.
AUDITED FINANCIAL RESULTS OF
INFOSYS LIMITED FOR THE QUARTER ENDED JUNE 30, 2014
(Rs. in millions, except
share and per equity share data)
|
Particulars |
Quarter ended
30.06.2014 |
|
Income from
software services and products |
113190.000 |
|
Expenses: |
|
|
Employee benefit
expenses |
62340.000 |
|
Deferred
consideration pertaining to acquisition |
570.000 |
|
Cost of
technical sub-contractors |
6170.000 |
|
Travel expenses |
3400.000 |
|
Cost of software
packages and others |
2680.000 |
|
Communication
expenses |
920.000 |
|
Professional
charges |
470.000 |
|
Depreciation and
amortization expense |
1920.000 |
|
Other expenses |
4670.000 |
|
Total expenses |
83140.000 |
|
Profit from
operations before other income |
30050.000 |
|
Other income |
7900.000 |
|
Profit before
tax |
37950.000 |
|
Tax expense |
10750.000 |
|
Net Profit for
the period |
27200.000 |
|
Paid-up equity
share capital (par value ₹5/- each fully paid) * |
2860.000 |
|
Reserves and
surplus ** |
418060.000 |
|
Earnings per share
(par value of ₹5/- each) |
|
|
Basic |
47.60 |
|
Diluted |
47.60 |
|
Total Public
Shareholding # |
|
|
Number of shares
|
389849697 |
|
Percentage of
shareholding |
67.89 |
|
Promoters and
Promoter Group Shareholding |
|
|
Pledged / Encumbered |
|
|
Number of shares
|
-- |
|
Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
-- |
|
Percentage of
shares (as a % of the total share capital of the company) |
-- |
|
Non – encumbered |
|
|
Number of shares
|
91508078 |
|
Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
|
Percentage of
shares (as a % of the total share capital of the company) |
15.94 |
* net of treasury shares
**
Represents the previous accounting year balance as required under Clause 41 of
the Listing Agreement.
#Total public shareholding as defined under Clause 40A of the Listing
Agreement excludes shares held by founders and American Depositary Receipt
Holders
Notes:
1. The audited financial statements for the quarter ended June 30, 2014
have been taken on record by the Board of Directors at its meeting held on July
11, 2014. The statutory auditors have expressed an unqualified audit opinion.
The information presented above is extracted from the audited standalone
financial statements.
2. Changes to the Board
a) On June 14, 2014 the Board appointed Dr. Vishal Sikka as an Additional
Director and the Chief Executive Officer and Managing Director (Designate) for
the period between June 14, 2014 to July 31, 2014 and as the Chief Executive
Officer and Managing Director from August 1, 2014 to June 13, 2019. An Extra-ordinary
General Meeting of the shareholders of the Company has been convened and will
be held on July 30, 2014 to approve his appointment.
b) The Board elevated U. B. Pravin
Rao, President and whole-time director, as the Chief
Operating Officer of the Company effective June 14, 2014.
c) Narayana Murthy and S. Gopalakrishnan voluntarily stepped down as the Executive
Chairman and Executive Vice Chairman respectively, effective June 14, 2014. In
order to facilitate a smooth transition of responsibilities, they will continue
on the Board as the Non-executive Chairman and Non-executive Vice Chairman
respectively until October 10, 2014. Narayana Murthy
will be designated as the Chairman Emeritus effective October 11, 2014 in
recognition of his contributions to the Company.
d) S. D. Shibulal will step
down as the Chief Executive Officer and Managing Director with effect from end
of business hours on July 31, 2014. The Board expresses its deep sense of
appreciation for the services rendered by Shibulal as
a co-founder of the company and in his several roles, including as CEO and
Managing Director, over the last 33 years.
e) Srinath Batni, a whole-time director of the company will step down
from the Board with effect from end of business hours on July 31, 2014. The
Board expresses its deep sense of appreciation for the services rendered by Srinath as the head of delivery excellence and as a member
of the Board.
f) K.V. Kamath has been
elected as the Chairman of the Board with effect from October 11, 2014.
g) B.G. Srinivas, Whole-time
director resigned from the Board and services of the Company effective June 10,
2014. The Board placed on record its deep appreciation for the services
rendered by B. G. Srinivas during his tenure.
h) Ann M. Fudge retired as a Member of the Board
effective June 14, 2014. The Board placed on record its deep appreciation for
the services rendered by Ann M. Fudge during her tenure as a director.
3. Edgeverve
Systems Limited
On June 14, 2014, the shareholders approved the related
party transaction relating to transfer of the Product, Platform and Solutions
Business unit to Edgeverve Systems Limited (the
Company’s wholly owned subsidiary). This business has been transferred for a
consideration of $70 million (approximately Rs.4210.000 millions) based on an
enterprise valuation done by independent valuers. The
transfer is effective July 1, 2014.
4. During the quarter ended June 30, 2014, based on internal and external
technical evaluation, management reassessed the remaining useful life of
assets, primarily consisting of buildings and computers with effect from April
1, 2014. Accordingly, the useful life of certain assets required a change from
the previous estimates. If the Company had continued with the previously
assessed useful lives, charge for depreciation for the quarter ended June 30,
2014 would have been higher by Rs.1270.000 millions for the assets held as at
April 1, 2014.
5. Information on dividends for the quarter ended June 30, 2014
|
Particulars |
Quarter ended 30.06.2014 |
|
Dividend per share (par value Rs.5/- each) |
|
|
Interim dividend
|
- |
|
Final dividend |
- |
|
Total dividend |
- |
The final dividend of Rs.43/- per equity share for fiscal 2014 was approved
by the shareholders at the Annual General Meeting of the company held on June
14, 2014 and the same was paid on June 16, 2014.
6. Other Information
(Rs. in millions)
|
Particulars |
Quarter ended 30.06.2014 |
|
Staff costs |
62340.000 |
|
Items exceeding
10% of aggregate expenditure |
-- |
|
Details of other
income: |
|
|
Interest
received on deposits with banks and others |
6080.000 |
|
Dividend
received on investment in mutual fund units |
490.000 |
|
Miscellaneous
income, net |
60.000 |
|
Gains / (losses)
on foreign currency, net |
1270.000 |
|
Total |
7900.000 |
7. Information on investor complaints pursuant to Clause 41 of the
Listing Agreement for the quarter ended June 30, 2014
|
Nature of complaints received |
Opening balance |
Additions |
Disposal |
Closing balance |
|
Non-receipt of dividend / Annual
Report related |
- |
130 |
130 |
- |
8. Segment reporting (Standalone-Audited)
(Rs. in millions)
|
Particulars |
Quarter ended
30.06.2014 |
|
Revenue
by industry segment |
|
|
Financial
Services and Insurance (FSI) |
38960.000 |
|
Manufacturing
(MFG) |
24390.000 |
|
Energy &
utilities, Communication and Services (ECS) |
22890.000 |
|
Retail, Consumer
Packaged Goods and Logistics (RCL) |
20620.000 |
|
Life Sciences
and Healthcare (LSH) |
6330.000 |
|
Total |
113190.000 |
|
Less: Inter-segment
revenue |
-- |
|
Net revenue from
operations |
113190.000 |
|
Segment profit
before tax and depreciation |
|
|
Financial
Services and Insurance (FSI) |
11410.000 |
|
Manufacturing
(MFG) |
6760.000 |
|
Energy &
utilities, Communication and Services (ECS) |
6020.000 |
|
Retail, Consumer
Packaged Goods and Logistics (RCL) |
6380.000 |
|
Life Sciences
and Healthcare (LSH) |
1400.000 |
|
Total |
31970.000 |
|
Less: Other unallocable expenditure |
1920.000 |
|
Add: Unallocable other income |
7900.000 |
|
Profit before
tax |
37950.000 |
Notes on
segment information:
Primary
segments
Effective quarter ended March 31, 2014, the Company reorganized its
segments consequent to which the primary reportable segments of the company are
as set out above. The previous period figures, extracted from audited financial
statements, have been presented after incorporating necessary reclassification
adjustments pursuant to changes in reportable segments.
Segmental
capital employed
Assets and liabilities used in the company's business are not identified
to any of the reportable segments, as these are used interchangeably between
segments. The Management believes that it is not practicable to provide segment
disclosures relating to total assets and liabilities since a meaningful
segregation of the available data is onerous.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Equipment
·
Office Equipment
·
Computer Equipment
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
·
Intellectual Property
Rights
WEBSITE DETAILS:
HISTORY
Established in 1981, Infosys is a NYSE listed global consulting and IT services company with more than 161,000 employees. From a capital of US$ 250, they have grown to become a US$ 8.39 billion (LTM Q1 FY15 revenues) company with a market capitalization of approximately US$ 31 billion.
In their journey of over 30 years, they have catalyzed some of the major changes that have led to India's emergence as the global destination for software services talent. They pioneered the Global Delivery Model and became the first IT company from India to be listed on NASDAQ. Their employee stock options program created some of India's first salaried millionaires.
MILESTONES
2014
· Revenue crosses 500000.000 millions in rupee terms
· Board decides to increase the dividend pay-out ratio to up to 40% of post-tax profits
· Cash and cash equivalents (including Available-for-sale financial assets and certificates of deposit) cross 5 billion in dollar terms
2013
· Infosys Board appoints N. R. Narayana Murthy as Executive Chairman of the Board
· Infosys begins trading on NYSE Euronext London and Paris markets
· Infosys Edge™ wins the NASSCOM Business Innovation Award for 2013
· Infosys presented with ‘2013 Environmental Tracking Carbon Ranking Leader’ award
2012
· Listed on the NYSE market
· Infosys acquires Lodestone Holding AG, a leading management consultancy based in Switzerland
· Forbes ranks Infosys among the world's most innovative companies
· Infosys among top 25 performers in Caring for Climate Initiative
2011
· N. R. Narayana Murthy hands over chairmanship to K.V. Kamath
· Infosys crosses US$ 6 billion revenue mark, employee strength grows to over 125,000
2010
· Infosys crosses the US$ 5 billion revenue mark
2009
· Infosys selected as a member of The Global Dow
· Employee strength grows to over 100,000
2008
· Infosys crosses revenues of US$ $ 4 billion
· Annual net profits cross US$ 1 billion
2007
· Kris Gopalakrishnan, COO, takes over as CEO. Nandan M. Nilekani is appointed Co-Chairman of the Board of Directors
· Quarterly revenues cross US$ 1billion
2006
· Infosys celebrates 25 years. Employees grow to 50,000+
· Annual revenues double to $ 2 billion. It took 23 years to reach first billion, only 23 months to reach next billion in revenues
· N. R. Narayana Murthy retires from the services of the company on turning 60. The Board of Directors appoints him as an Additional Director. He continues as Chairman and Chief Mentor of Infosys
2005
· the largest international equity offering of US$ 1 billion from India
· Selected to the Global MAKE Hall of Fame
2004
· Annual Revenues reach US$ 1 billion
· Infosys Consulting Inc. is launched
2003
· Establishes subsidiaries in China and Australia
· Expands operations in Pune and China, and sets up a development center in Thiruvananthapuram
2002
· Touches revenues of US$ 500 million
· Nandan M. Nilekani takes over as CEO from N.R. Narayana Murthy, who is appointed Chairman and Chief Mentor
· Opens offices in the Netherlands, Singapore and Switzerland
· Sponsors secondary ADS offering
· Infosys and the Wharton School of the University of Pennsylvania set up The Wharton Infosys Business Transformation Awards (WIBTA)
· Launches Progeon, offering business process outsourcing services
2001
· Touches revenues of US$ 400 million. Opens offices in UAE and Argentina, and a development center in Japan
· N. R. Narayana Murthy is rated among Time Magazine/CNN's 25 most influential businessmen in the world
· Infosys is rated as the Best Employer by Business World/Hewitt
2000
· Touches revenues of US$ 200 million
· Opens offices in France and Hong Kong, a global development center in Canada and UK, and three development centers in the US
· Re-launches Banks 2000, the universal banking solution from Infosys, as Finacle™
1999
· Touches revenues of US$ 100 million. Listed on NASDAQ
· Infosys becomes the 21st company in the world to achieve a CMM Level 5 certification
· Opens offices in Germany, Sweden, Belgium, Australia, and two development centers in the US
· Infosys Business Consulting Services is launched
1998
· Starts Enterprise Solutions (packaged applications) practice
1997
· Opens an office in Toronto, Canada
· Infosys is assessed at CMM Level 4
1996
· The Infosys Foundation is established
1995
· Opens first European office in the UK and global development centers at Toronto and Mangalore. Sets up e-Business practice
1994
· Moves corporate headquarters to Electronic City, Bangalore. Opens a development center at Fremont
1993
· Introduces Employee Stock Options (ESOP) program
· Acquires ISO 9001/TickIT certification
· Goes public
1987
· Opens first international office in Boston, US
1983
· Relocates corporate headquarters to Bangalore
1981
· Infosys is established by N. R. Narayana Murthy and six engineers in Pune, India, with an initial capital of US$ 250
· Signs up its first client, Data Basics Corporation, in New York
AWARDS
· At Infosys, they consistently strive to deliver innovative services to clients and deliver shareholder value to all stakeholders. The awards won by Infosys span the gamut from industry to corporate governance and more.
· Infosys has been identified as one of the Top 25 performers in Caring for Climate initiative by UN Global Compact and UN Environment Program.
· Infosys is ranked No.1 among the best managed companies in Asia Pacific in the annual Euromoney Best Managed Companies in Asia survey 2013.
· Infosys has been voted India’s Most Admired Company in The Wall Street Journal Asia 200 survey every year since 2000. They have been recognized as a top performing global partner by consumer goods company Procter and Gamble (P&G).
· Software Development Block 1 at Infosys Pocharam Campus in Hyderabad, India, has been awarded the highest LEED rating by Indian Green Building Council – the fourth Infosys building to win a Platinum rating (taking the total Platinum-certified building area at Infosys to over 1 million sq. ft.)
· Infosys has received the Oracle Excellence Award for Specialized Partner of the Year – North America in both ‘Financial Management’ and ‘Human Capital Management’ categories at Oracle OpenWorld 2012. Oracle has also recognized Ricoh, an Infosys client, with an Oracle Excellence Award for ‘Eco-Enterprise Innovation’.
· Infosys Engineering Services team has been declared the winner in the area of engineering design at the 2013 Simulating Reality Contest organized by MSC Software, a worldwide leader in multidiscipline simulation.
· Infosys Finacle has received the XCelent Service Award for ‘Depth of Service’ in the mobile banking space in an assessment of 20 global vendors by research and consulting firm Celent.
· Infosys Public Services is ranked 15th in the 2013 Healthcare Informatics 100, a compilation of the top health IT companies based on revenues from healthcare IT products and services.
· BT’s Seamless Desktop program, powered by the Infosys customer service experience product AssistEdge, has been awarded the prestigious Global Telecoms Business Innovation Award for 2013 in the ‘Consumer Service Innovation’ category.
· Infosys BPO has received the 2013 Global Impact Award by the Metro Atlanta Chamber in the ‘Foreign Direct Investment’ category for its plans to invest in education and training.
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 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.60.14 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
10 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
86 |
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.