MIRA INFORM REPORT
|
Report Date : |
09.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PS IT INFRASTRUCTURE AND SERVICES LIMITED |
|
|
|
|
Formerly Known
As : |
PARAG SHILPA INVESTMENT LIMITED |
|
|
|
|
Registered
Office : |
Flat No. 2, Ground Floor, Land Mark CHS, Dawood, Baug Cross Lane No.
1, Off J. P. Road, Andheri (West), Mumbai – 400058, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.05.1982 |
|
|
|
|
Com. Reg. No.: |
11-027146 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 112.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L72900MH1982PLC027146 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trader of Computer Hardware and Software. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. Profitability of the company seems to be low. However, trade relations are reported as fair. Business is active.
Payment are reported to be slow but correct. The company can be considered normal for business dealings with some
cautions. |
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief information
officers at gathering in Bangalore in April to meet Indian startups at an event
called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT
NON-COOPERATIVE (Tel. No.: 91-22-67261035)
LOCATIONS
|
Registered Office : |
Flat No. 2, Ground Floor, Land Mark CHS, Dawood, Baug Cross Lane No.
1, Off J. P. Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Tel. No. : |
91-22-26791790 |
|
Fax No. : |
91-22-26791790 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sajjan Kedia |
|
Designation : |
Chairman and Executive Director |
|
|
|
|
Name : |
Mr. Johar Pal Singh |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sundaram Sankaranarayanan |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
BSE, MBA |
|
|
|
|
Name : |
Mr. Pradeepkumar Pushkarmal Gupta |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
Chartered Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1151225 |
2.14 |
|
|
1151225 |
2.14 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1151225 |
2.14 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
4985656 |
9.27 |
|
|
|
|
|
|
5448013 |
10.13 |
|
|
41927675 |
77.99 |
|
|
247431 |
0.46 |
|
|
197431 |
0.37 |
|
|
50000 |
0.09 |
|
|
52608775 |
97.86 |
|
Total Public shareholding (B) |
52608775 |
97.86 |
|
Total (A)+(B) |
53760000 |
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) |
53760000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Computer Hardware and Software. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Dena Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rahul R Jain and Associates Chartered Accountants |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55520000 |
Equity Shares |
Rs.10/- each |
Rs. 555.200 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55520000 |
Equity Shares |
Rs.10/- each |
Rs. 555.200 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13000000 |
Equity Shares |
Rs.10/- each |
Rs. 130.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11240000 |
Equity Shares |
Rs.10/- each |
Rs. 112.400 Millions |
|
|
|
|
|
NOTE:
Terms and Rights
attached to Shares
Equity Shares
The company has one class of equity shares having a par value of Rs.10 each. 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.
Reconciliation of
shares outstanding at the beginning and at the end of the reporting period:
|
Equity Shares |
As at 31 March 2013 |
|
|
Number of Shares |
Rs. in Millions |
|
|
At the commencement of the period |
240000 |
2.400 |
|
Shares issued on exercise of employee stock options |
0 |
0.000 |
|
Shares issued during the year by way of Preferential Allotment |
1,10,00,000 |
110.000 |
|
At the end of the period |
1,12,40,000 |
112.400 |
Details of
Shareholders holding more than 5% shares in the company:
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
112.400 |
2.400 |
|
(b) Reserves & Surplus |
|
3.445 |
0.800 |
|
(c) Equity Share Suspense |
|
425.200 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
541.045 |
3.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term Borrowings |
|
0.000 |
0.000 |
|
(b) Deferred Tax Liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other Long Term
Liabilities |
|
0.000 |
0.000 |
|
(d) long-term
Provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
Term Borrowings |
|
32.305 |
1.267 |
|
(b) Trade
Payables |
|
1134.130 |
0.000 |
|
(c) Other
Current Liabilities |
|
0.357 |
0.165 |
|
(d) Short-term
Provisions |
|
0.646 |
0.311 |
|
Total Current
Liabilities (4) |
|
1167.438 |
1.743 |
|
|
|
|
|
|
TOTAL |
|
1708.483 |
4.943 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible Assets |
|
0.029 |
0.000 |
|
(ii) Intangible
Assets |
|
0.000 |
0.000 |
|
(iii)
Capital Work-in-Progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under Development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
942.545 |
0.000 |
|
(c) Deferred Tax Assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
701.567 |
0.000 |
|
(e) Other
Non-current Assets |
|
3.993 |
0.000 |
|
Total Non-Current
Assets |
|
1648.134 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current Investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
43.175 |
0.000 |
|
(c) Trade
Receivables |
|
14.523 |
0.000 |
|
(d) Cash
and Cash Equivalents |
|
1.952 |
0.015 |
|
(e)
Short-term Loans and Advances |
|
0.100 |
0.000 |
|
(f) Other
Current Assets |
|
0.599 |
4.928 |
|
Total Current
Assets |
|
60.349 |
4.943 |
|
|
|
|
|
|
TOTAL |
|
1708.483 |
4.943 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2.400 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1.832 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4.232 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.278 |
|
|
TOTAL BORROWING |
|
|
0.278 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4.510 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.007 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
4.928 |
|
Total
Current Assets |
|
|
4.935 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
0.130 |
|
|
Provisions |
|
|
0.295 |
|
Total
Current Liabilities |
|
|
0.425 |
|
|
Net Current Assets |
|
|
4.510 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4.510 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1429.815 |
0.000 |
0.000 |
|
|
|
Other Income |
1.845 |
0.000 |
0.000 |
|
|
|
TOTAL |
1431.660 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
1348.694 |
|
|
|
|
|
Change in inventories |
79.522 |
0.000 |
|
|
|
|
Employees benefits expense |
0.695 |
0.000 |
|
|
|
|
Exceptional Items |
0.000 |
0.794 |
|
|
|
|
Other expenses |
2.198 |
0.237 |
|
|
|
|
TOTAL |
1431.109 |
1.031 |
0.025 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.551 |
(1.031) |
(0.025) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.003 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
0.548 |
(1.031) |
(0.025) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.133 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
0.415 |
(1.031) |
(0.025) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.01 |
(4.30) |
(0.11) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
657.200 |
103.400 |
98.000 |
177.600 |
|
Total Expenditure |
658.100 |
104.000 |
97.900 |
176.600 |
|
PBIDT (Excl OI) |
(0.900) |
(0.600) |
0.100 |
1.100 |
|
Other Income |
9.600 |
8.900 |
(2.500) |
(5.100) |
|
Operating Profit |
8.700 |
8.300 |
(2.400) |
(4.000) |
|
Interest |
0.000 |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
8.700 |
8.300 |
(2.400) |
(4.000) |
|
Depreciation |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit Before Tax |
8.700 |
8.300 |
(2.400) |
(4.000) |
|
Tax |
0.000 |
0.000 |
0.000 |
3.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
8.700 |
8.300 |
(2.400) |
(7.300) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
8.700 |
8.300 |
(2.400) |
(7.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.03 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.04 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.07 |
(20.86) |
(0.51) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(0.32) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06 |
0.40 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.05 |
2.84 |
11.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2.400 |
112.400 |
|
Reserves & Surplus |
0.800 |
3.445 |
|
Equity Share Suspense |
0.000 |
425.2 |
|
Net
worth |
3.200 |
541.045 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
1.267 |
32.305 |
|
Total
borrowings |
1.267 |
32.305 |
|
Debt/Equity
ratio |
0.396 |
0.060 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
0.000 |
1429.815 |
|
|
|
|
|
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
0.000 |
1429.815 |
|
Profit |
0.025 |
(1.031) |
0.415 |
|
|
|
|
0.03% |
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 |
No |
|
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 |
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 |
No |
|
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: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
From Director |
0.000 |
0.764 |
|
Others |
32.305 |
0.503 |
|
Total |
32.305 |
1.267 |
CORPORATE
INFORMATION
Subject is a public company domiciled in India and incorporated under the provision of the Company Act, 1956. The Company is engaged in trading of Computer Hardware and Software.
PERFORMANCE AND
RESULTS:
During the period, the Company went through restructuring by way of amalgamation with two IT Companies and Company’s amalgamated revenue from operations stood at Rs. 1429.815 Millions. The Company generated Net profit after Tax of Rs. 0.415 Million. With the financial restructuring, the Company looks forward for healthier results in the coming years ahead.
REVIEW OF OPERATIONS
AND FUTURE PLANS:
As a part of expansion of its business line, during the year, the Company acquired two IT Companies namely Swift Infrastructure and Services Limited and Crescent Digital Technologies Limited. These two companies are in the business of consultancy related to development of IT software, IT integrated infrastructure and trading in computer and hardware, developing IT integrated infrastructure and executing other IT Infrastructure related contracts and trading in computer hardware.
Pursuant to the scheme of Amalgamation (the scheme) approved by the shareholders and sanctioned by Hon’ble High Court at Mumbai on 03 May 2013 under the provision of Companies Act, 1956 (“The Act”) of which the certified order copy received on 30th May 2013, the entire undertaking of Crescent Digital Technologies Limited (CDTL) and Swift IT Infrastructure and Services Limited (SIISL), the transferor companies, has been transferred to the Company as a going concern with effect from 31st July 2012 (the appointed date). In accordance with the scheme 4,25,20,000 Equity Shares of Rs.10/- each fully paid up and ranking in pari-passu with the existing Equity Shares are to be issued by the company to the equity share holders of Crescent Digital Technologies Limited and
Swift IT Infrastructure and Services Limited in the ratio of 1:1 i.e. 1 new equity share of Rs.10/- each in the transferee company credited as fully paid up for 1 equity share of Rs.10/- each in the capital of transferor company.
The Company is confident that the amalgamation will benefit consolidation of the businesses of consultancy related to development of IT software, IT integrated infrastructure and result in economy of scale and reduction in overheads, administrative, managerial and other expenditure and optimal utilization of resources. High Court vide
its order dated 3rd May 2013 has approved the amalgamation and now the Company looks forward with confidence for improved results and in turn increase shareholders value.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
The world economy continues to face challenged on the road to sustained recovery. Advanced Economies that seemed towards the fag-end of the year and this uncertainty is clouding the prospects for global growth during 2012-13. The growth momentum was impacted as the protracted debt crisis in the euro area, appreciating rupee and fiscal fragilities dampened and consumer confidence.
The economic crisis and its ramifications have accelerated the shift of economic power from the developed to the emerging nations and exposed a fragile world with limited capacity to respond to systemic risks. The consequence has been volatile and low growth which is likely to stay for some time to come.
PERFORMANCE
During the year, due to synergies which the Company has entered into by way of amalgamation with two IT companies, has surely resulted the Company to achieve robust turnover and boost the Company to achieve better performance in the coming years. Directors are hopeful of exploring more and more business avenues in the coming days. The Company has been engaged in synchronizing / merging the business operations of the amalgamated entities with that of the Company and Management is very much optimistic about the better and better performance of the Company in the coming years. Increased capital base of the Company will enable Company to take higher risks in the business expansions and in turn will enable Company to gratify shareholders’ confidence and value in the coming years.
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.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.