MIRA INFORM REPORT
|
Report Date : |
11.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
PERSISTENT SYSTEMS LIMITED |
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Registered
Office : |
Bhageerath, 402, Senapati Bapat Road, Pune – 411016, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
30.05.1990 |
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Com. Reg. No.: |
11-056696 |
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Capital Investment
/ Paid-up Capital : |
Rs.400.000
Millions |
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CIN No.: [Company Identification
No.] |
L72300PN1990PLC056696 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP00909G |
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PAN No.: [Permanent Account No.] |
AABCP1209Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in Outsourced Software Product Development
Services. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 45730500 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by
adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries to
stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 PARTED BY
Management non co-operative [91-20-67030000]
LOCATIONS
|
Registered Office : |
Bhageerath, 402, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
|
Tel. No.: |
91-20-67030000/ 30234000 |
|
Fax No.: |
91-20-67030009 |
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E-Mail : |
auadhoot_upadye@persistent.co.in
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Website : |
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SEZ Units : |
Located At:
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Branch Office in India : |
Located At:
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Overseas Branch Office : |
Located At:
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DIRECTORS
AS ON 31.12.2013
|
Name : |
Dr. Anand Deshpande |
|
Designation : |
Founder, Chairman and Managing Director |
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|
Name : |
Mr. Pradeep Kumar Bhargava |
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Designation : |
Independent Director |
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Name : |
Mr. Sanjay. Kumar Bhattacharya |
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Designation : |
Independent Director |
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Name : |
Dr. Anant Jhingran |
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Designation : |
Independent Director |
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Name : |
Dr. Dinesh Keskar |
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Designation : |
Independent Director |
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Name : |
Mr. P.B. Kulkarni |
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Designation : |
Independent Director |
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Name : |
Mr. Prakash Telang |
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Designation : |
Independent Director |
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Name : |
Mr. Kiran Umrootkar |
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Designation : |
Independent Director |
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Name : |
Mr. Nitin Kulkarni |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Amit Atre |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Rohit Kamat |
|
Designation : |
Chief Financial Officer |
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Name : |
Mr. Rakesh |
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Designation : |
Admin Executive |
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COMMITTEES OF THE
BOARD |
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Audit Committee : |
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Compensation and
Remuneration Committee : |
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Executive Committee : |
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Nomination and Governance Committee : |
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Shareholders/ Investors Grievance Committee : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
15215420 |
38.04 |
|
|
369400 |
0.92 |
|
|
369400 |
0.92 |
|
|
15584820 |
38.96 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
15584820 |
38.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5549615 |
13.87 |
|
|
18175 |
0.05 |
|
|
7119174 |
17.80 |
|
|
1943716 |
4.86 |
|
|
183431 |
0.46 |
|
|
183431 |
0.46 |
|
|
14814111 |
37.04 |
|
|
|
|
|
|
425445 |
1.06 |
|
|
|
|
|
|
2457690 |
6.14 |
|
|
3263904 |
8.16 |
|
|
3454030 |
8.64 |
|
|
389915 |
0.97 |
|
|
2998670 |
7.50 |
|
|
14676 |
0.04 |
|
|
40769 |
0.10 |
|
|
10000 |
0.03 |
|
|
9601069 |
24.00 |
|
Total Public shareholding (B) |
24415180 |
61.04 |
|
Total (A)+(B) |
40000000 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
40000000 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Anand Suresh Deshpande |
1,14,04,220 |
28.51 |
|
2 |
Suresh Purushottam Deshpande |
38,11,200 |
9.53 |
|
3 |
Sulabha Suresh Deshpande |
2,83,000 |
0.71 |
|
4 |
Sonali Anand Deshpande |
56,000 |
0.14 |
|
5 |
Chitra Hemadri Buzruk |
27,300 |
0.07 |
|
6 |
Padmakar Govind Khare |
400 |
0.00 |
|
7 |
Hemadri Narayan Buzruk |
2,700 |
0.01 |
|
|
Total |
1,55,84,820 |
38.96 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN
1% OF THE TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
PSPL ESOP Management Trust |
2998590 |
7.50 |
|
2 |
Reliance Capital Trustee co. Limited A/c
Reliance Equity Opportunities Fund |
951051 |
2.38 |
|
3 |
Smallcap World Fund Inc |
1999379 |
5.00 |
|
4 |
Gabriel Venture Partners II (Mauritius) |
1943716 |
4.86 |
|
5 |
HDFC Trustee Company Limited A/c HDFC Mid
Cap Opportunities Fund |
1324000 |
3.31 |
|
6 |
ICICI Prudential Discovery Fund |
1033292 |
2.58 |
|
7 |
Saif Advisors Mauritius Limited A/c Saif
India IV FII Holdings Limited |
2133148 |
5.33 |
|
8 |
Ashutosh Vinayak Joshi |
1050000 |
2.63 |
|
9 |
Shridhar Bhalchandra Shukla |
800000 |
2.00 |
|
10 |
DSP Blackrock Small And Mid-Cap Fund |
1038325 |
2.60 |
|
11 |
American Funds Insurance Series Global
Small Capitalization Fund |
455000 |
1.14 |
|
12 |
Axis Mutual Fund Trustee Limited A/c Axis
Mutual Fund A/c Axis Long Term Equity Fund |
452942 |
1.13 |
|
13 |
Amansa Capital PTE Limited A/c Amansa Holdings
Private Limited |
557047 |
1.39 |
|
|
Total |
16736490 |
41.84 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND
HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
PSPL ESOP Management Trust |
2998590 |
7.50 |
|
2 |
Saif Advisors Mauritius Limited A/c Saif
India IV FII Holdings Limited |
2133148 |
5.33 |
|
|
Total |
5131738 |
12.83 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Outsourced Software Product Development
Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors 1 : |
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|
Name : |
S.R. Batliboi and Company Chartered Accountants |
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Auditors 2 : |
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|
Name : |
Joshi Apte and Company Chartered Accountants |
CAPITAL STRUCTURE
AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
112000000 |
Equity Shares |
Rs.10/- each |
Rs.1120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each
|
Rs.400.000
Millions |
NOTES:
RECONCILIATION OF THE
SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING PERIOD
There is no movement in the shares outstanding at the beginning and at the end of the reporting period.
TERMS / RIGHTS
ATTACHED TO EQUITY SHARES
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31, 2013, the amount of per share final dividend recognized as distributions to equity shareholders was Rs.3.
During the period ended December 31, 2013, the amount of per share interim dividend recognized as distributions to equity shareholders is Rs.8 (December 31, 2012: Rs.6).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
NAME OF
SHAREHOLDERS * |
AS ON 31.12.2013 |
|
|
|
NO. IN MILLION |
% HOLDING |
|
Dr. Anand Deshpande Norwest Venture Partners, FVCI |
11.40 |
28.50 |
|
Mr. Suresh Deshpande |
3.81 |
9.53 |
|
PSPL ESOP Management Trust |
3.00 |
7.50 |
|
Reliance Capital Trustee Company Limited |
-- |
-- |
|
Saif Advisors Mauritius Limited |
2.13 |
5.33 |
* The shareholding information
is based on legal ownership of shares and has been extracted from the of the
company including register of shareholders / members.
FINANCIAL DATA
[all figures are
in Rupees Millions]
CONDENSED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
400.000 |
400.000 |
400.000 |
|
(b) Reserves & Surplus |
11032.640 |
9190.040 |
9660.440 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11432.640 |
9590.040 |
10060.440 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
23.350 |
14.200 |
14.200 |
|
(b) Deferred tax liabilities (Net) |
0.740 |
0.270 |
0.360 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
87.000 |
71.710 |
79.870 |
|
Total
Non-current Liabilities (3) |
111.090 |
86.180 |
94.430 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
308.120 |
345.900 |
230.570 |
|
(c)
Other current liabilities |
469.860 |
250.380 |
196.340 |
|
(d)
Short-term provisions |
872.930 |
840.520 |
709.680 |
|
Total
Current Liabilities (4) |
1650.910 |
1436.800 |
1136.590 |
|
|
|
|
|
|
TOTAL |
13194.640 |
11113.020 |
11291.460 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2615.520 |
2551.950 |
2638.350 |
|
(ii)
Intangible Assets |
148.640 |
253.470 |
240.480 |
|
(iii)
Capital work-in-progress |
287.400 |
362.740 |
346.260 |
|
(iv) Intangible assets under development |
0.000 |
0.180 |
0.000 |
|
(b) Non-current
Investments |
966.320 |
750.300 |
750.300 |
|
(c) Deferred tax assets
(net) |
143.840 |
133.040 |
111.780 |
|
(d) Long-term Loan
and Advances |
520.530 |
273.540 |
627.120 |
|
(e)
Other Non-current assets |
661.610 |
536.550 |
526.290 |
|
Total
Non-Current Assets |
5343.860 |
4861.770 |
5240.580 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
3964.820 |
3409.760 |
3116.180 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
2625.110 |
2112.340 |
2033.990 |
|
(d)
Cash and cash equivalents |
597.250 |
54.150 |
298.080 |
|
(e)
Short-term loans and advances |
362.400 |
429.900 |
265.750 |
|
(f)
Other current assets |
301.200 |
245.100 |
336.880 |
|
Total
Current Assets |
7850.780 |
6251.250 |
6050.880 |
|
|
|
|
|
|
TOTAL |
13194.640 |
11113.020 |
11291.460 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
|
For Nine Months
Ended |
For Year Ended |
||
|
|
SALES |
|
|
|
|
|
|
|
Income |
8763.110 |
7404.020 |
9967.510 |
|
|
|
Other Income |
245.960 |
225.330 |
288.300 |
|
|
|
TOTAL (A) |
9009.070 |
7629.350 |
10255.810 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
4105.150 |
3521.900 |
4778.600 |
|
|
|
Cost of Technical Professionals |
794.600 |
736.330 |
973.080 |
|
|
|
Other Expenses |
1089.060 |
1186.590 |
1440.830 |
|
|
|
TOTAL (B) |
5988.810 |
5444.820 |
7192.510 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3020.260 |
2184.530 |
3063.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.380 |
0.270 |
0.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3019.880 |
2184.260 |
3062.940 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
447.220 |
443.160 |
596.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2572.660 |
1741.100 |
2465.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
665.330 |
440.350 |
647.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1907.330 |
1300.750 |
1818.090 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
49.11 |
33.73 |
47.12 |
|
|
|
-
Diluted |
47.68 |
32.52 |
45.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.03.2013 |
|
PAT / Total Income |
(%) |
21.17
|
17.05 |
17.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.35
|
23.52 |
24.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.47
|
17.65 |
24.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.18 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.75
|
4.35 |
5.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.12.2012 |
31.12.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
400.000 |
400.000 |
400.000 |
|
Reserves & Surplus |
9660.440 |
9190.040 |
11032.640 |
|
Net worth |
10,060.440 |
9,590.040 |
11,432.640 |
|
|
|
|
|
|
long-term borrowings |
14.200 |
14.200 |
23.350 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
14.200 |
14.200 |
23.350 |
|
Debt/Equity ratio |
0.001 |
0.001 |
0.002 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.12.2012 |
31.12.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
9967.510 |
7404.020 |
8763.110 |
|
|
|
(25.718) |
18.356 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.12.2012 |
31.12.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
9967.510 |
7404.020 |
8763.110 |
|
Profit |
1818.090 |
1300.750 |
1907.330 |
|
|
18.24% |
17.57% |
21.77% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
90087461 |
10/10/2005 |
45,000,000.00 |
CITI BANK N.A. |
2413; PARMAR HOUSE, EAST STREET,
PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
2 |
90085601 |
02/03/2006 * |
108,000,000.00 |
BANK OF INDIA |
PUNE MAIN BRANCH 8, DR
KOYAJI ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
- |
* Date of charge modification
|
Unsecured Loan |
As
on 31.12.2013 [Rs.
in Millions] |
As
on 31.12.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Term Loans |
|
|
|
Indian rupee loan from others |
23.350 |
14.200 |
|
TOTAL
|
23.350 |
14.200 |
NATURE OF OPERATIONS:
Subject is a public
Company domiciled in India and incorporated under the provisions of the
Companies Act, 1956 (the “Act”). The shares of the Company are listed on Bombay
Stock Exchange and National Stock Exchange. The Company is a global company
specializing in software products, services and technology innovation. The
Company offers complete product life cycle services.
FIXED ASSETS:
- Freehold land
- Leasehold land
- Buildings
- Computers
- Office Equipments
- Plant and Machinery
- Leasehold Improvements
- Furniture and Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.61.20 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.