MIRA INFORM REPORT
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Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
VAKRANGEE LIMITED
(w.e.f. October
01, 2013) |
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Formerly Known
As : |
VAKRANGEE
SOFTWARES LIMITED |
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Registered Office
: |
‘Vakrangee
House’, Plot No.66, Marol Co-Operative Industrial Estate, M.V. Road, Marol,
Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.05.1990 |
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Com. Reg. No.: |
11-056669 |
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Capital
Investment / Paid-up Capital : |
Rs.503.482
Millions |
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CIN No.: [Company
Identification No.] |
L65990MH1990PLC056669 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMV09885B |
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PAN No.: [Permanent
Account No.] |
AAACV9920D |
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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 business of providing e-governance
related solutions, system integration, and information technology (IT)
enabled services. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track record. Financial
position of the company seems to be decent. Trade relations are
reported to be fair. Business is active. Payment terms are reported to be
regular. The company can
be considered normal for business dealing at usual trade terms and condition.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go
slowly on talks over coal supply contracts, uncertainty over cancellation of
blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn Business Empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M a M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy stake
in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Loans = BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
March, 2014 |
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Rating Agency Name |
ICRA |
|
Rating |
Short Term Non-Fund Based = A2 |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
March, 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 DENIED
Management Non Co-Operative (Tel No.: 91-22-28503412)
LOCATIONS
|
Registered Office : |
‘Vakrangee
House’, Plot No.66, Marol Co-Operative Industrial Estate, M.V. Road, Marol,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-28504028 /
3412 / 28503412 / 67765100 |
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Fax No.: |
91-22-28502017 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
Located at :
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Dinesh Nandwana |
|
Designation : |
Chairman and Managing Director |
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Date of Birth / Age: |
51 Years |
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Qualification : |
Chartered Accountant, B.com |
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Date of Appointment : |
28.05.1990 |
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Name : |
Dr. Nishikant Hayatnagarkar |
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Designation : |
Whole Time Director, R&D |
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Date of Appointment : |
27.08.1999 |
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Name : |
Mr. Ramesh M. Joshi |
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Designation : |
Director |
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Date of Birth / Age: |
71 Years |
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Qualification : |
Graduate in Economics and Law, University of Nagpur |
|
Date of Appointment : |
20.10.2006 |
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Name : |
Mr. Sunil Agarwal |
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Designation : |
Director |
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Date of Birth / Age: |
50 Years |
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Qualification : |
Graduate in Commerce |
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Date of Appointment : |
28.06.2002 |
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|
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Name : |
Mr. B.L. Meena |
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Designation : |
Director |
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Date of Birth / Age: |
64 Years |
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Qualification : |
M.A, L.L.B. |
|
Date of Appointment : |
25.10.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Darshi Shah |
|
Designation : |
Company Secretary and Compliance Officer |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
29865100 |
5.93 |
|
|
165311414 |
32.83 |
|
|
195176514 |
38.77 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
195176514 |
38.77 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
32912180 |
6.54 |
|
|
15058721 |
2.99 |
|
|
47970901 |
9.53 |
|
|
|
|
|
|
172022712 |
34.17 |
|
|
|
|
|
|
19566886 |
3.89 |
|
|
57094210 |
11.34 |
|
|
11651017 |
2.31 |
|
|
3995876 |
0.79 |
|
|
7655141 |
1.52 |
|
|
260334825 |
51.71 |
|
Total
Public shareholding (B) |
308305726 |
61.23 |
|
Total
(A)+(B) |
503482240 |
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) |
503482240 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Vakrangee
Holdings Private Limited |
69400000 |
13.78 |
|
Vakrangee
Holdings Private Limited |
55975194 |
11.12 |
|
Vakrangee
Capital Private Limited |
39936220 |
7.93 |
|
Dinesh
Nandwana |
19767100 |
3.93 |
|
Dinesh
Birdhilal Nandwana |
10000000 |
1.99 |
|
Dinesh
Nandwana HUF |
98000 |
0.02 |
|
Total |
195176514 |
38.77 |
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
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Bluepearl
Trading Company Private Limited |
29188500 |
5.80 |
|
Life
Insurance Corpration of India |
30835417 |
6.12 |
|
Seahorse
Merchantile Company Private Limited |
18471371 |
3.67 |
|
Highpoint
Trading Company Private Limited |
19172339 |
3.81 |
|
Newtree
Trading Company Private Limited |
8384953 |
1.67 |
|
Ashtavakra
Properties Private Limited |
10050000 |
2.00 |
|
Abhirati
Trading Private Limited |
10000000 |
1.99 |
|
Bluepearl
Trading Company Private Limited |
8011471 |
1.59 |
|
Vinod
Laxminarayan Bohra |
6778179 |
1.35 |
|
Balram
Chainrai |
5647300 |
1.12 |
|
Kautik
Properties Private Limited |
6488660 |
1.29 |
|
Total |
153028190 |
30.39 |
Details of Locked-in Shares
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Vakrangee
Capital Private Limited |
39936220 |
7.93 |
|
Total |
39936220 |
7.93 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of providing e-governance
related solutions, system integration, and information technology (IT)
enabled services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Notes: LONG TERM
BORROWINGS Terms
of repayment of term loans and other loans. i)
Term Loan from Banks: 1.
The Company has entered into a
Common Loan Agreement amounting to Rs.2250.000 Millions sanctioned by nationalised
and private banks. The initial interest rate in respect of all the lenders
shall be 13% p.a. payable with monthly rests irrespective of the individual
interest rates mentioned in respective lenders’ sanction letters, subject to
further change in Base Rate till date of documentation. The highest rate of
interest of any lender shall be applicable and payable by the Company to all
the lenders. The interest spread reset shall be done every 2 years from the
date of first disbursement. The loan is to be repaid in 14 unequal quarterly
installments commencing after moratorium period of six months from the date
of first disbursement / LC opening. First installment shall be due at the end
of six months, thereby total tenor of the loan to be 45 months. 2.
The Company has taken a fresh term
loan of Rs.250.000 Millions during the year. Present rate of interest is
12.50% p.a. The loan is to be repaid in 16 quarterly installments of
Rs.15.600 Millions starting from availability-cum-moratorium period of 15
months from the date of first disbursement. First installment shall be due in
the last quarter of the financial year 2014-2015, thereby total tenor of the
loan will be 63 months. 3.
The Company has taken a term loan
in the form of External Commercial Borrowings (ECBs) of USD 10 Million during
the previous year. The borrowings are made at an interest rate equal to the
sum of LIBOR and the Margin as specified in the Term Loan Facility Agreement.
The payment of interest to be made quarterly. Present rate of interest is
3.561% p.a. The loan is to be repaid in 12 quarterly installments starting
from June 30, 2014, with first 11 installments in equal amounts & the
amount of the last i.e. twelth installment being the balance of principal
pending for repayment, thereby total tenor of the loan to be five years. The Company has entered into a Cross Currency &
Interest Rate Swap facility for hedging of the ECB repayments (principal and
interest). By way of this swap facility, the rate of interest has been fixed
at 9.62% p.a. for complete tenor of the term loan. The spot reference rate
for repayment of the said loan has been fixed at Rs.56.08 for 1 USD. The bank has sanctioned Loan Equivalent Value (LEV) of
Rs.64.930 Millions under currency swap facility. Negative Mark-to-Market
threshold limit for margin call has been fixed at Rs.50.000 Millions In case,
the net payables exceed the exposure, the Bank has the right to call for
additional deposit margin forthwith to maintain the exposure within the
threshold limit. The Company shall deposit cash collateral as per Bank’s
instructions, if negative MTM exceeds Rs.50.000 Millions. ii)
Term Loan from NBFC, carries an
interest rate equal to the sum of Reference Benchmark rate and the Interest
spread as specified in the Loan agreement. Present rate of interest is 13%
w.e.f. 7th November 2013. The interest payment to be made monthly. Principal
repayment shall be in monthly equal installments for 36 months from the date
of drawdown. Obligation under finance
lease are repayable in 36 monthly equal installments. These obligations carry
an interest rate of 14.00% p.a. Nature
of security of each type of secured loans. i)
Term Loans from Banks (existing): 1.
First pari-passu charge on entire
UID kits purchased out of the term loan. 2.
Second parri-passu charge on
current assets of the Company. 3.
Second parri-passu charge on
moveable assets of the Company. 4.
Second parri-passu charge through
mortgage on the office premises of the Company, situated at Marol
Co-Operative Industrial Society & Hind Saurashtra Industries Co-Operative
Society Limited, Marol, Andheri (East), Mumbai. 5.
Second pari passu charge on the
assets financed through ECB facility. 6.
Lien on Fixed Deposit amounting to
Rs.35.000 Millons held with the Banks. 7.
Personal Guarantee of Mr. Dinesh
Nandwana, Chairman & Managing Director of the Company. ii)
Term Loans from Banks (fresh loan): 1.
First pari-passu charge by way of
hypothecation on micro ATM, Financial Inclusion (FI) kits and assets
purchased out of the said rupee term loan. 2.
Second pari-passu charge on all the
present and future current assets of the Company. 3.
First charge on the designated bank
account through which all the revenues and receivables of all the FI centres
will be routed. 4.
First charge on the Debt Service
Reserve account (DSRA) and any other bank account of the company with respect
to proposed FI project. 5.
Second pari-passu charge on the
movable fixed assets of the company (present & future), except micro ATMs
and other FI kits.Second parri-passu charge through mortgage on the office
premises of the Company, situated at Marol Co-Operative Industrial Society
& Hind Saurashtra Industries Co-Operative Society Limited, Marol, Andheri
(East), Mumbai. 6.
Second pari-passu charge on office
premise of Vakrangee Technologies Limited, situated at Marol Co-Operative
Industrial Society, Marol, Andheri (East), Mumbai. 7.
Second pari-passu charge on
property situated at Deer Park, New Delhi. 8.
Personal Guarantee of Mr. Dinesh
Nandwana, Chairman & Managing Director of the Company & Corporate
Guarantee of Vakrangee Technologies Limited. iii)
Term Loans from Banks - External
Commercial Borrowings (ECB): 1.
First charge on all moveable and
immoveable fixed assets financed out of the term loan, with a minimum asset
cover ratio of 1.33 times. 2.
Second parri-passu charge on all
assets of the Company excluding those financed through this term loan. 3.
Second pari passu charge on the UID
kits procured from existing term loans availed from banks. 4.
Personal Guarantee of Mr. Dinesh
Nandwana, Chairman & Managing Director of the Company. iv)
Term Loans from NBFC: 1.
First pari-passu charge on all
present and future moveable fixed assets of the Company excluding, UID kits
financed by existing term from banks & assets financed from ECB facility. 2.
First pari passu charge on all the
immovable properties of the company acquired after March 31, 2011. 3.
First parri-passu charge through
mortgage on the office premises of the Company, situated at Marol
Co-Operative Industrial Society & Hind Saurashtra Industries Co-Operative
Society Limited, Marol, Andheri (East), Mumbai & on the office premises
of the Company situated at Chandigarh. 4.
Second pari-passu charge on all
present and future current assets. 5.
Second pari-passu charge on UID
kits financed by existing term loans. 6.
Second pari passu charge on the
assets financed through ECB facility. 7.
Personal Guarantee of Mr. Dinesh
Nandwana, Chairman & Managing Director of the Company. v)
Finance Lease facility: Obligations under finance lease are secured against
fixed assets obtained under finance lease arrangements. (d) Details of the aggregate of each loan guaranteed by
directors or others, each head-wise. All the term loans amounting to Rs.860.266 Millions
(P.Y. Rs.1434.577 Millions) guaranteed by Mr. Dinesh Nandwana, Chairman and
Managing Director of the Company. (e) Details of continuing default in the repayment of
loans and interest, specifying the period and amount separately in each case.
There has been no default in the repayment of loans or
interest thereon as on date. SHORT TERM
BORROWINGS Nature of security of each type of secured loans. a)
Loans repayable on demand from
Banks: The Company had entered into
a Security Trustee Agreement for availing the working capital facilities
under the consortium banking arrangement, aggregating to Rs.5250.000 Millions
and the limit has been enhanced from December 26,2013 to Rs.6500.000
Millions. These facilities are secured
against the following charge on various assets of the Company: 1.
Primary: First pari-passu charge on
the entire current assets of the Company, both present & future. 2.
Collateral : -
First pari-passu charge on the
entire movable fixed assets of the Company (excluding UID kits financed by
existing term loans & assets financed from ECB facility) both present
& future. -
First pari-passu charge on entire
lands & office premises of the company & of Vakrangee Technologies
Limited, situated at Marol Co-Operative Industrial Society & Hind
Saurashtra Industries Co-Operative Society Limited, Marol, Andheri (East), Mumbai. -
First Pari passu change on
residential house at Chandigarh. -
Second pari-passu charge on the UID
kits purchased from the existing term loan facilities. -
Second pari-passu charge on the
assets financed through ECB facility. 3.
Corporate Guarantee of Company,
Vakrangee Technologies Limited. 4.
Personal Guarantee of Mr. Dinesh
Nandwana, Chairman & Managing Director of the Company. b)
Details of the aggregate of each
loan guaranteed by directors or others, each head-wise. All the loans repayable
on demand from banks amounting to Rs.3063.902 Millions (P. Y. Rs.2695.498
Millions) guaranteed by Mr. Dinesh Nandwana, Chairman and Managing Director
of the Company. c)
Details of continuing default in
the repayment of loans and interest, specifying the period and amount
separately in each case. There has been no default in the repayment of loans or
interest thereon as on date. |
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Banking
Relations : |
-- |
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Financial Institutions : |
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Auditors : |
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|
Name : |
S.K. Patodia and Associates Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Subsidiary
Companies : |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Re.1/- each |
Rs.750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
503482240 |
Equity Shares |
Re.1/- each |
Rs.503.482
Millions |
- Detailed note on the terms of the rights, preferences and restrictions
relating to each class of shares including restrictions on the
distribution of dividends and repayment of capital.
- The Company has only one class of Equity Shares having a par value of Re.1/- per share. Each holder of Equity Share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. During the year ended March 31, 2014, the amount of per share dividend recognised as distributions to Equity Shareholders is Rs.0.25 per share of Re.1/- each. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
- In the event of liquidation of the Company, the 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.
iii.
During
the previous year, the Company had issued bonus shares in the ratio of one
fully paid-up equity share for every equity share held on April 13, 2012 being
the record date.
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
No. of shares at the beginning of the
year |
502499320 |
|
Add: Issue of Shares during the year |
-- |
|
Bonus Issue |
-- |
|
Conversion of ESOPs |
982920 |
|
Conversion of Share Warrants |
-- |
|
No. of shares at
the end of the year |
503482240 |
- Aggregate details for five immediately previous reporting periods
for each class of shares
|
Equity Shares |
Number
of Shares |
|
No. of shares allotted as fully paid up pursuant to contracts without payment being received in cash |
-- |
|
No. of shares allotted as fully paid by way of Bonus Shares |
250239750 |
|
No. of shares bought back |
-- |
During the year, the Company has issued 982920 equity shares of Re.1/- each on exercise of options granted under the employee stock option plan (ESOP) wherein part consideration was received in the form of employee services.
Hence, the company has issued total 6158940 shares during the period of five years immediately preceding the reporting date on exercise of options granted under the ESOP scheme.
- Details of Promoters’ holding more than 5% shares in the company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Vakrangee Holdings Private Limited |
125375194 |
24.90 |
|
Dinesh Nandwana |
29767100 |
5.91 |
|
Vakrangee Capital Private Limited |
39936220 |
7.93 |
- Detailed
note on shares reserved to be issued under options and contracts (ESOPs or
Loans) / commitment for the sale of shares (without payment being received
in cash) divestments including the terms and conditions.
The Company had formulated Employees Stock Option Scheme, 2008 (ESOP Scheme) which was approved by the members of the Company at their meeting held on September 23, 2008, as modified on January 10, 2011 & on June 1, 2012.
Therefore, all the Grants issued upto previous year, i.e. Grant 1 to Grant 6, & the prices at which the options (after effecting modification, if any) to be exercised as follows:
Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures, bonds etc. The Company has issued 250.00 Lacs fully convertible warrants to M/s. Vakrangee Capital Private Limited at value of Rs.100/- per warrant. The warrants issued are convertible into equal no. of equity shares having face value of Re.1/- with premium of ` 99/- per share. An amount equivalent to 40.56% of the total consideration i.e. Rs.1014.000 Millions was received before the issuance of the warrants. Balance amount towards the warrant application money shall be received before the conversion of the warrants. The warrants shall be convertible any time from the date of allotment but before the expiry of 18 months from the date of allotment.
|
Grant No. & Date of Grant |
Option Granted |
|
|
|
No. of
options (Equity shares of Face Value Rs.1/- each) |
Exercise Price |
|
Grant 1 on July 31, 2009 |
54,14,000 |
3.10 |
|
Grant 2 on December 30, 2009 |
4,12,000 |
3.39 |
|
Grant 3 on May 18, 2010 |
31,24,000 |
7.33 |
|
Grant 4 on November 24, 2010 |
17,35,000 |
7.50 |
|
Grant 5 on August 12, 2011 |
12,97,000 |
7.50 |
|
Grant 6A on July 20, 2012 |
11,90,000 |
20.00 |
|
Grant 6B on July 20, 2012 |
11,90,000 |
10.00 |
The Company
has made another change in the ESOP Scheme with respect to the vesting of the
options (only those forming part of the fresh Grants issued after June 1, 2012)
over the period as follows:
|
Period of Vesting from the date of grant |
Option Granted |
|
|
|
Grant 1 to 5 |
Grant 6 onwards |
|
At the end of twelve months |
33% |
-- |
|
At the end of twenty four months |
33% |
25% |
|
At the end of thirty six months |
33% |
25% |
|
At the end of forty eight months |
-- |
25% |
|
At the end of sixty months |
-- |
25% |
Employees covered under Stock Option Plans are granted an option to purchase shares of the company at the respective exercise prices, subject to requirements of vesting conditions. These options generally vest over a period of four years from the date of grant for Grants 1 to 5 and six years from the date of grant for Grant 6 onwards. Upon vesting, the employees can acquire one equity share for every option.
The stock compensation cost is computed under the intrinsic value method and amortized on a straight line basis over the total vesting period of four years & six years accordingly. For the year ended March 31, 2014, the company has recorded stock compensation expense of Rs.22.770 Millions (net) (Previous year Rs.28.038 Millions). During the year, the Company has reversed the deferred employee compensation expenses amounting Rs.7.932 Millions (Previous Year ` Nil) towards 10,93,000 options lapsed out of the Grant 4.
The Remuneration & Compensation committee of the Board evaluates the performance and other criteria of employees and approves the grant of options. These options vest with employees over a specified period subject to fulfillment of certain conditions. Upon vesting, employees are eligible to apply and secure allotment of Company’s shares at a price determined on the date of grant of options.
- Detailed terms of any securities convertible into shares, e.g. in the case of convertible warrants, debentures, bonds etc. The Company has issued 250.00 Lacs fully convertible warrants to M/s. Vakrangee Capital Private Limited at value of Rs.100/- per warrant. The warrants issued are convertible into equal no. of equity shares having face value of Re.1/- with premium of Rs.99/- per share. An amount equivalent to 40.56% of the total consideration i.e. Rs.1014.000 Millions was received before the issuance of the warrants. Balance amount towards the warrant application money shall be received before the conversion of the warrants. The warrants shall be convertible any time from the date of allotment but before the expiry of 18 months from the date of allotment.
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 |
503.482 |
502.499 |
250.240 |
|
(b) Reserves & Surplus |
6524.586 |
4652.893 |
3890.636 |
|
(c) Money
received against share warrants |
1021.505 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8049.573 |
5155.392 |
4140.876 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
862.102 |
1456.854 |
1559.612 |
|
(b) Deferred tax liabilities (Net) |
709.257 |
827.005 |
731.592 |
|
(c) Other long term
liabilities |
33.205 |
78.373 |
69.917 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
1604.564 |
2362.232 |
2361.121 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3063.902 |
2695.498 |
2082.494 |
|
(b) Trade
payables |
2519.699 |
1747.917 |
1189.074 |
|
(c) Other
current liabilities |
966.157 |
1222.921 |
965.569 |
|
(d) Short-term
provisions |
1075.944 |
406.852 |
214.561 |
|
Total Current
Liabilities (4) |
7625.702 |
6073.188 |
4451.698 |
|
|
|
|
|
|
TOTAL |
17279.839 |
13590.812 |
10953.695 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4349.802 |
4183.720 |
4871.179 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
481.134 |
0.000 |
0.788 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
37.600 |
116.730 |
583.730 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
553.070 |
242.766 |
330.208 |
|
(e) Other Non-current
assets |
56.578 |
67.081 |
47.232 |
|
Total Non-Current
Assets |
5478.184 |
4610.297 |
5833.137 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1306.051 |
198.582 |
35.899 |
|
(c) Trade
receivables |
7919.565 |
6613.696 |
4452.353 |
|
(d) Cash
and cash equivalents |
292.137 |
312.227 |
259.695 |
|
(e)
Short-term loans and advances |
363.992 |
350.972 |
317.953 |
|
(f) Other
current assets |
1919.910 |
1505.038 |
54.658 |
|
Total
Current Assets |
11801.655 |
8980.515 |
5120.558 |
|
|
|
|
|
|
TOTAL |
17279.839 |
13590.812 |
10953.695 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19,653.918 |
15,557.752 |
13,521.443 |
|
|
|
Other Income |
92.403 |
74.226 |
42.348 |
|
|
|
TOTAL (A) |
19,746.321 |
15,631.978 |
13,563.791 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
13,560.227 |
11,484.597 |
10,907.602 |
|
|
|
Changes in Inventories |
116.289 |
(160.998) |
(10.822) |
|
|
|
Employee Benefits Expenses |
262.170 |
250.451 |
122.413 |
|
|
|
Other Expenses |
166.087 |
145.585 |
122.612 |
|
|
|
TOTAL (B) |
14,104.773 |
11,719.635 |
11,141.805 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5,641.548 |
3,912.343 |
2,421.986 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
778.754 |
858.367 |
552.515 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4,862.794 |
3,053.976 |
1,869.471 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,803.184 |
1,569.433 |
873.997 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3,059.610 |
1,484.543 |
995.474 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1,069.607 |
391.817 |
320.415 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1,990.003 |
1,092.726 |
675.059 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2,665.644 |
1,772.451 |
1,264.514 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to general reserve |
0.000 |
0.000 |
50.630 |
|
|
|
Proposed dividend |
199.000 |
81.955 |
100.096 |
|
|
|
Corporate Dividend Tax |
125.871 |
100.500 |
16.238 |
|
|
|
Short Provision for Dividend |
21.392 |
17.080 |
0.047 |
|
|
|
Short Provision for FBT |
0.093 |
0.000 |
0.107 |
|
|
|
Short Provision for Dividend Tax Payable |
0.016 |
0.000 |
0.008 |
|
|
BALANCE CARRIED
TO THE B/S |
4,309.275 |
2,665.642 |
1,772.447 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
140.720 |
86.400 |
0.000 |
|
|
|
Interest on loan to subsidiary |
31.829 |
22.540 |
16.302 |
|
|
TOTAL EARNINGS |
172.549 |
108.940 |
16.302 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
165.183 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
165.183 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
3.96 |
2.18 |
1.35 |
|
|
|
- Dilated |
3.91 |
2.14 |
1.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
10.13 |
7.02 |
4.99 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
28.70 |
25.15 |
17.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.25 |
11.02 |
9.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.29 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.49 |
0.81 |
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
1.48 |
1.15 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
250.240 |
502.499 |
503.482 |
|
Reserves & Surplus |
3890.636 |
4652.893 |
6524.586 |
|
Money received against share
warrants |
0.000 |
0.000 |
1021.505 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4140.876 |
5155.392 |
8049.573 |
|
|
|
|
|
|
Long Term borrowings |
1559.612 |
1456.854 |
862.102 |
|
Short Term borrowings |
2082.494 |
2695.498 |
3063.902 |
|
Total
borrowings |
3642.106 |
4152.352 |
3926.004 |
|
Debt/Equity
ratio |
0.880 |
0.805 |
0.488 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
13,521.443 |
15,557.752 |
19,653.918 |
|
|
|
15.060 |
26.329 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
13,521.443 |
15,557.752 |
19,653.918 |
|
Profit |
675.059 |
1,092.726 |
1,990.003 |
|
|
4.99% |
7.02% |
10.13% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
824.299 |
1091.721 |
874.983 |
|
Total |
824.299 |
1091.721 |
874.983 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
ECONOMIC
OVERVIEW
Global Economy
The global economy experienced subdued growth for another year in 2013. The economy grew at its slowest rate since 2009 of approximately 2.9%. Under-performance was observed across almost all regions. Most developed economies continued to under-perform in an uphill battle against the effects of the financial crisis. However, prospects for 2014 look brighter with a forecast of improved growth for developed economies such as Germany, Japan, the United Kingdom and the United States. The International Monetary Fund (IMF) has raised the global economic growth outlook for 2014 to 3.6% and this is expected to accelerate to 3.9% in 2015. Growth in advanced economies is seen increasing to about 2.3% during FY2014–15, a 1% improvement over 2013. Key drivers for this improvement are a reduction in fiscal tightening and highly accommodative monetary conditions.
Among the advanced economies, growth is expected to be the strongest in the United States at about 2.8%. In the Euro area, growth is projected to be positive but varied. In the emerging markets and developing economies growth is projected to gradually pick up from 4.7% in 2013 to about 5% in 2014 and further to 5.3% in 2015. This will be aided by stronger external demand from advanced economies. Economic growth in China is projected to remain steady at 7.5% in 2014 as authorities seek to rein in credit and advance reforms, while ensuring a gradual transition to a sustainable growth path
BUSINESS OVERVIEW
They are one of the e-Governance companies in India with about 20 years of experience in delivering system integration and other services for India’s national e-governance plan. They are a technologyenabled company and have built up an extensive delivery network for their services across selected regions in northern and western India. As of June 30, 2014, they delivered their services through 4,237 delivery points. Their business is broadly divided into the following two business segments:
(i) e-Governance Business, including systems integration projects and print and data management services;
(ii) Vakrangee Mart Business, which includes Financial Inclusion Business, G2C & B2C Services and White Label ATM Business.
They commenced their e-Governance business in 1994 using transliteration and photo-grabbing technology to computerise electoral for the Election Commission of India, beginning with Office of Collector and District Election Officer, Mumbai Suburban District (MSD), Maharashtra, and thereafter in other districts of Maharashtra and other states, including Rajasthan, Uttar Pradesh, Gujarat, Madhya Pradesh and Chhattisgarh. They began executing projects, directly/indirectly, of National e-Governance Plan (NeGP), including but not limited to MCA 21 for the Ministry of Corporate Affairs, Passport Seva Kendra for Ministry of External Affairs, and the Rashtriya
Swasthya Bima Yojana (RSBY) for Ministry of Labour.
They have been one of India’s leading enrollment agencies for the Unique Identification Development Authority of India (“UIDAI”) to provide biometricenabled unique identification numbers to Indian zesidents. They also delivered Digitisation of National Population Register for Ministry of Communication and Information Technology, Government of India. They also completed a project in the Philippines through our wholly-owned subsidiary company, Vakrangee e-Solutions Inc. to convert 15 million land title deeds into digital format.
PERFORMANCE
During the year, the Company recorded the total income of Rs.19746.321 Millions from Rs.15631.978 Millions in previous year, a growth of 26.32%. The EBITDA stood at Rs.5641.548 Millions from Rs.3912.345 Millions in previous year, an increase of 44.19%. Profit after Tax was increased to Rs.1990.000 Millions from Rs.1092.727 Millions in previous year, up by 82.11%.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
6808.549 |
|
b) Other operating income |
0.119 |
|
Total
income from Operations(net) |
6808.668 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
5175.747 |
|
b) Purchases of stock in trade |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
-2.879 |
|
d) Employees benefit expenses |
39.125 |
|
e) Depreciation and amortization expenses |
405.868 |
|
f) Other expenditure |
43.518 |
|
Total expenses |
5661.379 |
|
3. Profit from operations before other income and
financial costs |
1147.289 |
|
4. Other income |
15.687 |
|
5. Profit from ordinary activities before finance costs |
1162.976 |
|
6. Finance costs |
204.827 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
958.149 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
958.149 |
|
10.Tax expenses |
195.091 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
763.058 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
763.058 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
503.482 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic |
1.52 |
|
(a) Diluted |
1.50 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
308305728 |
|
- Percentage of shareholding |
61.23 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
195176614 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
|
38.77 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unreserved at the end of the quarter |
Nil |
Notes:
- In accordance with the requirements of Clause 41 of the Listing Agreement with the Stock Exchanges, the Statutory Auditors have performed a limited review of the Company's standalone financial results for the quarter ended June 30, 2014. There are no qualifications in the limited review report.
- The Standalone financial results for the quarter ended June 30, 2014 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meeting held on July 17, 2014.
- Out of the total 1,51,72,000 options granted by the Company till date under "ESOP scheme 2008", 61,58,940 options have been exercised in aggregate till June 30, 2014, out of which NIL options were excercised during the quarter ended June 30, 2014 by the employees of the Company.
- The Company's activities predominantly revolve around providing the E-governance related services. Considering the nature of Company's business and operations, there is only one reportable segment (business and / or geographical) in accordance with the requirements of the Accounting Standard 17 -"Segment Reporting" notified in the Companies (Accounting Standards) Rules 2006.
- Previous quarter's / year's figures have been regrouped / rearranged wherever necessary to confirm to the current
- Quarter's/ year's presentation.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10516093 |
29/03/2014 |
300,000,000.00 |
IDBI Bank Limited |
5th Floor, Plot No. C-7, G-Block, Opp. NSE Bldg., Bandra Kurla Complex, Bandra east, Mumbai, Maharashtra - 400051, India |
C17458837 |
|
2 |
10465372 |
22/11/2013 |
250,000,000.00 |
State Bank of Travancore |
112-115 Tulsiani Chambers,
Free Press Journal Mar |
B91632000 |
|
3 |
10465013 |
16/11/2013 |
300,000,000.00 |
Vijaya Bank |
New Excelsior Bldg, 2nd Floor, Wallace Street, Fort, Mumbai, Maharashtra - 400001, India |
B91474791 |
|
4 |
10464112 |
14/11/2013 |
250,000,000.00 |
Bank of India |
Oriental Building, Ground Floor, 364,D.N. Road, Fort, Mumbai, Maharashtra - 400001, India |
B91088716 |
|
5 |
10462458 |
31/10/2013 |
250,000,000.00 |
Indian Overseas Bank |
A-5/6, Saraf Choudhari Nagar, Thakur Complex, Kandivli (East), Mumbai, Maharashtra - 400101, India |
B90345596 |
|
6 |
10457741 |
10/10/2013 |
210,000,000.00 |
Union Bank of India |
Andheri (East) Branch, Mayani Manor, Sir M.V. Road, Andheri (East),, Mumnbai, Maharashtra - 400069, India |
B88598701 |
|
7 |
10457745 |
10/10/2013 |
340,000,000.00 |
Union Bank of India |
Andheri (East) Branch, Mayani Manor, Sir M.V. Road, Andheri (East),, Mumnbai, Maharashtra - 400069, India |
B88599899 |
|
8 |
10445270 |
02/08/2013 |
700,000,000.00 |
State Bank ox f India |
Backbay Reclamation Branch, Raheja Chambers,, Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra - 400021, India |
B83152397 |
|
9 |
10411133 |
29/01/2014 * |
360,000,000.00 |
Ge Money Financial Services Private Limited |
401 402 4th Floor Aggarwal Millenium Tower, E1 2 3 Netaji Subhash Place, Pitampura Delhi, Delhi - 110034, India |
C09854308 |
|
10 |
10396151 |
26/06/2014 * |
6,440,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, India |
C30838197 |
|
11 |
10426282 |
07/06/2012 |
560,800,000.00 |
State Bank of Mauritius |
101 Raheja Center, Free Press Journal Road, Nariman Point, Mumbai, Maharashtra - 400021, India |
B67687715 |
|
12 |
10324337 |
26/12/2011 * |
2,250,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, India |
B30329270 |
|
13 |
10302252 |
29/01/2014 * |
500,000,000.00 |
Ge Money Financial Services Private Limited |
401 402 4th Floor Aggarwal Millenium Tower, E1 2 3 Netaji Subhash Place, Pitampura Delhi, Delhi - 110034, India |
C09857202 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.41 |
|
UK Pound |
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
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.