MIRA INFORM REPORT
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Report No. : |
352676 |
|
Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
VAKRANGEE LIMITED
(w.e.f. October
01, 2013) |
|
|
|
|
Formerly Known
As : |
VAKRANGEE
SOFTWARES LIMITED |
|
|
|
|
Registered
Office : |
‘Vakrangee
House’, Plot No.66, Marol Co-Operative Industrial Estate, Off. M.V. Road,
Marol, Andheri (East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-28504028 /
3412 / 67765100 |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
28.05.1990 |
|
|
|
|
Com. Reg. No.: |
11-05669 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.529.157 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65990MH1990PLC056669 |
|
|
|
|
IEC No.: |
0394023731 |
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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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|
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Line of Business
: |
System Integrated and IT enabled Solution provider. (Confirmed by
Management) |
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|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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Comments : |
Vakrangee Limited (Vakrangee), was incorporated in 1990, it is an
established company having satisfactory track record. The ratings take into consideration established working relationships with
several key government departments leading to growing scale of operations and
resulting in maintaining decent profit over the years. The rating further takes into consideration on company’s healthy
financial risk profile, strong capital structure supported by equity infusion
in FY15, negligible debt, and strong liquidity position of the company. This rating strength is partially offsets on company’s working capital
nature of operations and competition in the IT industry. 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 dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term, Term Loans = BB+ |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk. |
|
Date |
June 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short-term, non fund-based frailties = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
June 2015 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Darshi Shailesh Shah |
|
Designation : |
Comp[any Secretary |
|
Contact No.: |
91-22-28504028 |
|
Date : |
30.11.2015 |
LOCATIONS
|
Registered Office : |
‘Vakrangee
House’, Plot No.66, Marol Co-Operative Industrial Estate, Off. M.V. Road, Marol,
Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-28504028 /
3412 / 67765100 |
|
Fax No.: |
91-22-28502017 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Head Office : |
Shree Shakambhari Corporate Park, Plot No. 156-58, Chakravarti Ashok Complex,
J.B. Nagar, Andheri (East), Mumbai – 400099, Maharashtra, India |
|
|
|
|
Philippines Subsidiary Office : |
Vakrangee e-Solutions INC, 19th Floor, Octogon, Near
Sanmigual Corporation, Ortigas, Pasig City, manila NCR |
|
|
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Branch Office : |
Located at :
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DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Sunil Agarwal |
|
Designation : |
Director |
|
Address : |
354, Talwandi, Kota - 324005, Rajasthan, India |
|
Date of Appointment : |
28.06.2002 |
|
DIN No.: |
00062767 |
|
|
|
|
Name : |
Mr. Ramesh Multanchand Joshi |
|
Designation : |
Director |
|
Address : |
D - 1303, Panchsheel Heights, Mahavir Nagar, Kandivili (West), Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
20.10.2006 |
|
DIN No.: |
00002683 |
|
|
|
|
Name : |
Mr. Nishikant Kishanrao Hayatnagarkar |
|
Designation : |
Whole-Time Director |
|
Address : |
701 Hill Queens Apartment, Bhavani Nagar, Marol, Andheri (East), Mumbai - 400059, Maharashtra, India |
|
Date of Appointment : |
27.08.1999 |
|
DIN No.: |
00062638 |
|
|
|
|
Name : |
Mr. Babu Lal Meena |
|
Designation : |
Director |
|
Address : |
33, Gulab Baugh, Police Line, Kota - 324001, Rajasthan, India |
|
Date of Appointment : |
25.10.2010 |
|
DIN No.: |
03281592 |
|
|
|
|
Name : |
Ms. Sujata Chattopadhyay |
|
Designation : |
Additional Director |
|
Address : |
D-103, Jal Vayu Vihar, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
02336683 |
|
|
|
|
Name : |
Mr. Thangavelu Sitharthan |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 1, Plot Old No. 11, New No. 20, St. Marys Road Mandaveli, Chennai - 600028, Tamil Nadu, India |
|
Date of Appointment : |
04.12.2014 |
|
DIN No.: |
07028265 |
|
|
|
|
Name : |
Mr. Avinash Chandra Vyas |
|
Designation : |
Additional Director |
|
Address : |
C-45-A, Shiv Marg Dundlod House Colony, Hawa Sadak, Jaipur, Jaipur - 302019, Rajasthan, India |
|
Date of Appointment : |
14.11.2014 |
|
DIN No.: |
06869633 |
|
|
|
|
Name : |
Mr. Dinesh Nandwana |
|
Designation : |
Managing Director |
|
Address : |
3302 Heritage, Hiranandani Garden, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Appointment : |
28.05.1990 |
|
DIN No.: |
00062532 |
KEY EXECUTIVES
|
Name : |
Mr. Darshi Shailesh Shah |
|
Designation : |
Comp[any Secretary |
|
Address : |
204/A Wing, Tulip Apts., Eksar Road,, Borivali (West), Mumbai - 400092, Maharashtra, INDIA |
|
Date of Appointment : |
09.11.2012 |
|
PAN No.: |
CWFPS2354N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a
% of (A+B) |
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
29865100 |
5.64 |
|
|
190311414 |
35.96 |
|
|
220176514 |
41.61 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
220176514 |
41.61 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
29934 |
0.01 |
|
|
40533989 |
7.66 |
|
|
30523027 |
5.77 |
|
|
71086950 |
13.43 |
|
|
|
|
|
|
156417461 |
29.56 |
|
|
|
|
|
|
22640336 |
4.28 |
|
|
37626240 |
7.11 |
|
|
21209794 |
4.01 |
|
|
13312691 |
2.52 |
|
|
6963721 |
1.32 |
|
|
927298 |
0.18 |
|
|
6084 |
0.00 |
|
|
237893831 |
44.96 |
|
Total
Public shareholding (B) |
308980781 |
58.39 |
|
Total
(A)+(B) |
529157295 |
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) |
529157295 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
o. |
Name of the
Shareholder |
Details of
Shares held |
Details of
warrants |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
||
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
Number of
warrants held |
As a % total
number of warrants of the same class |
|||
|
1 |
Vakrangee Holdings Pvt Ltd |
6,94,00,000 |
13.12 |
0 |
0.00 |
13.12 |
|
2 |
Vakrangee Holdings Pvt Ltd |
5,59,75,194 |
10.58 |
0 |
0.00 |
10.58 |
|
3 |
Vakrangee Capital Pvt Ltd |
6,49,36,220 |
12.27 |
25000000 |
100.00 |
12.27 |
|
4 |
Dinesh Nandwana |
1,97,67,100 |
3.74 |
0 |
0.00 |
3.74 |
|
5 |
Dinesh Birdhilal Nandwana |
1,00,00,000 |
1.89 |
0 |
0.00 |
1.89 |
|
6 |
Dinesh Nandwana HUF |
98,000 |
0.02 |
0 |
0.00 |
0.02 |
|
|
Total |
22,01,76,514 |
41.61 |
25000000 |
100.00 |
41.61 |
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. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Bluepearl Trading Company
Private Limited |
27628500 |
5.22 |
5.22 |
|
|
2 |
Life Insurance Corporation of
India |
35649078 |
6.74 |
6.74 |
|
|
3 |
Seahorse Merchantile Company
Private Limited |
7337564 |
1.39 |
1.39 |
|
|
4 |
Highpoint Trading Company Private
Limited |
13924339 |
2.63 |
2.63 |
|
|
5 |
Bluepearl Trading Company
Private Limited |
5462880 |
1.03 |
1.03 |
|
|
6 |
Ashtavakra Properties Private
Limited |
10050000 |
1.90 |
1.90 |
|
|
7 |
Balram Chainrai |
6291132 |
1.19 |
1.19 |
|
|
8 |
Janus Overseas Fund |
11195457 |
2.12 |
2.12 |
|
|
9 |
Newtree Trading Company
Private Limited |
14400000 |
2.72 |
2.72 |
|
|
|
Total |
131938950 |
24.93 |
24.93 |
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. No. |
Name(s) of the shareholder(s) and the
Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Bluepearl Trading Co Private
Limited |
27628500 |
5.22 |
4.95 |
|
|
2 |
Life Insurance Corporation of
India |
35649078 |
6.74 |
6.74 |
|
|
|
Total |
63277578 |
11.96 |
11.69 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Vakrangee Capital Private
Limited |
64,96,220 |
1.23 |
|
|
Total |
64,96,220 |
1.23 |
BUSINESS DETAILS
|
Line of Business : |
System Integrated and IT enabled Solution provider. (Confirmed by
Management) |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30/ 60 / 90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30/ 60 / 90 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
|
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Auditors : |
|
|
Name : |
S.K. Patodia and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
Website : |
|
|
|
|
|
Security Trustee : |
Axis Trustee Services Limited |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies : |
|
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Re.1/- each |
Rs.750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
503482240 |
Equity Shares |
Re.1/- each |
Rs.503.482
Million |
|
|
|
|
|
(b) 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.
i) The Company has only one class of Equity Shares having a par value of Rs. 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 31st March 2015, the amount of per share dividend recognised as distributions to Equity Shareholders is Rs. 0.25 per share of Rs. 1/- each. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
ii) 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.
(c) Reconciliation of
number of shares outstanding at the beginning and at the end of the reporting
period
|
Equity Shares |
Number
of Shares |
|
No. of shares at the beginning of the
year |
503482240 |
|
Add: Issue of Shares during the year |
-- |
|
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 |
-- |
The company has issued total 6,158,940 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 |
(f) 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 has formulated Employees Stock Option Scheme, 2008 (ESOP Scheme) which was approved by the members of the Company at their meeting held on 23rd September, 2008, as modified on 10th January, 2011 and on 1st June, 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:
|
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 |
2000000 |
10.00 |
On 26th November, 2014, the company granted 10,69100 options (“Grant 7”) in the “ESOP Scheme 2014”, convertible into equity shares of Rs. 1/- each exercisable at ` 64.70 respectively.
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 and six years accordingly. For the year ended March 31, 2015, the company has recorded stock compensation expense of Rs. 0.912 Million (net) (Previous year Rs. 22.770 Million). During the year, the Company has reversed the deferred employee compensation expenses amounting Rs. 24.761 Million (Previous Year Rs. 7.932 Lacs) towards 55,42,900 options lapsed out of various Grants.
The Remuneration and 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.
The activity in the ESOP Scheme during the year
ended March 2015 is set out as below :
|
Particulars |
As at March 31, 2015 |
|
The ESOP Scheme |
|
|
Options outstanding, beginning of the period |
7,920,060 |
|
Add : Granted |
1,069,100 |
|
Less: Exercised |
-- |
|
Less: Lapsed |
5,542,900 |
|
Options outstanding, end of the period |
5,542,900 |
The options once granted to an eligible employee gets lapsed with the resignation / termination of the employment with the Company. However, the unvested / unexercised portion of the ESOP entitlement to that employee remain part of the respective grant out of which it was issued and they can be granted to any other eligible employee as decided by the Remuneration and Compensation Committee.
Note : The Remuneration and Compensation Committee has been authorised to make amendments in the ESOP Scheme - 2008 and ESOP Scheme - 2014, with regard to the number of shares for every option granted and the price to be revised, to give effect of stock split and bonus issue announced by way of postal ballot during the year.
(g) Detailed terms of
any securities convertible into shares, e.g. in the case of convertible
warrants, debentures,
bonds etc.
The Company has issued 25.000 Million fully convertible warrants to M/s. Vakrangee Capital Private Limited at value of Rs. 100/- per warrant in the previous year. The warrants issued are convertible into equal no. of equity shares having face value of Rs. 1/- with premium of Rs. 99/- per share. An amount equivalent to 40.56% of the total consideration i.e. Rs. 1014.000 Million was received before the issuance of the warrants. The balance amount towards the warrant application money Rs. 7.500 Million was received in previous year and an amount of Rs. 1478.500 Million has been received during the year. 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 Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
503.482 |
503.482 |
502.499 |
|
(b) Reserves & Surplus |
9311.810 |
6524.586 |
4652.893 |
|
(c) Money received against
share warrants |
2500.000 |
1021.505 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12315.292 |
8049.573 |
5155.392 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
374.060 |
862.102 |
1456.854 |
|
(b) Deferred tax liabilities
(Net) |
423.440 |
709.257 |
827.005 |
|
(c) Other long term
liabilities |
15.717 |
33.206 |
78.373 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
813.217 |
1604.565 |
2362.232 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2996.880 |
3063.902 |
2695.498 |
|
(b) Trade payables |
2107.956 |
2519.699 |
1747.917 |
|
(c) Other current liabilities |
775.588 |
966.157 |
1222.921 |
|
(d) Short-term provisions |
1365.435 |
1075.943 |
406.852 |
|
Total
Current Liabilities (4) |
7245.859 |
7625.701 |
6073.188 |
|
|
|
|
|
|
TOTAL |
20374.368 |
17279.839 |
13590.812 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2719.044 |
4349.802 |
4183.720 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
100.911 |
481.134 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
28.100 |
37.600 |
116.730 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
48.048 |
553.070 |
242.766 |
|
(e) Other Non-current assets |
21.451 |
56.578 |
67.081 |
|
Total
Non-Current Assets |
2917.554 |
5478.184 |
4610.297 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1335.259 |
1306.051 |
198.582 |
|
(c) Trade receivables |
12216.409 |
7919.565 |
6613.696 |
|
(d) Cash and cash equivalents |
367.783 |
292.137 |
312.227 |
|
(e) Short-term loans and
advances |
420.991 |
363.992 |
350.972 |
|
(f) Other current assets |
3116.372 |
1919.910 |
1505.038 |
|
Total
Current Assets |
17456.814 |
11801.655 |
8980.515 |
|
|
|
|
|
|
TOTAL |
20374.368 |
17279.839 |
13590.812 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
27753.720 |
19653.918 |
15557.752 |
|
|
Other Income |
95.631 |
92.403 |
74.226 |
|
|
TOTAL
(A) |
27849.351 |
19746.321 |
15631.978 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Operating Expenses |
20190.815 |
13560.227 |
11484.597 |
|
|
Changes in inventories |
(6.529) |
116.289 |
(160.998) |
|
|
Employees benefits expense |
195.741 |
262.170 |
250.451 |
|
|
Other expenses |
195.630 |
166.087 |
145.585 |
|
|
TOTAL
(B) |
20575.657 |
14104.773 |
11719.635 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
7273.694 |
5641.548 |
3912.343 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
749.191 |
778.754 |
858.367 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6524.503 |
4862.794 |
3053.976 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1643.459 |
1803.184 |
1569.433 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
4881.044 |
3059.610 |
1484.543 |
|
|
|
|
|
|
|
Less |
TAX (H) |
1675.314 |
1069.607 |
391.817 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
3205.730 |
1990.003 |
1092.726 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
140.720 |
86.400 |
|
|
Interest on loan to subsidiary |
39.547 |
31.829 |
22.540 |
|
|
TOTAL
EARNINGS |
39.547 |
172.549 |
108.940 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
6.37 |
3.96 |
2.18 |
Expected Sales (2015-2016) : Rs.30000.000 Million
The above information has been parted by Mr. Darshi Shailesh Shah
(Comp[any Secretary).
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
628.761 |
824.299 |
1091.721 |
|
Cash generated from operations |
1347.012 |
3302.633 |
1068.550 |
|
Net cash flow from operating activity |
(71.699) |
2330.173 |
800.106 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
7009.550 |
7838.610 |
|
Total Expenditure |
5148.760 |
5827.420 |
|
PBIDT (Excl OI) |
1860.790 |
2011.190 |
|
Other Income |
30.640 |
38.600 |
|
Operating Profit |
1748.370 |
2049.790 |
|
Interest |
1748.370 |
139.790 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
1748.370 |
1910.000 |
|
Depreciation |
436.580 |
421.750 |
|
Profit Before Tax |
1311.790 |
1488.250 |
|
Tax |
467.890 |
534.680 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
843.900 |
953.570 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
843.900 |
953.570 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.55 |
10.13 |
7.02 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
26.21 |
28.70 |
25.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.11 |
18.25 |
11.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.38 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.32 |
0.59 |
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41 |
1.55 |
1.48 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs.169.10/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
502.499 |
503.482 |
503.482 |
|
Reserves & Surplus |
4652.893 |
6524.586 |
9311.810 |
|
Money received against share
warrants |
0.000 |
1021.505 |
2500.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5155.392 |
8049.573 |
12315.292 |
|
|
|
|
|
|
long-term borrowings |
1456.854 |
862.102 |
374.060 |
|
Short term borrowings |
2695.498 |
3063.902 |
2996.880 |
|
Current Maturities Of
Long-Term Debts |
1091.721 |
824.299 |
628.761 |
|
Total
borrowings |
5244.073 |
4750.303 |
3999.701 |
|
Debt/Equity
ratio |
1.017 |
0.590 |
0.325 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15557.752 |
19653.918 |
27753.720 |
|
|
|
26.329 |
41.212 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15557.752 |
19653.918 |
27753.720 |
|
Profit |
1092.726 |
1990.003 |
3205.730 |
|
|
7.02% |
10.13% |
11.55% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
With the launch of Digital India programme, the Government has initiated a giant leap forwa rd to transform the country into a digitally empowered knowledge economy. The campaign has a key focus on e-governance, which is all about making the government more responsible.
Economic Overview
Global Economy
Global economic climate continues to remain subdued and global GDP grew by a modest 3.4% in 2014. However, an interesting phenomenon has been that growth in developed economies picked up relative to last year, even as an economic slowdown ensued in the emerging economies. Growth rebounded in U.S. and U.K., although Japan and euro zone continued to struggle and faced sputtering recovery as the legacies of financial crisis continue to linger. Complex forces that played a key role in global activity in 2014 continue to shape the future outlook. These include medium- and long-term trends, such as population aging and declining potential growth; global shocks, such as lower oil prices which have tanked almost 45% since September; and many region-specific factors, such as crisis legacies and exchange rate swings. These were triggered by actual and expected changes in monetary policies. Lower oil prices will contribute to diverging prospects for oil-exporting and importing countries, particularly in 2015. Meanwhile, geo-political tensions and religious/ sectarian violence continued to play havoc in some of the middle-eastern countries such as Iraq, Syria and Libya and also in Ukraine and some parts of Africa.
Going forward, global economic growth is expected to improve, having reached 3.5% in 2015 and 3.8% in 2016. This is on the back of a recovery in advanced economies which continues to gather momentum, but may be offset by lacklustre growth in the emerging economies at 4.3% in 2015, as against 4.6% in 2014. This is subsequently seen recovering to 4.7% in 2016. Softening commodity prices leading to receding inflation and stagflation, geo political and religious/sectarian tensions and disruptive asset price shifts in financial markets continue to pose significant threats to the well-being of the global economy.
Indian Economy
Financial Year 2014-15 capped a very eventful 12 months for the Indian economy. Dramatic changes were witnessed domestically on the economic and political front as the Indian leadership changed hands and an equally dramatic situation unfolded with respect to the global economic environment. On the whole, the year was a very positive one for the Indian economy as growth revived. This came as a huge relief following a lacklustre performance reported in the previous two financial years. The Indian economy has clocked 7.3% growth in GDP, surpassing the $2.1 trillion mark, improving from 6.9% in FY2014 and 5.1% in FY2013.
Towards Digital
India:
With the launch of Digital India programme, the Government of India has initiated a giant leap forward to transform the country into a digitally empowered knowledge economy. The programme includes projects that aim to ensure that Government services are available to citizens electronically and people get benefit of the latest information and communication technology. Digital India will enable leveraging India’s globally acclaimed IT competence for the benefit of 1.2 billion Indians. Through this, the Government’s focus will be on delivering key e-government services to citizens and to give a leg up to electronic manufacturing in the country. Digital India campaign has a key focus on e-governance, which is all about making the government more responsible, more efficient and more available towards its citizens.
Industry Overview:
Indian banks have made significant progress to increase the penetration of financial system to the unbanked and under-banked population of India. However, India still remains largely under-banked, with only 35.2% of the population having bank accounts. Currently, there are only 11.4 bank branches per 100k population in India, of which only 30% are located in rural areas. Around 70% of the Indian population lives in rural areas, of which 46% does not have banking access. Further, even in urban areas ~32% of the population does not have banking access. Thus, there is a huge scope for banks to further deepen financial inclusion in India. As shown in the chart, the financial inclusion opportunity in India is second-largest in the world, next only to Indonesia. The Reserve Bank of India (RBI) has already taken cognizance of this and has been taking various policy initiatives to encourage banking penetration in the under-banked rural and urban India.
Business Overview:
Vakrangee is India’s largest e-Governance player functioning as a systems integrator and end-to-en service provider for various e-Governance projects. They have an experience of over two decades in delivering systems integration and other services for India’s e-Governance plan. They have a strong track record of successfully implementing various timebound Mission Mode Projects (MMPs) under the government’s National e-Governance Plan. Some of these MMPs are: computerisation of Election Commission, Ministry of Corporate Affairs Project (MCA-21), Rashtriya Swasthya Bima Yojana (RSBY), Common Service Centres (CSC), smart-card based Public Distribution System (PDS), computerisation of registration department in Maharashtra, and passport Services, among others.
They are a technology-enabled company and have built up an extensive delivery network for their service across selected regions in northern and western India. As of March 31st 2015, they delivered our services through 12,568 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 Kendra Business, which includes banking, insurance, E-Governance, E-Commerce Services and White Label ATM Business. In recent years, they leveraged our technology platform, impeccable track record on the national e-Governance plan and their delivery network to enter new businesses in the area of financial inclusion.
Currently, Vakrangee is the largest enrollment agency for Unique Identification Authority of India’s (UIDAI) Aadhaar Cards Project. Over the years, Vakrangee has developed strong project execution capabilities, a nation-wide footprint with presence till the grass root level, strong workforce capable of driving project implementation, and end-to-end IT expertise. Vakrangee has continuously evolved over the years and has moved up the value chain from being a subcontractor to a consortium partner to an independent executor for various E-Governance projects.
Vakrangee’s business model is now set to transform over coming years, with the Company undertaking several new projects in the field of financial inclusion. This includes opening of banking branches by acting as a common “Business Correspondent” to various public and private banks, and operating White Label ATMs across India. Through these projects, Vakrangee has embarked on its next phase of evolution and transformation from being a project solution provider to a platform provider earning stable annuity income and achieving strong growth.
Financial Inclusion
2010-2014
The RBI has encouraged banks to adopt a structured approach to financial inclusion. The first phase of Financial Inclusion Plan (FIP) was implemented over 2010-13, which witnessed a large banking network being created and a large number of bank accounts being opened. Now, for the second phase of FIP from 2014-2016, the remaining 4,90,000 unbanked villages have been identified and allocated to banks for opening banking outlets by March 2016. The progress made by banks under the FIP 2010-2014 is summarised in the chart and table alongside. As reported by the banks under their financial inclusion plans, nearly 2,48,000 Business Correspondent (BC) agents were deployed by banks by March 2014, which are providing services through 337,678 BC outlets.
PERFORMANCE
During the year, the Company recorded the total income of Rs. 27849.351 Million from Rs. 19746.321 Million in previous year, a growth of 41.04%. The EBITDA stood at Rs. 7273.694 Million from Rs. 5641.548 Million in previous year, an increase of 28.93%. Profit after Tax was increased to Rs. 3205.730 Million from Rs. 1990.003 Million in previous year, up by 61.09%.
INDEX
OF CHARGES
|
S.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., |
C17458837 |
|
2 |
10465372 |
22/11/2013 |
250,000,000.00 |
State Bank of Travancore |
112-115 Tulsiani Chambers, Free Press Journal Marg, Nariman Point,
Mumbai, Maharashtra - 400021, INDIA |
B91632000 |
|
3 |
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 |
|
4 |
10462458 |
03/03/2015 * |
400,000,000.00 |
Indian Overseas Bank |
POWAI BRANCH, 32-41, POWAI PLAZA, HIRANANDANI GAR |
C49601784 |
|
5 |
10445270 |
02/08/2013 |
700,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS, FRE |
B83152397 |
|
6 |
10411133 |
24/06/2014 * |
360,000,000.00 |
GE MONEY FINANCIAL SERVICES Private LIMITED |
401 402 4TH FLOORAGGARWAL MILLENIUM TOWER, E1 2 3 |
C32401473 |
|
7 |
10396151 |
10/06/2015 * |
6,409,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, |
C57945115 |
|
8 |
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 |
|
9 |
10324337 |
26/12/2011 * |
2,250,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, |
B30329270 |
|
10 |
10302252 |
29/01/2014 * |
500,000,000.00 |
GE MONEY FINANCIAL SERVICES Private LIMITED |
401 402 4TH FLOORAGGARWAL MILLENIUM TOWER, E1 2 3 |
C09857202 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER 2015
(Rs. In Million)
|
|
|
Particulars |
3 Months ended
30.09.2015 |
Preceding 3 Months
30.06.2015 |
Year to date
figures for current period ended 30.09.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
7838.605 |
7009.502 |
14848.107 |
|
|
|
b) Other Operating Income |
0.008 |
0.051 |
0.059 |
|
|
Total Income from
Operations (Net) |
7838.613 |
7009.553 |
14848.166 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
7111.448 |
5028.359 |
12139.807 |
|
|
b) |
Purchase of Stock-in-trade |
-- |
-- |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(1397.898) |
13.214 |
(1384.684) |
|
|
d) |
Employee benefit expenses |
60.640 |
56.365 |
117.005 |
|
|
e) |
Depreciation and amortization expense |
421.747 |
436.575 |
858.322 |
|
|
f) |
Other expenses |
53.231 |
50.837 |
104.068 |
|
|
Total Expenses |
6249.168 |
5585.350 |
11834.518 |
|
|
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
1589.445 |
1424.203 |
3013.648 |
|
4 |
Other Income |
38.597 |
30.642 |
69.239 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
1628.042 |
1454.545 |
3082.887 |
|
|
6 |
Finance Costs |
139.793 |
143.058 |
282.851 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
1488.249 |
1311.787 |
2800.036 |
|
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
1488.249 |
1311.787 |
2800.036 |
|
|
10 |
Tax Expense |
534.679 |
467.890 |
1002.569 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
953.570 |
843.897 |
1797.467 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
529.157 |
529.157 |
529.157 |
|
|
13 |
Reserve excluding revaluation reserves |
9311.810 |
9311.810 |
9311.810 |
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic & Diluted |
1.84 |
1.88 |
3.52 |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
308980781 |
308980781 |
308980781 |
|
|
|
- Percentage of Shareholding |
58.39% |
58.39% |
58.39% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
220176514 |
220176514 |
220176514 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
41.61% |
38.71% |
41.61% |
|
Particulars |
3 Months Ended 30.09.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the
quarter |
Nil |
- 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 and half year ended September 30, 2015, There are no qualifications in the limited review report.
2. The Standalone financial results for the quarter and half year ended
September 30, 2015 have been reviewed and recommended by the Audit Committee and
approved by the Board of Directors at their respective meeting held on November
07, 2015.
3. Out of the total 1,62,41,100 options granted by the Company till date under
"ESOP scheme 2008” & 'ESOP scheme 2014", 68,33,995 options have
been exercised in aggregate till September 30, 2015, out of which Nil options
were exercised during the quarter ended September 30, 2015 by the employees of
the Company.
4. Previous quarter's / year's figures have been regrouped / rearranged
wherever necessary to confirm to the current quarter's/ year's presentation.
STATEMENT OF ASSETS ANS LIABILITIES AS ON 30TH SEPTEMBER
2015
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
(Current
period Year ended) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
529.157 |
|
(b) Reserves & Surplus |
13590.208 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
14119.365 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
249.701 |
|
(b) Deferred tax liabilities
(Net) |
354.866 |
|
(c) Other long term
liabilities |
21.662 |
|
(d) long-term provisions |
0.000 |
|
Total
Non-current Liabilities (3) |
626.229 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
3990.032 |
|
(b) Trade payables |
1628.421 |
|
(c) Other current liabilities |
587.666 |
|
(d) Short-term provisions |
840.893 |
|
Total
Current Liabilities (4) |
7047.012 |
|
|
|
|
TOTAL |
21792.606 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1983.531 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
|
(b) Non-current Investments |
28.100 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
48.070 |
|
(e) Other Non-current assets |
25.124 |
|
Total
Non-Current Assets |
2084.825 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
1470.375 |
|
(c) Trade receivables |
9906.511 |
|
(d) Cash and cash equivalents |
1173.561 |
|
(e) Short-term loans and
advances |
480.092 |
|
(f) Other current assets |
6677.242 |
|
Total
Current Assets |
19707.781 |
|
|
|
|
TOTAL |
21792.606 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
(i) Claims against the company not acknowledged as debts |
2.723 |
0.000 |
|
(ii) Company has provided Counter Guarantee in relation to Bank Guarantee to various parties which is not acknowledged in books of accounts |
177.960 |
213.044 |
FIXED ASSETS
- Buildings
- Plant and Machinery
- Furnitures and Fixtures
- Vehicles
- Office Equipments
- Computers and Printers
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.66.81 |
|
|
1 |
Rs.100.36 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
51 |
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.