MIRA INFORM REPORT
|
Report No. : |
354657 |
|
Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
HEXAWARE TECHNOLOGIES LIMITED |
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Registered
Office : |
152, Millenium Business Park, Sector 3rd ‘A’ Block, TTC
Industrial Area, Mahape, Navi Mumbai – 400710, Maharashtra |
|
Tel. No.: |
91-22-67919595 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.11.1992 |
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Com. Reg. No.: |
11-069662 |
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Capital
Investment / Paid-up Capital : |
Rs.603.012 Million |
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CIN No.: [Company Identification
No.] |
L72900MH1992PLC069662 |
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IEC No.: |
0397046391 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCA3203F |
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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 information technology consulting,
software development and business process management. (Registered activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (56) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1992. It
has fine track. The rating takes into account the strong financial risk profile of the
company marked by robust profitability, debt free capital structure and
healthy cash flows generated by the company in the financial year ended on 31st
December 2014. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In view of decent financials condition, the company can be considered
for normal business dealings with usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 DECLINED
Management Non-Cooperative (Tel No.: 91-22-67919595)
LOCATIONS
|
Registered Office : |
152, Millenium Business Park, Sector 3rd ‘A’ Block, TTC
Industrial Area, Mahape, Navi Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-67919595 |
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Fax No.: |
91-22-67919500/ 41599500 |
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E-Mail : |
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Website : |
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Head Office : |
Jameshburg, Nj 1095 Cranbuty-South River Road, Suite 10, Jameshburg,
Nj 08831 |
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Tel. No.: |
609-406-6950 |
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Fax No.: |
609-409-6910 |
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Development Centre : |
400 Plaza Drive, Secaucus Nj 07094 |
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Offshore Center 2 : |
Building 1, Millennium
Business Park, Sector III, TTC Industrial Area, Mahape, Navi Mumbai – 400710,
Maharashtra, India |
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Offshore Center 3 : |
157, Millennium
Business Park, Sector III, TTC Industrial Area, Mahape, Navi Mumbai – 400710,
Maharashtra, India |
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Offshore Center
4 : |
BPS, Building No. 3, A Block Mellennium Business Park, Sector – II,
TTC Industrial Area, Mahape, Navi Mumbai – 400710, Maharashtra, India |
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Tel. No.: |
91-22-27783300 |
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Fax No.: |
91-22-27782370 |
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Offshore Center 5 : |
4th
Floor and 5th Floor, Block 1.5 SEZ, Embassy Techzone, Plot No.3,
Rajiv Gandhi IT Park, Phase II, Village Murunji, Taluka Mulshi, Hinjewadi
(SEZ), Pune – 411057, Maharashtra, India |
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Offshore Center 6 : |
Survey No. (Part) 38, 39, 41 , 42 and 43 in Village Khapri and
Dahegaon Mihan, SEZ-MADC, Nagpur – 441108, Maharashtra, India |
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Tel. No.: |
91-7104-660800 |
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Fax No.: |
91-7104-660801 |
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Offshore Center 7 : |
Prestige Pegasus, No. 14 and 19, Next to Total Mall,
Sarjapura Road, Bengaluru – 560034, Karnataka, India |
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Branch Offices : |
Located at: ·
Navi Mumbai ·
Chennai ·
Pune ·
Nagpur ·
Bangalore ·
Coimbatore |
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Overseas : |
Located at: Canada Mexico Brazil United Kingdom Germany France Metherlands Switzerland Austria Spain Hungary Singapore Japan Australia United Arab
Emiartes |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Dileep Chinubhai Choksi |
|
Designation : |
Director |
|
Address : |
E/7, Sea Face Park, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
11.10.2013 |
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DIN No.: |
00016322 |
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|
Name : |
Mr. Bharat Dhirajlal Shah |
|
Designation : |
Director |
|
Address : |
Flat No. 21, Hill Park Building. No. 2, A G Bell Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India |
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Qualification : |
Bachelors in Science (B. Sc.) degree from the University of Mumbai in Applied
Chemistry with special reference to Metal Finishing from Borough Polytechnic,
London. |
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Experience in
specific functional area : |
Experience in Custody and Depository, Retail, HR, Private Banking,
Infrastructure and Merchant Services in Banking Sector |
|
Date of Appointment : |
29.07.2008 |
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DIN No.: |
00136969 |
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|
Name : |
Mr. Atul Kantilal Nishar |
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Designation : |
Director |
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Address : |
38, Rajgir Chambers, Shahid Bhagat Singh Road, Opposite Old Custom House, Fort, Mumbai - 400023, Maharashtra, India |
|
Date of Appointment : |
20.11.1992 |
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DIN No.: |
00307229 |
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Name : |
Mr. Basab Pradhan |
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Designation : |
Director |
|
Address : |
1160 Stanley Way, Palo Alto, Ca, Palo Alto, 94303, United States Of America |
|
Date of Appointment : |
09.06.2014 |
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DIN No.: |
00892181 |
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Name : |
Mr. Jimmy Lachmandas Mahtani |
|
Designation : |
Director |
|
Address : |
1 Chatsworth Road, #22-21, Singapore, 249745, Singapore |
|
Date of Appointment : |
11.10.2013 |
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DIN No.: |
00996110 |
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|
Name : |
Mr. Peruvemba Ramachandram Chandrashekar |
|
Designation : |
Director |
|
Address : |
37 Buffalo Run, East Brunswick, 08816, United States Of America |
|
Qualification : |
Mechanical
Engineering from Indian Institute of Technology, Madras (IITM), MBA from
University of Bombay. |
|
Experience in specific functional area : |
Wide experience
in Information Technology Services. |
|
Date of Appointment : |
02.06.2008 |
|
DIN No.: |
02251080 |
|
|
|
|
Name : |
Christian Theodor Oecking |
|
Designation : |
Director |
|
Address : |
Rahmer Str. 4, Dortmund, 44369, Germany |
|
Date of Appointment : |
26.06.2014 |
|
DIN No.: |
03090264 |
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|
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|
Name : |
Mr. Ramakarthikeyan Srikrishna |
|
Designation : |
Director |
|
Address : |
6 Ballentine CT, Flemington, NJ 08822, New Jersey, 08822, United States Of America |
|
Date of Appointment : |
17.10.2014 |
|
DIN No.: |
03160121 |
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|
Name : |
Kosmas Kalliarekos |
|
Designation : |
Director |
|
Address : |
Flat A, 24/F, Garden Ter One, 8 Old Peak Road, Mid-Levels, Honk Kong, 00000, Hong Kong |
|
Date of Appointment : |
11.10.2013 |
|
DIN No.: |
03642933 |
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|
Name : |
Mr. Punita Kumar Sinha |
|
Designation : |
Director |
|
Address : |
51 Gate House Road, Newton Ma, Massachusetts, 024671320, United States Of America |
|
Date of Appointment : |
26.03.2015 |
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DIN No.: |
05229262 |
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|
Name : |
Jack Hennessy |
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Designation : |
Director |
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Address : |
2 Battery Road, # 23 - 01 Maybank Tower,, Singapore, 044907, Singapore |
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Date of Appointment : |
05.11.2014 |
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DIN No.: |
06990208 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Natwarsinh Kanani |
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Designation : |
Chief Finance Officer |
|
Address : |
Rajsatyam, B - 305, Shiv Vallabh Cross Road, Dahisar (East), Mumbai - 400068, Maharashtra, India |
|
Date of Appointment : |
01.04.2014 |
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PAN No.: |
AFKPK4999M |
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|
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|
Name : |
Ms. Gunjan Methi |
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Designation : |
Secretary |
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Address : |
102, Blacksmith Tower 1, 'A' Wing, Sector 6, Plot No. 14, Airoli, Navi Mumbai - 400708, Maharashtra, India |
|
Date of Appointment : |
19.03.2010 |
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PAN No.: |
AGUPG7129C |
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|
Name : |
Mr. Ramakarthikeyan Srikrishna |
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Designation : |
Chief Executive Officer |
|
Address : |
6 Ballentine CT, Flemington, NJ 08822, New Jersey, 08822, United States Of America |
|
Date of Appointment : |
28.07.2014 |
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PAN No.: |
AJAPR5685D |
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 |
|
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||
|
(A)
Shareholding of Promoter and Promoter Group |
||
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|
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|
|
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|
215047193 |
71.36 |
|
|
215047193 |
71.36 |
|
Total
shareholding of Promoter and Promoter Group (A) |
215047193 |
71.36 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
18720569 |
6.21 |
|
|
366794 |
0.12 |
|
|
283546 |
0.09 |
|
|
32389239 |
10.75 |
|
|
18200 |
0.01 |
|
|
18200 |
0.01 |
|
|
51778348 |
17.18 |
|
|
|
|
|
|
5592241 |
1.86 |
|
|
|
|
|
|
23768520 |
7.89 |
|
|
3055859 |
1.01 |
|
|
2124401 |
0.70 |
|
|
2110891 |
0.70 |
|
|
10 |
0.00 |
|
|
13500 |
0.00 |
|
|
34541021 |
11.46 |
|
Total
Public shareholding (B) |
86319369 |
28.64 |
|
Total
(A)+(B) |
301366562 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
139560 |
0.00 |
|
|
139560 |
0.00 |
|
Total
(A)+(B)+(C) |
301506122 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
No. |
Name of the Shareholder |
Details of Shares held |
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) |
|||
|
1 |
HT Global IT Solutions
Holdings Ltd |
19,39,35,793 |
64.32 |
64.32 |
|
2 |
HT Global IT Solutions
Holdings Ltd |
2,11,11,400 |
7.00 |
7.00 |
|
|
Total |
21,50,47,193 |
71.32 |
71.32 |
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 |
HDFC Trustee Company Ltd A/c
HDFC |
5577000 |
1.85 |
1.85 |
|
|
2 |
Government Pension Fund Global |
4662289 |
1.55 |
1.55 |
|
|
|
Total |
10239289 |
3.40 |
3.40 |
Details of Depository
Receipts (DRs)
|
Sl. No. |
Type of Outstanding DR (ADRs, GDRs, SDRs,
etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % of
Total No. of Shares |
|
1 |
GDR (Deutsche Bank Trust
Company Americas |
2,79,120 |
1,39,560 |
0.05 |
|
|
Total |
2,79,120 |
1,39,560 |
0.05 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in information technology consulting, software
development and business process management. (Registered activity) |
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Products / Services: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indaibulls Finance Centre, Tower 3, 27th – 32nd Floor, Senapati Bapat Marg, Elphinston Road (West), Mumbai - 4000013, Maharashtra, India |
|
Tel. No.: |
91-22-61854000 |
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Fax No.: |
91-22-61854501 / 4601 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
company and its Subsidiaries : |
|
|
|
|
|
Holding Company : |
HT Global IT Solutions Holdings Limited (control exists) |
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Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
475000000 |
Equity Shares |
Rs.2/- each |
Rs.950.000 Million |
|
1100000 |
|
Rs.1421/- each |
Rs.1563.100 Million |
|
|
|
|
Rs.2513.100
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300923472 |
Equity Shares |
Rs.2/- each |
Rs.601.850
Million |
|
|
|
|
|
Reconciliation of
number of shares
|
Particulars |
As at 31st
December 2014 |
|
|
|
Numbers |
Amount |
|
Shares outstanding at the beginning of the year |
299,875,947 |
599.750 |
|
Shares Issued during the year |
1047525 |
2.100 |
|
Shares outstanding at the end of the year |
300923472 |
601.850 |
Details of shares
held by shareholders holding more than 5% shares
|
Name of
Shareholders |
As at 31st
December 2014 |
|
|
|
Nos. of Shares held |
% of holding |
|
HT Global IT Solutions Holdings Limited (Holding company) |
215047193 |
71.46 |
|
Parel Investment
Holdings Limited (Subsidiary of ultimate holding company, Baring Private
Equity Asia GP V, LP.) |
-- |
-- |
|
J P Morgan Chase Bank, NA (unregistered ADR’s held by HT Global IT
Solutions Holdings Limited) |
-- |
-- |
Shares allotted as fully paid up by way of
bonus shares during five years preceding the period end
The Company allotted
145,545,781 equity shares as fully paid up bonus shares by utilisation of
Securities premium account on 2nd March, 2011 pursuant to shareholder’s
resolution passed in Extra Ordinary General Meeting held on 15th February,
2011.
Rights, preferences and restrictions
attached to equity shares
The Company has one
class of equity shares having a par value of Rs. 2 each. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
Shares reserved for issue under options
The Company has
granted employee stock options under ESOP 2002, 2007 and 2008 scheme. Each
option entitles the holder to one equity share of Rs.2 each. 1576500 (2,840,525)
options were outstanding as on 31st December 2014.
Share application money pending allotment
Share application money pending allotment is Rs. 0.45 Million (Rs. 0.86 Million) as at 31st December, 2014, which pertains to 36,000 (44,000) shares. The Company has sufficient authorised capital to cover the allotment of these shares.
The Board of Directors, at its meeting held on 10th February, 2015 has recommended interim dividend of Rs. 2.50 per equity share.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
601.850 |
599.750 |
593.090 |
|
(b) Reserves & Surplus |
9771.530 |
8285.520 |
9253.030 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.450 |
0.860 |
0.380 |
|
Total
Shareholders’ Funds (1) + (2) |
10373.830 |
8886.130 |
9846.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
118.680 |
245.360 |
101.790 |
|
(c) Other long term
liabilities |
31.650 |
0.170 |
76.230 |
|
(d) long-term provisions |
281.390 |
171.260 |
232.160 |
|
Total
Non-current Liabilities (3) |
431.720 |
416.790 |
410.180 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1707.240 |
1489.840 |
1385.820 |
|
(c) Other current liabilities |
868.390 |
677.670 |
847.700 |
|
(d) Short-term provisions |
1020.410 |
3183.060 |
633.910 |
|
Total
Current Liabilities (4) |
3596.040 |
5350.570 |
2867.430 |
|
|
|
|
|
|
TOTAL |
14401.590 |
14653.490 |
13124.110 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2998.100 |
2954.720 |
2441.280 |
|
(ii) Intangible Assets |
105.160 |
64.220 |
70.980 |
|
(iii) Capital work-in-progress |
346.500 |
212.470 |
756.760 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1935.600 |
2009.520 |
2010.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1593.450 |
1205.630 |
1007.490 |
|
(e) Other Non-current assets |
206.210 |
140.500 |
163.380 |
|
Total
Non-Current Assets |
7185.020 |
6587.060 |
6449.910 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1850.960 |
3331.670 |
2349.830 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
3403.020 |
2387.950 |
2521.070 |
|
(d) Cash and cash equivalents |
1104.220 |
1474.880 |
1103.170 |
|
(e) Short-term loans and
advances |
600.200 |
518.850 |
598.170 |
|
(f) Other current assets |
258.170 |
353.080 |
101.960 |
|
Total
Current Assets |
7216.570 |
8066.430 |
6674.200 |
|
|
|
|
|
|
TOTAL |
14401.590 |
14653.490 |
13124.110 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
11545.560 |
10199.540 |
9124.740 |
|
|
Other Income |
594.800 |
333.230 |
458.520 |
|
|
TOTAL
(A) |
12140.360 |
10532.770 |
9583.260 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Software and development
expenses |
679.410 |
525.330 |
583.600 |
|
|
Exchange rate difference (net) |
295.890 |
241.430 |
71.130 |
|
|
Employees benefits expense |
5672.190 |
4400.040 |
4328.830 |
|
|
Other expenses |
1275.070 |
954.050 |
917.060 |
|
|
TOTAL
(B) |
7922.560 |
6120.850 |
5900.620 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
4217.800 |
4411.920 |
3682.640 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.350 |
1.350 |
1.050 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4209.450 |
4410.570 |
3681.590 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
391.690 |
310.300 |
269.450 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
3817.760 |
4100.270 |
3412.140 |
|
|
|
|
|
|
|
Less |
TAX (H) |
633.800 |
760.610 |
556.110 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
3183.960 |
3339.660 |
2856.030 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
2703.830 |
3822.010 |
3129.170 |
|
|
|
|
|
|
|
Add |
On
merger of Caliber Point Business Solutions Limited |
352.910 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Add |
Transfer
from Special economic zone reinvestment Reserve |
118.930 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
334.000 |
300.000 |
|
|
Interim Dividend |
2840.970 |
3030.770 |
1247.270 |
|
|
Proposed Final Dividend |
0.000 |
300.270 |
355.850 |
|
|
Tax on Dividend |
479.690 |
568.860 |
260.070 |
|
|
Transfer to Special Economic
Zone Reinvestment Reserve |
176.380 |
223.940 |
0.000 |
|
|
Total
(M) |
3497.040 |
4457.840 |
2163.190 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
2862.590 |
2703.830 |
3822.010 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Income from software solutions
and consulting services |
10999.890 |
9977.960 |
8871.150 |
|
|
Interest Income |
0.330 |
0.460 |
0.200 |
|
|
TOTAL
EARNINGS |
11000.220 |
9978.420 |
8871.350 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
73.090 |
47.450 |
102.300 |
|
|
TOTAL
IMPORTS |
73.090 |
47.450 |
102.300 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
10.6 |
11.19 |
9.66 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
4024.300 |
3404.310 |
2667.550 |
|
Net cash flow from operating activity |
3231.760 |
2685.050 |
1972.120 |
QUARTERLY RESULTS
|
Particulars |
31.03.2015 |
30.06.2015 |
30.09.2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
2989.600 |
3191.360 |
3483.890 |
|
Total Expenditure |
2077.270 |
2111.420 |
2312.330 |
|
PBIDT (Excl OI) |
912.330 |
1079.940 |
1171.560 |
|
Other Income |
37.940 |
101.740 |
100.660 |
|
Operating Profit |
950.270 |
1181.680 |
1272.220 |
|
Interest |
0.010 |
NA |
NA |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
950.260 |
1181.680 |
1272.220 |
|
Depreciation |
100.230 |
98.980 |
101.780 |
|
Profit Before Tax |
850.030 |
1082.700 |
1170.440 |
|
Tax |
141.050 |
214.860 |
227.12 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
708.980 |
867.840 |
943.320 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
708.980 |
867.840 |
943.320 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
27.58 |
32.74 |
31.30 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
36.53 |
43.26 |
40.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.50 |
32.98 |
32.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.46 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01 |
1.51 |
2.33 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.238.50/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
593.090 |
599.750 |
601.850 |
|
Reserves & Surplus |
9253.030 |
8285.520 |
9771.530 |
|
Share Application money pending allotment |
0.380 |
0.860 |
0.450 |
|
Net
worth |
9846.500 |
8886.130 |
10373.830 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
9124.740 |
10199.540 |
11545.560 |
|
|
|
11.779 |
13.197 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
9124.740 |
10199.540 |
11545.560 |
|
Profit |
2856.030 |
3339.660 |
3183.960 |
|
|
31.30% |
32.74% |
27.58% |
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 |
No |
|
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 |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
RESULTS OF OPERATIONS
A) GLOBAL OPERATIONS:
Income from operations increased to Rs. 25816.770 million in 2014 from Rs. 22853.480 million in 2013, growth of 12.97%. The growth in Dollar terms was 8.9%, reaching USD 422.400 million. Growth was driven largely by volume increase, aided by increased realized bill rates, however there was an adverse impact of cross currency. Profit from Operations (profit before Exchange rate difference, Interest, Other income and Provision for taxation) was at Rs. 4335.880 million in 2014 as against Rs. 4736.260 million in 2013. The decrease was largely on account of increase in onsite business which is primarily low margin business in comparison of offshore, additional investment in sales and increased admin cost for growth. Profit after tax stood at Rs. 3201.520 million in 2014 as compared to a profit of Rs. 3791.350 million in 2013. PAT margins were at 12.4% in Rupee terms.
Material changes from
end of financial year till date of report
There are no material changes and commitments, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report other than those disclosed in the financial statements.
Company’s major
achievements in 2014
During the year 2014, 44 new clients were added. This took the total number of active clients to 236 in Q4-2014. During 2014, the number of clients registering annual revenues in excess of USD 20 million each increased from 4 to 5; 3 clients in the USD 10 million - USD 20 million range, 13 clients in the USD 5 million - USD 10 million range, 40 clients in the USD 1 million - USD 5 million category.
B) INDIA OPERATIONS:
In the year 2014, the revenue of the standalone legal entity increased by 13.2% to Rs. 11545.560 million. This is in comparison with revenue of standalone legal entity at Rs. 10199.540 million in the previous year. The net profit after tax was Rs. 3183.960 million as compared to a profit of Rs. 3339.660 million in 2013.
SHARE CAPITAL
The paid-up Share Capital of the Company as on December 31, 2014 was Rs. 601.850 million comprising of 300,923,472 Equity Shares of Rs. 2/- each. During the year 1,047,525 shares were issued under different ESOP schemes.
The market capitalization of the Company as on December, 31, 2014 was at Rs. 60.094 million (USD 973.980 million). The market capitalization is calculated on the basis of closing prices of Rs. 199.700 on The National Stock Exchange and the closing exchange rate of 1 USD = Rs. 61.700 as of December 31, 2014.
RESERVES
The Company did not transfer any amount to General Reserve this year. During the year due to merger of wholly owned subsidiary Caliber Point Business Solutions Limited (CP) an amount of Rs. 258.880 million, Rs. 41.120 million and Rs. 352.910 million has been added to General Reserve, Securities premium and to the Profit and Loss Account respectively. With this addition, the total General Reserve as on December 31, 2014 is at Rs. 2135.750 million. Further, the balance in the P and L Account is Rs. 2862.590 million.
Forex Mark-To-Market: The year-end Hedging Reserve stood at a loss of Rs. 253.010 million, as compared to loss of Rs.1176.450 million in the previous year. This is in accordance with the principles of recognition and measurement for accounting of forward exchange contracts and derivative contracts of Accounting Standard (AS)-30. In summary, total reserves stood at Rs. 9771.530 million, including Rs. 4741.930 million of Securities Premium account.
DIVIDEND
During the year 2014, the Company paid four interim dividends on equity shares, Q1 – Rs. 3.00 (150%), Q2 – Rs. 1.60 (80%), Q3 – Rs. 2.350 (117.5%), Q4 – Rs. 2.500 (125%). This brings the interim dividends for the four quarters of 2014 to Rs. 9.45 per share (472.5%).
The Board of Directors has not recommended payment of any final dividend. The total cash outgo for dividend declare in 2014 on account of interim dividend and tax thereon amounts to Rs. 3374.570 million.
MANAGEMENT’S DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
GLOBAL ECONOMIC
SCENARIO
The International Monetary Fund expects world economy to grow at 3.5 and 3.7 percent in 2015-16, downward revisions of 0.3 percent relative to the October 2014 World Economic Outlook (WEO). The lower estimates mirrors the reappraise of forecasts in China, Russia, the euro area, and Japan besides weaker activity in some major oil exporters due to the sharp drop in oil prices. The economic growth in the United States is expected to transcend 3% during 2015-16 and has been revised to 3.6% aided by domestic demand that will be driven by the sharp fall in oil prices, moderate fiscal adjustment, and an accommodative monetary policy stance, despite the projected gradual rise in interest rates. However, the dollar surge is projected to reduce net exports.
Although lower oil prices and quantitative easing support the Euro zone prospects, the IMF has lowered the economic growth to 1.2% for 2015 weighed by stagnation and inflation.
The impact of Abenomics is yet to translate into positive economic growth prospect for Japan as it witnessed a technical recession in the third quarter of 2014. The IMF has revised downward the economic growth to 0.6% in 2015 however; it has indicated lower oil prices and yen depreciation to aid growth in 2015-16.
For emerging market and developing economies, the IMF forecasts economic growth to remain broadly stable at 4.3% in 2015 and to rise to 4.7% in 2016-a weaker pace than forecast in the October 2014 WEO.
OUTLOOK
The dwindling oil prices, fiscal adjustments and easing monetary stance are some of the growth drivers which will aid economic recovery however, the economic growth outlook is likely to get influenced by the fall out between Russia and Ukraine, and the geo-political tensions persisting in Syria and ethnic tensions in the Mid-East nations.
Indian Economic
Overview
The resurgent Indian economy is leading the growth momentum among the Emerging economies driven by the robust GDP growth, improved FDI inflows and pro-growth economic reforms such as hike in FDI cap in defence and insurance, deregulation of diesel and petrol prices, Ordinance on Coal and Insurance Bill and telecom spectrum auction.
The International Monetary Fund has raised its India GDP growth estimates for 2014-15 to 7.2% and 7.5% in 2015-16. The revised upward forecasts by the IMF from its earlier estimates of 6.3% and 6.5% for FY 2014-15 and 2015-16, reflect the new GDP methodology adopted by the Indian government.
These projections however, are lower than the Indian government forecast of 7.4% growth rate in 2014-15 and 8-8.5% in 2015-16 as per the revised GDP calculation methodology. The buoyant FY 2015 growth estimate follows an upbeat 7.5% expansion estimated during the third quarter of October-December 2014. (Source: Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation). The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, had revised its base year to 2011-12 and released revised annual estimate of National Income and other macroeconomic aggregates on 30th January 2015.
The February trade deficit contracted to a 17-month low at USD 6.8 billion led by oil imports which reduced by more than 55% from the previous month. Imports declined an annual 15.66% in February year-on-year to USD 28.39 billion. During the same period, Merchandise exports slumped 15.02% year-on-year to USD 21.54 billion. (Source: Government of India Ministry of Commerce and Industry Department of Commerce Economic Division)
After a prolonged sluggish period the manufacturing sector in January 2015 witnessed a significant growth at 3.3%. During the period April-January 2014-15, the sector registered a growth of 1.7% compared to a contraction of 0.3% in the corresponding period of the previous year. (Source: CSO)
For the month of January 2015, IIP grew 2.6% as compared to 1.1% increase in January 2014. However, the growth in January is lower than the 3.2% registered in December 2014. IIP registered a growth of 2.5% for the cumulative period April-January 2014-15 as against feeble increase of 0.1% in the corresponding period of the previous year. (Source: CSO)
BUSINESS OVERVIEW
Hexaware Technologies Limited (Hexaware) is a global provider of IT, BPO and consulting services that caters to industries spanning across Banking and Financial Services, Travel and Transportation, Manufacturing and Services, Healthcare and Insurance with revenue over USD 400 million.
Hexaware focuses on delivering business results and leveraging technology solutions by specialising in Business Intelligence and Analytics, Enterprise Solutions, Quality Assurance and Testing Services, Remote Infrastructure Management Services and Business Process Services.
The company emphasises on three-pronged strategy encompassing Passionate Employees, Innovative Services and Customer Delight in delivering meaningful technology solutions to its customers.
Hexaware assists its clients ranging across North America, Europe and Asia Pacific attain a competitive advantage by co-developing innovative IT/Process capabilities delivered through flexible business models.
The company’s onsite/offshore delivery model provides significant cost savings. Its development centres are assessed at SEI CMMILevel 5 DEV and SVC, ISO 9001:2008, ISO 20000:2011 and are also TickIT certified. These enable the company to provide high value, high quality deliverables to its clients and thereby establish long lasting relationships with them.
BACKGROUND
Hexaware Technologies Limited (“Hexaware” or the “Company”) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956, of India. The Company is engaged in information technology consulting, software development and business process management. Hexaware provides multiple service offerings to its clients across various industries comprising travel, transportation, hospitality, logistics, banking, financial services, insurance, healthcare, manufacturing and services. The various service offerings comprise application development and management, enterprise package solutions, infrastructure management, business intelligence and analytics, business process, quality assurance and independent testing.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90166644 |
30/11/1999 |
50,000,000.00 |
BANQUE NATIONALE DE PARIS |
FRENCH BANK BUILDING 62 HOMJI STREET FORT, MUMBAI, |
- |
|
2 |
90166567 |
05/03/1998 |
3,240,200.00 |
CANARA BANK |
SAKINAKA, MUMBAI, Karnataka - 400072, INDIA |
- |
|
3 |
90165950 |
10/08/1987 |
500,000.00 |
CANARA BANK |
SAKINAKA, MUMBAI, West Bengal - 400072, INDIA |
- |
CONTINGENT
LIABILITIES:
Contingent liability
in respect of:
a) Claims not acknowledged as debt Rs. 28.140 million (Previous Year Rs. 28.140 million).
b) Claims for taxes
on income:
i. Where Company is
in appeal
Income tax demands of Rs. 8.990 million (Previous year Rs. 112.380 million) have been raised in respect of assessments completed, arising from certain disallowances by the Income tax authorities. The Company has appealed against the orders and based on merits, expects favourable outcome. Hence no provision against such demand is considered necessary.
ii. Others:
In an earlier year, the CIT (A) had passed an order in favour of the Company against demand of Rs. 23.790 million raised by the Assessing officer for AY 2008-09, which had arisen mainly due to disallowance of foreign exchange loss as business expenses. Against this, the Income Tax Department has filed an appeal with Income Tax Appellate Tribunal during the year and the matter is in process.
FIXED ASSETS
- Land- Freehold
- Land- Leasehold
- Buildings
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.78 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--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 |
|
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
56 |
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.