MIRA INFORM REPORT
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Report No. : |
355908 |
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Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
WIPRO LIMITED |
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Registered
Office : |
Doddakannelli, Sarjapur Road, Bangalore – 560035,
Karnataka |
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Tel. No.: |
91- 80 28440011 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
29.12.1945 |
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Com. Reg. No.: |
08-020800 |
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Capital
Investment / Paid-up Capital : |
Rs.4937.000 Million |
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CIN No.: [Company Identification
No.] |
L32102KA1945PLC020800 |
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IEC No.: |
0488006040 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKW00128C/PNEW00325D |
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PAN No.: [Permanent Account No.] |
AAACW0387R |
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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 the business of providing information technology services including software maintenance and support services. [Registered Activity] |
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No. of Employees
: |
140000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (81) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 990000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a third largest Indian player in the global IT services
outsourcing industry. It is a well-established and reputed company having a fine
track record. The rating takes into consideration leading position among Indian
players in the global IT services outsourcing segment supported by
established client base and diversified range of service offerings and its
experienced management team. Further rating also reflects strong financial risk profile marked by
strong liquidity position and decent profitability achieved by the company. Trade relations are reported as fair. Business is active. Payments are
repaired to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities = AAA |
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Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
April, 2015 |
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Rating Agency Name |
ICRA |
|
Rating |
Short term fund based facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
April, 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.
LOCATIONS
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Doddakannelli, Sarjapur Road, Bangalore – 560 035, Karnataka, India |
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Tel. No.: |
91-80-28440011 |
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Fax No.: |
91-80-28440054 |
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E-Mail : |
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Website : |
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Corporate
Office 2 : |
122, Part 1, EPIP, Bangalore – 560066, Karnataka, India.
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Software
Technology Parks: |
·
Bangalore,
Karnataka ·
Chennai,
Tamilnadu ·
Secunderabad,
Andhra Pradesh ·
Pune,
Maharashtra ·
Gurgaon,
Haryana ·
Hyderabad,
Andhra Pradesh ·
Mumbai,
Maharashtra |
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|
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Factory : |
> > S B Towers, 88, M > 608-610, > > 271-27 1 A, Sri Ganesh Complex, > 26, Sri Chamundi Complex, Madivala II, Bommanahalli, Hosur Main
Road, Bangalore - 560 068, Karnataka, India > No. l, 2, 3, 4 and 54/1, Survey No. 201/C, Madivala III,
Bangalore - 560 068, Karnataka, India > No. l, 2, 3, 4 and 54/1, Survey No. 201/C, Madivala III (Research
and Development), > No. 1 , 2, 3, 4 and 54/3, Survey No.- 201/C, Madivala IV,
Bangalore – 560 068, Karnataka, India > 3rd Floor, > Subramanya
Arcade, Bannergatta Main Road, Bangalore, Karnataka, India > K-3 1 2,
Koramangala Industrial Layout, Bangalore - 560 095, Karnataka, India > V Block,
Koramangala, Bangalore - 560 095, Karnataka, India > > > No.92, 2nd > S. No. 70/1, 2, 3, 4(P) and. 84/1, 2, 3, Hobli, ' > Capitale, 552 and. 555, Anna Salai, Teynampet, Chennai, > 475A, Shollinganallur, > 111, Mount Road, Guindy, Chennai - 600 032, > No. 105, Guindy, > > > 239, Okhla Industrial Estate, > Plot No.27/28, Phase IV, Udyog Vihar, Gurgaon - 122 016, > Plot No. 281,Phase II, Udyog Vihar, Gurgaon - 122 106, > No. 480-481, Udyog Vihar, Phase-Ill, Gurgoan - 122015, > S. No. 203/1,
Manikonda Jagir Village, Rajendranagar Mandal, RR District, Hyderabad, India > Survey Nos.
64, Serilingampali Mandal, Madhapur, Hyderabad - 500 033, India > > Plot No. 1, 7, 8 and 9, Block-DM, Sector- V, Saltlake, Kolkata -
700 091, West > 146/147, Mettagalli Industrial Area, Mettagalli, > Vashi, Navi Mumbai, Mumbai, > Plot No. 2, MIDC, > 1-8-448, |
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Overseas Offices
: |
1300, Tel. No. :
91-650-3163555 Fax No. :
91-650-3163467 Mimet House, Tel. No. : +44-
020-70873770 Fax No. : +44
-020-72625360 Tel. No. :
+81-45- 650 3950 Fax No. : +81
-45-650 3951
Wipro Technologies
1995, El Camino Real, Suite 200, Santa Clara, CA
95050, USA Tel. No.:
91-408-249 6345 Fax No.: 91-408-
6157174 / 6157178 15455 N. W., Tel. No.: 91-503-
4390825 Fax No.: 91-503-
4398426 10655 N. E., 4th
Street, Suite 400, Bellevue, WA 98004, USA Tel. No.: 91-425
-4553486 Fax No.: 91-425
-6880973 833, Tel. No.: 91-972- 6716130 Fax No.: 91-972- 6716134 2432, W. Peoria Avenue, Suite 1323, Phoenix, AZ
85029, USA Tel. No.: 91-602- 8705780 Extn.: 101 100, W. 22nd
Street, Tel. No.: 91-630-
8899860 Fax No.: 91-630
-8899187 8901, Tel. No.:
91-952-9489683 Fax No.: 91-952-
9489684 12081, Tel. No.: 303-254
2457 Fax No.: 720-244
4872 Tel. No.: 978-372
9531 Fax No.: 978-372
9560 345, Buckland
Hills, Dr. Suite 7213, Tel. No.: 860-644
3657 Fax No.: 860-644
3667 220, Tel. No.:
732-4650401 Fax No.:
732-4650420 Top Floor, 2432, W Peoria Ave, Suite 1323, Phoenix, Arizona,
USA AZ 85029 Room no. 1064, Hatanpaankatu 1 (Kulma-Sarvis), Tampere,
Finland Web Campus,
Kaistrasse, 101 |
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Branch Office
: |
Wipro Infotech Software and Service
88,
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DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Azim Hashmi Premji |
|
Designation : |
Chairman |
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Date of Appointment
: |
01.09.1968 |
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Name : |
Mr. Tekkethalakkal kurien kurien |
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Designation : |
Whole-Time Director |
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Name : |
Dr. Ashok S. Ganguly |
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Designation : |
Independent Directors |
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Name : |
Mr. Mahendrakumar Sharma |
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Designation : |
Director |
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Name : |
Mr. Narayanan Vaghul |
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Designation : |
Director |
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Name : |
Dr. Jagdish N. Sheth |
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Designation : |
Directors |
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Name : |
Mr. Vyomesh Joshi |
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Designation : |
Director |
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Name : |
Mr. William Arthur Owens |
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Designation : |
Director |
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Name : |
Mr. Shyam Saran |
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Designation : |
Director |
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Name : |
Ireena Vittal |
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Designation : |
Director |
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Name : |
Mr. Rishad Azim Premji |
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Designation : |
Whole-Time Director |
KEY EXECUTIVES
|
Name : |
Jatin Pravinchandra Dalal |
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Designation : |
Chief Executive Officer |
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Name : |
SANAULLA KHAN MOHAMMED |
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Designation : |
Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a % of (A+B) |
||
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(A) Shareholding of
Promoter and Promoter Group |
||
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|
|
|
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|
95419432 |
3.94 |
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|
11406331 |
0.47 |
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|
1705196701 |
70.42 |
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|
1275482581 |
52.67 |
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|
429714120 |
17.75 |
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|
1812022464 |
74.83 |
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Total shareholding of
Promoter and Promoter Group (A) |
1812022464 |
74.83 |
|
(B) Public Shareholding |
||
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|
|
|
|
|
56788566 |
2.35 |
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|
9719641 |
0.40 |
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|
47391358 |
1.96 |
|
|
263833197 |
10.90 |
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|
377732762 |
15.60 |
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|
|
|
|
|
61732576 |
2.55 |
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|
|
|
|
|
49729762 |
2.05 |
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|
73613055 |
3.04 |
|
|
46622706 |
1.93 |
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|
27448702 |
1.13 |
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|
1251664 |
0.05 |
|
|
11772 |
0.00 |
|
|
17666948 |
0.73 |
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|
217526 |
0.01 |
|
|
26094 |
0.00 |
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|
231698099 |
9.57 |
|
Total Public shareholding
(B) |
609430861 |
25.17 |
|
Total (A)+(B) |
2421453325 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
48440883 |
0.00 |
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|
48440883 |
0.00 |
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Total (A)+(B)+(C) |
2469894208 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing information technology services including software maintenance and support services. [Registered Activity] |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 : |
140000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Notes: LONG
TERM BORROWING: Obligation under finance lease is secured by underlying fixed assets. These obligations are repayable in monthly installments up to year ending March 31, 2020. The interest rate for these obligations ranges from 1.43% to 13.84% (2014: 1.5% to 17.2%). The Company entered into an arrangement with a consortium
of banks to obtain External Commercial Borrowings (ECB) during the year ended
March 31, 2014. Pursuant to this arrangement, the Company has availed ECB of
USD 150 million repayable in full in June 2018. The ECB carries an average
interest rate of LIBOR+1.25% p.a (2014:
LIBOR+1.25% p.a.). The ECB is an unsecured borrowing and the Company
is subject to certain customary restrictions on additional borrowings and
quantum of payments for acquisitions in a financial year. |
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Statutory Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
·
Wipro GE Healthcare Private Limited [Address:
Plot
No. 4, Kadugodi Industrial Area Sadaramangala, Bangalore – 560067, Karnataka,
India] ·
Wipro Kawasaki Precision Components Pvt Ltd |
|
|
·
|
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Subsidiaries : |
·
Wipro LLC (formerly Wipro Inc.) ·
Wipro Gallagher Solutions Inc. ·
Infocrossing Inc., USA ·
Wipro Promax Analytics Solutions LLC [Formerly
Promax Analytics Solutions Americas LLC], USA ·
Wipro Insurance Solution LLC ·
Opus Capital Markets ·
Consultants LLC ·
Opus Technology Services LLC ·
Wipro Japan KK, Japan ·
Wipro Shanghai Limited, China ·
Wipro Trademarks Holding Limited, India ·
Wipro Travel Services Limited, India ·
Wipro Holdings (Mauritius) Limited, Mauritius ·
Wipro Holdings UK Limited U.K. ·
Wipro Holding Austria GmbH(A) Austria ·
3D Networks (UK) Limited ·
Wipro Europe Limited (A), U.K. ·
Wipro Cyprus Private Limited, Cyprus ·
Wipro Doha LLC#, Qatar ·
Wipro Technologies S.A DE C. V, Mexico ·
Wipro BPO Philippines LIMITED. Inc, Philippines ·
Wipro Holdings Hungary Korlátolt
Felelősségű Társaság, Hungary ·
Wipro Technologies Argentina SA, Argentina ·
Wipro Information Technology Egypt SAE, Egypt ·
Wipro Arabia Limited*, Saudi Arabia ·
Wipro Poland Sp Zoo, Poland ·
Wipro IT Services Poland Sp. z o. o, Poland ·
Wipro Outsourcing Services UK Limited, U.K. ·
Wipro Technologies South Africa (Proprietary)
Limited, South Africa ·
Wipro Technologies Nigeria Limited, Nigeria ·
Wipro Information Technology Netherlands BV,
Netherland ·
Wipro Portugal S.A.(A) Portugal ·
Wipro Technologies Limited, Russia ·
Wipro Technology Chile SPA, Chile ·
Wipro Technologies Canada Limited, Canada ·
Wipro Information Technology Kazakhstan LLP,
Kazakhstan ·
Wipro Technologies W.T. Sociedad Anonima ·
Wipro Outsourcing Services (Ireland) Limited ·
Wipro Technologies Norway AS, Norway ·
Wipro Technologies VZ, C.A., Venezuela ·
Wipro Technologies SRL, Romania ·
PT WT Indonesia, Indonesia ·
Wipro Australia Pty Limited, Australia ·
Wipro Promax Holdings Pty Limited (formerly
Promax Holdings Pty Limited) (A), Australia ·
Wipro Technocentre (Singapore) Pte Limited,
Singapore ·
Wipro (Thailand) Co Limited, Thailand ·
Wipro Bahrain Limited WLL, Bahrain ·
Wipro Gulf LLC, Sultanate of Oman ·
Wipro Technologies Spain S.L., Spain ·
Wipro Networks Pte Limited (formerly 3D Networks
Pte Limited), Singapore · Planet PSG Pte Limited, Singapore ·
Wipro Technologies SDN BHD, Malaysia ·
Wipro Chengdu Limited, China ·
Wipro Airport IT Services Limited*, India ·
Wipro Holding Austria GmbH ·
Wipro Technologies Austria GmbH ,Austria ·
New Logic Technologies SARL, France ·
Wipro Europe Limited (formerly SAIC Europe
Limited) ·
Wipro UK Limited U.K. ·
Wipro Europe SARL, France ·
Wipro Portugal S.A. ·
SAS Wipro France, France ·
Wipro Retail UK Limited, U.K. ·
Wipro do Brasil Technologia Ltda, Brazil ·
Wipro Technologies Gmbh, Germany ·
Wipro Promax Holdings Pty Limited (formerly
Promax Holdings Pty Limited) ·
Wipro Promax Analytics Solutions Pty Limited
(formerly Promax Applications Group Pty Limited), Australia ·
Wipro Promax IP Pty Limited (formerly PAG IP Pty
Limited), Australia ·
Wipro Promax Analytics Solutions (Europe) Limited
[formerly Promax Analytics Solutions (Europe) Limited], UK NOTE: In addition to
above, the Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’
and Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LIMITED incorporated
in South Africa. * All the above
direct subsidiaries are 100% held by the Company except that the Company
holds 66.67% of the equity securities of Wipro Arabia Limited and 74% of the
equity securities of Wipro Airport IT Services Limited. # 51% of equity
securities of Wipro Doha LLC are held by a local share holder. However, the
beneficial interest in these holdings is with a wholly owned subsidiary of
the company. (A) Step
Subsidiary details of Wipro Holding Austria GmbH, Wipro Portugal S.A, Wipro
Europe Limited and Wipro Promax Holdings Pty Limited are as follows: |
|
|
|
|
Entity
controlled by Director : |
·
Wipro Equity Reward Trust Trust Fully controlled
trust, India ·
Wipro Inc Benefit Trust Trust Fully controlled
trust, India ·
Azim Premji Foundation (I) Private Limited ·
Hasham Traders (partnership firm) ·
Prazim Traders (partnership firm) ·
Zash Traders (partnership firm) ·
Regal Investment & Trading Company Private
Limited ·
Vidya Investment & Trading Company private
Limited ·
Napean Trading & Investment Company Private
Limited ·
Azim Premji Trust ·
Wipro Enterprises Limited (formerly known as Azim
Premji Custodial Services Private Limited) ·
Entity controlled by Director ·
Wipro Enterprises Cyprus Limited (formerly
WMNETSERV Limited) ·
Wipro Singapore Pte Limited ·
Wipro Unza Holdings Limited ·
Wipro Infrastructure Engineering AB |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2917500000 |
Equity Shares |
Rs.2/- each |
Rs.5835.000 Million |
|
25000000 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.250.000 Million |
|
150000 |
Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs.15.000 Million |
|
|
Total |
|
Rs.6085.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2469043038 |
Equity Shares |
Rs.2/- each |
Rs.4938.000 Million |
|
|
|
|
|
Terms / Rights
attached to equity shares
The Company has only one class of equity shares having a par value of ` 2 per share. Each shareholder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to shareholders approval in the ensuing Annual General Meeting.
Following is the
summary of per share dividends recognized as distributions to equity
shareholders:
|
Particulars |
31.03.2015 |
|
|
Rs. In Million |
|
Interim dividend |
5.000 |
|
Final dividend |
7.000 |
In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, if any, in proportion to the number of equity shares held by the shareholders.
Reconciliation of
number of shares
|
Particular |
As on 31.03.2015 |
|
|
No. of Shares |
Rs. in Million |
|
|
Opening number
of equity shares / American Depository Receipts (ADRs) outstanding |
2466317273 |
4932.000 |
|
Equity shares / American
Depository Receipts (ADRs) issued pursuance to Employee Stock Option Plan |
2725765 |
5.000 |
|
|
2469043038 |
4937.000 |
|
Less: Equity shares
issued to controlled trust* |
|
|
|
Closing number of equity shares / ADRs outstanding |
2469043038 |
4937.000 |
Details of
shareholders holding more than 5% of the total equity shares of the Company
|
Name of the Shareholder |
As on 31.03.2015 |
|
|
No. of Shares |
% held |
|
|
Azim Hasham Premji Partner representing Hasham Traders |
370956000 |
15.04 |
|
Azim Hasham Premji Partner representing Prazim Traders |
452906791 |
18.36 |
|
Azim Hasham Premji Partner representing Zash Traders |
451619790 |
18.31 |
|
Azim Premji Trust |
429714120 |
17.42 |
Other details of Equity
Shares for a period of five years immediately preceding March 31, 2015
|
Particular |
31.03.2014 |
|
Aggregate number
of share allotted as fully paid up pursuant to contract(s) without payment being received
in cash (Allotted to the
Wipro Inc Trust, the sole beneficiary of which is Wipro LLC, a wholly owned subsidiary of the Company, in consideration of acquisition of
inter-company investments) |
841585 |
|
Aggregate number of shares allotted as fully paid bonus shares |
979119256 |
|
Aggregate number of shares bought back |
-- |
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 |
4937.000 |
4932.000 |
4926.000 |
|
(b) Reserves &
Surplus |
341279.000 |
288627.000 |
237369.000 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
346216.000 |
293559.000 |
242295.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
10632.000 |
10061.000 |
590.000 |
|
(b) Deferred tax
liabilities (Net) |
567.000 |
1379.000 |
528.000 |
|
(c) Other long term
liabilities |
281.000 |
629.000 |
118.000 |
|
(d) long-term provisions |
2736.000 |
2889.000 |
2289.000 |
|
Total Non-current
Liabilities (3) |
14216.000 |
14958.000 |
3525.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
49704.000 |
35042.000 |
39870.000 |
|
(b) Trade payables |
57288.000 |
53566.000 |
49228.000 |
|
(c) Other current
liabilities |
25511.000 |
24048.000 |
38054.000 |
|
(d) Short-term provisions |
41150.000 |
36196.000 |
34094.000 |
|
Total Current Liabilities
(4) |
173653.000 |
148852.000 |
161246.000 |
|
|
|
|
|
|
TOTAL |
534085.000 |
457369.000 |
407066.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
35700.000 |
36215.000 |
35560.000 |
|
(ii) Intangible Assets |
4684.000 |
3535.000 |
3534.000 |
|
(iii) Capital
work-in-progress |
3612.000 |
2751.000 |
3789.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
55797.000 |
51968.000 |
48547.000 |
|
(c) Deferred tax assets
(net) |
1659.000 |
1487.000 |
1151.000 |
|
(d) Long-term Loan and Advances |
30710.000 |
29981.000 |
25168.000 |
|
(e) Other Non-current
assets |
3368.000 |
5390.000 |
5469.000 |
|
Total Non-Current Assets |
135530.000 |
131327.000 |
123218.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
51888.000 |
58392.000 |
60495.000 |
|
(b) Inventories |
4794.000 |
2283.000 |
3205.000 |
|
(c) Trade receivables |
81442.000 |
85509.000 |
84994.000 |
|
(d) Cash and cash
equivalents |
156675.000 |
105549.000 |
78004.000 |
|
(e) Short-term loans and
advances |
52561.000 |
29293.000 |
21244.000 |
|
(f) Other current assets |
51195.000 |
45016.000 |
35906.000 |
|
Total Current Assets |
398555.000 |
326042.000 |
283848.000 |
|
|
|
|
|
|
TOTAL |
534085.000 |
457369.000 |
407066.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
412098.000 |
387572.000 |
332265.000 |
|
|
Other Income |
24990.000 |
16112.000 |
13253.000 |
|
|
TOTAL (A) |
437088.000 |
403684.000 |
345518.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
34.000 |
2053.000 |
3542.000 |
|
|
Purchases of
Stock-in-Trade |
24564.000 |
22858.000 |
23472.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2543.000) |
9.000 |
(182.000) |
|
|
Employees benefits
expense |
197263.000 |
183375.000 |
159042.000 |
|
|
Other expenses |
100787.000 |
88193.000 |
77056.000 |
|
|
TOTAL (B) |
320105.000 |
296488.000 |
262930.000 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
116983.000 |
107196.000 |
82588.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
3629.000 |
3747.000 |
3524.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
113354.000 |
103449.000 |
79064.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7784.000 |
7367.000 |
7013.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
105570.000 |
96082.000 |
72051.000 |
|
|
|
|
|
|
|
Less |
TAX (H) |
23639.000 |
22208.000 |
15549.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
81931.000 |
73874.000 |
56502.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
121769.000 |
78371 |
51684 |
|
|
|
|
|
|
|
Add |
Earlier year excess
proposed dividend and dividend distribution tax (L) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend |
12353.000 |
7404.000 |
4932.000 |
|
|
Proposed dividend |
17283.000 |
12332.000 |
12315.000 |
|
|
Tax on Dividend |
5924.000 |
3353.000 |
2892.000 |
|
|
Amount transfer to general
reserve |
8193.000 |
7387.000 |
5650.000 |
|
|
Total (M) |
43753.000 |
30476.000 |
25789.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
159947.000 |
121769.000 |
82397.000 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export of goods on F.O.B. basis |
NA |
7654.000 |
8179.000 |
|
|
Services |
NA |
336754.000 |
272582.000 |
|
|
Agency Commission |
NA |
280.000 |
264.000 |
|
|
TOTAL EARNINGS |
NA |
344688.000 |
281025.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
8513.000 |
15242.000 |
21017.000 |
|
|
Components and Stores
parts |
160.000 |
147.000 |
189.000 |
|
|
Capital Goods |
200.000 |
1.000 |
0.000 |
|
|
TOTAL IMPORTS |
8873.000 |
15390.000 |
21206.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
33.38 |
30.09 |
23.03 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
104.000 |
156.000 |
20342.000 |
|
Cash generated from operations |
102670.000 |
89633.000 |
80517.000 |
|
Net cash generated from operating activities |
78404.000 |
67900.000 |
63941.000 |
|
QUARTERLY
RESULTS |
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
|
|
|
Net Sales |
|
107935.000 |
110528.000 |
|
Total Expenditure |
|
85540.000 |
85877.000 |
|
PBIDT (Excl OI) |
|
22395.000 |
24651.000 |
|
Other Income |
|
6501.000 |
6419.000 |
|
Operating Profit |
|
28896.000 |
31070.000 |
|
Interest |
|
1288.000 |
1436.000 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
27608.000 |
29634.000 |
|
Depreciation |
|
1988.000 |
2053.000 |
|
Profit Before Tax |
|
25620.000 |
27581.000 |
|
Tax |
|
5738.000 |
6162.000 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
19882.000 |
21419.000 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
19882.000 |
21419.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
19.88 |
19.06 |
17.01 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
28.39 |
27.66 |
24.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.32 |
23.95 |
20.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.33 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17 |
0.15 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.30 |
2.19 |
1.76 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.555.00/- |
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 |
4926.000 |
4932.000 |
4937.000 |
|
Reserves & Surplus |
237369.000 |
288627.000 |
341279.000 |
|
Net worth |
242295.000 |
293559.000 |
346216.000 |
|
|
|
|
|
|
Long-term borrowings |
590.000 |
10061.000 |
10632.000 |
|
Short term borrowings |
39870.000 |
35042.000 |
49704.000 |
|
current maturities of
long-term debts |
20342.000 |
156.000 |
104.000 |
|
Total borrowings |
60802.000 |
45259.000 |
60440.000 |
|
Debt/Equity ratio |
0.251 |
0.154 |
0.175 |
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 |
332265.000 |
387572.000 |
412098.000 |
|
|
|
16.645 |
6.328 |
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 |
332265.000 |
387572.000 |
412098.000 |
|
Profit |
56502.000 |
73874.000 |
81931.000 |
|
|
17.01% |
19.06% |
19.88% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS
CASE PENDING
|
||||||||||||||||||||||||||||||||||
FINANCIAL PERFORMANCE
profit for the standalone results is after considering a gain of Rs. 390.000 Million (2014: loss of Rs. 2,607.000 million) relating to changes in fair value of forward contracts designated as hedges of netinvestment in non-integral foreign operations, translation of foreign currency borrowings and changes in fair value of related cross currency swaps together designated as hedges of net investment in non-integral foreign operations. In the Consolidated Accounts, these are considered as hedges of net investment in non-integral foreign operations and are recognized directly in shareholders’ fund.
OUTLOOK
According to the National Association of Software and Service Companies (NASSCOM) Strategic Review Report
2015, Revenues for fiscal year 2015 for the IT-BPM industry based in India is estimated to be US$146 billion, which would represent growth of approximately 13% over fiscal year 2014. IT Export Revenues from India, including hardware, are expected to have grown at a year-on-year rate of 12% in fiscial year 2015, driven by greater demands for social, mobile, analytics and cloud based solutions. According to Gartner: forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2013-2019, Q1 2015Update, worldwide IT Services spending in 2014 was $948 billion, a growth of 1.8% over the previous year.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Term loan: External commercial borrowing |
9375.000 |
8985.000 |
|
Others |
114.000 |
16.000 |
|
SHORT TERM
BORROWING |
|
|
|
Loan repayable on demand from banks |
49477.000 |
35042.000 |
|
Cash credit |
227.000 |
0.000 |
|
Total |
59193.000 |
44043.000 |
|
Notes: LONG
TERM BORROWING: Unsecured
loans from others are interest free which is repayable in monthly
installments within the year ending March 31, 2018. SHORT
TERM BORROWING: Rate of Interest for PCFC loan ranges from 0.27% - 0.63% (2014: 1% to 2%) and other than PCFC loan 7.5% (2014: 12.2%).
The interest rate for cash credit is 0.40% |
||
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015
(Rs. In Million)
|
Particulars
|
Quarter Ended |
6 Months Ended |
|
|
|
30.09.2015 |
30.09.2015 |
30.06.2015 |
|
|
( Unaudited) |
( Unaudited) |
( Unaudited) |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
110376.000 |
10774.000 |
218150.000 |
|
b) Other operating income |
679.000 |
1502.000 |
2181.000 |
|
Total
income from Operations(net) |
111055.000 |
109276.000 |
220331.000 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
0.000 |
1.000 |
1.000 |
|
b) Purchases of stock in trade |
5861.000 |
7092.000 |
12953.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(842.000) |
108.000 |
(734.000) |
|
d) Employees benefit expenses |
53477.000 |
52634.000 |
106111.000 |
|
e) Depreciation and amortization expenses |
2053.000 |
1988.000 |
4041.000 |
|
Sub-contracting/ technical fees/ third party application |
15370.000 |
13928.000 |
24298.000 |
|
f) Other expenditure |
12011.000 |
11777.000 |
23788.000 |
|
Total expenses |
87930.000 |
87528.000 |
175458.000 |
|
3. Profit from operations before other income and
financial costs |
23125.000 |
21748.000 |
44873.000 |
|
4. Other income |
5892.000 |
5160.000 |
11052.000 |
|
5. Profit from ordinary activities before finance costs |
29017.000 |
26908.000 |
55925.000 |
|
6. Finance costs |
1436.000 |
1288.000 |
2724.000 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
27581.000 |
25620.000 |
53201.000 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
27581.000 |
25620.000 |
53201.000 |
|
10.Tax expenses |
6162.000 |
5738.000 |
11900.000 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
21419.000 |
19882.000 |
41301.000 |
|
12.Extraordinary Items (net
of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
21419.000 |
19882.000 |
41301.000 |
|
14.Paid-up equity share capital (Face value Rs.10/- per share) |
4940.000 |
4938.000 |
4940.000 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
|
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
8.72 |
8.10 |
16.81 |
|
(b) Diluted |
8.70 |
8.08 |
16.79 |
|
Particulars
|
Quarter Ended |
6 Months Ended |
|
|
|
30.09.2015 |
30.09.2015 |
30.09.2015 |
|
|
( Unaudited) |
( Unaudited) |
( Unaudited) |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
609430861 |
608937579 |
609430861 |
|
- Percentage of shareholding |
25.17 |
25.15 |
25.17 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
1812022464 |
1812022464 |
1812022464 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
74.83 |
74.85 |
74.83 |
|
|
|
|
|
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Disputed demands for excise duty, customs duty, sales tax and other matters |
2560.000 |
2560.000 |
|
Performance and financial guarantees given by the banks on behalf of the Company |
18,084.000 |
19946.000 |
|
Guarantees given by the Company on behalf of subsidiaries |
8715.000 |
5036.000 |
FIXED ASSETS
·
Land
·
Buildings
·
Railway siding
·
Plant and Machinery
·
Furniture, Fixture and Equipments
·
Vehicles
·
Technical Know-how
·
Patents, Trademarks and Rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.66.39 |
|
UK Pound |
1 |
Rs.97.71 |
|
Euro |
1 |
Rs.72.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
81 |
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.