MIRA INFORM REPORT
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Report No. : |
303361 |
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Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
CYBERTECH SYSTEMS AND SOFTWARE LIMITED |
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Registered
Office : |
“Cybertech House”, Plot No.B-63/64/65, Road No.21/34, J.B. Sawant Marg, MIDC, Wagle Estate, Thane (West), Thane – 400604, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.01.1995 |
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Com. Reg. No.: |
11-084788 |
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Capital
Investment / Paid-up Capital : |
Rs. 264.713 Millions |
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CIN No.: [Company Identification
No.] |
L72100MH1995PLC084788 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC06592F |
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PAN No.: [Permanent Account No.] |
AAACC1905B |
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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
: |
Providing Information Technology Services. |
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No. of Employees
: |
432 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during FY 2014. However,
networth of the company is satisfactory. General financial position of the
company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered for 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.
EXTERNAL AGENCY RATING
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Amin Niranjan |
|
Designation : |
General Manager – Accounts |
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Contact No.: |
91-22-25834643 |
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Date : |
13.01.2015 |
LOCATIONS
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Registered Office/ Research and Development Center : |
“Cybertech House”, Plot No.B-63/64/65, Road No.21/34, J.B. Sawant Marg, MIDC, Wagle Estate, Thane (West), Thane – 400604, Maharashtra, India |
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Tel. No.: |
91-22-25834643/ 25834644/ 25834645/ 25831258-59 |
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Fax No.: |
91-22-25832574 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Hyderabad Office : |
302, Spline Arcade, Plot No. 1208, Ayappa Society, Madhapur, Hyderabad – 500081, Andhra Pradesh, India |
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Tel. No.: |
91-40-23550027/ 29 |
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Fax No.: |
91-40-23550029 |
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Location : |
Rented |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Viswanath Tadimety |
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Designation : |
Chairman |
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Name : |
Mr. Ramasubramanian Sankaran |
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Designation : |
Executive Director |
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Name : |
Mr. Steven Jeske |
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Designation : |
Director |
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Date of Birth/Age : |
09.12.1952 |
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Qualification : |
Certified Public Accountant and M.B.A. from Chicago University U.S.A. |
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Experience in specific Functional Areas : |
He was formerly the CFO of several start ups including Petcare Plus,
Inc., a US $100 m retailer and VSMLP, a Blockbuster Video Franchise |
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Date of Appointment : |
30.09.2008 |
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|
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Name : |
Mr. Prakash Kenjale |
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Designation : |
Director |
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Date of Birth/Age : |
15.01.1950 |
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Qualification : |
M. Tech. from IIT, Kanpur |
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Experience in specific Functional Areas : |
Rich experience of 31 years in the IT industry within the country and
abroad at senior level including CEO |
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Date of Appointment : |
28.09.2006 |
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Name : |
Mr. Sudhir Joshi |
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Designation : |
Director |
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Name : |
Mr. M.P. Bharucha |
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Designation : |
Director |
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Name : |
Mr. Rahul Ghosh |
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Designation : |
Director |
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Name : |
Dr. Shreepad Karmalkar |
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Designation : |
Director |
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Name : |
Dr. N. L. Sarda |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Sateesh Wadagbalkar |
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Designation : |
Company Secretary |
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Name : |
Mr. Amin Niranjan |
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Designation : |
General Manager – Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
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|
113355 |
0.43 |
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|
113355 |
0.43 |
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|
|
|
|
|
9233494 |
34.82 |
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|
650000 |
2.45 |
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|
9883494 |
37.27 |
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Total shareholding of Promoter and Promoter
Group (A) |
9996849 |
37.69 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
18 |
0.00 |
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|
48133 |
0.18 |
|
|
575 |
0.00 |
|
|
575 |
0.00 |
|
|
48726 |
0.18 |
|
|
|
|
|
|
1745651 |
6.58 |
|
|
|
|
|
|
4055376 |
15.29 |
|
|
3958834 |
14.93 |
|
|
6715907 |
25.32 |
|
|
164415 |
0.62 |
|
|
1351047 |
5.09 |
|
|
1300445 |
4.90 |
|
|
3900000 |
14.71 |
|
|
16475768 |
62.12 |
|
Total Public shareholding (B) |
16524494 |
62.31 |
|
Total (A)+(B) |
26521343 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
26521343 |
100.00 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Promoter
and Promoter Group
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Sukhada Tadimety |
9,99,758 |
3.77 |
|
2 |
Amogha Tadimety |
2,54,320 |
0.96 |
|
3 |
Shanta Radhakrishna Shanbhag |
58,275 |
0.22 |
|
4 |
Jyothi Tadimety |
30,006 |
0.11 |
|
5 |
Viswanath Tadimety |
55,96,083 |
21.10 |
|
6 |
Steven Jeske |
23,83,333 |
8.99 |
|
7 |
Red Banyan Holdings LLC |
6,50,000 |
2.45 |
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8 |
Seetha Rama Chandra Rao Tadimety |
25,074 |
0.09 |
|
|
Total |
99,96,849 |
37.69 |
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 % |
|
|
1 |
Indotech Holdings LLC |
3900000 |
14.71 |
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2 |
Joseph Michael Vanek Trustee |
1300000 |
4.90 |
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3 |
Prasad Rao Vellaturi |
1131810 |
4.27 |
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4 |
AKG Finvest Limited |
590000 |
2.22 |
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5 |
UNO Metals Limited |
610000 |
2.30 |
|
|
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Total |
7531810 |
28.40 |
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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 % |
|
|
1 |
Indotech
Holdings LLC |
3900000 |
14.71 |
|
|
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Total |
3900000 |
14.71 |
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BUSINESS DETAILS
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Line of Business : |
Providing Information Technology Services. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· BOSCK · OKI · CIDCO · ESRI · HCGI · IBM · TOYOTA · Pitney Bowes · NORTEL · TENNANT · Wallenius Wilhelmsen Logistics
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No. of Employees : |
432 (Approximately) |
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Bankers : |
· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
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Facilities : |
NOTE LONG TERM
BORROWINGS i) Company had taken a term loan amounting to Rs. 50.000 Millions which will be paid in 123 equal monthly instalments of Rs. 739,200 each and final instalment will be paid on January 9, 2023 and secured by immovable asset located at Thane. Interest payable @ base rate + margin i.e. ranging from 12.75%p.a. to 13% p.a. ii) Company had taken a vehicle loan amounting to Rs. 0.800 Million which will be paid in 48 equal monthly instalments of Rs. 20,304 each and final instalment will be paid on July 8, 2017. The loan is secured by hypothecation of the vehicle purchased there against. Interest payable @ 10.50% p.a. SHORT TERM
BORROWINGS Details of Security Bank borrowing is secured by way of exclusive charge on
immovable property of the Company at Thane, and rental to be credited to Escrow
account with the bank. Interest payable @ base rate + margin i.e. ranging
from 12.75% p.a. to 13% p.a. (Previous Year 12.75% p.a.) |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Solicitors and
Advocates : |
Bharucha and Partners, Mumbai |
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Wholly Owned
Subsidiary: |
CyberTech Systems and Software Inc. USA (CSSI) |
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Subsidiary: |
CyberTech Middle East W.L.L. (Bahrain) (CME) |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital : Rs. 360.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 267.963 Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 360.000 Millions |
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|
|
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Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26,476,302 |
Equity Shares |
Rs.10/- each |
Rs. 264.763 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26,471,343 |
Equity Shares |
Rs.10/- each |
Rs. 264.713 Millions |
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|
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|
NOTE:
[Allotment of 4,959 (Previous year 4,959) bonus shares on 3,967 (Previous year 3,967) Equity shares is pending on account of non-establishment of beneficial ownership by NSDL.]
(a) Reconciliation of
Share Capital
|
Particulars |
As at March 31, 2014 |
|
|
No of shares |
Amount in Millions |
|
|
At beginning of the year |
26,476,302 |
264.763 |
|
Addition during the year |
-- |
-- |
|
Outstanding at the end of the year |
26,476,302 |
264.763 |
(b)
Terms/rights attached to equity shares
The Company has only one class of equity shares having a face value of Rs.10 per share. Each shareholder has a right to vote in respect of such share, on every resolution placed before the Company and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Company. In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the Company after payments to secured and unsecured creditors in proportion to their shareholding.
(c) Shareholders
holding more than 5% of the equity shares:
|
Particulars |
As at March 31, 2014 |
|
|
No of shares |
% |
|
|
Tadimety Viswanath |
5,570,307 |
21.04% |
|
Steven Jeske |
2,383,333 |
9.00% |
|
Indotech Holdings LLC |
3,900,000 |
14.73% |
d) During the previous five years, the Company has not issued
Bonus shares/ bought back shares/issued shares for consideration other than
cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
264.713 |
264.713 |
264.713 |
|
(b) Reserves & Surplus |
428.243 |
372.328 |
291.457 |
|
(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) |
692.956 |
637.041 |
556.170 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
45.602 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
15.121 |
17.385 |
17.311 |
|
(c) Other long term
liabilities |
8.889 |
13.084 |
6.783 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
69.612 |
30.469 |
24.094 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
7.205 |
13.881 |
0.000 |
|
(b) Trade
payables |
56.698 |
49.708 |
37.925 |
|
(c) Other
current liabilities |
25.248 |
13.701 |
6.431 |
|
(d) Short-term
provisions |
87.498 |
84.299 |
43.473 |
|
Total Current
Liabilities (4) |
176.649 |
161.589 |
87.829 |
|
|
|
|
|
|
TOTAL |
939.217 |
829.099 |
668.093 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
144.956 |
157.012 |
160.029 |
|
(ii)
Intangible Assets |
4.195 |
3.722 |
4.147 |
|
(iii)
Capital work-in-progress |
236.057 |
123.479 |
56.521 |
|
(iv)
Intangible assets under development |
25.784 |
15.056 |
3.853 |
|
(b) Non-current Investments |
106.303 |
106.303 |
106.303 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
3.005 |
4.633 |
4.236 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
520.300 |
410.205 |
335.089 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
172.456 |
227.358 |
77.986 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
169.671 |
146.576 |
148.442 |
|
(d) Cash
and cash equivalents |
58.911 |
30.198 |
36.327 |
|
(e)
Short-term loans and advances |
6.308 |
6.794 |
62.764 |
|
(f) Other
current assets |
11.571 |
7.968 |
7.485 |
|
Total
Current Assets |
418.917 |
418.894 |
333.004 |
|
|
|
|
|
|
TOTAL |
939.217 |
829.099 |
668.093 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
406.568 |
340.111 |
256.793 |
|
|
|
Other Income |
52.945 |
107.816 |
56.193 |
|
|
|
TOTAL (A) |
459.513 |
447.927 |
312.986 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of hardware/software package for service delivery |
23.120 |
1.372 |
8.425 |
|
|
|
Employee benefits expense |
238.328 |
201.966 |
155.939 |
|
|
|
Other expenses |
72.202 |
65.796 |
52.938 |
|
|
|
TOTAL (B) |
333.650 |
269.134 |
217.302 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
125.863 |
178.793 |
95.684 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.761 |
0.691 |
0.129 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
121.102 |
178.102 |
95.555 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.481 |
16.187 |
15.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
106.621 |
161.915 |
79.855 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
19.736 |
50.074 |
29.214 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
86.885 |
111.841 |
50.641 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
207.661 |
126.790 |
106.914 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
26.471 |
26.471 |
26.471 |
|
|
|
Tax on Dividend |
4.499 |
4.499 |
4.294 |
|
|
BALANCE CARRIED
TO THE B/S |
263.576 |
207.661 |
126.790 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from Sale of Software Development Services |
341.262 |
302.719 |
233.327 |
|
|
TOTAL EARNINGS |
341.262 |
302.719 |
233.327 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.28 |
4.22 |
1.91 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
97.400 |
97.400 |
|
Total Expenditure |
79.400 |
90.400 |
|
PBIDT (Excl OI) |
18.000 |
7.000 |
|
Other Income |
3.800 |
10.000 |
|
Operating Profit |
21.800 |
17.000 |
|
Interest |
1.800 |
1.200 |
|
Exceptional Items |
56.200 |
0.000 |
|
PBDT |
76.200 |
15.800 |
|
Depreciation |
5.600 |
5.300 |
|
Profit Before Tax |
70.600 |
10.500 |
|
Tax |
4.900 |
12.000 |
|
Provisions and
contingencies |
0.000 |
0.000 |
|
Profit After Tax |
65.600 |
(1.500) |
|
Extraordinary
Items |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
65.600 |
(1.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
21.37 |
32.88 |
19.72 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
30.96 |
52.57 |
37.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.67 |
27.71 |
15.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.25 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.02 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37 |
2.59 |
3.79 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
264.713 |
264.713 |
264.713 |
|
Reserves & Surplus |
291.457 |
372.328 |
428.243 |
|
Net
worth |
556.170 |
637.041 |
692.956 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
45.602 |
|
Short term borrowings |
0.000 |
13.881 |
7.205 |
|
Total
borrowings |
0.000 |
13.881 |
52.807 |
|
Debt/Equity
ratio |
0.000 |
0.022 |
0.076 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
256.793 |
340.111 |
406.568 |
|
|
|
32.446 |
19.540 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
256.793 |
340.111 |
406.568 |
|
Profit |
50.641 |
111.841 |
86.885 |
|
|
19.72% |
32.88% |
21.37% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
2.987 |
0.000 |
Not Available |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
LODGING NO:- ITXAL/353/2011 |
FILING DATE:- 23/03/2011 |
REG. NO.: ITXA/1176/2011 |
REG. DATE: 07/05/2011 |
|||
|
PETITIONER:- |
COMMISSIONER OF INCOME TAX – 8 MUMBAI |
RESPONDENT:- |
CYBERTECH SYSTEMS AND SOFTWARE LIMITED |
|||
|
PETN.ADV:- |
SURESH KUMAR (0) |
RESP. ADV.:- |
RAJESH SHAH AND CO. (0) |
|||
|
DISTRICT:- |
MUMBAI |
|||||
|
BENCH:- |
DIVISION |
|
|
|||
|
STATUS:- |
ADMITTED (UNREADY) |
CATEGORY:- |
TAX APPEALS |
|||
|
LAST DATE:- |
10/01/2013 |
STAGE:- |
FOR ADMISSION – FRESH |
|||
|
LAST CORAM:- |
HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE SHRI JUSTICE M.S. SANKLECHA |
|||||
|
|
|
|||||
|
ACT:- |
INCOME TAX ACT, 1961 |
|||||
|
UNDER SECTION:- |
260 A |
|||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10374142 |
31/12/2013 * |
112,170,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B93608800 |
* Date of charge modification
COMPANY OVERVIEW
The ‘Company’ is an Information Technology service provider, delivering its services to customers primarily in the USA, India and Japan with focus on several core software technology applications including SAP’s Enterprise Suite and ESRI’s Geographical Information Systems(‘GIS’) as well as Network Planning and Design and Custom Software Application Development. The Company continues to focus on delivering its development and support projects on an offshore basis.
REVIEW OF THE
COMPANY’S STAND ALONE PERFORMANCE
The Company’s primary focus continues to be delivering offshore development and support services in the Company’s core technology areas. During the year the Company has made an effort to develop a product suite that is useful for all Municipalities requirements. There was a steady growth in the Offshore and Domestic revenue compared to last year. The Company continued to receive income from surplus office premises that earn rental income. The Company’s performance for the year on standalone basis is as follows:
• Total revenue during the year 2013-14 amounted to Rs. 459.510 million as compared to Rs. 447.930 million during the previous year. Total revenue is comprised of revenue from operations and other income, as follows.
• Revenue from operations for the year ended March 31, 2014 amounted to Rs. 406.570 million as against Rs. 340.110 million for the previous year. Operating revenue includes both software support and development activities. Revenue is increased by 19.54% due to increase in domestic business in India as well as Offshore business.
• Other Income amounted to Rs. 52.940 million as against Rs. 107.820 million.
CyberTech continues to be on growth path. The Company has grown its GIS and India Business substantially over the past few years. Many of the Application Maintenance projects are transformed into long term annuity projects. To allow the Company to continue this evolution, the top management of the Company has realigned the organization, established autonomy in a few new business units and streamlined the business model.
The consolidated group continues to focus on delivering services to its identified market segments in its core technology areas. It continues to align its sales and delivery organizations to an offshore centric model as well as big foray in to Domestic GIS market.
BUSINESS OPERATIONS
OVERVIEW AND OUTLOOK
The Company has been exploring new areas which have the potential growth to Company’s business. The development and evolution of GeoCivic ® is still underway and based on the initial demonstrations many Municipal Offices have shown interest in implementation of this application to leverage their geographic intelligence and to optimize civic planning and development. Considering the amount of interest shown by these Local Civic Bodies, the Company expects to grow considerably in the next few years.
On March 5, 2014, CyberTech’s India Business Unit, announced the launch of ‘CyberTech Risk Center’ that offers advanced Risk Visibility Solutions dedicated to the Indian Public and Corporate sector. The risk center has been formed under an MOU between CyberTech and NC4 - the world leader in risk management and situational awareness solutions. CyberTech Risk Center provides Indian organizations with geo-coded information on incidents that are likely to impact them, in near-real time, thus helping Indian organizations ensure business continuity, while safeguarding their employees and physical assets. The launch, held at the Grand Hyatt, Mumbai, was a success with the presence of many senior Security professionals from leading organizations across the country. The event marked the beginning of CyberTech’s journey in the Indian Corporate Security and Risk Management sector.
EXPANSION ACTIVITIES
The Company has completed the construction of their additional capacity of 25,000 sq.ft. which can accommodate around 250 IT professionals. However, the Company is yet to use this floor pending receipt of Occupancy Certificate for which the formalities have been initiated.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW
Changing economic and business conditions, evolving consumer preferences, rapid technological innovation and adoption and globalization are creating an increasingly competitive market environment that is driving corporations to transform the manner in which they operate. Companies in this environment are now focusing even more on their core business objectives such as revenue growth, profitability and asset efficiency.
Technology has evolved from merely driving cost efficiency. It is now also driving tangible business value. The ability to define, design, develop, implement and maintain advanced technology platforms and business solutions to address business needs has become a competitive advantage and a priority for corporations worldwide.
As a result, there is an increasing need for highly-skilled professionals in the market to help corporations transform their business,optimize operations and drive innovation by leveraging technology. At the same time, enterprises are reluctant to expand their internal IT departments and increase costs. These factors have led to the increased reliance of corporations on their outsourcing providers and are expected to continue to drive future growth for outsourced technology services.
Increasing trend towards offshore technology servies
Corporations are increasingly turning to offshore service providers to meet their need for higher quality and cost-competitive technology solutions. As a result, offshore service providers have become critical to the operations of many enterprises and these service providers continue to grow in recognition and sophistication. In view of this, the addressable market for offshore technology services has expanded.
BUSINESS OVERVIEW
CyberTech is a leading provider of next-generation geospatial, networking and enterprise IT solutions. The Company delivers its services primarily to customers in the USA and India, it continues to focus on delivering its development and support projects on an offshore basis. As the bulk of its services are currently delivered in other countries, the Company remains subject to the effect of changes in the relative values of the respective country currencies.
Company’s success stems from its strong technology and business partnerships with industry leaders like ESRI, SAP, CISCO and MICROSOFT. Company works strategically with its partners to deliver mission critical solutions for leading businesses and government establishments across the globe.
The Company has also invested its capital in expanding its building premises, its wholly owned subsidiary in the United States and in its joint venture company in the Middle East. The Company realizes rental income from its unutilized office premises.
COMPANY OPERATIONS
CyberTech is a global information technology firm providing professional consulting services in the following practice areas:
• Geographical Information Systems - based on ESRI software technologies. Geo-database Creation, Municipal GIS Application Development, Enterprise GIS Application Development, Integration, Implementation Post Implementation Support.
• Network Services – based on Cisco Systems technologies. Planning and design services, public safety solutions, data center support and Cisco support services.
• SAP - ERP application providers. Implementation, Upgrade and Post Implementation Support Services and also SAP GIS integration services.
• Custom Technologies - including Microsoft, Oracle and Open Source Technologies Application Development, Integration and Maintenance)
The Company maintains Advanced Technology Centers (“ATC”) for the development and support of SAP, ESRI, Cisco and Microsoft technologies. Operations of the Company are completely integrated with its subsidiaries. The Company performs delivery management including offshore development and support, finance and administrative functions for the consolidated group. CyberTech Systems and Software, Inc. (USA) (also known as “CSSI”) is the wholly owned US subsidiary of the Company formed in June 2003. This Subsidiary focuses on customer facing and business development activities including pre-sales, marketing, sales and onsite project/program management activities. CSSI focus is to sell both on-site and offshore Information Technology services in the practice areas mentioned above.
OUTLOOK
The Company maintains its focus on the Public sector and Enterprise SAP and GIS custom technology applications. It is expected that its strengthened relationships and alliances with partners such as SAP, Microsoft, IBM, and ESRI will continue to lead to business and revenue growth and increasing profitability with a continued focus on offshore revenue as and when the global market improves.
The company will continue to maintain its focus on its ESRI alliance partnership, which has helped in gaining a presence in the Geographic Information Systems (GIS) practice. The Company is proud to be one of ESRI’s main offshore partners & expects to continue to provide offshore support from India to ESRI in building and supporting their applications.
The Company continues its focus aligning its sales and delivery structure to an Indian Model.
The Company has not kept up with industry growth trends, primarily due to decreased spending in the US public sector and a corresponding decrease in activity at several of our large clients. Additionally, the absorption of new customers in the targeted SAP small/ medium client base has not grown as expected. US market conditions continue to soften making it harder to locate new development opportunities. The Company intends to continue to grow its offshore business while exploring new opportunities domestically and in adjacent markets, including new ventures in the Middle East and India domestically. New opportunities will focus on leveraging their US public sector expertise and delivering their market solutions and products to these markets. Companies continue to look for specialized expertise and cost saving methods, both of which are provided by the Company.
The Company’s US subsidiary generated a loss after tax for the period. The Company has been impacted by the worldwide slowdown in discretionary IT spending which has impacted several of their targeted sectors. Due to this slowdown, their clients and many other companies are deferring the implementations of new systems and other discretionary spending. The new paradigm has become on of “reducing the total cost of ownership including the ongoing maintenance and support of IT systems”. This has especially affected the SAP market with a significant drop in the sale of new SAP licensed in the current year and lowered expectations of the ongoing cost of maintaining systems. The Company has focused its efforts on driving cost effective support offerings resulting in improved offshore revenue while realizing a detriment to onsite business. This coupled with reduced spending in the public sector and increased pressure by the government to reduce the number of foreign IT workers has negatively impacted growth in the United States. These actions do not forecast a quick turnaround in the US market. The company continues to take all reasonable steps to reduce and optimize costs to improve profitability. Focus remains on expanding the benefits from their alliance partners and creating offshore opportunities where relationships are of a long term nature and recurring services can be provided at a lower cost.
UNAUDITED FINANCIAL RESULTS (STANDALONE) FOR THE SECOND QUARTER AND SIX
MONTHS ENDED SEPTEMBER 30, 2014
PART: I
(Rs. in Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Six Months Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
(a) Net Sales/ Income from operations |
97.409 |
97.347 |
194.756 |
|
|
(b) Other operating income |
3.788 |
-- |
3.694 |
|
|
Total |
101.197 |
97.347 |
198.450 |
|
2 |
Expenditure |
|
|
|
|
|
(a) Cost of Hardware/ Software package for service delivery |
0.068 |
1.733 |
1.801 |
|
|
(b) Employee benefits expense |
71.013 |
61.107 |
132.120 |
|
|
(c) Depreciation & amortization expenses |
5.270 |
5.635 |
10.905 |
|
|
(d) Other expenses |
19.345 |
16.521 |
35.772 |
|
|
Total |
95.696 |
84.996 |
180.598 |
|
3 |
Profit / (Loss) from operations before other income, interest and exceptional
item (1 - 2) |
5.501 |
12.351 |
17.852 |
|
4 |
Other income |
6.191 |
3.818 |
10.009 |
|
5 |
Profit / (Loss) before interest and exceptional items (3 + 4) |
11.692 |
16.169 |
27.861 |
|
6 |
Finance Costs |
1.188 |
1.798 |
2.986 |
|
7 |
Profit / (Loss) after interest but before exceptional item (5 - 6) |
10.504 |
14.371 |
24.875 |
|
8 |
Exceptional Items |
-- |
56.190 |
-- |
|
9 |
Profit / (Loss) from ordinary activities before tax (7 + 8) |
10.504 |
70.561 |
81.065 |
|
10 |
Tax Expense |
12.021 |
4.942 |
16.963 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9- 10) |
(1.517) |
65.619 |
64.102 |
|
12 |
Extraordinary items |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11 - 12) |
(1.517) |
65.619 |
64.102 |
|
14 |
Paid-up equity share capital (Face value of Rs. 10 per share) |
265.263 |
264.713 |
265.263 |
|
15 |
Reserve excluding Revaluation Reserve |
|
|
|
|
16 |
Earnings per share (not annualised) Basic (Rs.) Diluted (Rs.) |
(0.06) (0.06) |
2.48 2.48 |
2.42 2.37 |
|
|
|
|
|
|
|
|
PART: II |
|
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHARE HOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of Shares |
16524494 |
16526651 |
16524494 |
|
|
- Percentage of shareholding |
62.31% |
62.43% |
62.31% |
|
2 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total shareholding or promoter
and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of share (as a % of total share capital of the company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
9996849 |
9944692 |
9996849 |
|
|
- Percentage of shares (as a % of the total shareholding or promoter
and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of share (as a % of total share capital of the company) |
37.69% |
37.57% |
37.69% |
|
B. INVESTOR COMPLAINST
RECEIVED AND DISPOSED OFF DURING THE QUARTER ENDED SEPTEMBER, 2014 |
|
|
INVESTOR
COMPLAINTS (Nos.) |
|
|
- Pending at the beginning of quarter |
Nil |
|
- Received during the quarter |
1 |
|
- Disposed during the quarter |
1 |
|
- Remaining unresolved at the end of the quarter |
Nil |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2014
(Rs.
in Millions)
|
SR. NO. |
Particular |
STANDALONE
|
|
|
|
30.09.2013 (Unaudited) |
|
|
|
|
|
|
|
|
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders;
Funds |
|
|
|
(a) Share Capital |
265.213 |
|
|
(b) Reserve and surplus |
484.375 |
|
|
Sub-total |
749.588 |
|
|
|
|
|
4 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
9.422 |
|
|
(b) Deferred tax liabilities |
11.092 |
|
|
(c) Other long-term liabilities |
5.709 |
|
|
Sub-total |
26.223 |
|
|
|
|
|
5 |
Current
liabilities |
|
|
|
(a) Short-term borrowings |
-- |
|
|
(b) Trade payables |
58.948 |
|
|
(c) Other current liabilities |
69.895 |
|
|
(d) Short-term provisions |
67.426 |
|
|
Sub-total |
196.269 |
|
|
|
|
|
|
TOTAL |
972.080 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed assets |
437.763 |
|
|
(b) Non-current investments |
124.323 |
|
|
(c) Long-term loans and advances |
2.418 |
|
|
Sub-total |
564.504 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
142.691 |
|
|
(b) Trade receivables |
191.466 |
|
|
(c) Cash and cash equivalents |
45.135 |
|
|
(d) Short-term loans and advances |
12.609 |
|
|
(e) Other current assets |
15.675 |
|
|
Sub-total |
407.576 |
|
|
|
|
|
|
TOTAL |
972.080 |
NOTE
1. The above results were reviewed by Audit Committee and approved by the Board of Directors at its meeting dated November 13, 2014.
2. The Standalone results has been subjected to ‘Limited Review’ by the
Statutory Auditors of the Company.
3. The Company operates in one business segment viz., Information Technology
Services. Hence, Segment reporting is not required.
4. Consequent to the enactment of the Companies Act, 2013 (the Act) and its
applicability for accounting periods commencing from April 01, 2014, the
Company has realigned the remaining useful life of its tangible assets in
accordance with the provisions prescribed under Schedule II to the Act.
Consequently, in case of tangible assets which have completed their useful
life, the carrying value (net of residual value) as at April 1, 2014 amounting
to Rs 8.310 Millions (net of Deferred Tax) has been adjusted to “Surplus in the
Statement of Profit and Loss” and in case of other fixed assets, the carrying
value (net of residual value) is being depreciated over the revised remaining
useful lives. Accordingly, the depreciation and amortization expense is higher
by Rs. 1.145 Millions and Rs. 2.843 Millions for the quarter and half year
ended 30th September, 2014 respectively.
5 Details of Other Operating Income
|
PARTICUALRS |
Quarter ended September 30, 2014 |
Quarter ended June 30, 2014 |
Six Months ended September 30, 2013 |
|
Exchange Gain (Net) |
3.780 |
-- |
3.686 |
|
Sundry Credit Balances Written back |
0.008 |
-- |
0.008 |
|
Total |
3.788 |
-- |
3.694 |
6. Other Income includes the following:
|
PARTICUALRS |
Quarter ended September 30, 2014 |
Quarter ended June 30, 2014 |
Six Months ended September 30, 2013 |
|
Interest of Income Tax Refund |
-- |
-- |
-- |
|
Rental Income Add/ (Less): Expenses relating to rental income |
4.673 (0.091) |
3.961 (0.791) |
8.634 (0.882) |
7. "Exceptional Items" represents consideration (claim) received of
Rs. 56.190 Millions on settlement of dispute in respect of investment and
receivable from CyberTech Middle East WLL, interalia resulting in writing back
of Rs. 9.135 Millions being provision made for diminution in the value of
aforesaid Investment and for doubtful receivable in the earlier year.
8. Figures for the previous periods / year have been regrouped / rearranged
wherever necessary.
CONTINGENT
LIABILITIES (AS ON 31.03.2014)
a) Disputed Income Tax Matters:
i) Regular demand under assessment (including interest upto the date of demand) Rs. 32.675 Millions (Previous year Rs. 30.224 Millions)
ii) Penalties and Interest upto the date of demand of Rs. 58.199 Millions (Previous year Rs. 58.199 Millions)
iii) Other Income Tax proceedings in respect of earlier years decided in favour of the Company by the Appellate Authorities against which the Department is in further appeals excluding further interest liability, if any: Rs. 3.770 Millions (Previous year Rs. 3.770 Millions)
iv) During the previous year, the Company has received Income Tax refunds of Rs. 189.474 Millions (Including interest amount of Rs. 74.081 Millions) towards Assessment years 1997-98, 1998-99 and 1999-00, pursuant to the favourable Order from Income Tax Appellate Tribunal. The Income Tax Department has filed an appeal against the said Order with the Hon’ble High Court, Mumbai. Accordingly, the Company has, however continued the provision of Rs. 121,961,829 lakhs made in earlier years. The Company has accounted for the aforesaid interest on income tax refund.
b) Disputed Service Tax Matters Rs. 6.608 Millions (Previous year Rs. 6.608 Millions)
FIXED ASSETS
TANGIBLE ASSETS
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computers
INTANGIBLE ASSETS
· Computer-Software
PRESS RELEASE
CYBERTECH WINS THE ‘MOST INNOVATIVE PRODUCT’ AWARD IN ‘MUNICIPALIKA
2014’ CONFERENCE HELD AT GANDHINAGAR, GUJARAT
Mumbai, Maharashtra - 17th November, 2014 - Thane-based GIS firm CyberTech reaffirmed its leadership in building next generation, geo-enabled governance solutions by bagging the ‘Most Innovative Product’ award for GeoCivic® – its GIS based integrated product suite, at the ‘Municipalika 2014 – 12th International Conference on Emerging Trends in Sustainable Habitat & Integrated Cities’. The selection committee acknowledged the various modules of Geocivic® as highly useful applications, tailor-made to meet the objectives of the various functions of Indian Cities.
GeoCivic®, CyberTech’s flagship GIS-based application suite, is designed specifically to provide Indian Municipal Cities with an integrated Spatial Decision Support Engine. The product helps Government officials leverage locational intelligence to drive their mission-critical objectives, thus ensuring optimum and effective governance.
CyberTech was one of the key exhibitors at the conference, held at Mahatma Mandir, Gandhinagar, and Gujarat from 13th to 15th November 2014. One of the key sessions at the conference was delivered by Mr. Vishal Bargat, Sr. Vice President & India BU Head, CyberTech. The much appreciated session elaborated the need for innovative technology solutions to build smarter and more efficient cities. It also gave a good glimpse of how Governments can use GeoCivic® flavors which includes Property Tax Management, Road Infrastructure Management, Public Health Management, Public Safety and Disaster Management, Solid Waste Management and Citizen Complaint Redressal to build a seamless information infrastructure for optimum and effective planning and development. The selection committee appreciated the various modules and functions that build the technology backbone to enable smart city performance.
The ‘GeoCivic® - Smart City Governance’ booth attracted a sizeable foot fall at the conference, with many noted Government dignitaries showing keen interest in the live product demos exhibited by senior CyberTech consultants and domain experts. The presentation and demos showcased key GeoCivic® applications that can benefit a wide range of users including local and state governments, public safety organizations and citizens.
The conference, inaugurated by Gujarat Chief Minister, Honorable Shrimati Anandiben Patel, saw huge participation from several Municipal Commissioners and eminent Government dignitaries from across the country, including Honorable Shri Shankar Aggarwal (IAS), Secretary to the Government of India, Ministry of Urban development, Honorable Shrimati Anita Agnihotri, Secretary to the Government of India, Ministry of Housing and Urban Poverty Alleviation etc. The conference highlighted the challenges of Indian Government organizations with several enlightening discussions on the way forward to efficient and smart governance for Indian cities.
“India is urbanizing very rapidly thereby, increasing the aspirations and needs of the citizens. Rapid urbanization creates many challenges for governments, while governments are struggling to do more with the less. This is the time when government should focus on expansion of technology and its adaption through application centric infrastructure. Smart solution like GeoCivic® can help governments to address challenges in city infrastructure management and help them to achieve smart governance for smart citizens thereby building a smart city” Vishal Bargat, who has been product owner GeoCivic® at CyberTech.
CyberTech, an Esri Gold Business Partner, listed on both BSE and NSE, has several offices across India and the U.S. The company has been building cutting edge, next generation GIS solutions for nearly two decades. Supported by a sizeable strength of more than 250 specialists in latest Esri technologies (world leader in GIS technologies), the company has numerous transformational projects to its credit including several success stories from India alone.
Many large Indian city governments such as Mumbai, Bangalore, Thane, Pune, Amravati etc., along with quite a few State-level Governments including Karnataka and Andhra Pradesh, have already gone high-tech with GeoCivic®, with many other ongoing implementations at other cities such as Solapur.
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.61.76 |
|
UK Pound |
1 |
Rs.94.02 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.