MIRA INFORM REPORT
|
Report No. : |
315057 |
|
Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
KPIT TECHNOLOGIES LIMITED (w.e.f 19.09.2013) |
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|
|
|
Formerly Known
As : |
KPIT CUMMINS INFOSYSTEMS LIMITED |
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Registered
Office : |
35 and 36, Rajiv Gandhi Infotech Park, Phase – 1, MIDC Hinjewadi, Pune
– 411057, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
28.12.1990 |
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Com. Reg. No.: |
11-059594 |
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Capital
Investment / Paid-up Capital : |
Rs. 370.989 Million |
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CIN No.: [Company Identification
No.] |
L72200PN1990PLC059594 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The Company is engaged
in providing Software and IT Enabled Service. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating – AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
August 18, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
August 18, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management non-cooperative (Tel No.: 91-20-66525000)
LOCATIONS
|
Registered Office / Head Office
: |
35 and 36, |
|
Tel. No.: |
91-20-66525000 |
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Fax No.: |
91-20-66525001 |
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E-Mail : |
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Website : |
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Software
Development Centres: |
Located At
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Overseas Offices : |
Located At
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. S.B. (Ravi) Pandit |
|
Designation : |
Chairman and Group Chief Executive Officer |
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|
|
|
Name : |
Mr. Kishor Patil |
|
Designation : |
Chief Executive Officer and Managing Director |
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Qualification : |
B. Com, FCA, AICWA |
|
Date of Appointment : |
28.12.1982 |
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Last Employment |
Practising Chartered Accountant |
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|
|
|
Name : |
Mr. Sachin Tikekar |
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Designation : |
Whole – time Director |
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|
Name : |
Prof. Alberto Sangiovanni Vincentelli |
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Designation : |
Director |
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|
Name : |
Mr. Amit Kalyani |
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Designation : |
Director |
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Name : |
Mr. Anant Talaulicar |
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Designation : |
Director |
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|
Name : |
Dr. R.A. Mashelkar |
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Designation : |
Director |
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Name : |
Ms. Lila Poonawalla |
|
Designation : |
Director |
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Name : |
Elizabeth Carey |
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Designation : |
Director |
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|
Name : |
Mr. Sanjay Kukreja |
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Date of Birth/Age : |
Director |
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|
Name : |
Mr. B V R Sbbu |
|
Designation : |
Director |
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Name : |
Adi Engineer |
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Designation : |
Director |
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|
Name : |
Cariappa Chenanda |
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Designation : |
Alternate Director |
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Name : |
Dwayne Allen |
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Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
R. Swaminathan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
10670930 |
5.44 |
|
|
23410240 |
11.94 |
|
|
8573247 |
4.37 |
|
|
8573247 |
4.37 |
|
|
42654417 |
21.76 |
|
|
||
|
|
40000 |
0.02 |
|
|
40000 |
0.02 |
|
Total
shareholding of Promoter and Promoter Group (A) |
42694417 |
21.78 |
|
(B) Public
Shareholding |
||
|
|
||
|
|
15619959 |
7.97 |
|
|
787565 |
0.40 |
|
|
1090656 |
0.56 |
|
|
65893813 |
33.61 |
|
|
83391993 |
42.54 |
|
|
||
|
|
6860416 |
3.50 |
|
|
||
|
|
20028720 |
10.22 |
|
|
6570676 |
3.35 |
|
|
36484609 |
18.61 |
|
|
465147 |
0.24 |
|
|
12857357 |
6.56 |
|
|
37689 |
0.02 |
|
|
1479703 |
0.75 |
|
|
528520 |
0.27 |
|
|
545990 |
0.28 |
|
|
95807 |
0.05 |
|
|
377645 |
0.19 |
|
|
20096751 |
10.25 |
|
|
69944421 |
35.68 |
|
Total Public
shareholding (B) |
153336414 |
78.22 |
|
Total (A)+(B) |
196030831 |
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) |
196030831 |
0.00 |
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 % of grand total (A)+(B)+(C) |
||
|
1 |
Proficient Finstock LLP |
2,31,09,330 |
11.79 |
|
2 |
Kpit Cummins InfoSystems Ltd - Employees Welfare Trust |
85,73,247 |
4.37 |
|
3 |
Shashishekhar B. Pandit |
2,25,000 |
0.11 |
|
4 |
S.B. (Ravi) Pandit Jointy held with Ms Nirmala Pandit |
1,66,000 |
0.08 |
|
5 |
Nirmala Pandit |
2,32,000 |
0.12 |
|
6 |
Hemalata A Shende |
40,000 |
0.02 |
|
7 |
Chinmay Pandit jointly held with Nirmala Pandit |
20,000 |
0.01 |
|
8 |
Chinmay Pandit |
18,620 |
0.01 |
|
9 |
Prachi Pandit |
4,000 |
0.00 |
|
10 |
Kishor P. Patil |
49,56,800 |
2.53 |
|
11 |
Anupama Patil |
90,000 |
0.05 |
|
12 |
Anupama Patil jointly held with Kishor Patil |
32,330 |
0.02 |
|
13 |
Latika Patil |
1,280 |
0.00 |
|
14 |
Kishor Patil jointly held with Anupama Patil |
4,000 |
0.00 |
|
15 |
Shrikrishna Patwardhan |
11,00,000 |
0.56 |
|
16 |
Ajay Shridhar Bhagwat |
26,36,800 |
1.35 |
|
17 |
Ashwini Ajay Bhagwat Jointly held with Mr. Ajay Bhagwat |
43,300 |
0.02 |
|
18 |
Sachin Dattatraya Tikekar |
11,03,800 |
0.56 |
|
19 |
Saroj Dattatray Tikekar jointly with Sachin Dattatraya Tikekar |
37,000 |
0.02 |
|
20 |
K and P Management Services Pvt Ltd |
3,00,910 |
0.15 |
|
|
Total |
4,26,94,417 |
21.78 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Warhol Ltd |
18858440 |
9.62 |
|
|
2 |
Van Dyck |
7776000 |
3.97 |
|
|
3 |
Fidelity Puritan Trust-Fidelity Low-Priced Stock Fund |
9000000 |
4.59 |
|
|
4 |
Citigroup Global Markets Mauritius Pvt Ltd |
6608395 |
3.37 |
|
|
5 |
Cx Securities Ltd |
6421411 |
3.28 |
|
|
6 |
DSP Blackrock Equity Fund |
7009399 |
3.58 |
|
|
7 |
CX Partners Fund 1 Ltd |
5081357 |
2.59 |
|
|
8 |
Acacia Partners Lp |
5040000 |
2.57 |
|
|
9 |
Government Pension Fund Global |
4262418 |
2.17 |
|
|
10 |
Apax Partners Europe Managers Limited A/C Pcv Lux Sca |
3508520 |
1.79 |
|
|
11 |
Lazard Emerging Markets Small Cap Equity Trust |
4060428 |
2.07 |
|
|
12 |
Burgundy Asset Management Ltd A/C Burgundy Emerging Markets Fund |
3032449 |
1.55 |
|
|
13 |
Reliance Capital Trustee Co. Ltd A/c Reliancesmall Cap Fund |
2038000 |
1.04 |
|
|
14 |
Acacia Institutional Partners Lp |
2933900 |
1.50 |
|
|
15 |
Acacia Conservation Fund Lp |
2100000 |
1.07 |
|
|
|
Total |
87730717 |
44.75 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more
than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Warhol Ltd |
18858440 |
9.62 |
|
|
|
Total |
18858440 |
9.62 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged
in providing Software and IT Enabled Service. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· State Bank of India · HDFC Bank Limited · The Hongkong and Shanghai Banking Corporation Limited · Corporation Limited · Citibank N.A. · Axis Bank Limited · BNP Paribas · Standard Chartered Bank · ICICI Bank Limited · DBS Bank Limited |
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Facilities : |
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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
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Address : |
701-703, 7th Floor, Godrej Castlemaine Next to Ruby Hall Clinic
Bund Garden Road, Pune – 411001, Maharashtra, India |
|
|
|
|
Legal Advisors : |
|
|
Name : |
AZB and Partners Advocates and Solicitors |
|
Address : |
Express Towers – 23rd floor, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate Company: |
GAIA System Solution Inc |
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|
Joint Venture: |
Impact Automotive Solution Limited, (Jointly controlled entity) |
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|
|
Enterprise over which
KMP has significant influence : |
KP Corporate Solutions Limited |
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|
|
|
Subsidiary
Companies : (Direct Holding) |
|
|
|
|
|
Subsidiary
Companies : (Indirect Holding) |
|
CAPITAL STRUCTURE
As on 25.07.2014
Authorised Capital : Rs.
1250.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 393.324
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs. 750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185494720 |
Equity Shares |
Rs.2/- each |
Rs. 370.989
Millions |
|
|
|
|
|
Reconciliation of the
number of equity shares outstanding:
|
|
31.03.2014 |
|
|
Particulars |
Number of Shares |
Rs. In Millions |
|
Number of shares outstanding at the beginning of the year |
192815199 |
385630398 |
|
Add: Shares issued on exercise of employee stock options |
1257008 |
2514016 |
|
Add: Issue of bonus shares |
-- |
-- |
|
Add: Shares issued on preferential basis |
8577487 |
17154974 |
|
Number of shares outstanding at the end of the year |
185494720 |
370989440 |
The Company has only one class of shares referred to as equity shares having a par value of Rs. 2. Each shareholder of equity shares is entitled to one vote per share.
Number of equity shares held by each shareholder holding more than 5% shares in the Company are as follows:
|
|
31.03.2014 |
|
|
Particulars |
Number of Shares |
% of shares held |
|
Proficient Trading and Investment Private Limited |
23109330 |
11.91 |
|
Warhol Limited |
18858440 |
9.72 |
8,169,543 equity shares (Previous year 10,060,077) of Rs. 2 each are reserved for issuance towards outstanding employee stock options granted (Refer note 45(2) and (3))
Aggregate number of equity shares allotted as fully paid up
by way of bonus shares for the period of five years immediately preceding the
Balance Sheet date 88,971,438 (Previous year 88,971,438)
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
370.989 |
385.630 |
355.886 |
|
(b) Reserves & Surplus |
10063.435 |
8486.103 |
5786.070 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
14.844 |
0.935 |
1.054 |
|
Total Shareholders’
Funds (1) + (2) |
10449.268 |
8872.668 |
6143.010 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
909.875 |
996.905 |
3.698 |
|
(b) Deferred tax liabilities (Net) |
30.644 |
0.000 |
7.464 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
263.984 |
|
(d) long-term
provisions |
136.243 |
111.213 |
69.405 |
|
Total Non-current
Liabilities (3) |
1076.762 |
1108.118 |
344.551 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
2858.575 |
1616.690 |
1400.045 |
|
(b) Trade
payables |
410.443 |
381.551 |
543.159 |
|
(c) Other
current liabilities |
1031.943 |
1024.596 |
595.696 |
|
(d) Short-term
provisions |
507.618 |
310.503 |
261.399 |
|
Total Current Liabilities
(4) |
4808.579 |
3333.340 |
2800.299 |
|
|
|
|
|
|
TOTAL |
16334.609 |
13314.126 |
9287.860 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1290.965 |
1187.479 |
1167.854 |
|
(ii)
Intangible Assets |
510.839 |
240.740 |
276.101 |
|
(iii)
Capital work-in-progress |
22.210 |
16.955 |
73.083 |
|
(iv)
Intangible assets under development |
0.000 |
183.596 |
92.618 |
|
(b) Non-current Investments |
6492.404 |
5364.751 |
3663.194 |
|
(c) Deferred tax assets (net) |
0.000 |
7.077 |
0.000 |
|
(d) Long-term Loan and Advances |
1217.784 |
880.308 |
852.105 |
|
(e) Other
Non-current assets |
15.662 |
31.871 |
30.513 |
|
Total Non-Current
Assets |
9549.864 |
7912.777 |
6155.468 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1660.549 |
2034.897 |
363.159 |
|
(b)
Inventories |
23.339 |
0.000 |
0.000 |
|
(c) Trade
receivables |
3568.028 |
2225.093 |
1945.893 |
|
(d) Cash
and cash equivalents |
577.306 |
689.829 |
397.632 |
|
(e)
Short-term loans and advances |
612.472 |
350.215 |
371.998 |
|
(f) Other
current assets |
343.051 |
101.315 |
53.710 |
|
Total
Current Assets |
6784.745 |
5401.349 |
3132.392 |
|
|
|
|
|
|
TOTAL |
16334.609 |
13314.126 |
9287.860 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8900.851 |
7152.407 |
6128.917 |
|
|
|
Other Income |
170.660 |
81.577 |
59.218 |
|
|
|
TOTAL |
9071.511 |
7233.984 |
6188.135 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
25.718 |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
4458.720 |
3746.204 |
3340.063 |
|
|
|
Other expenses |
2136.359 |
1669.130 |
1438.733 |
|
|
|
TOTAL |
6620.797 |
5415.334 |
4778.796 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2450.714 |
1818.650 |
1409.339 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
200.339 |
82.123 |
45.493 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2250.375 |
1736.527 |
1363.846 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
399.619 |
375.140 |
395.676 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL
ITEMS |
122.410 |
-18.482 |
100.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1973.166 |
1342.905 |
1068.621 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
481.593 |
312.393 |
321.937 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
1491.573 |
1030.512 |
746.684 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Software Services |
5936.323 |
5873.582 |
5156.094 |
|
|
|
Interest on Fixed Deposits |
0.001 |
0.001 |
0.001 |
|
|
|
Interest from Inter Company loans given |
19.354 |
11.923 |
2.079 |
|
|
TOTAL EARNINGS |
5955.678 |
5885.506 |
5158.174 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
112.125 |
86.172 |
145.423 |
|
|
TOTAL IMPORTS |
112.125 |
86.172 |
145.423 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
7.97 |
5.63 |
4.21 |
|
|
|
Diluted |
7.76 |
5.47 |
4.15 |
|
QUARTERLY RESULTS
|
Particulars
(Rs.Million) |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Audited /
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
2273.500 |
3880.200 |
2975.600 |
|
Total Expenditure |
1756.700 |
2795.400 |
2657.000 |
|
PBIDT (Excl OI) |
516.800 |
1084.800 |
318.600 |
|
Other Income |
110.200 |
58.800 |
27.300 |
|
Operating Profit |
627.100 |
1143.600 |
345.900 |
|
Interest |
35.500 |
25.100 |
33.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
591.600 |
1118.500 |
311.900 |
|
Depreciation |
126.200 |
213.800 |
182.000 |
|
Profit Before Tax |
465.400 |
904.700 |
130.000 |
|
Tax |
130.400 |
277.600 |
118.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
335.000 |
627.100 |
11.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
335.000 |
627.100 |
11.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
16.75
|
14.41 |
12.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
27.53
|
25.42 |
22.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.09 |
17.35 |
19.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.15 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.36 |
0.29 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.62 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
355.886 |
385.630 |
370.989 |
|
Reserves & Surplus |
5786.070 |
8486.103 |
10063.435 |
|
Share Application money
pending allotment |
1.054 |
0.935 |
14.844 |
|
Net
worth |
6143.010 |
8872.668 |
10449.268 |
|
|
|
|
|
|
long-term borrowings |
3.698 |
996.905 |
909.875 |
|
Short term borrowings |
1400.045 |
1616.690 |
2858.575 |
|
Total
borrowings |
1403.743 |
2613.595 |
3768.450 |
|
Debt/Equity
ratio |
0.229 |
0.295 |
0.361 |
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 |
6128.918 |
7152.407 |
8900.851 |
|
|
|
16.699 |
24.446 |
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 |
6128.918 |
7152.407 |
8900.851 |
|
Profit |
746.684 |
1030.512 |
1491.573 |
|
|
12.18% |
14.41% |
16.76% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
|
From banks (secured) (Refer note 4 - Term loan from banks for details of security and repayment terms) |
302.007 |
136.842 |
|
From others (secured) (Refer note 4 - Term loan from other than banks for details of security and repayment terms) |
36.814 |
34.499 |
|
Current maturities of finance lease obligations (Secured) (Refer note 40(1)) |
0.778 |
2.244 |
|
Accrued employee costs |
282.067 |
252.162 |
|
Interest accrued and due |
2.858 |
1.498 |
|
Interest accrued and not due |
16.747 |
15.562 |
|
Unearned revenue |
58.155 |
14.768 |
|
Unclaimed dividend |
2.128 |
1.838 |
|
Other payables : |
|
|
|
Dues to subsidiaries (Refer note 39) |
112.628 |
142.219 |
|
Statutory remittances |
154.058 |
121.935 |
|
Payables in respect of fixed asset |
33.544 |
38.548 |
|
Advances from customers |
11.708 |
3.309 |
|
Mark to market loss on cash flow hedges (Refer note 36(1A)) |
0.000 |
240.010 |
|
Others |
18.450 |
19.162 |
|
|
|
|
|
Total |
1031.942 |
1024.596 |
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------ |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------ |
|
22] |
Litigations that the firm
/ promoter involved in |
------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
------- |
|
26] |
Buyer visit details |
------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Long term maturities of finance lease obligations |
0.00 |
1.454 |
|
|
|
|
|
Total |
0.000 |
1.454 |
COMPANY OVERVIEW
KPIT Technologies Limited (“the Company”) is a public company incorporated under the Companies Act, 1956 and its shares are listed on the National Stock Exchange and Bombay Stock Exchange. The Company’s registered office is in Pune and it has subsidiaries across the geographies. Most of the revenue is generated from the export of services.
The Company provides Software development, IT consulting and
Product Engineering solutions to its clients, predominantly in Automotive and
Transportation, Manufacturing and Energy and Utilities verticals. The Company
is also engaged in the production of Integrated Systems product engineering
solutions.
RESULTS OF OPERATIONS
During the year, the total revenues from operations (consolidated) increased to Rs. 26940.400 Million, a growth of 20% over the previous year. Earnings before interest, tax, depreciation and amortization was Rs. 4232.760 Million on consolidated basis. Net profit after tax (consolidated) grew by 25% to Rs. 2489.500 Million.
In US Dollar terms, revenues from operations for the year on consolidated basis was 444.32 Million as against 410.45 Million during the previous year, a growth of 8%. Average realization rate was Rs. 60.63 per US Dollar.
Standalone sales for the fiscal year 2013-14 grew by 24% to
reach Rs. 8900.850 Million. Net profit after tax increased by 45 % to Rs.
1491.570 Million.
INFORMATION ABOUT THE
SUBSIDIARY COMPANIES
As on March 31, 2014, the Company had 15 subsidiaries, including step-down subsidiaries.
During the year, Systime Global Solutions Private Limited was converted into a public limited company and was rechristened as KPIT Global Solutions Limited. Further, the Company increased its shareholding in KPIT Global Solutions Limited to 100%.
The Hon’ble High Court of Delhi has approved the Scheme of Amalgamation of Sparta Infotech India Private Limited (earlier 100% subsidiary of the Company) with the Company, vide Order dated January 30, 2014 and therefore, Sparta Infotech India Private Limited has ceased to exist as a separate company.
With effect from 1st April, 2013, ikv++ Technologies AG became a 100% subsidiary of the Company, consequent to the acquisition of its entire share capital by KPIT Infosystems GmbH.
During the year, name of KPIT Infosystems GmbH has been changed to KPIT Technologies GmbH.
AWARDS AND
RECOGNITION
- Federation of Indian Chambers of Commerce and Industry (FICCI) felicitated KPIT’s Chhote Scientists initiative at the 13th FICCI CSR Award ceremony for integrating and internalizing Corporate Social Responsibility into the overall corporate strategy.
- KPIT achieved the prestigious Verafirm-Certified from BSA, acknowledging KPIT’s effective governance practices, high level of sophistication and reliability in Software Asset Management
- Shrikant Kulkarni, CIO, KPIT, was awarded the Dataquest Editors Choice CIO Excellence Award 2013, in recognition of his significant contribution in leading the high end technology initiatives at KPIT.
- KPIT was awarded the Microsoft customer spotlight recognition award for Reimaging cloud.
- VMware awarded the renowned IT excellence - Best Implementation Award to KPIT under Desktop Virtualization category.
- KPIT won ‘Best Performance in Service Delivery’ award from SAP India in recognition of more than 20 successful projects executed by the Company using IP based solutions in SAP India.
- KPIT won the Cummins CMD (Chairman and Managing Director) Awards 2012, in the CSR category for Chhote Scientists initiative.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
SCENARIO:
The year FY 2013-14 has been a mixed year for global technology market. While the spending on IT goods and services caught momentum in US, Latin America, Eastern Europe, Middle East, Africa and parts of APAC, the trend was not so encouraging for the Western and Central Europe, Japan, Canada and Australia. The software segment observed good traction, mainly for analytical and collaborative applications and SaaS products. IT consulting and system integration services observed a stronger demand as compared to IT outsourcing and hardware maintenance. In US the demand for new technologies like cloud, mobile and smart computing is pushing the technology market growth ahead of nominal GDP growth. Despite economic worries in some parts of Europe, there is still an uptake in these new technologies. In other markets such as India, China, Latin America, Southern Europe and Eastern Europe/Middle East and Africa, businesses and governments are focused more on established technologies, with a few sections showing interest in newer areas.
As an overall trend, businesses globally are investing in a broader trend of intelligent and connected end products. Attention to end consumers and use of technology to satisfy consumer demand is driving technology investments. Technology budgets within organizations are being owned by a broader spectrum of business heads, who partner with specialists, who can help solve their ongoing and future business issues. Thus, in the years to come, the world will witness more intelligent products backed by technology investments being introduced in the market at a faster pace.
Industry Growth
Estimates:
The world-wide IT spending in 2014:
- Is expected to reach USD 3.8 Trillion, an increase of 3.1% from 2013 spending of USD 3.7 Trillion.
- The enterprise software related spend is estimated to reach USD 320 Billion compared to USD 300 Billion in 2013, a growth of 6.8%.
- IT services spend is
expected to reach USD 963 Billion, a growth of 4.5% against USD 922
Billion in 2013.
In FY2014 Indian IT-BPM sector is expected to generate:
- Total revenues of USD 118
Billion, growing by 8.8% over FY2013.
- Exports are estimated to
cross USD 86 Billion, a Y-o-Y growth of 13%.
- Domestic market is likely to
grow by 9.7% to ` 1,910 Billion.
FY2015 outlook for Indian IT BPM industry:
- Domestic revenue to grow by 9% - 12% to USD 21 Billion – USD 23 Billion.
- Exports are likely to
register 13% - 15% growth to reach USD 97 Billion – USD 100 Billion.
CONTINGENT LIABILITIES
(Rs. In Million)
|
Particulars |
31.03.2014 |
31.03.2013 |
|
Outstanding bank guarantees in routine
course of business |
191.719 |
137.371 |
|
Corporate guranatee provided by the company for loan availed by KPIT
Infosystems Inc. USA |
961.440 |
870.229 |
|
Income tax matters |
64.553 |
65.388 |
|
VAT matters |
0.000 |
4.742 |
|
Services tax matters |
343.766 |
309.606 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10522485 |
16/09/2014 |
2,000,000,000.00 |
THE HONKONG AND
SHANGHAI BANKING CORPORATION LIMIT |
PLOT NO.139,140B,
WESTERN EXPRESS HIGHWAY, SAHAR |
C23017833 |
|
2 |
10527152 |
28/05/2014 |
44,110,108.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA |
C30618797 |
|
3 |
10367459 |
05/07/2012 |
37,098,544.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED |
2nd Floor, Brigade
South Parade, 10, M.G. Road, Karnataka - 560001, INDIA |
B44485464 |
|
4 |
10348266 |
02/04/2012 |
55,095,779.00 |
CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED |
2nd Floor, Brigade
South Parade, 10, M.G. Road, Karnataka - 560001, INDIA |
B37171485 |
|
5 |
10346280 |
28/02/2012 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B36569275 |
|
6 |
10278505 |
28/02/2014 * |
200,000,000.00 |
DBS Bank Ltd |
3 Salarpuria Windsor, Ulsoor Road, Bangalore, Karnataka - 560042, INDIA |
C00336628 |
|
7 |
10281271 |
23/05/2013 * |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B77088896 |
|
8 |
10264749 |
29/12/2010 |
50,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B05080783 |
|
9 |
10184801 |
29/09/2009 |
100,000,000.00 |
AXIS BANK LIMITED |
1262/B, STERLING
PLAZA, DECCAN GYMKHANA, JANGLI |
A72962897 |
|
10 |
10163385 |
24/01/2012 * |
80,000,000.00 |
STANDARD CHARTERED BANK |
90, M.G. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA |
B31047202 |
Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and
Equipment
- Furniture and
Fixture
- Vehicles
- Goodwill
- Office
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.61 |
|
|
1 |
Rs. 92.95 |
|
Euro |
1 |
Rs. 68.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.