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MIRA INFORM REPORT
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Report No. : |
503235 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
MASTEK LIMITED |
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Registered
Office : |
804/805, President House,
Opposite C.N. Vidyalaya, Near Ambawadi Circle, Ahmedabad – 380006, Gujarat |
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Tel. No.: |
91-79-26564337 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
14.05.1982 |
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Com. Reg. No.: |
04-005215 |
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Capital Investment
/ Paid-up Capital : |
INR 116.888 Million |
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CIN No.: [Company Identification
No.] |
L74140GJ1982PLC005215 |
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IEC No.: [Import-Export Code 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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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
The Company is engaged in the development of computer software and other software related services. (Registered activity) |
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No. of Employees
: |
1193 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1982. It is engaged in providing vertically focused enterprise technology solutions. For the financial year 2017, the company has reported dip in its revenue by 54.64% as compared to the previous year but has managed to maintain a fair profit margin of 14.70%. The healthy financial profile of the company is marked by strong networth base along with strong debt coverage indicators due to low debt balance sheet profile. The rating takes into consideration equity in fused by its promoters. The company has its share price trading at around INR 578.05 against the Face Value (FV) of INR 10 on BSE as on 10th April, 2018. The rating also takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 429 million and has reported profit margin of 14.96%. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for good 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 |
ICRA |
|
Rating |
Long Term Borrowing = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
21.08.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Borrowing = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
21.08.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 11.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-67224200)
91-79-26564340 / 25464337 (RINGING)
LOCATIONS
|
Registered Office : |
804/805, President House,
Opposite C.N. Vidyalaya, Near Ambawadi Circle, Ahmedabad – 380006, Gujarat |
|
Tel. No.: |
91-79-26564337 |
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Fax No.: |
91-22-66951331 |
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E-Mail : |
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Website : |
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|
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Corporate Office / Offshore Software Development Center 1 : |
#106, SDF IV, Seepz,
Andheri (East), Mumbai – 400096,
Maharashtra, India |
|
Tel. No.: |
91-22-67224200 |
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Fax No.: |
91-22-66951331 |
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|
|
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Offshore Software Development Centers : |
Also Located at: ·
Mumbai #IT 5/6/7/8, SDF VII, Seepz, Andheri (East), Mumbai – 400096,
Maharashtra, India #183, SDF VI, Seepz, Andheri (East), Mumbai - 400 096, Maharashtra, India ·
Navi
Mumbai A/303, Sector 1, Millenium Business Park, Mahape, Navi Mumbai - 400 710 ·
Pune Cerebrum IT park B-1, Second floor Kalyani Nagar, Pune –
411014, Maharashtra, India B1/201, Second Floor, The Cerebrum, Mulik Nagar, IT Park Area, Pune – 411014, Maharashtra, India · Chennai Temple Steps Block -1, 4th Floor, No. 184-187 Anna Salai, Little Mount, Chennai – 600015, Tamilnadu, India Mahindra World City, Plot No. TP – 5, 4th Avenue, Nathan Sub
(PO), Chengalpet - 603002, Tamilnadu, India · Mahape Mastek Millennium Centre Millenium Business Park, Mahape TTC, Navi Mumbai – 400710, Maharashtra, India ·
New
Delhi 315, World Trade Centre, Babar Road, Barakhamba Avenue, Connaught Place New Delhi – 110001, India Tel. No.: 91-11-43680404 Fax No.: 91-11-43680303 |
|
|
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Overseas Offices : |
Located at: · United Kingdom |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ashank Datta Desai |
|
Designation : |
Director |
|
Address : |
2501 Odyssey, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Qualification : |
B.E, M. Tech, Post Graduate Diploma in Business Management (PGDBM) form the IIM |
|
Date of Appointment : |
06.06.1982 |
|
DIN No.: |
00017767 |
|
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|
|
Name : |
Mr. Srinivasan Sandilya |
|
Designation : |
Director |
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Address : |
B - 17 Kailash Colony, New Delhi – 110048, Delhi, India |
|
Qualification : |
Commerce Graduate, MBA |
|
Experience : |
48 years |
|
Date of Appointment : |
19.01.2012 |
|
DIN No.: |
00037542 |
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|
|
|
Name : |
Mr. Sudhakar Venkatraman Ram |
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Designation : |
Managing |
|
Address : |
3502, Octavius, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Qualification : |
Silver medalist from Indian Institute of Management (IIM), Calcutta (IIM-C ranks among the Top 5 management institutes in India). |
|
Date of Appointment : |
01.07.2014 |
|
DIN No.: |
00101473 |
|
|
|
|
Name : |
Ms. Priti Jay Rao |
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Designation : |
Director |
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Address : |
Sr No 258/7B, Cascade, Plot No. 8 And 9, Kaspate Vasti, Wakad, Pune – 411027, Maharashtra, India |
|
Qualification : |
Postgraduate in Computer Science |
|
Experience : |
24 years |
|
Date of Appointment : |
17.01.2011 |
|
DIN No.: |
03352049 |
|
|
|
|
Name : |
Mr. Atul Kanagat |
|
Designation : |
Director |
|
Address : |
43 Blackburn Rd, Summit, NJ 07901, United States of America |
|
Qualification : |
B.Tech in Mechanical Engineering, MBA |
|
Date of Appointment : |
21.01.2013 |
|
DIN No.: |
06452489 |
|
|
|
|
Name : |
Mr. Keith Selwyn Bogg |
|
Designation : |
Director |
|
Address : |
Flat No 81, Anchorage Point, 42 Cuba Street. London E148nf Gb |
|
Qualification : |
Economist from University of Hertfordshire |
|
Date of Appointment : |
17.01.2017 |
|
DIN No.: |
07658511 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Gopikishan Kalani |
|
Designation : |
Company Secretary |
|
Address : |
B-601, Dharma Nagar, Off Borivali Link Road, Borivali (West), Mumbai – 400091, Maharashtra, India |
|
Date of Appointment : |
01.09.2015 |
|
PAN No.: |
AADPK1181D |
|
|
|
|
Name : |
Mr. Abhishek Ashok Singh |
|
Designation : |
Cfo(Kmp) |
|
Address : |
5042, Prestige Notting Hill, Bannarghatta Road, B Bangalore – 560076, Karnataka, India |
|
Date of Appointment : |
17.09.2016 |
|
PAN No.: |
AQZPS1440F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December, 2017
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
Promoter and Promoter Group |
11256660 |
47.70 |
|
|
Public |
12342467 |
52.30 |
|
|
Grand Total |
23599127 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
11256660 |
47.70 |
|
|
TANAY MEHTA |
6400 |
0.03 |
|
|
SUDHAKAR RAM |
2691680 |
11.41 |
|
|
PADMA DESAI |
155200 |
0.66 |
|
|
RUPA KETAN MEHTA |
480800 |
2.04 |
|
|
ASHANK DESAI |
3099552 |
13.13 |
|
|
KETAN MEHTA |
2399100 |
10.17 |
|
|
GIRIJA RAM |
163600 |
0.69 |
|
|
SUNDAR RADHAKRISHNAN |
1415800 |
6.00 |
|
|
CHINMAY ASHANK DESAI |
71600 |
0.30 |
|
|
AVANTI DESAI |
81600 |
0.35 |
|
|
SAMVITHA SUDHAKAR RAM |
103328 |
0.44 |
|
|
USHA SUNDAR |
460000 |
1.95 |
|
|
VARUN SUNDAR |
64000 |
0.27 |
|
|
SHANKAR SUNDAR |
64000 |
0.27 |
|
|
Sub Total A1 |
11256660 |
47.70 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
11256660 |
47.70 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
737858 |
3.13 |
|
|
IDFC CLASSIC EQUITY FUND |
737458 |
3.12 |
|
|
Foreign Portfolio Investors |
1543803 |
6.54 |
|
|
GLOBEFLEX EMERGING MARKETS SMALL CAP, L.P. |
296000 |
1.25 |
|
|
Financial Institutions/ Banks |
99262 |
0.42 |
|
|
Insurance Companies |
331779 |
1.41 |
|
|
LIFE INSURANCE CORPORATION OF INDIA |
331779 |
1.41 |
|
|
Sub Total B1 |
2712702 |
11.49 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto Rs. 2 Lacs |
5464164 |
23.15 |
|
|
Individual share capital in excess of Rs. 2 Lacs |
1503309 |
6.37 |
|
|
NBFCs registered with RBI |
28768 |
0.12 |
|
|
Any Other (specify) |
2633524 |
11.16 |
|
|
Trusts |
6753 |
0.03 |
|
|
Overseas corporate bodies |
200 |
0.00 |
|
|
NRI |
133815 |
0.57 |
|
|
Clearing Members |
100323 |
0.43 |
|
|
NRI – Non- Repat |
116574 |
0.49 |
|
|
Bodies Corporate |
2168986 |
9.19 |
|
|
ABHINANDAN LEASING & FINANCE PVT LTD |
300000 |
1.27 |
|
|
IL AND FS SECURITIES SERVICES LIMITED |
305335 |
1.29 |
|
|
INVESTOR EDUCATION & PROTECTION FUND |
48285 |
0.20 |
|
|
Foreign Individuals |
58588 |
0.25 |
|
|
Sub Total B3 |
9629765 |
40.81 |
|
|
B=B1+B2+B3 |
12342467 |
52.30 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the development of computer software and other software related services. (Registered activity) |
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Products : |
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||||
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Brand Names : |
· “TaisTech” · “Indigo Blue” · “Digility” |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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||||
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1193 (Approximately) |
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Bankers : |
· Standard Chartered Bank ·
HDFC Bank Limited |
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Facilities : |
NOTE : Nature of
security and terms of repayment for secured borrowings Nature of
Security
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants, LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary : |
· Trans American Information Systems Private Limited, India (w.e.f. December 23, 2016) U51505DL1999PTC098689 · Mastek (UK) Limited |
|
|
|
|
Step down
Subsidiary : |
· IndigoBlue Consulting Limited, India (w.e.f. May 1, 2015) · Digility Inc., USA (w.e.f. Nov 17, 2015) · Taistech LLC, USA (w.e.f. December 23, 2016) · Trans American Information Systems Inc., USA (w.e.f. December 23, 2016) |
|
|
|
|
Joint Venture : |
· Legal Practice Technologies Limited (up to December 6, 2016) |
|
|
|
|
Enterprise where
KMP has control: |
· Cashless Technologies India Private Limited (w.e.f. February 2, 2016) · Mastek Asia Pacific Pte Ltd., Singapore (up to Oct 31, 2015) |
CAPITAL STRUCTURE
After 22.06.2017
Authorised Capital : INR 400.000 Million
Issued, Subscribed & Paid-up Capital : INR 118.460
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
INR 5/- each |
INR 200.000 Million |
|
2000000 |
Preference shares |
INR 100/- each |
INR 200.000 Million |
|
|
Total |
|
INR 400.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23377533 |
Equity Shares |
INR 5/- each |
INR 116.888
Million |
|
|
|
|
|
Reconciliation of the
number of shares
|
|
As at March 31, 2017 |
|
|
|
No. of shares |
INR in Million |
|
Equity Shares |
|
|
|
Balance as at the beginning of the year |
22997274 |
114.986 |
|
Add: Addition on account of exercise of employee stock option plans |
380259 |
1.902 |
|
Balance as at the
end of the year |
23377533 |
116.888 |
Rights, preferences
and restrictions attached to shares
The Company has one class of equity shares having a par
value of INR 5 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
|
As at March 31, 2017 |
|
|
|
No. of shares |
% of holding |
|
Equity Shares of INR 5 each held by : |
|
|
|
Ashank Desai |
3099552 |
13.26% |
|
Sudhakar Ram |
2791680 |
11.94% |
|
Ketan Mehta |
2519100 |
10.78% |
|
Fidelity Purita Trust Fidelity Low Priced * |
-- |
-- |
|
Radhakrishnan Sundar |
1445800 |
6.18% |
* Shareholding as at March 31,2017 is reduced to less than 5%.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
116.888 |
114.986 |
112.733 |
|
(b) Reserves & Surplus |
2199.532 |
1863.924 |
4265.558 |
|
(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) |
2316.420 |
1978.910 |
4378.291 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.777 |
1.779 |
8.566 |
|
(b) Deferred tax liabilities
(Net) |
13.410 |
9.707 |
0.000 |
|
(c) Other long term
liabilities |
60.570 |
49.306 |
120.612 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
77.757 |
60.792 |
129.178 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
17.502 |
38.226 |
60.430 |
|
(c) Other current liabilities |
291.799 |
322.186 |
467.556 |
|
(d) Short-term provisions |
12.543 |
55.062 |
106.244 |
|
Total
Current Liabilities (4) |
321.844 |
415.474 |
634.230 |
|
|
|
|
|
|
TOTAL |
2716.021 |
2455.176 |
5141.699 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
415.018 |
425.266 |
614.171 |
|
(ii) Intangible Assets |
32.723 |
34.320 |
78.554 |
|
(iii) Capital work-in-progress |
0.088 |
1.370 |
13.110 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
140.399 |
21.581 |
1522.745 |
|
(c) Deferred tax assets (net) |
117.349 |
145.312 |
192.643 |
|
(d) Long-term Loan and Advances |
463.957 |
440.751 |
484.009 |
|
(e) Other Non-current assets |
28.213 |
25.692 |
30.958 |
|
Total
Non-Current Assets |
1197.747 |
1094.292 |
2936.190 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1013.013 |
311.411 |
512.120 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
143.454 |
522.500 |
746.404 |
|
(d) Cash and cash equivalents |
39.657 |
354.319 |
497.889 |
|
(e) Short-term loans and
advances |
32.101 |
37.810 |
110.604 |
|
(f) Other current assets |
290.049 |
134.844 |
338.492 |
|
Total
Current Assets |
1518.274 |
1360.884 |
2205.509 |
|
|
|
|
|
|
TOTAL |
2716.021 |
2455.176 |
5141.699 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1717.822 |
3786.677 |
6651.197 |
|
|
Other Income |
112.640 |
164.749 |
230.540 |
|
|
TOTAL
|
1830.462 |
3951.426 |
6881.737 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
979.343 |
2149.574 |
3768.242 |
|
|
Exceptional items - loss, net |
34.000 |
30.020 |
-49.495 |
|
|
Other expenses |
435.327 |
1413.799 |
2108.546 |
|
|
TOTAL |
1448.670 |
3593.393 |
5827.293 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
381.792 |
358.033 |
1054.444 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.683 |
2.368 |
2.743 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
380.109 |
355.665 |
1051.701 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
120.384 |
148.851 |
270.238 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
259.725 |
206.814 |
781.463 |
|
|
|
|
|
|
|
Less |
TAX |
7.172 |
73.157 |
37.588 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
252.553 |
133.657 |
743.875 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Income from information
technology services |
1156.019 |
3524.548 |
6199.801 |
|
|
Other operating revenue -
secondment fees |
90.801 |
0.000 |
33.522 |
|
|
Dividend from subsidiaries |
23.670 |
23.959 |
82.088 |
|
|
Miscellaneous income - Guarantee
Commission |
4.227 |
0.000 |
0.000 |
|
|
Others |
0.184 |
0.568 |
1.803 |
|
|
TOTAL
EARNINGS |
1274.901 |
3549.075 |
6317.214 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
29.048 |
25.816 |
74.269 |
|
|
TOTAL
IMPORTS |
29.048 |
25.816 |
74.269 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
10.88 |
5.85 |
33.33 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2.540 |
3.023 |
4.956 |
|
Cash generated from operations |
572.715 |
441.393 |
121.303 |
|
Net cash flow from operating activity |
502.533 |
396.250 |
94.910 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
347.400 |
364.400 |
429.000 |
|
Total Expenditure |
338.100 |
371.200 |
386.300 |
|
PBIDT (Excl OI) |
9.300 |
(6.800) |
42.700 |
|
Other Income |
132.900 |
67.800 |
77.400 |
|
Operating Profit |
142.200 |
61.000 |
120.100 |
|
Interest |
0.300 |
0.400 |
0.500 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
141.900 |
60.600 |
119.600 |
|
Depreciation |
29.100 |
28.500 |
27.800 |
|
Profit Before Tax |
112.800 |
32.100 |
91.800 |
|
Tax |
25.100 |
10.600 |
27.600 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
87.700 |
21.500 |
64.200 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
87.700 |
21.500 |
64.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
30.48 |
50.36 |
40.96 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
11.97 |
7.25 |
8.91 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.85 |
0.78 |
1.49 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.12 |
0.17 |
0.13 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.14 |
0.21 |
0.14 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.19 |
0.23 |
0.16 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
226.85 |
151.20 |
384.41 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
14.70 |
3.53 |
11.18 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
9.30 |
5.44 |
14.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
10.90 |
6.75 |
16.99 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
4.72 |
3.28 |
3.48 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
4.72 |
3.28 |
3.48 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.85 |
0.81 |
0.85 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.05 |
0.04 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
4.72 |
3.28 |
3.48 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 5.00/- each |
|
Market Value |
INR 587.05/- each |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
112.733 |
114.986 |
116.888 |
|
Reserves & Surplus |
4265.558 |
1863.924 |
2199.532 |
|
Net
worth |
4378.291 |
1978.910 |
2316.420 |
|
|
|
|
|
|
Long Term borrowings |
8.566 |
1.779 |
3.777 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long term debt |
4.956 |
3.023 |
2.540 |
|
Total
borrowings |
13.522 |
4.802 |
6.317 |
|
Debt/Equity
ratio |
0.003 |
0.002 |
0.003 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6651.197 |
3786.677 |
1717.822 |
|
|
|
(43.068) |
(54.635) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6651.197 |
3786.677 |
1717.822 |
|
Profit |
743.875 |
133.657 |
252.553 |
|
|
11.18% |
3.53% |
14.70% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
116.888 |
114.986 |
|
(b) Reserves & Surplus |
|
3369.119 |
3078.308 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3486.007 |
3193.294 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
652.277 |
1.779 |
|
(b) Deferred tax liabilities
(Net) |
|
13.410 |
9.707 |
|
(c) Other long term
liabilities |
|
96.692 |
49.306 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
762.379 |
60.792 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.200 |
0.000 |
|
(b) Trade payables |
|
198.889 |
94.986 |
|
(c) Other current liabilities |
|
774.320 |
875.256 |
|
(d) Short-term provisions |
|
74.163 |
55.062 |
|
Total
Current Liabilities (4) |
|
1047.572 |
1025.304 |
|
|
|
|
|
|
TOTAL |
|
5295.958 |
4279.390 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
432.963 |
435.179 |
|
(ii) Intangible Assets |
|
888.628 |
222.255 |
|
(iii) Capital work-in-progress |
|
2.208 |
1.370 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
187.811 |
187.731 |
|
(c) Deferred tax assets (net) |
|
122.787 |
144.481 |
|
(d) Long-term Loan and Advances |
|
473.693 |
496.397 |
|
(e) Other Non-current assets |
|
28.213 |
25.692 |
|
Total
Non-Current Assets |
|
2136.303 |
1513.105 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1013.013 |
311.411 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
851.061 |
971.319 |
|
(d) Cash and cash equivalents |
|
479.735 |
887.053 |
|
(e) Short-term loans and
advances |
|
95.032 |
157.384 |
|
(f) Other current assets |
|
720.814 |
439.118 |
|
Total
Current Assets |
|
3159.655 |
2766.285 |
|
|
|
|
|
|
TOTAL |
|
5295.958 |
4279.390 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
5624.569 |
5269.323 |
|
|
Other Income |
|
97.209 |
173.882 |
|
|
TOTAL
|
|
5721.778 |
5443.205 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
|
3214.921 |
2811.250 |
|
|
Exceptional items - loss, net |
|
34.000 |
25.428 |
|
|
Other expenses |
|
1880.905 |
2276.078 |
|
|
TOTAL |
|
5129.826 |
5112.756 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
591.952 |
330.449 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
25.789 |
5.031 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
566.163 |
325.418 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
128.601 |
160.531 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
437.562 |
164.887 |
|
|
|
|
|
|
|
Less |
TAX |
|
68.464 |
27.441 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
369.098 |
137.446 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
15.9 |
6.02 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION:
The company is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company is a provider of vertically-focused enterprise technology solutions. The Company’s offering portfolio includes business and technology services comprising IT Consulting, Application Development, Systems Integration, Application Management Outsourcing, Testing, Data Warehousing and Business Intelligence, Application Security, CRM services and Legacy Modernisation. The Company carries out its operations through its subsidiaries in the UK, USA and India has its offshore software development centres at Mumbai, Pune, Chennai and Mahape.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW OF INDUSTRY
AND BUSINESS ENVIRONMENT
Global Economy and IT
CY2016 was another lacklustre year for the global economy. Stagnant international trade, subdued investment, geopolitical challenges, weak aggregate demand, currency volatility and heightened policy uncertainty conspired to slow growth during the year. The growth is expected to pick up modestly in CY2017 but risks of rising protectionism, financial vulnerabilities, potential volatility from divergent interest rate paths and disconnects between market valuations and real activity casts a long
shadow over the prospects of recovery.
According to OECD (Organisation for Economic Co-operation and Development), global economy grew at 3.0% in CY2016, is projected to grow modestly at 3.3% in CY2017 and 3.6% in CY2018. Economic activity in both advanced economies and emerging market and developing economies are expected to accelerate strongly in 2017 -18. The projected improvement largely reflects continuing and expected combined fiscal and structural initiatives in the major economies - notably China, Canada and the United States - together with a slightly more expansionary stance in the euro area. Such policies are needed to catalyze private demand to boost global activity and reduce inequalities.
The United States (U.S) economy grew at 1.6% in CY2016, is expected to pick up to 2.4% in CY2017 and 2.8% in CY2018, boosted by potential fiscal stimulus from the new administration and more aggressive normalization of monetary policy by the central bank. The United Kingdom (UK) economy grew at 1.8% in CY2016, is projected to grow at 1.6% for CY2017 and CY2018. As the process of Brexit moving forward, there is lot of uncertainty concerning the fate of institutional and trade arrangements for the UK, thus OECD has projected slow growth for 2017-18. In China, growth is projected to slip further to 6.5% in CY2017 and to 6.3% in CY2018 from 6.7% in CY2016 as the economy makes a necessary transition away from a reliance on external demand and heavy industry toward domestic consumption and services. India continues to be fastest growing countries among emerging economies. India GDP grew at 7.0% in FY2017, is expected to grow at 7.3% in FY2018 and 7.7% in FY2019, helped by the implementation of key structural reforms and strong public sector wage growth.
Apart from the risks highlighted above, there are other events and trends that could affect the overall outlook. These includes upcoming elections in France and Germany, as well as the risk that the Italian banking crisis will have spillover effects on the rest of Europe. Also, Inflation is on the rise globally, more rapidly in some economies (U.S., UK) which is expected to have global implications for exchange rates and international trade flows.
Overall outlook identifies several financial risks where exchange rate and capital flow volatility coupled with pricing distortions are exposing the vulnerability of corporate balance sheets, particularly in emerging markets, and challenging bank profitability and the long-term stability of pension schemes in advanced economies. An increase in protectionism could risk impairing already weak growth in global trade. Hence, there is an need for governments to take initiatives to manage risks, enhance economic resilience and strengthen the environment to boost growth. Focusing on policies that build structural elements into fiscal initiatives would reduce the burden on monetary policy in the advanced economies and help to boost trade, investment, productivity and wages.
According to the latest forecast by Gartner, Worldwide IT spending is projected to total USD 3.46 trillion in CY2017, a 2.7% increase from CY2016 spending of USD 3.37 trillion. By CY2018, spending is forecast to exceed USD 3.55 trillion. The growth is expected to be driven by increase in software and IT services revenue. The worldwide IT services revenue is forecast to grow at 4.2% in CY2017 and 4.7% in CY2018 aided by increase in clients spend in digital, business intelligence (BI), automation and services optimization and innovation. Global revenue in BI and analytics software market is forecast to reach USD 18.3 billion in CY2017, an increase of 7.3% from CY2016. By the end of CY2020, the market is forecast to grow to USD 22.8 billion. Most of the IT spending in CY2017 is expected to go toward application development and deployment and project-oriented services.
OVERVIEW OF THE
FINANCIAL PERFORMANCE
MASTEK OPERATIONS
On a standalone basis, Mastek reported an operating income of INR 1717.822 Million for the year ended March 31, 2017, as compared to INR 3786.677 Million for the year ended March 31, 2016. The Company made a Net profit of INR 252.553 Million for the year ended March 31, 2017 as compared to Net Profit of INR 133.657 Million for the year ended March 31, 2016. Standalone revenue is reduced during the year as Company has revised its pricing policy effective April, 2016.
BUSINESS OUTLOOK
The year ended was in line with Company’s expectations, both from financial performance as well as the capability building for driving the growth of the organization. The management continued to remain focused on its core business across key verticals - Government, Retail and Financial Services.
The year also marked by acquisition of Trans American Information Systems Private Limited, Trans American Information Systems Inc., USA (TA USA) and TAISTech LLC, USA (TA LLC). Mastek has successfully completed the acquisition and now the acquired entities are in the process of getting integrated with it. This acquisition has created a platform for Mastek’s accelerated growth in the US market and will augment Mastek’s 2020 vision to be a global leader in digital transformation services. The acquisition has allowed Mastek to leverage its service delivery capabilities in US geography. The said event was in line with the corporate transformation strategy and the Company expects a lot of cross-sell, up-sell opportunities between the TAISTech customer base and the Mastek capabilities going forward. The Company will continue to invest in agile methodologies in line with its aspiration of being involved in large and complex transformation programs which will help its customers to leverage digital opportunities in agile manner. The Company sees significant traction in agile and digital transformation solutions and expects good growth momentum going forward.
Another key event that happened during the year was the appointment of Mr. John Owen as Group CEO to lead Mastek. Mr. Owen has a strong background in sales, marketing and running business in UK/Europe. He will be handling all the operational business of Mastek across geographies. He is an ideal fit to take Mastek to the next level.
From the geography perspective, UK continued to be the major contributor to revenue of Mastek. It contributed 84% of the total revenue for the year. With acquisition of TAISTech and organic revenues in Digility Inc., US operations contributed to 10% of the revenue for the year. Company expects to see good revenue growth in the US going forward. India business remained steady and was in line with Company’s expectation. The Company is selective in bidding for profitable business in the current financial year.
Their Retail business has started picking up the growth momentum and has added new logos this year. Company did multiple pilot programs with large retailers and expects some of these to result in larger engagements through the years. In the Banking and Financial Services vertical, Company is focusing on Wealth Management and Digital Banking space based on its successful engagement in this space.
Overall, the Company is geared up to make rapid progress in Digital Transformation space and accelerate its growth in US and UK markets. It is well poised to become a leader in agile and digital transformation solutions. The Company expects to have a predictable and profitable financial performance in the coming years.
ABOUT MASTEK
FOUNDATION: -
ENGAGE:-
Mastek envisions engaging employees with the communities and also to encourage them to contribute to the society. This year has been quite active in terms of employee engagement. Here’s a glimpse of the activities of the entire year:-
· Inspired 2016 (Songs of Hope)
· Blood donation Camp
· Blood Stem Cell Donation Registration
· Engaging to evaluate
· Providing marketplace for NGOs
· Celebrate Giving
· Supporting Dilasa Sanstha
· NGO visits
· Organizing Marathons
UNSECURED LOAN
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31ST DECEMBER, 2017
(INR
in Million)
|
|
|
Particulars |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
429.000 |
399.500 |
1217.900 |
|
|
|
b) Other Operating Income |
77.400 |
32.700 |
201.000 |
|
|
Total Income from
Operations (Net) |
506.400 |
432.200 |
1418.900 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Employee benefit expenses |
301.600 |
290.900 |
850.800 |
|
|
b) |
Finance Costs |
0.500 |
0.400 |
1.200 |
|
|
c) |
Depreciation and amortization expense |
27.800 |
28.500 |
85.400 |
|
|
d) |
Other expenses |
84.700 |
80.300 |
244.800 |
|
|
Total Expenses |
414.600 |
400.100 |
1182.200 |
|
|
|
|
|
|
|
|
|
3 |
Profit before Tax |
91.800 |
32.100 |
236.700 |
|
|
4 |
Tax Expense |
27.600 |
10.600 |
63.300 |
|
|
5 |
Net Profit for the
period after tax |
64.200 |
21.500 |
173.400 |
|
|
|
|
|
|
|
|
|
6 |
Other Comprehensive Income |
11.700 |
(52.700) |
(77.700) |
|
|
7 |
Total
Comprehensive Income |
75.900 |
(31.200) |
95.700 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.72 |
0.91 |
7.39 |
|
STATEMENT OF ASSETS AND LIABILITIES
(INR
in Million)
|
SOURCES
OF FUNDS |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
|
|
|
|
|
|
|
|
|
(a) UK Operations |
326.600 |
361.400 |
1014.200 |
|
(b) North America
operations |
58.100 |
0.000 |
58.100 |
|
(c) Other |
44.300 |
38.100 |
145.600 |
|
Income from
Operations |
429.000 |
399.500 |
1217.900 |
|
|
|
|
|
|
|
|
|
|
(Profit before
Interest and tax from each Segment) |
|
|
|
|
(a) UK Operations |
53.000 |
45.500 |
138.800 |
|
(b) North America
operations |
8.500 |
0.000 |
8.500 |
|
(c) Other |
(15.500) |
(16.400) |
(28.800) |
|
Total |
46.000 |
29.100 |
118.500 |
|
Less: i Finance costs |
0.500 |
0.400 |
1.200 |
|
Less: ii Other unallocable Expenditure net of unallocable Income |
(46.300) |
(3.400) |
(119.400) |
|
Profit from ordinary
activities after finance costs but before exceptional items |
91.800 |
32.100 |
236.700 |
|
Exceptional Items – gain / (loss) net |
0.000 |
0.000 |
0.000 |
|
Profit from
ordinary activities before tax |
91.800 |
32.100 |
236.700 |
|
|
|
|
|
|
CAPITAL EMPLOYED |
|
|
|
|
(a) UK Operations |
367.100 |
417.200 |
367.100 |
|
(b) North America operations |
187.300 |
127.500 |
187.300 |
|
(c) Other |
1241.600 |
1178.800 |
1241.600 |
|
(d) Unallocable / corporate |
535.600 |
559.000 |
535.600 |
|
Total |
2331.600 |
2282.500 |
2331.600 |
|
|
|
|
|
|
|
|
|
|
(a) UK Operations |
610.800 |
691.700 |
610.800 |
|
(b) North America
operations |
201.100 |
127.500 |
201.100 |
|
(c) Other |
1346.900 |
1268.200 |
1346.900 |
|
(d) Unallocable / corporate |
618.500 |
623.900 |
618.500 |
|
Total Segment
Assets |
2777.300 |
2711.300 |
2777.300 |
|
|
|
|
|
|
|
|
|
|
(a) UK Operations |
243.700 |
274.500 |
243.700 |
|
(b) North America
operations |
13.800 |
0.000 |
13.800 |
|
(c) Other |
105.300 |
89.400 |
105.300 |
|
(d) Unallocable / corporate |
82.900 |
64.900 |
82.900 |
|
Total Segment
Liabilities |
445.700 |
428.800 |
445.700 |
|
|
|
|
|
|
CAPITAL EMPLOYED |
2331.600 |
2282.500 |
2331.600 |
NOTE :
1. The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on January 18, 2018.
2. The financial results for year ended March 31, 2017 have been prepared under IND AS. It has not been audited or reviewed and has been presented based on the information compiled by the management after making the necessary adjustments to give a true and fair view of the results in accordance with Indian Accounting Standards (Ind AS) notified under section 133 of the Companies Act 2013.
3. The Company has transitioned to Indian Accounting Standard (IND AS) with effect from April 01, 2017. Accordingly, the impact of transition has been provided in the opening reserves as at April 01, 2016 and figures for year ended March 31, 2017, quarter and Nine months ended December 31, 2016 have been restated accordingly. Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of IND AS 34, Interim Financial Reporting.
The following reconciliations provide a quantification of the effect of significant differences arising from the transition from Indian GAAP to Ind AS in accordance with Ind AS 101.
(i) total comprehensive income for the quarter and Nine months ended December 31, 2016 and
(i) total comprehensive income for the year ended March 31, 2017
4. Other Comprehensive Income includes Employee Benefit Expense (Actuarial Gains & Losses), Fair value of Non-current Investments in Debt Mutual Fund and Fair value of Cash Flow Hedge.
5. The Group has accounted net foreign exchange gain under "Other income" and net foreign exchange loss under "Other Expenses". Further, during the period company has realised foreign exchange loss / (gain) arising from currency hedges relating to certain firm commitments and forecasted sales transactions. The table below shows the amount of gain or loss in each of the periods presented
(INR in million)
|
|
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
Net Foreign exchange gain / (loss) net |
5.200 |
(12.100) |
(24.300) |
|
Net realized Foreign exchange gain / (loss) arising from hedging accounted under Income from operations |
(34.500) |
(35.100) |
(111.600) |
6. Previous period's / year's figures have been regrouped or reclassified wherever necessary.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G32134520 |
100069308 |
AXIS TRUSTEE SERVICES LIMITED |
21/12/2016 |
- |
- |
828000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN |
|
2 |
C40501348 |
10133386 |
ICICI BANK LIMITED |
12/11/2008 |
06/01/2015 |
- |
140000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
3 |
A50874387 |
10129412 |
Standard Chartered Bank |
10/11/2008 |
- |
- |
60000000.0 |
90, M G Road,Fort,MumbaiMH400001IN |
|
4 |
A43010289 |
80036713 |
ING VYSYA BANK LIMITED |
28/06/1999 |
29/08/2007 |
16/07/2008 |
42500000.0 |
103/104 A- WING I FLOOR FLORAL DECK PLAZAMIDC CENTRAL ROAD ANDHERIMUMBAIMH400093IN |
|
5 |
A36289932 |
90231201 |
KOTAK MAHINDRA PRIMUS LTD. |
25/05/2004 |
- |
09/04/2008 |
670500.0 |
36 - 38; NARIMAN POINT227;NARIMAN POINTMUMBAIMHIN |
|
6 |
A21455928 |
90241010 |
CORPORATION BANK |
21/07/2003 |
27/12/2004 |
30/08/2007 |
5000000.0 |
PLAT NO. 20; DIST ROADCHEMBURMUMBAIMH400071IN |
|
7 |
A21456371 |
90238443 |
CORPORATION BANK |
21/07/2003 |
20/04/2004 |
30/08/2007 |
10000000.0 |
PLAT NO. 20; 1ST ROADCHEMBURMUMBAIMH400071IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Corporate performance guarantee given by the company on behalf of Mastek (UK) Limited, a wholly owned subsidiary |
0.000 |
250.030 |
|
Corporate guarantee given by the Company for the term loan availed by Digility Inc, a wholly owned stepdown subsidiary |
648.500 |
0.000 |
|
Claims against Company not acknowledged as debts |
|
|
|
(a) Sales tax matter |
23.823 |
23.823 |
|
(b) Stamp duty matter |
0.000 |
23.120 |
|
(c) Income tax matter |
85.417 |
0.000 |
|
Total |
757.740 |
296.973 |
FIXED ASSETS
· Buildings
· Computers
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Leasehold land
· Leasehold improvements
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.93 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.