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|
MIRA INFORM REPORT
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Report No. : |
505395 |
|
Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAJESCO LIMITED |
|
|
|
|
Registered
Office : |
Mastek New Development Centre, MBP-P-136, Mahape, Navi Mumbai - 400710,
Maharashtra |
|
Tel. No.: |
91-22-61501800 |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
27.06.2013 |
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|
|
|
Com. Reg. No.: |
11-244874 |
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|
|
Capital Investment
/ Paid-up Capital : |
INR 116.815 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L72300MH2013PLC244874 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Applicable [As informed by the management that firm does not
have export and import] |
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TIN No.: |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account 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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Line of Business
: |
Subject is a Provider of Core Platforms and Technology Solutions in
Insurance (Life, Pensions and General). [Registered Activity] |
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No. of Employees
: |
2163 [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 : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 2013. The company is a provider of core platforms and technology solutions in insurance (life, pension and general). As per the quarterly results of December 2017, the company has achieved sales turnover of INR 48.6 million along with average profitability margin. For the financial year ended 2017, the company has earned a favourable growth of 25.58% in its revenue as compared to the previous year’s revenue and has gained satisfactory net profit margin of 15.17%. The rating takes into consideration the strong financial position of the company backed by sound net worth base along with debt free balance sheet profile and average liquidity position. The company has its share price trading at around INR 548 on BSE as on April 23, 2018 as against the Face Value (FV) of INR 5. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
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
31-03-2016.
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 24.04.2018.
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 DECLINED BY
|
Name : |
Ms. Rajlaxmi |
|
Designation : |
Office Executive |
|
Contact No.: |
91-40-67162222 |
|
Date : |
23.04.2018 |
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-61501800]
LOCATIONS
|
Registered Office : |
Mastek New Development Centre, MBP-P-136, Mahape, Navi Mumbai - 400710,
Maharashtra, India |
|
Tel. No.: |
91-22-61501800 |
|
Fax No.: |
91-22-27781320 |
|
E-Mail : |
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|
Website : |
|
|
|
|
|
Pune Office: |
B1/B2, 2nd Floor, Kumar Cerebrum, Kalyani Nagar, Pune -
411014, Maharashtra, India |
|
Tel. No.: |
91-20-66072000 |
|
Fax No.: |
91-20-66072003 |
|
|
|
|
Airoli Office: |
Unit No. 1, 7th Floor, Building No. 11, Plot No.3, K. Raheja
Mindspace, Thane Belapur Road, Navi Mumbai-400708, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mrs. Madhu Dubhashi |
|
Designation : |
Director |
|
Address : |
B-29, Gate No. 3, Abhimanshree Society NCL Pashan Road, Pune - 411008, Maharashtra, India |
|
Date of Appointment : |
29.04.2015 |
|
DIN No.: |
00036846 |
|
|
|
|
Name : |
Mr. Ketan Bansilal Mehta |
|
Designation : |
Director |
|
Address : |
3208, Glenhurst Court Plano, Texas Texas 75093 Us |
|
Date of Appointment : |
29.04.2014 |
|
DIN No.: |
00129188 |
|
|
|
|
Name : |
Mr. Radhakrishnan Sundar |
|
Designation : |
Wholetime Director |
|
Address : |
1301, Odyssey 1, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Appointment : |
01.06.2015 |
|
DIN No.: |
00533952 |
|
|
|
|
Name : |
Mr. Venkatesh Narayanan Chakravarty |
|
Designation : |
Director |
|
Address : |
Emerald Bldg, 903, Nirmal Lifestyle, L. B. S. Marg, Mulund (W), Mumbai - 400080, Maharashtra, India |
|
Date of Appointment : |
15.09.2014 |
|
DIN No.: |
01102892 |
|
|
|
|
Name : |
Mr. Farid Lalji Kazani |
|
Designation : |
Managing Director |
|
Address : |
Flat No 802 8th Floor, Madhur Milan,14-B Road, Khar West, Mumbai 400052, Maharashtra, India |
|
Date of Appointment : |
15.09.2014 |
|
DIN No.: |
06914620 |
KEY EXECUTIVES
|
Name : |
Ms. Rajlaxmi |
|
Designation : |
Office Executive |
|
|
|
|
Name : |
Mr. Kunal Tarit Kumar Karan |
|
Designation : |
CFO(KMP) |
|
Address : |
703b, Hari Mahal Chs., Plot No. 43-45 Sector- 5a, New Panvel, Navi Mumbai - 410206, Maharashtra, India |
|
Date of Appointment : |
01.06.2015 |
|
PAN No.: |
ADEPK4292M |
|
|
|
|
Name : |
Mr. Nishant Shridhar Shirke |
|
Designation : |
Company Secretary |
|
Address : |
Yashashri Chs., Plot No. -187 D-5, Gorai- 2, Borivali (W), Mumbai - 400091, Maharashtra, India |
|
Date of Appointment : |
01.06.2015 |
|
DIN No.: |
BJKPS6036C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Names of Shareholders |
No. of Shares |
% age holding |
|
(A) Promoter & Promoter Group |
11311104 |
40.22 |
|
(B) Public |
16811292 |
59.78 |
|
|
|
|
|
Total |
28122396 |
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
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
10811104 |
38.44 |
|
|
SUDHAKAR RAM |
2081763 |
7.40 |
|
|
PADMA DESAI |
155200 |
0.55 |
|
|
RUPA KETAN MEHTA |
480800 |
1.71 |
|
|
ASHANK DESAI |
3099552 |
11.02 |
|
|
KETAN MEHTA |
2619100 |
9.31 |
|
|
GIRIJA RAM |
163600 |
0.58 |
|
|
SUNDAR
RADHAKRISHNAN |
1360161 |
4.84 |
|
|
CHINMAY ASHANK
DESAI |
71600 |
0.25 |
|
|
AVANTI DESAI |
81600 |
0.29 |
|
|
SAMVITHA SUDHAKAR
RAM |
103328 |
0.37 |
|
|
USHA SUNDAR |
460000 |
1.64 |
|
|
VARUN SUNDAR |
64000 |
0.23 |
|
|
SHANKAR SUNDAR |
64000 |
0.23 |
|
|
TANAY MEHTA |
6400 |
0.02 |
|
|
Any Other
(specify) |
500000 |
1.78 |
|
|
GIRIJA SUDHAKAR
RAM |
500000 |
1.78 |
|
|
Sub Total A1 |
11311104 |
40.22 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
11311104 |
40.22 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
3632522 |
12.92 |
|
|
DSP BLACKROCK
SMALL CAP FUND |
900126 |
3.20 |
|
|
ADITYA BIRLA SUN LIFE
TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE NEW MILLENNIUM FUND |
982976 |
3.50 |
|
|
TATA REGULAR
SAVINGS EQUITY FUND |
333300 |
1.19 |
|
|
IDFC BALANCED FUND |
1191729 |
4.24 |
|
|
Alternate
Investment Funds |
28846 |
0.10 |
|
|
Foreign Portfolio Investors |
2206600 |
7.85 |
|
|
AMANSA HOLDINGS
PRIVATE LIMITED |
1303252 |
4.63 |
|
|
Financial
Institutions/ Banks |
36973 |
0.13 |
|
|
Insurance
Companies |
518435 |
1.84 |
|
|
LIFE INSURANCE
CORPORATION OF INDIA |
518435 |
1.84 |
|
|
Sub Total B1 |
6423376 |
22.84 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
5850296 |
20.80 |
|
|
Individual share
capital in excess of INR 0.200 Million |
1381155 |
4.91 |
|
|
NBFCs registered
with RBI |
5840 |
0.02 |
|
|
Any Other
(specify) |
3150625 |
11.20 |
|
|
Trusts |
4991 |
0.02 |
|
|
Overseas Corporate
Bodies |
200 |
0.00 |
|
|
Non-Resident
Indian (NRI) |
635344 |
2.26 |
|
|
Clearing Members |
57593 |
0.20 |
|
|
Non-Resident Indian
(NRI) |
453816 |
1.61 |
|
|
ADITYA BIRLA SUN
LIFE INSURANCE COMPANY LIMITED |
912156 |
3.24 |
|
|
Foreign Nationals |
12160 |
0.04 |
|
|
Sub Total B3 |
10387916 |
36.94 |
|
|
B=B1+B2+B3 |
16811292 |
59.78 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a Provider of Core Platforms and Technology Solutions in
Insurance (Life, Pensions and General). [Registered Activity] |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
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Exports : |
Not Divulged |
|
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|
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Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
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Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
|
||||||||||||||
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No. of Employees : |
2163 [Approximately] |
||||||||||||||
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|
||||||||||||||
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Bankers : |
· ICICI Bank Limited · Yes Bank Limited · HSBC Bank Limited · Standard Chartered Bank 19, Rajaji Salai Rajaji Salai, Chennai - 600001, Tamilnadu, India |
||||||||||||||
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|
||||||||||||||
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Facilities : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Varma and Varma Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
Majesco, USA |
|
|
|
|
Step down Subsidiary: |
· Majesco Software and Solution Inc. [Formerly- MajescoMastek Insurance Software and Solution Inc.) · Majesco (UK) Limited [Formerly- MajescoMastek UK] · Majesco Software and Solutions India private Limited · Majesco Canada Limited [Formerly- MajescoMastek Canada Limited] · Majesco Sdn Bhd. [Formerly-Mastek MSC (Thiland) Co. limited] · Majesco Asia Pacific Pte Limited [Formerly - Majesco Asia Pacific Pte Limited] · Cover-All Systemes Inc. |
CAPITAL STRUCTURE
AFTER 04.08.2018
Authorised Capital : INR 250.000 Million
Issued, Subscribed & Paid-up Capital : INR 140.612
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 5/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23363035 |
Equity Shares |
INR 5/- each |
INR 116.815 Million |
|
|
|
|
|
The company has only one class of shares referred to as equity shares having a per value of INR 5/-. Each holder of equity shares is entitled to one vote share.
The company declares and pays dividends in Indian rupees. In the previous years
a) No shares were allotted as fully paid up by way of bonus shares.
b) No shares were bought back
In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company in proportion to the number of equity shares held by them.
Reconciliation of the number of shares
|
Equity shares |
No. of shares |
INR in Million |
|
Balance as at the beginning of the year |
23052401 |
11526.200 |
|
Add: Shares issued pursuant to the scheme of arrangement |
-- |
-- |
|
Less: Shares cancelled during the year |
-- |
-- |
|
Add: shares issued on exercise of ESOP |
310634 |
155.300 |
|
Add: Shares issued during the year |
-- |
-- |
|
Balance as at end of the year |
23363035 |
11681.500 |
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the company
|
Equity shares of INR 5/- |
No. of shares |
% of holding |
|
Ashank Desai |
3099552 |
13.27% |
|
Sudhakar Venkatraman Ram |
2634763 |
11.28% |
|
Ketan Mehta |
2519100 |
10.78% |
|
Radhakrishnan Sundar |
1390161 |
5.95% |
|
DSP Blackrock Micro |
1307989 |
5.60% |
Share reserves for issued under option
|
Particulars |
|
No. of shares |
|
Number of unexercised options under the employee stock option plan as the end of the year |
|
2398300 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
116.815 |
115.262 |
0.500 |
|
(b) Reserves & Surplus |
2475.981 |
2416.377 |
(0.303) |
|
(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) |
2592.796 |
2531.639 |
0.197 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
49.999 |
41.994 |
0.000 |
|
(d)
long-term provisions |
4.910 |
5.167 |
0.000 |
|
Total
Non-current Liabilities (3) |
54.909 |
47.161 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
5.959 |
4.675 |
0.000 |
|
(c)
Other current liabilities |
93.840 |
54.138 |
0.093 |
|
(d)
Short-term provisions |
1.700 |
1.664 |
0.000 |
|
Total
Current Liabilities (4) |
101.499 |
60.477 |
0.093 |
|
|
|
|
|
|
TOTAL |
2749.204 |
2639.277 |
0.290 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
37.445 |
30.093 |
0.000 |
|
(ii)
Intangible Assets |
0.020 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
17.331 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1559.373 |
1557.818 |
0.000 |
|
(c) Deferred tax assets
(net) |
29.156 |
23.952 |
0.000 |
|
(d) Long-term Loan
and Advances |
60.649 |
15.698 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1703.974 |
1627.561 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
136.468 |
103.106 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
37.841 |
43.123 |
0.000 |
|
(d)
Cash and cash equivalents |
784.677 |
747.080 |
0.190 |
|
(e)
Short-term loans and advances |
16.932 |
19.614 |
0.100 |
|
(f)
Other current assets |
69.312 |
98.793 |
0.000 |
|
Total
Current Assets |
1045.230 |
1011.716 |
0.290 |
|
|
|
|
|
|
TOTAL |
2749.204 |
2639.277 |
0.290 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
156.012 |
124.231 |
0.000 |
|
|
|
Other Income |
150.175 |
151.456 |
0.000 |
|
|
|
TOTAL |
306.187 |
275.687 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
123.765 |
114.784 |
0.000 |
|
|
|
Exceptional Items |
22.541 |
15.237 |
0.000 |
|
|
|
Other expenses |
127.000 |
59.801 |
0.296 |
|
|
|
TOTAL |
273.306 |
189.822 |
0.296 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
32.881 |
85.865 |
(0.296) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.574 |
0.047 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
27.307 |
85.818 |
(0.296) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.140 |
2.349 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
19.167 |
83.469 |
(0.296) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(4.499) |
21.348 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
23.666 |
62.121 |
(0.296) |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
1.02 |
2.72 |
(12.14) |
|
|
|
Diluted |
0.96 |
2.52 |
(12.14) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash used in operations |
(12.271) |
(114.883) |
(0.303) |
|
|
|
|
|
|
Net cash used in operating activities |
(80.493) |
(165.288) |
(0.303) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1829.700 |
1991.100 |
2072.700 |
|
Total Expenditure |
1881.900 |
1969.300 |
1978.400 |
|
PBIDT (Excl OI) |
(52.200) |
21.800 |
94.300 |
|
Other Income |
17.000 |
26.400 |
17.100 |
|
Operating Profit |
(35.200) |
48.200 |
111.400 |
|
Interest |
13.800 |
6.900 |
10.700 |
|
Exceptional Items |
0.000 |
106.200 |
0.000 |
|
PBDT |
(49.000) |
147.500 |
100.700 |
|
Depreciation |
48.600 |
48.200 |
42.900 |
|
Profit Before Tax |
(97.600) |
99.300 |
57.800 |
|
Tax |
(47.400) |
(7.400) |
187.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(50.200) |
106.700 |
(129.400) |
|
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 |
(50.200) |
106.700 |
(129.400) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
88.53 |
126.70 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.12 |
2.88 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.60 |
2.85 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.04 |
0.02 |
0.32 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.04 |
0.02 |
0.47 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.02 |
0.01 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.90 |
1826.91 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
15.17 |
50.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.86 |
2.35 |
9102.07) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
0.91 |
2.45 |
(150.25) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
10.30 |
16.73 |
3.12 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
10.30 |
16.73 |
3.12 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.94 |
0.96 |
0.68 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
10.30 |
16.73 |
3.12 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK PRICES
|
Face Value |
INR 5/- |
|
|
|
|
Market Value |
INR 548.00/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
0.500 |
115.262 |
116.815 |
|
Reserves & Surplus |
(0.303) |
2416.377 |
2475.981 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
0.197 |
2531.639 |
2592.796 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
0.000 |
124.231 |
156.012 |
|
|
|
|
25.582 |
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 |
0.000 |
124.231 |
156.012 |
|
Profit |
(0.296) |
62.121 |
23.666 |
|
|
|
50.00% |
15.17% |
LEGAL CASE
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G45440096 |
100101659 |
STANDARD CHARTERED
BANK |
09/05/2017 |
- |
- |
50000000.0 |
19, RAJAJI
SALAIRAJAJI SALAICHENNAITN600001IN |
|
2 |
G62101332 |
10628026 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED |
28/01/2016 |
01/11/2017 |
- |
650000000.0 |
52/60, M.G.
ROAD,FORTMUMBAIMH400001IN |
COMPANY OVERVIEW
The company a public limited company domiciled in india and is listed on
the BSE limited (BSE) and national stock exchange of india (NSE). The company
is a provider of core platforms and technology solutions in insurance (life,
pensions and general). The company operates through its software development
centre at mahape and has a subsidiary in USA.
STATEMENT
OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER
31, 2017
[INR
in Million]
|
Particulars |
Quartered Ended |
Nine month ended
|
|
|
|
31.12.2017 (Unaudited]) |
30.09.2017 (Unaudited]) |
31.12.2017 (Unaudited]) |
|
INCOME |
|
|
|
|
Ravenous from operations |
48.600 |
51.300 |
144.900 |
|
Other income , net |
39.500 |
38.700 |
117.500 |
|
Total income |
88.100 |
90.000 |
262.400 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Employee benefit expenses |
380.000 |
37.000 |
106.100 |
|
Finance cost |
0.000 |
1.300 |
2.600 |
|
Depreciation and amortization expenses |
2.800 |
2.000 |
7.800 |
|
Other expenses |
29.000 |
31.300 |
9.470 |
|
Total expenses |
69.800 |
71.600 |
211.200 |
|
|
|
|
|
|
Profit before
exceptional items |
18.300 |
18.400 |
51.200 |
|
|
|
|
|
|
Exceptional items, net-gain/(loss) |
0.400 |
106.200 |
106.600 |
|
|
|
|
|
|
Profit before
tax |
18.700 |
124.600 |
157.800 |
|
|
|
|
|
|
Tax expenses |
|
|
|
|
Current tax |
1.500 |
2.500 |
27.200 |
|
Deferred tax |
10.200 |
0.000 |
12.900 |
|
Income tax for earlier years |
0.900 |
0.000 |
0.900 |
|
Total tax |
12.600 |
25.000 |
41.000 |
|
|
|
|
|
|
Net profit |
6.100 |
99.600 |
116.800 |
|
|
|
|
|
|
Other
Comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
0.100 |
0.700 |
0.400 |
|
Income tax relating to items that will not be reclassified to profit
or loss |
0.000 |
(0.200) |
(0.100) |
|
Total other comprehensive income, net of tax |
0.100 |
0.500 |
0.300 |
|
Total
comprehensive income |
6.200 |
100.100 |
117.100 |
|
|
|
|
|
|
Paid up equity
share capital (FV of INR 5/- each) |
118.000 |
117.700 |
118.000 |
|
|
|
|
|
|
Earning per
share of INR 5/- each |
|
|
|
|
Basic |
0.26 |
4.25 |
4.95 |
|
Diluted |
0.25 |
4.06 |
4.71 |
NOTES:
1. The above results were reviewed by the Audit Committee on February 7, 2018 and were thereafter approved by the Board at its meeting held on February 7, 2018.
2. The Company adopted Indian Accounting Standards ("IND AS") and
accordingly the financial results for the above periods presented have been
prepared in accordance with the recognition and measurement principles laid
down in Ind AS 34 Interim Financial Reporting prescribed under Section 133 of
the Companies Act, 2013 read with the relevant rules issued thereunder and the
other accounting principles generally accepted in India. The date of transition
to Ind AS is April 1, 2016. The impact of transition has been accounted for in
opening reserve and the comparative period results have been restated
accordingly.
3. As required by Circular No.CIR/CFD/FAC/62/2016 dated July 5, 2016 issued by
the Securities and Exchange Board of India ('SEBI'), the financial results and
financial information for the quarter and nine months ended December 31,2016
and the year ended March 31, 2017 have been prepared 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. These adjustments have been subject to limited
review by auditors.
4. The company has prepared reconciliation of profit under Indian GAAP
previously reported vis-a-vis total comprehensive income under Ind AS for the
year ended March 31,2017 and for the three months and nine months period ended
December 31, 2016 in accordance with Ind AS 101.
Reconciliation between statement of profit and loss as previously reported
(referred to as 'Previous GAAP') and Ind AS:
|
Particulars |
Quartered Ended |
Nine month ended
|
|
|
|
31.12.2017 (Unaudited]) |
30.09.2017 (Unaudited]) |
31.12.2017 (Unaudited]) |
|
Net profit as per
previous GAAP |
6.800 |
23.000 |
23.700 |
|
Measurement of financial instruments at fair value |
1.100 |
2.400 |
2.000 |
|
ESOP fair valuation cost |
(2.900) |
(10.400 |
(13.200) |
|
Actuarial (gain)/losses on employee defined funds recognized in other comprehensive income |
0.300) |
0.200 |
(1.100) |
|
Others |
0.000 |
0.000 |
2.400 |
|
Tax impact |
0.100 |
(0.800 |
(1.100) |
|
Net profit/(loss)
as per IND AS |
4.800 |
14.700 |
12.700 |
|
Other comprehensive income |
0.200 |
(0.100) |
0.700 |
|
Total comprehensive
income under IND AS |
5.000 |
14.600 |
13.400 |
5. Other comprehensive income represent employee benefits expenses (Actuarial gains/(losses)).
6. The Board of Directors at their meeting held on August 03, 2017 had declared
Special Dividend of INR 1/- per share of nominal value of INR 5/- each for the
financial year. The Company has complied with necessary provisions of The
Companies Act, 2013 relating to payment of dividend.
7. Subsequent to the quarter ended December 31, 2017, the company has issued
44,43,849 Equity shares of INR 5 each for cash pursuant to qualified
institutional placement (QIP) as per the relevant provisions of SEBI (Listing
Obligations and Disclosure Requirements) Regulations at INR 520 per share
aggregating to INR 2310.800 million (Including share premium). This issue was
fully subscribed and allotment was completed on February 1, 2018 and
consequently the promoter's shareholding in the equity has reduced to 40.32%
from 47.91%, and the paid up equity share capital of the company stands
increased to INR 140.200 million comprising 2,80,52,455 equity shares.
8. Exceptional items:
(a) During the previous quarter, the company has made a profit on sale of
investment property of INR 10.62 crores which was disclosed as exceptional item
in the financial results of that quarter. The Company had entered into a deed
of assignment on August 1, 2017 for assignment of all its rights, title and
interest in relation to the property located at 3rd Floor, Marisoft III,
Building - E, East wing Pune, Maharashtra in favour of the buyer for a total
consideration of INR 155.500 million. The said transaction has been completed
on August 1, 2017. During the current quarter the company has received INR
0.400 million as final settlement and the same is also included under
exceptional item.
(b) In the previous year, The company has provided INR 2.25 crore on account of
it's share of stamp duty against demand raised on Mastek Limited by the Office
of the Superintendent of Stamps, Gandhinagar, for implementation of the
demerger scheme.
9. Previous period's / year's figures have been regrouped or reclassified
wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Guarantee given for working capital facility availed by Majesco, USA,
Subsidiary of the company from ICICI Bank |
0.000 |
152.386 |
|
Corporate guarantee secured by pledge of fixed deposit for INR 7340
given to HSBS India for SBDC favouring HSBC bank USA national association for
extending a term loan to the extent of US$ 10 min. to Majesco USA, a
subsidiary of the company. |
648.500 |
450.534 |
|
Share of stamp duty against demand by the office of the superintendent
of stamps, Gandhinagar, for implementation of the demerge scheme. |
0.000 |
17.150 |
FIXED ASSETS:
· Buildings
· Computers
· Plant and equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Leased Assets
· Leasehold Land
· Vehicles
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 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 66.21 |
|
UK Pound |
1 |
INR 92.84 |
|
Euro |
1 |
INR 81.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
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 opera tions 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.