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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

494578

Report Date :

26.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

PROGILITY TECHNOLOGIES PRIVATE LIMITED (w.e.f. 10.02.2015)

 

 

Formerly Known As :

UNIFY ENTERPRISE COMMUNICATIONS PRIVATE LIMITED (w.e.f. 18.10.2013)

 

SIEMENS ENTERPRISE COMMUNICATIONS PRIVATE LIMITED

 

 

Registered Office :

601, 6th Floor, 247 Park, Tower 'B', L.B.S. Marg, Vikhroli (West), Mumbai – 400083, Maharashtra

Tel. No.:

91-22-71447130/ 71447000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

11.01.2007

 

 

Com. Reg. No.:

11-166937

 

 

Capital Investment / Paid-up Capital :

INR 610.000 Million

 

 

CIN No.:

[Company Identification No.]

U31908MH2007FTC166937

 

 

IEC No.:

[Import-Export Code No.]

0307023877

 

 

PAN No.:

[Permanent Account No.]

AAKCS5375F

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of providing convergence communications, video – conferencing, call centre networking, mobility, teleworking and multimedia solutions for enterprises (Registered Activity)

 

 

No. of Employees :

Information declined by the Management

 

 

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

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 2200000

 

 

Status :

Good

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a step down subsidiary of “The DNY Trust, United Kingdom” and was incorporated in the year 2007. It is engaged in providing video conferencing, call centre networking, mobility, teleworking and multimedia solutions for enterprises. The company serves a wide customer base spread across India via direct presence as well as through experienced partners.


For the financial year 2017, the company has achieved decent revenue and has managed to maintain an average profit margin of 2.18%.


The overall financial profile of the company seems to be average marked by modest net worth base.


Rating takes into consideration the subject’s negligible debt balance sheet profile.


The ratings, further, continue to derive strength from diversified offerings in the enterprise communication space, reputed and diversified client base.


Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team.


These rating strengths are partially tempered by stretched receivables cycle, exposure to foreign exchange fluctuation risk and highly competitive nature of the enterprise communications industry.


Payments seems to be usually correct.


In view of aforesaid, the company can be considered for be considered for business dealings at usual trade terms and conditions.


Note: The company has changed its accounting year from October-September period to April-March period. Hence, the available financials for the year ended on 31st March 2016 shows result of 18 months.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term borrowing : BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

08.01.2018

 

Rating Agency Name

CARE

Rating

Short term borrowing : A2

Rating Explanation

Strong degree of safety and low credit risk

Date

08.01.2018

 

 

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 26.02.2018

 

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

 

Management non-cooperative (Tel No.: 91-22-71447000/ 91-80-43618000)

 

LOCATIONS

 

Registered Office :

601, 6th Floor, 247 Park, Tower 'B', L.B.S. Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India

Tel. No.:

91-22-71447130/ 71447000

Fax No.:

91-22-71447222

E-Mail :

sanjeev.bhandarkar@unify.com

Website :

http://progilitytech.com

 

 

Branch Offices :

Located at:

 

·         Ahmedabad

·         Aurangabad

·         Bangalore

·         Bhopal

·         Bhubaneswar

·         Chandigarh

·         Chennai

·         Cochin

·         Delhi

·         Gurugram

·         Hyderabad

·         Jaipur

·         Jammu

·         Kolkata

·         Lucknow

·         Navi Mumbai

·         Pune

·         Vadodara

·         Visakhapatnam

·         Ranchi

·         Mahape

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Anil Kumar Jain

Designation :

Managing director

Address :

7/4, Twinkle Star Society, Ghatla Marg, Chembur, Mumbai - 400071, Maharashtra, India

Date of Birth/Age :

20.03.1963

Date of Appointment :

27.10.2009

PAN No.:

AAIPJ4334J

DIN No.:

02819815

 

 

Name :

Mr. Sanjeev Chandrashekhar Bhandarkar

Designation :

Whole-time director

Address :

Block No. 6, Anuradha Cooperative Housing Society Limited, G. Gupte Road, Vishnu Nagar, Dombivli (West), Thane - 421202, Maharashtra, India

Date of Birth/Age :

29.06.1968

Qualification :

B. Com., PGDCM (Computer Science), DFM (Finance), MBA (Specialization in Logistics and E-Commerce)

Date of Appointment :

12.08.2014

DIN No.:

06945799

 

 

Name :

Mr. Vivek Saksena

Designation :

Whole-time director

Address :

204, Oceanic-I, Juhu Versova Link Road, Andheri (West), Mumbai - 400061, Maharashtra, India

Date of Birth/Age :

13.09.1964

Qualification :

B. Tech (Computer Science), Program for Business Managers from IIM Bangalore

Date of Appointment :

12.08.2014

DIN No.:

06946744

 

 

MAJOR SHAREHOLDERS

 

As on 31.03.2017

 

Names of Shareholders

 

No. of Shares

Progility (Mauritius) Limited, Mauritius

 

60999999

Progility Overseas Limited, London

 

1

Total

 

61000000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 29.09.2017

 

Category

Percentage

Promoters (Body corporate)

100.00

Total 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of providing convergence communications, video – conferencing, call centre networking, mobility, teleworking and multimedia solutions for enterprises (Registered Activity)

 

 

Products / Services :

Item Code No.

Products/Services Description

99611852

Convergence, Communications, Video Conferencing, Call

Centre, Networking,

Mobility, Teleworking

and Multimedia, Solutions for

Enterprises

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Information denied by the management

 

 

Bankers :

Banker Name :

HDFC Bank Limited

Branch :

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Rupee term loans from banks

21.500

0.000

Total

21.500

0.000

 

Auditors :

 

Name :

Deloitte Haskins and Sells LLP

Chartered Accountants

Address :

Indiabulls Finance Center Tower 3, 27th and 32nd Floor, Senapati Bapat Marg, Elphinstone Road, (west) Mumbai – 400 013, Maharashtra, India

Income-tax PAN of auditor or auditor’s firm :

AACFD4815A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

·         Progility (Mauritius) Limited (w.e.f. 30.12.2014)

 

 

Ultimate Holding Company :

·         The DNY Trust, United Kingdom

 

 

Intermediate Holding:

·         Progility PLC

·         Progility Overseas Limited

 

 

Fellow Subsidiary companies :

·         Starkstrom Limited.

·         Progility Health

·         Starkstrom Group Limited

·         ILX Group plc

·         Woodspeen Training Limited

·         Progility Finco Limited

·         TFPL Limited

·         Sue Hill Recruitment and Services Limited

·         Obrar Limited

·         Progility Pty Limited

·         Comms Aust Pty Limited

·         Comms Aust No 1 Pty Limited

·         ILX Group Pty Limited

·         ILX Group Limited

·         ILX Consulting DMCC Fellow

·         Progility DMCC

·         ILX Consulting Pty Limited

·         Progility Consulting Limited

·         Progility Training Limited

 

 

CAPITAL STRUCTURE

 

As on 29.09.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

62000000

Equity Shares

INR 10/- each

INR 620.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

61000000

Equity Shares

INR 10/- each

INR 610.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

01.04.2016

to

31.03.2017

01.10.2014

to

31.03.2016

01.10.2013

to

30.09.2014

 

(12 Months)

(18 Months)

(12 Months)

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

610.000

610.000

610.000

(b) Reserves and Surplus

158.600

175.500

137.700

(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)

768.600

785.500

747.700

 

 

 

 

(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

0.200

0.000

0.300

(d) long-term provisions

17.800

14.300

14.200

Total Non-current Liabilities (3)

18.000

14.300

14.500

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

21.500

0.000

0.000

(b) Trade payables

403.600

340.200

235.200

(c) Other current liabilities

89.200

76.100

104.400

(d) Short-term provisions

67.000

55.400

199.700

Total Current Liabilities (4)

581.300

471.700

539.300

 

 

 

 

TOTAL

1367.900

1271.500

1301.500

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

15.600

9.600

10.900

(ii) Intangible Assets

4.100

10.800

0.000

(iii) Tangible assets capital work-in-progress

0.000

0.100

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

61.800

62.900

56.400

(d) Long-term loans and advances

147.100

129.800

105.500

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

228.600

213.200

172.800

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

130.700

101.400

138.600

(c) Trade receivables

786.100

651.000

630.600

(d) Cash and bank balances

136.700

208.600

291.600

(e) Short-term loans and advances

54.900

70.200

60.500

(f) Other current assets

30.900

27.100

7.400

Total Current Assets

1139.300

1058.300

1128.700

 

 

 

 

TOTAL

1367.900

1271.500

1301.500

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

01.04.2016

to

31.03.2017

01.10.2014

to

31.03.2016

01.10.2013

to

30.09.2014

 

 

(12 Months)

(18 Months)

(12 Months)

 

SALES

 

 

 

 

Revenue from operations

2122.600

2748.800

1924.900

 

Other Income

11.200

32.800

18.000

 

TOTAL

2133.800

2781.600

1942.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

0.000

0.000

0.000

 

Purchases of Stock-in-Trade

1525.400

1771.400

1314.200

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(29.300)

37.200

8.200

 

Employee benefit expense

301.200

426.700

282.300

 

CSR expenditure

3.400

4.000

0.000

 

Other expenses

238.300

379.800

217.700

 

TOTAL

2039.000

2619.100

1822.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

94.800

162.500

120.500

 

 

 

 

 

Less

FINANCIAL EXPENSES

6.300

5.300

3.300

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

88.500

157.200

117.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

12.400

10.300

6.500

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

76.100

146.900

110.700

 

 

 

 

 

Less

TAX

29.900

33.500

37.600

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

46.200

113.400

73.100

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

0.76

1.86

1.20

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

01.04.2016

to

31.03.2017

01.10.2014

to

31.03.2016

01.10.2013

to

30.09.2014

 

(12 Months)

(18 Months)

(12 Months)

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

41.200

237.900

47.800

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

01.04.2016

to

31.03.2017

01.10.2014

to

31.03.2016

01.10.2013

to

30.09.2014

 

(12 Months)

(18 Months)

(12 Months)

Average Collection Days

(Sundry Debtors / Income * 365 Days)

135.18

86.44

119.57

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

2.70

4.22

3.05

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

96.57

70.10

65.32

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.73

1.60

0.87

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

4.81

7.93

11.06

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

01.04.2016

to

31.03.2017

01.10.2014

to

31.03.2016

01.10.2013

to

30.09.2014

 

(12 Months)

(18 Months)

(12 Months)

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.42

0.37

0.41

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.03

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.76

0.60

0.72

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.03

0.03

0.01

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

15.05

30.66

36.52

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

01.04.2016

to

31.03.2017

01.10.2014

to

31.03.2016

01.10.2013

to

30.09.2014

 

 

(12 Months)

(18 Months)

(12 Months)

Net Profit Margin

((PAT / Sales) * 100)

%

2.18

4.13

3.80

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

3.38

8.92

5.62

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

6.01

14.44

9.78

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

01.04.2016

to

31.03.2017

01.10.2014

to

31.03.2016

01.10.2013

to

30.09.2014

 

(12 Months)

(18 Months)

(12 Months)

Current Ratio

(Current Assets / Current Liabilities)

1.96

2.24

2.09

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.74

2.03

1.84

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.56

0.62

0.57

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.04

0.00

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.96

2.24

2.09

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

30.09.2014

31.03.2016

31.03.2017

 

(INR In Million)

(INR In Million)

(INR In Million)

Share Capital

610.000

610.000

610.000

Reserves & Surplus

137.700

175.500

158.600

Net worth

747.700

785.500

768.600

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

21.500

Total borrowings

0.000

0.000

21.500

Debt/Equity ratio

0.000

0.000

0.028

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

30.09.2014

31.03.2016

31.03.2017

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

1924.900

2748.800

2122.600

 

 

42.802

(22.781)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

30.09.2014

31.03.2016

31.03.2017

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

1924.900

2748.800

2122.600

Profit

73.100

113.400

46.200

 

3.80%

4.13%

2.18%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of establishment

Yes

2]

Constitution of the entity Incorporation details

Yes

3]

Locality of the entity

Yes

4]

Premises details

No

5]

Buyer visit details

--

6]

Contact numbers

Yes

7]

Name of the person contacted

No

8]

Designation of contact person

No

9]

Promoter’s background

Yes

10]

Date of Birth of Proprietor / Partners / Directors

Yes

11]

Pan Card No. of Proprietor / Partners

Yes

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

No

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 about three financial years

Yes

27]

Reasons for variation <> 20%

--

28]

Estimation for coming financial year

No

29]

Profitability for last about three financial 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

 

OPERATIONS:

 

For F.Y. 2016-17, turnover of the company is INR 2133.737 Million as compared to INR 2781.550 Million in the previous year (18 Months). Profit before tax is INR 76.156 Million as compared to INR 146.880 Million in previous year (18 Months). Net profit after tax is INR 46.241 Million as compared to INR 113.399 Million in the previous year (18 Months).

 

They have been able to create value for their customers and forge partnerships for mutual growth and prosperity. Their customers have placed their confidence in their products, services and solutions, for which they are thankful to them. The trend that they see very clearly is that sustainable business is the new mantra within their organization as well as with their customers, partners and suppliers. Hence, their focus for the near future will be on sustainable and capital efficient growth

 

FUTURE OUTLOOK:

 

System Integration market for enterprise communication in India in both, the Small Medium Enterprises (SME) and Large Enterprise is changing at a rapid pace with a focus on mobility, visual collaboration, and security, due to a major increase in mobile workforce and work from anywhere concept. With these newer internal customer demand there is an need and pressure on the CIO to upgrade its existing IT infrastructure across all areas of operation to ensure corporate IT security, increase productivity, improve its competitive strength and reduce overall cost of operation

 

The IT infrastructure today is the backbone of the enterprise, the growing demand for higher bandwidth, more secure and faster networks, zero point of failure is the need of the hour and system integrators who can seamlessly transform and upgrade the customer IT infrastructure continue to have a high potential for growth. The focus of the government to digitize India has opened up the government spending in its IT sector, with these newer market demands the system integration market is poised to grow at 10-15% per annum. With our system integration skill sets and strong voice background and our pan India reach we are in a strong position to address these newer and complex market demands.

 

Internet Protocol (IP) deployment is at a point where it would exceed the traditional Time Division Multiplexing (TDM) deployment in all major markets across India due to the sheer benefits of Unified Communication (UC), ease of deployment and a faster Return on Investment (ROI). Applications and visual collaboration solutions are taking center stage in voice platform decisions. Today the Company has one of the strongest portfolios in IP & UC along with technical, System integration and project management skill set to address this market opportunity where the customer is now looking for one stop shop for its entire wired, wireless and UC application needs.

 

Increase in mobile workforce and younger age profile, Bring Your Own Device (BYOD) is the way ahead which puts a demand on corporate security and we have the required solution, design skill and implementation expertise to ensure smooth deployment at customer premises.

 

Demand for higher bandwidth and faster networks has resulted in high growth in Data Networking (wired and wireless) & Security market which is well addressed with its strategic agreement with HPE, Brocade, Juniper Networks and Extreme Networks. Gigabit to the desk requirement to ensure triple play services at the desk is the need of the hour.

 

Video conferencing & Surveillance a key element in Visual Collaboration has shown highest growth in adoption and rapid deployment. The market can be addressed as standalone Videoconferencing / Telepresence solutions as well as part of integrated UC portfolio. Natural extension to video conferencing business is Audio / Video integration business coupled with surveillance and video analytics and Company has the required technology tie ups and in house skill set to address these system integration opportunities and large scale deployment.

 

Specialized vertical solutions is the need of the hour and a must have to sustain growth. Company has the skills to design and deploy dedicated solution in every vertical such as Manufacturing, Banking & Finance, Power and Smart Grid, Travel & Hospitality, Healthcare, Education, e-governance, Information Technology (IT) & Information Technology Enabled Service (ITES), etc.

 

Service market for the company is still around Lifecycle services. Professional services market is still nascent and very much scattered. Managed Services is substantially large market but focused only on FMS & Data / Server managed services. Company has also started activities to offer Professional Services but needs to build up its skills to address the managed services market.

 

Cloud services are growing at a rapid pace in the field of data centric solution. Private Cloud for Enterprise Communication is more interesting for many large enterprise customers and most of the cloud investments will be in Private Clouds. Company has end to end offering to address these Hosted communication business opportunities via service providers.

 

Company has transformed over the past years from a pure voice centric player to an end to end Customized Solution Provider and a true system integrator with strong project management capabilities. This has enabled the company to execute end to end solution encompassing voice, video, data, & security bundled with array of services.

 

The Progility branded HP series of EPABX and IP PBX has seen a strong market demand and with the launch of new models we are now covering the entire range from 8 extensions to 1538 extension. Last year we sold over 900 systems and today the installed base is over 4000 systems. Due to its piece points, system stability and feature set we have been able to rebuild a newer partner network across India as a go to market strategy.

 

Customer communication infrastructure requirements are becoming complex with demand for 99.999 availability and integration of their changing business processes to the communication infrastructure to improve employee productivity and reduce cost. Company with its emerging UC portfolio and mobility solutions along with system integration skills and business process knowledge is well positioned to address this fast growing and changing customer demand.

 

With the current market dynamics and GST roll out we are experiencing a slowdown in capital expenditure in JAS and hope to see increase in IT expenditure in the private sector in the coming quarters. Government expenditure in IT infrastructure is on the rise, however, favorable payment terms are desired.

 

INDEX OF CHARGES

 

S

No

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Amount

Address

1

G54075155

10155246

HDFC BANK LIMITED

30/03/2009

06/09/2017

505000000.0

HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL WEST MUMBAI MAHARASHTRA 400013 INDIA

 

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Income tax matter in dispute and appealed by the Company

 

 

Sales tax matter in dispute and appealed by the Company

18.822

18.822

Total

18.822

18.822

 

 

FIXED ASSETS

 

·         Plant and equipment

·         Other plant and equipment

·         Furniture and fixtures

·         Office equipment

·         Computer Equipments

·         Other Equipments

 

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 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 64.82

UK Pound

1

INR 79.76

Euro

1

INR 90.40

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

JYTK

 

 

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

NO

--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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.
 
 

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