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|
MIRA INFORM REPORT
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Report No. : |
494502 |
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Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
PERSISTENT SYSTEMS LIMITED (w.e.f.17.09.2007) |
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Formerly known
as: |
PERSISTENT SYSTEMS PRIVATE
LIMITED |
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Registered
Office : |
Bhageerath, 402, Senapati Bapat Road, Pune – 411016, Maharashtra |
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Tel. No.: |
91-20-67030000 / 30234000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
30.05.1990 |
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Com. Reg. No.: |
11-056696 |
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Capital
Investment / Paid-up Capital : |
INR 800.000
Million |
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CIN No.: [Company Identification
No.] |
L72300PN1990PLC056696 |
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IEC No.: [Import-Export Code No.] |
3191000089 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AABCP1209Q1Z8 |
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TIN No: |
27470307422 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCP1209Q |
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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 Global Company Specializing in Software Product, Services and Technology Innovation and also offers Complete Product Life Cycle Services. [Registered Activity] |
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No. of Employees
: |
7790 [Approximately] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1990 and it is an outsourced
software product development company. Its services include research,
prototyping, development, testing and quality assurance, porting,
documentation, training, sales support, product development, technical
support, maintenance and performance engineering. For the financial year 2017, the company has increased in its
operational performance as compared to previous year and maintained decent
profitability margin of 16.09%. Rating takes into consideration sound financial profile of the company
marked by healthy networth base and very low debt balance sheet. Further, rating also reflects from its established track records of
business operations along with market position and healthy improvement in the
revenue as well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payments
terms are seem to regular. In view of the aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
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 27.02.2018
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 [91-20-67030000]
Given number [91 20 25702800] Not Exists
LOCATIONS
|
Registered Office : |
Bhageerath, 402, Senapati Bapat Road, Pune – 411016, Maharashtra,
India |
|
Tel. No.: |
91-20-67030000 / 30234000 |
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Fax No.: |
91-20-67030009 |
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E-Mail : |
auadhoot_upadye@persistent.co.in
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Website : |
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SEZ Unit 1 : |
4 Floor, Building No. IT 3, Zone Number C - 1, Special
Economic Zone, Rajiv Gandhi Infotech Park, Hinjawadi, Pune – 411057,
Maharashtra, India |
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Tel. No.: |
91-20-67983500 |
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SEZ Unit 2 : |
11th and 12th Floor of Tower 1 of Phase of WaveRock, Survey No. 115 (part) TSIIC IT / ITES SEZ, Nanakramguda Village, Serilingampally Mandal, Hyderabad 500 008, Telangana, India |
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Tel. No.: |
91-80-67229555/ 66060000 |
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Fax No.: |
91-40-66060100 |
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SEZ Unit 3 : |
4th and 5th Floor, Block 9, Primal Projects Private Limited SEZ (Pritech Park), Survey Nos. 51 to 64/4 & 66/1, Belandur Village, Varthur Hobli, Bengaluru East Taluk, Urban, Bangalore - 560103, Karnataka, India |
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Tel. No.: |
91-80-67721001/ 61359301 |
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Development Centres : |
Located At:
o
2A Senapati Bapat Road, Pune - 411016,
Maharashtra, India o 9A/12 Kashibai Khilare Marg, Erandwana, Pune – 411004, Maharashtra, India o Bhageerath, 402 E, Senapati Bapat Road, Pune - 411 016, Maharashtra, India o 39 Phase I, Rajiv Gandhi Infotech Park, Hinjawadi, Pune - 411057, Maharashtra, India
o 1 Floor, GGR Towers, 2 Building, SY # 18/2B, Ambalipura Road, Ambalipura Village, Sarjapur Road, Bellandur Gate, Bengaluru East Taluk, Bengaluru 560103, Karnataka, India o 1 Prestige Pegasus, 3 Floor, No. 19 of Ambalipura Village, Varthur Hobli, Bengaluru South Taluk, Bengaluru – 560037, Karnataka, India
o
L- 44 Unit - 1, Software Technology Park, Verna
Industrial Estate, Verna, Salcette – 403722, Goa, India
o
2 Floor, Building No. 2B, Maximus Towers, Raheja Mind
Space, Survey No. 64 (Part), APIIC Software Unit Layout, Hi-Tech City,
Madhapur Village, Serilingampally Mandal, Hyderabad - 500081, Andhra Pradesh,
India
o
8 and 9 IT Park, MIDC Parsodi, Nagpur – 440022,
Maharashtra, India o
2nd and 3rd Floor, Infotech Tower, IT Park,
M.I.D.C., Parsodi, Nagpur – 440022, Maharashtra, India |
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Overseas Branch Office : |
Located At:
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DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Anand Suresh Deshpande |
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Designation : |
Founder, Chairman and Managing Director |
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Address : |
Floor No.101, Vanashree, S.N. 94/20, Lane 11, Prabhat Road, Erandwana, Pune 411004, Maharashtra, India |
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Date of Appointment : |
19.10.1990 |
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DIN No.: |
00005721 |
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Name : |
Mr. Prakash Manjanath Telang |
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Designation : |
Director |
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Address : |
Paradise Towers, D 211 / 212, Baner Road, Pune - 411045, Maharashtra, India |
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Date of Appointment : |
19.08.2010 |
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DIN No.: |
00012562 |
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Name : |
Mr. Kiran Dinanath Umrootkar |
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Designation : |
Director |
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Address : |
105, Manuel Church View Pre CHS 72-A, Hill N Sea Apartments, Bandra, Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
19.08.2010 |
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DIN No.: |
00326672 |
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Name : |
Mr. Pradeep Kumar Bhargava |
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Designation : |
Director |
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Address : |
Flat No. 19, Cozy Retreat No. 3 Sindh Housing Society, Aundh, Pune - 411007, Maharashtra, India |
|
Date of Appointment : |
26.04.2012 |
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DIN No.: |
00525234 |
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Name : |
Mrs. Roshini Bakshi |
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Designation : |
Director |
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Address : |
Jl Sekolah Kencana Iv B TN 14, RT 004/015, Pondok Pinang - Kebayoran LA Ma Jakarta Selatan 12310 ID |
|
Date of Appointment : |
26.07.2014 |
|
DIN No.: |
01832163 |
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Name : |
Mr. Sanjay Kumar Bhattacharyya |
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Designation : |
Director |
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Address : |
F1/4, Hauz Khas Enclave, New Delhi - 110016, India |
|
Date of Appointment : |
12.05.2011 |
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DIN No.: |
01924770 |
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|
Name : |
Mr. Thomas William Kendra |
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Designation : |
Director |
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Address : |
101 Colorado St # 3108 Austin, Texas Austin 78701 US |
|
Date of Appointment : |
22.01.2016 |
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DIN No.: |
07406678 |
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|
Name : |
Mr. Anant Deep Jhingran |
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Designation : |
Additional Director |
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Address : |
2122 Ashley Ridge CT San Jose CA 95138, United States |
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Date of Appointment : |
21.11.2017 |
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DIN No.: |
05116722 |
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|
Name : |
Mr. Sunil Yeshwant Sapre |
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Designation : |
Additional Director |
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Address : |
Plot No. 16, Shri Krishna Nagar, Cross Road 2, Borivali East, Mumbai-400066, Maharashtra, India |
|
Date of Appointment : |
27.01.2018 |
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DIN No.: |
06475949 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Yeshwant Sapre |
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Designation : |
Chief Finance Officer (KMP) |
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Address : |
Plot No. 16, Shri Krishna Nagar, Cross Road 2, Borivali East, Mumbai - 400066, Maharashtra, India |
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Date of Appointment : |
01.12.2015 |
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PAN No.: |
AAKPS6239D |
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Name : |
Mr. Amit Murari Atre |
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Designation : |
Company Secretary |
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Address : |
Plot No - 38, Nityanand Society Swaroop Shanti, Dhankawadi, Pune - 411043, Maharashtra, India |
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Date of Appointment : |
01.06.2013 |
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PAN No.: |
AKUPA0450E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: DECEMBER 2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
(A) Promoter & Promoter Group |
24494429 |
30.62 |
|
(B) Public |
52669555 |
65.84 |
|
(C) Shares held by
Employee Trust |
2836016 |
3.55 |
|
Total |
80000000 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. 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 |
24394429 |
30.49 |
|
|
Dr. Anand Suresh Deshpande and
Ms. Sonali Anand Deshpande |
22815340 |
28.52 |
|
|
Ms. Sulabha Suresh Deshpande
and Mr. Suresh Purushottam Deshpande |
566000 |
0.71 |
|
|
Ms. Chitra Hemadri Buzruk as a
sole holder and also jointly with Mr. Hemadri N Buzruk |
469400 |
0.59 |
|
|
Mukund Suresh Deshpande |
400025 |
0.50 |
|
|
Ms. Sonali Anand Deshpande and
Dr. Anand Suresh Deshpande |
112000 |
0.14 |
|
|
Mr. Suresh Purushottam
Deshpande and Ms. Sulabha Suresh Deshpande |
23084 |
0.03 |
|
|
Mr. Hemadri N Buzruk and Ms.
Chitra Hemadri Buzruk |
7800 |
0.01 |
|
|
Mr. Padmakar Govind Khare and
Ms. Deepa Padmakar Khare |
780 |
0.00 |
|
|
Any Other (specify) |
100000 |
0.13 |
|
|
Rama-Purushottam Foundation |
100000 |
0.13 |
|
|
Sub Total A1 |
24494429 |
30.62 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
24494429 |
30.62 |
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/ |
9586704 |
11.98 |
|
|
Hdfc Trustee Company Ltd - A/C
Hdfc Mid - Capopportunities Fund |
2372200 |
2.97 |
|
|
Icici Prudential Value
Discovery Fund |
1711164 |
2.14 |
|
|
Kotak Emerging Equity Scheme |
1619253 |
2.02 |
|
|
Alternate Investment Funds |
162118 |
0.20 |
|
|
Foreign Portfolio Investors |
19191118 |
23.99 |
|
|
Saif India Iv Fii Holdings
Limited |
4266296 |
5.33 |
|
|
Government Pension Fund Global |
2324258 |
2.91 |
|
|
Morgan Stanley Investment Funds
Indian Equity Fund |
1084536 |
1.36 |
|
|
Morgan Stanley India Investment
Fund, Inc. |
1064977 |
1.33 |
|
|
Letko Brosseau Emerging Markets
Equity Fund |
1000000 |
1.25 |
|
|
University Of Notre Dame Du Lac |
952837 |
1.19 |
|
|
Financial Institutions/ Banks |
1851402 |
2.31 |
|
|
General Insurance Corporation
Of India |
900000 |
1.13 |
|
|
Sub Total B1 |
30791342 |
38.49 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/ State
Government(s)/ President of India |
153 |
0.00 |
|
|
Sub Total B2 |
153 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto
INR 0.200 million |
8828904 |
11.04 |
|
|
Individual share capital in
excess of INR 0.200 million |
5916301 |
7.40 |
|
|
Ashutosh Vinayak Joshi |
1117946 |
1.40 |
|
|
Shridhar Bhalchandra Shukla |
1454953 |
1.82 |
|
|
Any Other (specify) |
7132855 |
8.92 |
|
|
Director or Director's
Relatives |
51600 |
0.06 |
|
|
Trusts |
3702 |
0.00 |
|
|
Foreign Individuals |
9000 |
0.01 |
|
|
HUF |
277421 |
0.35 |
|
|
Foreign Companies |
366862 |
0.46 |
|
|
NRI – Non- Repat |
467565 |
0.58 |
|
|
NRI – Repat |
681766 |
0.85 |
|
|
Clearing Members |
234160 |
0.29 |
|
|
Bodies Corporate |
5040779 |
6.30 |
|
|
Icici Prudential Life Insurance
Company Limited |
1268681 |
1.59 |
|
|
Birla Sun Life Insurance
Company Limited |
959737 |
1.20 |
|
|
Icici Lombard General Insurance
Company Ltd |
897801 |
1.12 |
|
|
Sub Total B3 |
21878060 |
27.35 |
|
|
B=B1+B2+B3 |
52669555 |
65.84 |
Statement showing
shareholding pattern of the Non Promoter- Non Public shareholder
|
Category & Name
of the Shareholders(I) |
No. of fully
paid up equity shares held(IV) |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2)(VIII) |
|
|
C1) Custodian/DR Holder |
0 |
0.00 |
|
|
C2) Employee Benefit Trust |
0 |
0.00 |
|
|
Employee Benefit Trust |
2836016 |
3.55 |
|
|
Sub Total C2 |
2836016 |
3.55 |
|
|
C= C1+C2 |
2836016 |
3.55 |
BUSINESS DETAILS
|
Line of Business : |
Subject is Global Company Specializing in Software Product, Services and Technology Innovation and also offers Complete Product Life Cycle Services. [Registered Activity] |
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
7790 [Approximately] |
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Bankers : |
·
Axis Bank ·
Bank of India ·
Barclays Bank ·
Banco Nacional De Maxico. S.A. ·
Bank of Tokyo-Mitsubishi ·
BNP Paribas ·
Chase Bank ·
Citibank NA ·
HDFC Bank Limited ·
Hong Kong and Shanghai Banking Corporation ·
State Bank of India ·
Silicon Valley Bank ·
Syndicate Bank ·
Wells Fargo Bank |
|
Auditors : |
|
|
Name 1 : |
Deloitte
Hakins and Sells LLP Chartered Accountants |
|
Address: |
706, “B” Wing, 7th Floor, ICC trade Tower, Senapati Bapat
Road, Pune – 411016, Maharashtra, India |
|
Tel. No: |
91-20-66244600 |
|
Fax. No: |
91-20-66244605 |
|
|
|
|
Name 2 : |
Joshi
Apte and Company Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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Subsidiaries : |
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|
Associate Companies: |
·
Klisma E-Services Private Limited ·
Sprint Telecom India Private Limited (Up to
August 31, 2015) |
|
|
|
|
Entities over which a key management
personnel has significant influence: |
|
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000* |
Equity Shares |
INR 10/- each |
INR 2000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
INR 10/- each |
INR 800.000 Million |
|
|
|
|
|
* The Company increased its authorized share capital from INR 1120.000 million divided into 112 million shares of INR 10 each to INR 2000 million divided into 200 million shares of INR 10 each pursuant to the shareholders’ resolution passed in the Annual General Meeting held on July 24, 2015.
b) Reconciliation of
the shares outstanding at the beginning and at the end of the year
|
Particulars |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
Number of shares at the beginning of the year |
80000000 |
INR 800.000 Million |
|
Add : Bonus shares issued |
-- |
|
|
Number of shares at the end of the year |
80000000 |
INR 800.000 Million |
Terms / rights attached
to equity shares
The Company has only one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Aggregate number of
bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of ve years immediately
preceding the reporting date
|
Particulars |
Number |
|
Equity shares allotted on March 12, 2015 as fully paid bonus shares by capitalization of securities premium INR 400.000 million |
40000000 |
c) Details of shareholders
holding more than 5% of the shares in the Company
|
Particulars |
31.03.2017 |
|
|
Number |
% of holding |
|
|
Dr. Anand Deshpande jointly with Mrs. Sonali Anand Deshpande |
22930000 |
28.66 |
|
Mr. Suresh Deshpande jointly with Mrs. Sulabha Suresh Deshpande |
850000 |
1.07 |
|
Saif Advisors Mauritius Limited |
4270000 |
5.33 |
|
PSPL ESOP Management Trust |
3240000 |
4.05 |
* The shareholding information is based on legal ownership of shares and has been extracted from the records of the Company including register of shareholders / members
FINANCIAL DATA
[all figures are
in Indian Rupees 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 |
800.000 |
800.000 |
800.000 |
|
(b) Reserves & Surplus |
17344.140 |
14846.460 |
13405.660 |
|
(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) |
18144.140 |
15646.460 |
14205.660 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
21.710 |
26.910 |
26.190 |
|
(b) Deferred tax liabilities (Net) |
110.750 |
30.140 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
139.460 |
117.260 |
112.650 |
|
Total
Non-current Liabilities (3) |
271.920 |
174.310 |
138.840 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1177.910 |
1051.330 |
300.890 |
|
(c)
Other current liabilities |
476.690 |
519.230 |
449.310 |
|
(d)
Short-term provisions |
524.270 |
501.360 |
675.450 |
|
Total
Current Liabilities (4) |
2178.870 |
2071.920 |
1425.650 |
|
|
|
|
|
|
TOTAL |
20594.930 |
17892.690 |
15770.150 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2501.100 |
2771.920 |
2835.230 |
|
(ii)
Intangible Assets |
222.040 |
148.880 |
199.930 |
|
(iii)
Capital work-in-progress |
28.850 |
13.800 |
40.040 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4934.410 |
2774.710 |
3266.170 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
44.480 |
|
(d) Long-term Loan
and Advances |
439.760 |
73.630 |
49.900 |
|
(e)
Other Non-current assets |
977.720 |
936.650 |
83.740 |
|
Total
Non-Current Assets |
9103.880 |
6719.590 |
6519.490 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
4499.660 |
4914.360 |
4661.230 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
4781.350 |
3815.070 |
2542.120 |
|
(d)
Cash and cash equivalents |
497.340 |
536.540 |
1009.730 |
|
(e)
Short-term loans and advances |
7.450 |
5.780 |
323.820 |
|
(f)
Other current assets |
1705.250 |
1901.350 |
713.760 |
|
Total
Current Assets |
11491.050 |
11173.100 |
9250.660 |
|
|
|
|
|
|
TOTAL |
20594.930 |
17892.690 |
15770.150 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
17329.640 |
14471.360 |
12424.980 |
|
|
|
Other Income |
946.210 |
794.700 |
956.710 |
|
|
|
TOTAL |
18275.850 |
15266.060 |
13381.690 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of technical professionals |
2193.590 |
1616.140 |
1426.980 |
|
|
|
Employees benefits expense |
8682.690 |
7177.280 |
6333.050 |
|
|
|
Other expenses |
2751.570 |
2422.170 |
1638.310 |
|
|
|
TOTAL |
13627.850 |
11215.590 |
9398.340 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4648.000 |
4050.470 |
3983.350 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.910 |
0.920 |
3.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4647.090 |
4049.550 |
3979.980 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
609.680 |
585.350 |
491.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4037.410 |
3464.200 |
3488.290 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1097.090 |
968.210 |
895.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2940.320 |
2495.990 |
2592.970 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of software |
NA |
13067.070 |
11298.240 |
|
|
|
Interest |
NA |
14.160 |
16.070 |
|
|
|
Other Earnings |
NA |
9.660 |
16.580 |
|
|
TOTAL EARNINGS |
NA |
13090.890 |
11330.890 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
172.160 |
242.440 |
|
|
|
|
|
|
|
|
|
Earnings Per Share
(INR) |
|
|
|
|
|
|
Basic
|
36.75 |
31.27 |
32.87 |
|
|
|
Diluted
|
36.72 |
31.20 |
32.41 |
|
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
4272.440 |
4374.910 |
4300.090 |
|
Total Expenditure |
3464.740 |
3446.190 |
3375.080 |
|
PBIDT (Excl OI) |
807.700 |
928.720 |
925.010 |
|
Other Income |
375.950 |
365.500 |
252.120 |
|
Operating Profit |
1183.950 |
1294.220 |
1177.130 |
|
Interest |
0.170 |
0.160 |
0.140 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1183.480 |
1294.060 |
1176.990 |
|
Depreciation |
152.690 |
134.120 |
128.180 |
|
Profit Before Tax |
1030.790 |
1159.940 |
1048.810 |
|
Tax |
279.650 |
295.840 |
271.490 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
751.140 |
864.100 |
777.320 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
751.140 |
864.100 |
777.320 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
5.530 |
5.770 |
20.590 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash generated from operating activities |
1945.190 |
1654.420 |
2811.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
100.71 |
96.22 |
74.68 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.62 |
3.79 |
4.89 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.69 |
1.38 |
1.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.11 |
0.12 |
0.09 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.12 |
0.13 |
0.10 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.15 |
0.19 |
0.22 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
5107.69 |
4402.68 |
1182.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
16.97 |
17.25 |
20.87 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
14.28 |
13.95 |
16.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
16.21 |
15.95 |
18.25 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
5.27 |
5.39 |
6.49 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
5.27 |
5.39 |
6.49 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.88 |
0.87 |
0.90 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.03 |
0.04 |
0.06 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
5.27 |
5.39 |
6.49 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 863.00/- |
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 |
800.000 |
800.000 |
800.000 |
|
Reserves & Surplus |
13405.660 |
14846.460 |
17344.140 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
14205.660 |
15646.460 |
18144.140 |
|
|
|
|
|
|
long-term borrowings |
26.190 |
26.910 |
21.710 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
20.590 |
5.770 |
5.530 |
|
Total
borrowings |
46.780 |
32.680 |
27.240 |
|
Debt/Equity
ratio |
0.003 |
0.002 |
0.002 |
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 |
12424.980 |
14471.360 |
17329.640 |
|
|
|
16.470 |
19.751 |
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 |
12424.980 |
14471.360 |
17329.640 |
|
Profit |
2592.970 |
2495.990 |
2940.320 |
|
|
20.87% |
17.25% |
16.97% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
800.000 |
800.000 |
|
(b) Reserves &
Surplus |
18192.630 |
15777.830 |
|
(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) |
18992.630 |
16577.830 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
21.710 |
26.910 |
|
(b) Deferred tax
liabilities (Net) |
110.750 |
0.000 |
|
(c) Other long term
liabilities |
19.740 |
0.000 |
|
(d) long-term provisions |
146.140 |
124.410 |
|
Total Non-current
Liabilities (3) |
298.340 |
151.320 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
|
(b) Trade payables |
1209.360 |
1599.320 |
|
(c) Other current
liabilities |
1391.070 |
1223.630 |
|
(d) Short-term provisions |
1572.330 |
1646.500 |
|
Total Current Liabilities
(4) |
4172.760 |
4469.450 |
|
|
|
|
|
TOTAL |
23463.730 |
21198.600 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
2768.360 |
2968.210 |
|
(ii) Intangible Assets |
2515.050 |
1325.150 |
|
(iii) Capital
work-in-progress |
48.470 |
23.640 |
|
(iv) Intangible assets
under development |
241.130 |
241.630 |
|
(v) Goodwill |
76.230 |
77.870 |
|
(b) Non-current
Investments |
2339.440 |
1469.290 |
|
(c) Deferred tax assets
(net) |
306.390 |
129.010 |
|
(d) Long-term Loan and Advances |
131.490 |
86.230 |
|
(e) Other Non-current
assets |
994.210 |
1519.230 |
|
Total Non-Current Assets |
9420.770 |
7840.260 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
4499.660 |
4914.360 |
|
(b) Inventories |
0.000 |
0.000 |
|
(c) Trade receivables |
4753.830 |
4275.490 |
|
(d) Cash and cash equivalents |
1509.630 |
1438.950 |
|
(e) Short-term loans and
advances |
14.000 |
9.120 |
|
(f) Other current assets |
3265.840 |
2720.420 |
|
Total Current Assets |
14042.960 |
13358.340 |
|
|
|
|
|
TOTAL |
23463.730 |
21198.600 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
28784.390 |
23123.310 |
|
|
Other Income |
958.450 |
772.880 |
|
|
TOTAL |
29742.840 |
23896.190 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost
of technical professionals |
1818.480 |
1586.630 |
|
|
Employees benefits
expense |
18008.150 |
14067.600 |
|
|
Other expenses |
4304.290 |
3554.000 |
|
|
TOTAL |
24130.920 |
19208.230 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
5611.920 |
4687.960 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.910 |
0.920 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
5611.010 |
4687.040 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1490.170 |
990.130 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
4120.840 |
3696.910 |
|
|
|
|
|
|
Less |
TAX |
992.080 |
923.920 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
3128.760 |
2772.990 |
|
|
|
|
|
|
Add |
OTHER COMPREHENSIVE INCOME |
(32.660) |
247.750 |
|
|
|
|
|
|
|
TOTAL PROFIT/ (LOSS) |
3096.100 |
3020.740 |
|
|
|
|
|
|
|
Earnings Per Share (INR) |
|
|
|
|
Basic |
37.68 |
34.74 |
|
|
Diluted |
37.68 |
34.66 |
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 |
Yes |
|
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 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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL HIGHLIGHTS
FOR 2016-17
The year 2016-17 saw continued growth momentum with revenue registering growth of 22% in USD terms and 24.5% in INR terms. The revenues for the year were INR 28784.390 Million (USD 429.01 Million) as compared to INR 23123.310 Million (USD 351.65 Million) in the previous year.
In order to address the market opportunities more effectively, the Company reorganized the operations into 4 Business Units effective from April 1, 2016, viz. Services Unit, Digital Unit, Alliance Unit and Accelerite Unit. The revenue contribution of each of these units for FY 2016-17 as a percentage of the Company revenue was as follows: Services Unit: 45.5%, Digital Unit: 16.3%, Alliance Unit: 29.4% and Accelerite Unit: 8.8%.
In terms of the customers served, the revenues from Outsourced Product Development business (also referred to as Independent Software Vendors business) contributed 43.5% of revenue (as compared to 52.4% in FY 2015-16), Enterprise customers contributed 28.5% (as compared to 26.5% in FY 2015-16) and IP led revenues contributed 28% (as compared to 21.1% in FY 2015-16). The significant increase in IP led business is contributed by the alliance for IBM watson IOT platform.
Revenue from Enterprise customers also registered significant growth led by the growth in digital business with the focus on platforms and solutions. The share of ISV business as a percentage of total revenue declined, though in absolute terms there was a marginal growth in revenues. In the ISV business, many large software product companies continued to realign their business models to address the competition from new players. This resulted in volatility limiting the growth opportunities.
The revenue contribution from the top customer increased to 28.3% as compared to 19.9% in FY 2015-16. Number of clients with more than USD 1 Million in annual revenues grew from 42 to 55 whereas number of clients with more than USD 3 Million in annual revenues reduced from 18 to 15, accounted mainly by ISV customers.
Coming to profitability, Earnings before interest, depreciation and amortization, exceptional item and tax was INR 4653.470 Million as compared to INR 3915.080 Million in FY 2015-16, registering an increase of 18.9%. In terms of percentage of revenue, the above works out to 16.2% for FY 2016-17 as compared to 16.9% in FY 2015-16. Depreciation and amortization amounted to INR 1490.170 Million as against INR 990.13 Million in FY 2015-16. The increase is mainly attributable to increase in amortization of acquired intangible rights. Other Income comprising mainly of the income on surplus fund investments amounted to INR 958.450 Million as compared to INR 772.880 Million.
Profit after tax amounted to INR 3014.650 Million as compared to INR 2772.990 Million in FY 2015-16, an increase of 8.7%. In terms of percentage of revenue, PAT was 10.5% of revenue as compared to 12% of revenue in FY 2015-16.
The outstanding hedges at the end of FY 2016-17 stood at USD 90 Million at an average rate of INR 70.67 per USD. Days’ Sales Outstanding (DSO) stood at 65 days at the end of FY 2016-17 as compared to 62 days at the end of FY 2015-16 primarily due to increase in business with enterprise customers.
Their dividend payout including the proposed dividend of INR 3 per share will be INR 9 per share as compared to INR 8 per share in the earlier year. The dividend payout ratio works out to 28.7% as compared to 27.8% in FY 2015-16.
The company was conferred with Asset Platinum Award 2016 in the annual The Asset Corporate Awards 2016’ for Excellence in overnance, CSR Investor Relations. This is the fifth year in a row that the company has secured the Asset Corporate Award.
The Annual Investor Day was held on December 16, 2016 at their Hinjewadi, Pune Campus where we showcased some of their offerings and solutions. They thank all their investors for taking time out for participating in this event.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
OUTLOOK
After seeing a slight dip in 2016, global IT spending is expected to increase by 1.4 % this year, according to recent research from Gartner. The Gartner worldwide IT spending forecast projects moderate to impressive growth in all leading sectors. Enterprise software will account for the biggest increases, at 5.5 %, followed by IT services at 2.3 %. Any expansion in technology spending will greatly depend on ever-shifting global political and economic conditions.
DIGITAL ALONG WITH
INTERNET OF THINGS (IOT) AND DATA CONTINUE TO LEAD
Digital Business and the Internet of Things continue to reshape the way humans and machines interact to enhance both business and their lives. Artificial Intelligence and machine learning have reached a critical tipping point and will increasingly augment and extend virtually every technology enabled service, thing or application. Systems can learn and change future behavior, leading to the creation of more intelligent devices and programs. The lines between the digital and physical world continue to blur creating new opportunities for digital businesses.
Digital disruptors have forced traditional businesses to overhaul their business models and allocate budget disproportionately to digital. The success of digital disruptors has also given rise to digital ecosystems that amplify the reach of the business. To take advantage of these ecosystems emerging in healthcare and financial services, Persistent has embarked on building a digital experiences platform that enables a convergence of data - in many cases IoT (sensor) data, Application Programming Interfaces (APIs) and digital experiences. Their belief is that enterprises, large and small, will embark on a continuous transformation by design to play in an increasingly software driven world, and become software driven businesses.
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G52657632 |
100120998 |
CITI BANK N.A. |
18/08/2017 |
- |
- |
350000000.0 |
Survey No 37/3 Ground Floor Onyx Tower,North Main Road, Koregaon Park,PuneMH411001IN |
|
2 |
G62499470 |
90087461 |
CITI BANK N.A. |
10/10/2005 |
30/10/2017 |
- |
150000000.0 |
Ground Floor, Onyx Tower, 37/3 Ghorpadi,North Koregaon Park, Main Road, PunePuneMH411001IN |
|
3 |
C81303505 |
90085601 |
Bank of India |
02/01/2001 |
02/03/2006 |
12/02/2016 |
108000000.0 |
PUNE MAIN BRANCH 8DR KOYAJI ROADPUNEMH411001IN |
|
4 |
A38827200 |
90093365 |
State Bank of India |
21/10/2005 |
09/10/2007 |
09/05/2008 |
200000000.0 |
Industrial Finance Branch, Pune,"Tara Chambers", Wakdewadi, Pune-Mumbai Road,PuneMH411003IN |
|
5 |
A24122988 |
90082724 |
BANK OF INDIA |
31/03/2001 |
13/08/2004 |
05/10/2007 |
130500000.0 |
PUNE CORPORATE BANKING BRANCHLIC BUILDING 6/7 SHIVAJINAGAR UNIVERSITY ROADPUNEMH411005IN |
|
6 |
A14768790 |
80005823 |
EXPORT IMPORT BANK OF INDIA |
25/10/2005 |
- |
25/04/2007 |
300000000.0 |
WORLD TRADE CENTRE COMPLEX CUFF PARADEMUMBAIMH400005IN |
|
7 |
A13605944 |
80005829 |
EXPORT IMPORT BANK OF INDIA |
01/12/2004 |
- |
04/04/2007 |
400000000.0 |
WORLD TRADE CENTRE COMPLEXCUFF PARADEMUMBAIMH400005IN |
|
8 |
Y10174688 |
90089667 |
SINDICATE BANK |
30/07/1991 |
- |
28/10/1991 |
0.0 |
SHIVAJI NAGAR BRANCHPUNEMH411005IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans |
|
|
|
Indian rupee loan from others |
25.710 |
30.280 |
|
Interest accrued but not due on term loans |
1.530 |
2.40 |
|
Less: Current maturity of long-term borrowings transferred to other current liabilities |
(4.580) |
(4.580) |
|
Less: Current maturity of interest accrued but not due on term loan transferred to other current financial liabilities |
(0.950) |
(1.190) |
|
Total |
21.710 |
26.910 |
|
The term loans from Government departments have the following terms and conditions: Loan I - amounting to INR 10.92 million (March 31, 2016 INR 13.64 million / April 1, 2015 INR 15.06 million) with interest payable @ 2% per annum guaranteed by a bank guarantee by the Company and repayable in ten equal semiannual installments over a period of five years commencing from March 2016. Loan II - amounting to INR 14.79 million (March 31, 2016 INR 16.64 million / April 1, 2015 INR 29.83 million) with Interest payable @ 3% per annum repayable in ten equal annual installments over a period of ten years commencing from September 2015. |
||
NATURE OF OPERATIONS
The “Company is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956 (the “Act”). The shares of the Company are listed on Bombay Stock Exchange and National Stock Exchange. The Company is a global company specializing in software products, services and technology innovation. The Company offers complete product life cycle services.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
DECEMBER 2017
(INR In Million)
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from
operations |
4300.090 |
4374.910 |
12947.440 |
|
Other Operating Income |
252.120 |
365.500 |
993.570 |
|
Total income from operations (net) |
4552.210 |
4740.410 |
13941.010 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
512.420 |
566.980 |
1671.800 |
|
Employee benefits expense |
2252.990 |
2239.020 |
6637.480 |
|
Depreciation and Amortization Expenses |
128.180 |
134.120 |
414.990 |
|
Other Expenses |
609.670 |
640.190 |
1976.730 |
|
Finance Costs |
0.140 |
0.160 |
0.470 |
|
Total expenses |
3503.400 |
3580.470 |
10701.470 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
1048.810 |
1159.940 |
3239.540 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
1048.810 |
1159.940 |
3239.540 |
|
Tax expenses |
271.490 |
295.840 |
846.980 |
|
Net Profit / (Loss) from ordinary activities after tax |
777.320 |
864.100 |
2392.560 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
777.320 |
864.100 |
2392.560 |
|
Comprehensive Income |
39.440 |
(79.390) |
(59.570) |
|
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates |
816.760 |
784.710 |
2332.990 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 10/-each) |
800.000 |
800.000 |
800.000 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of INR 10/- each (not
annualized): |
- |
- |
- |
|
(a) Basic |
9.72 |
10.80 |
29.91 |
|
(b) Diluted |
9.72 |
10.80 |
29.91 |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41
OF THE LISTING
AGREEMENT FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 2017
|
Particulars |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
|
1. Segment Revenue |
|
|
|
|
Service |
3320.230 |
3325.670 |
9883.770 |
|
Digital |
1744.370 |
1590.170 |
4647.780 |
|
Alliance |
2341.490 |
2081.760 |
6547.130 |
|
Accelerite (Products) |
512.810 |
614.920 |
1732.890 |
|
Total |
7918.900 |
7612.520 |
22811.570 |
|
2. Less : Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
3. Net Sales |
7918.900 |
7612.520 |
22811.570 |
|
|
|
|
|
|
4. Segment Result |
|
|
|
|
Profit before tax and
interest from each segment |
|
|
|
|
Service |
1371.950 |
1297.620 |
3917.430 |
|
Digital |
552.130 |
525.380 |
1487.850 |
|
Alliance |
926.010 |
657.090 |
2282.030 |
|
Accelerite (Products) |
176.860 |
283.030 |
714.210 |
|
Total |
3026.950 |
2763.120 |
8401.520 |
|
5. Less : Interest |
0.140 |
0.160 |
0.470 |
|
6. Less: Other Allowable |
2044.410 |
1984.740 |
5988.940 |
|
7. Un Allocable Income |
192.760 |
336.340 |
897.010 |
|
Profit from ordinary
activities before tax |
1175.160 |
1114.560 |
3309.120 |
|
8. Segment Assets |
|
|
|
|
Service |
|
|
2241.340 |
|
Digital |
|
|
1319.910 |
|
Alliance |
|
|
758.470 |
|
Accelerite (Products) |
|
|
685.350 |
|
Unallowable |
|
|
20926.480 |
|
Total |
|
|
25931.550 |
NOTE:
1. The audited financial statements for the quarter and nine months ended December 31, 2017, have been taken on record by the Board of Directors at its meeting held on January 27, 2018 as recommended by the Audit Committee at its meeting held on January 25, 2018. The Statutory Auditors have expressed an unqualified audit opinion.
2. The Company adopted Indian Accounting Standards (Ind AS) from April 1, 2016 and accordingly these financial results 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.
3. The Board of Directors at its meeting held on January 27, 2018 declared an interim dividend of INR 7 per share on the face value of INR 10 each for the Financial Year 2017-18.
4. Dr. Anant Jhingran is appointed as an Additional Director (Independent Member) w.e.f. November 21, 2017.
5. Mr. Mritunjay Singh resigned as executive director w.e.f. November 24, 2017.
6. Mr. Sunil Sapre has been inducted on the Board of Directors and has been designated as an Additional Director (Executive Director and Chief Financial Officer) with immediate effect.
7. Figures for the previous periods/year have been regrouped wherever necessary to conform to current period presentation.
Contingent
liabilities
The contingent liabilities as on March 31, 2017 were INR 452.15 million (previous year INR Nil).
The Company has received a show cause notice from Commissioner of Service Tax on December 19, 2016 for non-payment of service tax of INR 452.15 million under import of services on reverse charge basis, excluding interest and penalty if applicable. The issue relates to the professional and technical services rendered by overseas subsidiaries on behalf of the Holding Company to its overseas customers for the period 2011-12 to 2014-15.
The Company, based on independent legal opinion obtained in respect of issues related to this matter, believes that the liability is not likely to arise and therefore, no provision is considered necessary in the financial statements. The Holding Company has filed a reply to this show cause notice. If this show cause notice results in a demand, there will be no impact on the profitability as the Holding Company will be eligible to claim credit for the amount paid.
As on March 31, 2017, the pending litigations in respect of direct taxes amount to INR 156.72 million and in respect of indirect taxes amount to INR 33.68 million (excluding the show cause received from Commissioner of Service Tax on December 19, 2016 for non-payment of service tax of INR 452.15 million under import of services on reverse charge basis as mentioned above). Based on the advice obtained and judgments in favour of the Company at the first appellate authority in the earlier years, the Group’s management does not expect any outflow in respect of these litigations.
FIXED ASSETS:
Tangible assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Computers
·
Office Equipment’s
·
Plant and Equipment
·
Leasehold Improvements
·
Furniture and fixtures
·
Vehicles
Intangible assets
·
Software Acquired
·
contractual rights
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 64.66 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVD |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
MTN |
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.