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MIRA INFORM REPORT
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Report No. : |
509426 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
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Name : |
KPIT TECHNOLOGIES LIMITED (w.e.f 25.07.2013) |
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Formerly Known
As : |
KPIT CUMMINS INFOSYSTEMS LIMITED |
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Registered
Office : |
Plot No.35 and 36, Rajiv Gandhi Infotech Park, Phase 1, MIDC
Hinjewadi, Pune 411057, Maharashtra |
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Tel. No.: |
91-20-66525000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
28.12.1990 |
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Com. Reg. No.: |
11-059594 |
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Capital
Investment / Paid-up Capital : |
INR 376.390 Million |
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CIN No.: [Company Identification
No.] |
L72200PN1990PLC059594 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject provides Software development, global IT
consulting and Product Engineering solutions to its clients, predominantly in
Automotive and Transportation, Manufacturing and Energy and Utilities
verticals, it also engaged in the production of Integrated Systems, under
product solutions vertical. (Registered Activity) |
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No. of Employees
: |
9395 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate 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 is engaged in providing information technology innovative products and solutions for manufacturing, automotive and transportation, energy and utilizes sectors. The company’s services include development, maintenance and support of software applications and risk management.
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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
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating : AA- |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
07.05.2018 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating : A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
07.05.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 16.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON COOPERATIVE (91-20-6652500)
LOCATIONS
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Registered Office / Head
Office/ Corporate Office : |
Plot No.35 and 36, Rajiv Gandhi Infotech Park, Phase 1, MIDC
Hinjewadi, Pune 411057, Maharashtra, India |
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Tel. No.: |
91-20-66525000 |
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Fax No.: |
91-20-66525001 |
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E-Mail : |
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Website : |
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Pune SEZ Unit I : |
SEZ Unit-I, 3rd Floor, IT-3 Building Qubix Business Park Private Limited - SEZ, Plot No. 2, Blueridge Township, Rajiv Gandhi Infotech Park, Phase-I, Hinjawadi, Pune - 411 057, Maharashtra, India |
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Pune Phase III |
SEZ Unit, Plot-17, Rajiv Gandhi Infotech Park, MIDC-SEZ, Phase-III, Hinjawadi, Pune – 411057, Maharashtra, India |
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Tel. No.: |
91-20-6652 5000 |
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Fax No.: |
91-20-6652 5001 |
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Bengaluru SEZ Unit
II : |
Unit-II, Plot B, Campus 5B, 9th Floor, RMZ Ecoworld Infrastructure Private Limited, SEZ, Devarabeesanahalli Village, Sarjapur Outer Ring Road, Bengaluru -560103, Karnataka, India |
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Tel No.: |
91-80-66066262 |
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Bengaluru STPI: : |
Ground Floor, “Right Wing” SY#18/2B, Ambalipura Village, Sarjapur Road, Bellandur gate, Bengaluru East Taluk, Bengaluru - 560103, Karnataka, India |
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Tel No.: |
91-80-6606 6202 |
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Bengaluru SEZ: : |
No. 20 and 21, RMZ Ecoworld Infrastructure Private Limited - SEZ, Sarjapur Outer Ring Road (Near Intel Campus), Devarabeesanahalli, Bengaluru-560 103, Karnataka, India |
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Tel No.: |
91-80-3028 7500 |
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Fax No.: |
91-80-3026 0503 |
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Pune SEZ Unit III : |
SEZ Unit-III, Ground and 1st Floor, IT-9, Plot No. 2,
Blueridge Township, |
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Mumbai Unit IT-III |
Unit IT-3, SDF VII, Seepz SEZ, Andheri (East), Mumbai-400 096, Maharashtra, India |
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Tel No.: |
91-22-2829 6200 |
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Fax No.: |
91-22-2829 0126 |
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Mumbai Custom Wing Unit: |
Custom Wing Unit, Seepz SEZ, Andheri (East), Mumbai 400 096, Maharashtra, India |
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Tel No.: |
91-22-2829 6200 |
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Fax No.: |
91-22-2829 0126 |
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Software
Development Centers: |
Located At
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Overseas Offices : |
Located At
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DIRECTORS
As on 31.03.2017
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Name : |
Mr. Kishor Parshuram Patil |
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Designation : |
Managing Director |
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Address : |
Dwarka, Plot 15, Tejas Cooperative Housing Society, Kothrud, Pune - 411038, Maharashtra, India |
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Date of Appointment : |
28.12.1990 |
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Qualification : |
B. Com, FCA, AICWA |
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DIN No.: |
00076190 |
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Name : |
Mr. Shashishekhar Balkrishna Pandit (Ravi) |
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Designation : |
Whole-Time Director |
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Address : |
Pracheeti, S-43/1, Behind Hotel Chaitraban, Paud Road, Bavdhan Kurd, Pune - 411021, Maharashtra, India |
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Date of Appointment : |
28.12.1990 |
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DIN No.: |
00075861 |
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Name : |
Mr. Sachin Dattatraya Tikekar |
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Designation : |
Whole-Time Director |
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Address : |
150, Grant Street, Ridgewood Nj - 07450, United States of America |
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Date of Appointment : |
20.10.2011 |
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DIN No.: |
02918460 |
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Name : |
Prof. Alberto Sangiovanni Vincentelli |
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Designation : |
Director |
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Address : |
200 Tunnel Road, Berkeley - 94705, United States of America |
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Date of Appointment : |
30.04.2012 |
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DIN No.: |
05260121 |
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Name : |
Mr. Anant Jaivant Talaulicar |
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Designation : |
Director |
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Address : |
1901, Floor-19, Sterling Tower, Harishchandra, Goregaonkar Marg, Gamdevi Lane, Grant Road, Mumbai - 400007, Maharashtra, India |
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Date of Appointment : |
21.10.2014 |
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DIN No.: |
00031051 |
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Name : |
Klaus Hermann Blickle |
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Designation : |
Additional Director |
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Address : |
Heidelsteinstr. 2 Kuenzell Germany Kuenzell 36093 |
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Date of Appointment : |
24.01.2018 |
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DIN No.: |
07958326 |
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Name : |
Ms. Lila Firoz Poonawalla |
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Designation : |
Director |
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Address : |
Fili Villa S.No.23, Baner Road, Balewadi, Pune - 411045, Maharashtra, India |
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Date of Appointment : |
30.05.2008 |
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DIN No.: |
00074392 |
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Name : |
Nickhil Harshavardhan Jakatdar |
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Designation : |
Additional Director |
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Address : |
425 Rinconada Court Los Altos California 94022 United States |
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Date of Appointment : |
24.01.2018 |
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DIN No.: |
05139034 |
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Name : |
Mr. Subbu Venkata Rama Behara |
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Designation : |
Director |
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Address : |
142/A, Twin Towers, Prabhadevi, Mumbai - 400025, Maharashtra, India |
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Date of Appointment : |
29.04.2013 |
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DIN No.: |
00289721 |
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Name : |
Mr. Adi Jehangir Engineer |
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Designation : |
Director |
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Address : |
A-8, Salisbury Apartments, 55/2, Salisbury Park, Gultekdi, Pune - 411037, Maharashtra, India |
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Date of Appointment : |
22.10.2013 |
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DIN No.: |
00016320 |
KEY EXECUTIVES
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Name : |
Mr. Anil Kashinath Patwardhan |
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Designation : |
Chief Financial Officer |
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Address : |
Flat No. A-1/51, Dahanukar Residency, Kothrud, Pune - 411038, Maharashtra, India |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
ABFPP1704L |
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Name : |
Ms. Sneha Prashant Padve |
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Designation : |
Secretary |
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Address : |
C-702, Samrat Swastik Co-operative Society, Pune - Solapur Road, Opposite Shankar Math, Hadapsar, Pune - 411028, Maharashtra, India |
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Date of Appointment : |
21.10.2014 |
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PAN No.: |
AEVPP7162B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON MARCH 2018
|
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 |
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(A) Promoter & Promoter Group |
37391122 |
18.93 |
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(B) Public |
152122929 |
77.02 |
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(C) Non Promoter-Non Public |
7984691 |
4.04 |
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Grand Total |
197498742 |
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) |
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A1) Indian |
0.00 |
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Individuals/Hindu undivided
Family |
8440430 |
4.27 |
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Mr. Shashishekhar Pandit |
430500 |
0.22 |
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Ms. Nirmala Pandit |
239000 |
0.12 |
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Mr. Chinmay Pandit |
38620 |
0.02 |
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Mr. Kishor Patil |
2989080 |
1.51 |
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Mr. Anupama Patil |
122330 |
0.06 |
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Mr. Shrikrishna Patwardhan |
1100000 |
0.56 |
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Mr. Ajay Bhagwat |
2636800 |
1.34 |
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Ms. Ashwini Bhagwat jointly held
with Mr. Ajay Bhagwat |
43300 |
0.02 |
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Mr. Sachin Tikekar |
840800 |
0.43 |
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Any Other (specify) |
28910692 |
14.64 |
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Proficient Finstock LLP |
28609782 |
14.49 |
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K and P Management Services
Private Limited |
300910 |
0.15 |
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Sub Total A1 |
37351122 |
18.91 |
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A2) Foreign |
0.00 |
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Individuals (Non Resident
Individuals/ Foreign Individuals) |
40000 |
0.02 |
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Hemlata Shende |
40000 |
0.02 |
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Sub Total A2 |
40000 |
0.02 |
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A=A1+A2 |
37391122 |
18.93 |
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) |
|
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B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
11705046 |
5.93 |
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Idfc Sterling Equity Fund |
3646935 |
1.85 |
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Aditya Birla Sun Life Trustee
Private Limited A/C Aditya Birla Sun Life Pure Value Fund |
2395500 |
1.21 |
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Alternate Investment Funds |
195792 |
0.10 |
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Foreign Portfolio Investors |
91134186 |
46.14 |
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Fidelity Puritan Trust-Fidelity
Low-Priced Stock Fund |
8669250 |
4.39 |
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New Horizon Opportunities
Master Fund |
6500000 |
3.29 |
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Acacia Partners, LP |
4800000 |
2.43 |
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Acacia Institutional Partners,
LP |
4597575 |
2.33 |
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Government Pension Fund Global |
3742135 |
1.89 |
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Acacia Conservation Fund LP |
3430056 |
1.74 |
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Vanguard Emerging Markets Stock
Index Fund, ASeries of Vanguard International Equity Index Fund |
3043362 |
1.54 |
|
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Acacia Banyan Partners |
2757184 |
1.40 |
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Fidelity Northstar Fund |
2600000 |
1.32 |
|
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Vanguard Total International
Stock Index Fund |
2376222 |
1.20 |
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LSV Emerging Markets Equity
Fund LP |
2248700 |
1.14 |
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Financial Institutions/ Banks |
33584 |
0.02 |
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Insurance Companies |
365000 |
0.18 |
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Any Other (specify) |
3184394 |
1.61 |
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Foreign Mutual Fund |
3184394 |
1.61 |
|
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Sub Total B1 |
106618002 |
53.98 |
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B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
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Central Government/ State
Government(s)/ President of India |
165974 |
0.08 |
|
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Sub Total B2 |
165974 |
0.08 |
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B3) Non-Institutions |
0 |
0.00 |
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Individual
share capital upto INR 0.200 Million |
20089947 |
10.17 |
|
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Individual
share capital in excess of INR 0.200 Million |
8617727 |
4.36 |
|
|
Ashish Kacholia |
3525000 |
1.78 |
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Any Other (specify) |
16631279 |
8.42 |
|
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Trusts |
5575 |
0.00 |
|
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Foreign Nationals |
147070 |
0.07 |
|
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HUF |
659250 |
0.33 |
|
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Others |
538120 |
0.27 |
|
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Non-Resident Indian (NRI) |
1374430 |
0.70 |
|
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Non-Resident Indian (NRI) |
1058177 |
0.54 |
|
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Clearing Members |
751139 |
0.38 |
|
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Market Maker |
6541 |
0.00 |
|
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Bodies Corporate |
12090977 |
6.12 |
|
|
Bengal Finance & Investment
Pvt. Ltd. |
5000000 |
2.53 |
|
|
Rajasthan Global Securities
Private Limited |
3087805 |
1.56 |
|
|
Sub Total B3 |
45338953 |
22.96 |
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B=B1+B2+B3 |
152122929 |
77.02 |
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 |
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C2) Employee Benefit Trust |
0 |
0.00 |
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Employee Benefit Trust |
7984691 |
4.04 |
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Sub Total C2 |
7984691 |
4.04 |
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C= C1+C2 |
7984691 |
4.04 |
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(1) PAN would not be displayed on website of Stock Exchange(s). (2) The above format needs to disclose name of all holders holding more than 1% of total number of shares (3) W.r.t. the information pertaining to Depository Receipts, the same may be disclosed in the respective columns to the extent information available, |
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BUSINESS DETAILS
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Line of Business : |
Subject is provides Software development, global IT consulting
and Product Engineering solutions to its clients, predominantly in Automotive
and Transportation, Manufacturing and Energy and Utilities verticals, it also
engaged in the production of Integrated Systems, under product solutions
vertical.
(Registered Activity) |
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Products/ Services : |
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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 : |
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 : |
9395 (Approximately) |
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Bankers : |
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Facilities : |
NOTE: LONG TERM
BORROWINGS (i) The ECB loan consist of loan secured by pari passu charge over Company’s Land and Building located at Plot No. 35, 36 & 45, MIDC area of Rajiv Gandhi Infotech Park, Phase I, Hinjawadi excluding charge over R&D Centre developed in the premises. The term loan carries interest rate of 6 months LIBOR + 220 basis points. The ECB loan is repayable in eight equal semi-annual installments of USD 2.5 million each upto November 2017. The principal amount of loan outstanding as at the Balance Sheet date is USD 5 million. (ii) The ECB loan consist of loan secured by pari passu charge over Company’s Land and Building located at Plot No. 17, Rajiv Gandhi Infotech Park, Phase III, Hinjawadi. The term loan carries interest rate of 6 months LIBOR + 160 basis points. The ECB loan is repayable in eight equal semi-annual installments of USD 2.5 million each, with a moratorium of 1 year, upto March 2021. The principal amount of loan outstanding as at the Balance Sheet date is USD 20 million. (iii) Other term loans from bank are secured against fixed assets obtained under the loan arrangement. The loan carries interest upto 10.10% p.a. and is repayable in equated monthly installments of INR 0.280 million each upto October 2020. (iv) Term loan from other than banks is secured by way of first and exclusive charge on fixed assets acquired under the loan arrangement. The loan is repayable in two equal installments of INR 8.700 million each, upto May 2017. (v) Term loan from others than banks consist of unsecured loan, carrying interest rate of 3%. The repayment of loan will start from October 2018 upto October 2027. (VI) information about the Company’s exposure to interest rate risk, foreign currency risk and liquidity risk SHORT-TERM
BORROWINGS (i) The above loan is secured by way of first charge by way of hypothecation of Company’s entire book debts, both present and future, on pari passu basis, carrying an average interest rate upto 6 months LIBOR plus 1% p.a. (ii) The loan carried interest rate upto 6 months LIBOR plus 0.75% p.a. This loan was repaid during the year. (iii) the invoices raised by the Company are discounted with Bankers which are unsecured by nature. (iv) The loan from others than banks is secured by way of firth and exchange charge on fixed assets acquired under the loan arrangement. The loan is repayable in four equal installations of INR 13.030 million east, upto May 2017. (v) Information about the Company’s exposure to interest rate risk, foreign currency risk and liquidity risk. |
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Auditors : |
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Name : |
BSR and Company LLP Chartered Accountants |
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Address : |
5th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Tel. No: |
91-22-43455300 |
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Fax. No: |
91-22-43455399 |
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Legal Advisors |
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Name : |
AZB and Partners |
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Address : |
Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India |
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Memberships : |
-- |
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Collaborators : |
- |
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Subsidiary Companies (Direct Holding) : |
·
KPIT Technologies (UK) Limited ·
KPIT Infosystems Incorporated, USA ·
KPIT Technologies France ·
KPIT (Shanghai) Software Technology Co. Limited,
China ·
KPIT Technologies Netherlands B.V ·
SYSTIME Computer Corporation, USA ·
KPIT Infosystems ME FZE, Dubai ·
Impact Automotive Solutions Limited |
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Subsidiary Companies (Indirect Holding) : |
·
KPIT Technologies GmbH, Germany (Through KPIT
Technologies (UK) Ltd) ·
KPIT Medini Technologies AG (Through KPIT
Technologies GmbH, Germany) ·
KPIT Solutions GmbH (Through KPIT Technologies
GmbH, Germany) ·
CPG Solutions, LLC USA (merged w.e.f 1 January
2016 with KPIT Infosystems Incorporated, USA) ·
Sparta Consulting Inc., USA (Through KPIT
Infosystems Incorporated, USA) ·
KPIT Technologies Soluções EM Informática Ltda.
(Through KPIT Infosystems Incorporated, USA) ·
Integrated Industrial Information Inc. (merged
w.e.f 1 January 2016 with KPIT Infosystems Incorporated, USA) ·
MicroFuzzy KPIT TECHOLOGIA LTDA, Brazil (Through SYSTIME Computer Corporation, USA)
·
KPIT Technologies Corporation (Through SYSTIME
Computer Corporation, USA) ·
MicroFuzzy Industrie-Elektronic GMBH (w.e.f. 01
December 2016 (Through KPIT
Techologies GMBH, Garmany) |
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Enterprise over which KMP has significant influence : |
·
KP Corporate Solutions Limited ·
Kirtane and Pandit LLP ·
Proficient FinStock LLP |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
625000000 |
Equity Shares |
INR 2/- each |
INR 1250.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
188193398 |
Equity Shares |
INR 2/- each |
INR 376.390
Million |
|
|
|
|
|
Reconciliation of the number of equity shares outstanding
at the beginning and at the end of the year:
|
|
31.03.2017 |
|
|
Particulars |
Number of Shares |
INR In Million |
|
At the beginning of the year |
187826334 |
375.65 |
|
Add: Shares issued on exercise of employee stock options |
367064 |
0.74 |
|
Less : Shares held by KPIT Technologies Limited Employee Welfare Trust |
- |
- |
|
Outstanding at the end of the year |
188193398 |
376.39 |
The Company has only one class of shares referred to as equity
shares having a par value of INR 2. Each shareholder of equity shares is
entitled to one vote per share
Number of equity
shares held by each shareholder holding more than 5% shares in the Company are
as follows:
|
Name of
Shareholders |
31.03.2017 |
|
|
|
Number of Shares |
% of shares held |
|
Proficient Trading and Investment Private Limited |
28609782 |
14.49% |
|
Warhol Limited |
19483674 |
9.86% |
Aggregate number of equity shares allotted as fully paid up by way of bonus shares for the period of five years immediately preceding the Balance Sheet date 88971438 (Previous year 88971438).
FINANCIAL DATA
[all figures are
in 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 |
376.390 |
375.650 |
376.130 |
|
(b) Reserves & Surplus |
13366.810 |
11815.620 |
10351.640 |
|
(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) |
13743.200 |
12191.270 |
10727.770 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
985.310 |
1653.310 |
628.080 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
266.350 |
249.880 |
205.320 |
|
Total Non-current
Liabilities (3) |
1251.660 |
1903.190 |
833.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1876.290 |
553.810 |
3489.310 |
|
(b) Trade
payables |
588.760 |
492.250 |
648.370 |
|
(c) Other
current liabilities |
1547.650 |
1645.910 |
1313.620 |
|
(d) Short-term
provisions |
192.260 |
127.120 |
112.990 |
|
Total Current
Liabilities (4) |
4204.960 |
2819.090 |
5564.290 |
|
|
|
|
|
|
TOTAL |
19199.820 |
16913.550 |
17125.460 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1917.460 |
1794.510 |
1443.540 |
|
(ii)
Intangible Assets |
435.550 |
498.850 |
505.190 |
|
(iii)
Capital work-in-progress |
735.540 |
76.590 |
34.460 |
|
(iv)
Intangible assets under development |
524.290 |
254.240 |
75.370 |
|
(b) Non-current Investments |
5538.960 |
5156.410 |
4942.610 |
|
(c) Deferred tax assets (net) |
502.960 |
430.510 |
390.990 |
|
(d) Long-term Loan and Advances |
118.680 |
78.140 |
848.740 |
|
(e) Other
Non-current assets |
736.640 |
627.540 |
434.380 |
|
Total Non-Current
Assets |
10510.080 |
8916.790 |
8675.280 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
777.680 |
0.000 |
590.340 |
|
(b)
Inventories |
74.990 |
307.240 |
207.660 |
|
(c) Trade
receivables |
5005.650 |
3648.210 |
4690.910 |
|
(d) Cash
and cash equivalents |
1380.290 |
2198.040 |
1805.720 |
|
(e)
Short-term loans and advances |
686.990 |
1107.050 |
257.920 |
|
(f) Other
current assets |
764.140 |
736.220 |
897.630 |
|
Total
Current Assets |
8689.740 |
7996.760 |
8450.180 |
|
|
|
|
|
|
TOTAL |
19199.820 |
16913.550 |
17125.460 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
13223.230 |
12641.020 |
12457.47 |
|
|
Other Income |
159.400 |
276.910 |
227.56 |
|
|
TOTAL
|
13382.630 |
12917.930 |
12685.030 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
233.030 |
141.040 |
841.080 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
6.610 |
(8.010) |
2.830 |
|
|
Employees benefits expense |
7965.400 |
7175.020 |
6636.810 |
|
|
Excise Duty |
27.590 |
22.460 |
0.000 |
|
|
Other expenses |
2370.730 |
2403.570 |
2574.430 |
|
|
TOTAL |
10603.360 |
9734.080 |
10055.150 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2779.270 |
3183.850 |
2629.880 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
85.390 |
106.420 |
221.550 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2693.880 |
3077.430 |
2408.330 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
711.440 |
583.660 |
694.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1982.440 |
2493.770 |
1714.030 |
|
|
|
|
|
|
|
Less |
TAX |
289.500 |
462.090 |
193.590 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1692.940 |
2031.680 |
1520.440 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic |
8.83 |
10.62 |
8.02 |
|
|
Diluted |
0.47 |
10.17 |
7.62 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
From Banks |
646.390 |
330.620 |
309.330 |
|
From Others |
8.150 |
9.190 |
6.370 |
|
Total
|
654.540 |
339.810 |
315.700 |
|
Cash generated from operations |
1817.470 |
4202.370 |
3670.820 |
|
Net cash from operating activities |
1259.620 |
3598730 |
2894.050 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3RD
Quarter |
|
Net Sales |
3131.600 |
3514.530 |
3777.140 |
|
Total Expenditure |
2792.860 |
2999.180 |
3041.160 |
|
PBIDT (Excl OI) |
338.740 |
515.350 |
735.980 |
|
Other Income |
141.120 |
113.310 |
20.790 |
|
Operating Profit |
479.860 |
628.660 |
756.770 |
|
Interest |
11.260 |
11.600 |
10.860 |
|
Exceptional Items |
25.550 |
NA |
NA |
|
PBDT |
494.150 |
617.060 |
745.910 |
|
Depreciation |
166.150 |
166.070 |
172.710 |
|
Profit Before Tax |
328.000 |
450.990 |
573.200 |
|
Tax |
49.570 |
75.800 |
86.700 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
278.430 |
375.190 |
486.470 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
278.430 |
375.190 |
486.470 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
138.17 |
105.34 |
137.44 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.64 |
3.46 |
2.66 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
922.19 |
1273.90 |
281.37 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
37.06 |
10.36 |
12.66 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.77 |
1.21 |
1.28 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
0.30 |
0.28 |
0.38 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.26 |
0.21 |
0.41 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.31 |
0.23 |
0.52 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.26 |
0.22 |
0.19 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
32.55 |
29.92 |
11.87 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin (PAT / Sales) * 100) |
% |
12.80 |
16.07 |
12.21 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.82 |
12.01 |
8.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.32 |
16.67 |
14.17 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.07 |
2.84 |
1.52 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
2.05 |
2.73 |
1.48 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.72 |
0.72 |
0.63 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
9.34 |
6.78 |
11.79 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.07 |
2.84 |
1.52 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 260.00/- |
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 |
376.130 |
375.650 |
376.390 |
|
Reserves & Surplus |
10351.640 |
11815.620 |
13366.810 |
|
Net worth |
10727.770 |
12191.270 |
13743.200 |
|
|
|
|
|
|
Long-term borrowings |
628.080 |
1653.310 |
985.310 |
|
Short term borrowings |
3489.310 |
553.810 |
1876.290 |
|
Current Maturities of
Long term debt |
315.700 |
339.810 |
654.540 |
|
Total borrowings |
4433.090 |
2546.930 |
3516.140 |
|
Debt/Equity ratio |
0.413 |
0.209 |
0.256 |
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 |
12457.470 |
12641.020 |
13223.230 |
|
|
|
1.473 |
4.606 |
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 |
12457.470 |
12641.020 |
13223.230 |
|
Profit/ (Loss) |
1520.440 |
2031.680 |
1692.940 |
|
|
12.21% |
16.07% |
12.80% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
376.390 |
375.650 |
|
(b) Reserves & Surplus |
|
15448.240 |
13478.730 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(d) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
(2) Minority Interest |
|
16.860 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
15841.490 |
13854.380 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
985.380 |
1657.360 |
|
(b) Deferred tax liabilities
(Net) |
|
0.110 |
0.180 |
|
(c) Other long term
liabilities |
|
131.670 |
70.730 |
|
(d) long-term provisions |
|
579.250 |
515.550 |
|
Total
Non-current Liabilities (3) |
|
1696.410 |
2243.820 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2216.910 |
498.090 |
|
(b) Trade payables |
|
1311.060 |
1183.940 |
|
(c) Other current liabilities |
|
3830.990 |
3816.350 |
|
(d) Short-term provisions |
|
316.780 |
235.080 |
|
Total
Current Liabilities (4) |
|
7675.740 |
5733.460 |
|
|
|
|
|
|
TOTAL |
|
25213.640 |
21831.660 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2073.770 |
1933.550 |
|
(ii) Intangible Assets |
|
517.870 |
521.210 |
|
(iii) Capital work-in-progress |
|
737.820 |
77.450 |
|
(iv) Intangible assets under
development |
|
638.320 |
282.960 |
|
(v) Goodwill Consolidation |
|
4116.810 |
3846.990 |
|
(b) Non-current Investments |
|
10.350 |
117.550 |
|
(c) Deferred tax assets (net) |
|
963.160 |
954.920 |
|
(d) Long-term Loan and
Advances |
|
156.350 |
125.600 |
|
(e) Other Non-current assets |
|
1367.720 |
1189.590 |
|
Total
Non-Current Assets |
|
10582.170 |
9049.820 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
777.680 |
0.040 |
|
(b) Inventories |
|
433.490 |
380.040 |
|
(c) Trade receivables |
|
7843.390 |
6860.870 |
|
(d) Cash and cash equivalents |
|
3901.810 |
3953.270 |
|
(e) Short-term loans and
advances |
|
93.880 |
119.500 |
|
(f) Other current assets |
|
1581.220 |
1468.120 |
|
Total
Current Assets |
|
14631.470 |
12781.840 |
|
|
|
|
|
|
TOTAL |
|
25213.640 |
21831.660 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
33233.610 |
32264.080 |
|
|
Other Income |
|
206.600 |
281.850 |
|
|
TOTAL |
|
33440.210 |
32545.930 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
360.130 |
172.270 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(104.020) |
(38.100) |
|
|
Employees benefits expense |
|
20905.250 |
19334.990 |
|
|
Excise Duty |
|
33.150 |
21.170 |
|
|
Exceptional Items |
|
(260.910) |
112.980 |
|
|
Other expenses |
|
8552.770 |
8431.450 |
|
|
TOTAL
|
|
29486.370 |
28034.760 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
|
3953.840 |
4511.170 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
135.980 |
165.410 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
3817.860 |
4345.760 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
826.640 |
691.250 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
2991.220 |
3654.510 |
|
|
|
|
|
|
|
Less |
TAX |
|
605.730 |
845.480 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
|
2385.490 |
2809.030 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
12.44 |
14.69 |
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 |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW
The Company is a public company incorporated under the Companies Act, 1956 and its shares are listed on the National Stock Exchange and Bombay Stock Exchange. The Company's registered office is in Pune and it has subsidiaries across geographies. Most of the revenue is generated from the export of services. The Company provides Software Development, global IT consulting and Product Engineering solutions to its clients, predominantly in Automotive and Transportation, Manufacturing and Energy and Utilities verticals. The Company is also engaged in the production of Integrated Systems, under product engineering solutions vertical.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL OUTLOOK
The year gone by, 2016, was another mixed year for global markets. There were several events which impacted economies all over the world for good and at the same time for bad. The year started on a sketchy note with risk assets selling off, oil falling to $ 28 per barrel and growing investor concerns regarding China devaluing its currency. This was followed by UK voting to leave EU (Brexit) and Mr. Donald Trump winning the US presidential elections. However, the major impact of these economic and geopolitical changes would largely be felt during calendar 2017 and thus 2017 is not expected to be a big improvement on 2016. On the technology front, the key disruptive trends for 2016 Include augmented and virtual reality, artificial intelligence, data visualization, blockchain and crypto-tech and IoT. These trends are expected to mature further and become more prominent, going into the next year. Augmented and visual reality: Previously it was considered as a set of consumer gaming technologies, however the perception changed in 2016 with many companies searching for ways to make data accessible and easier to understand. The benefits of these technologies are not restricted to some specific industries but could be used across organizations and roles such as viewing digital dashboards for knowledge workers or providing a digital overlay that displays equipment health to a factory manager. Automotive manufacturers are also using AR / VR to improve product designs.
Artificial Intelligence (AI): 2016 saw this technology evolving in a big manner and in 2017 it is expected to just get bigger. There is a significant increase in its expected to just get bigger. There is a significant increase in its investment and adoption were using AI in 2016. This is expected to grow up to 62% by 2018. Another research has predicted the investments in AI to grow by more than 300% in 2017 as compared to 2016. It is expected that the marked for AI will grow from $8 billion in 2016 to $ 47 million in 2020. A lot of technological research is going on to make their machines better and over the next few years we could be approaching human level intelligence with these systems.
Data Visualization: Regarding Big Data, one of the most important aspect is the ability to properly interpret and analyze the gathered data and draw meaningful conclusions. Many companies have sprung up to aggregate, project, visualize and interpret data on behalf of non-professional data analysts to make Big Data little more practical for businesses. Blockchain - Blockchain is a specialized way of sending, receiving and processing information, which made it the ideal way to track the “crypto currency” of BitCoin. In 2017, blockchain technology will be further developed and adopted by innovative manufacturing companies. This can prove to be a secure approach to creating more agile supply chains that can automatically negotiate and close new financial and supply side partnership deals, ensure IP protection, provide trusted proof of product provenance and certification, and ratify material traceability and transparency. IOT: As per popular estimates, the total Iot market size in 2015 was around $900 million, growing up to $3.7 billion by 2020 with CAGR of 32.6%. The Iot market is expected to grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020. Iot has been well adapted across industries like manufacturing, distribution including asset management, logistics, supply chain management and marketing.
INDUSTRY TRENDS:
Digital technology has taken over their focus industries, be it manufacturing, automotive or energy & utilities. The manufacturing industry has continued to push through the fourth industrial revolution known as industry 4.0. New
technologies like Cybersecurity, advanced materials, 3D printing, predictive analytics and collaborative robots were some of the most commonly discussed topics within the industry during 2016. During CY2017, these technologies are expected to become more advanced.
As manufacturers adopted connectivity and became more
dependent on digital infrastructure for their day-to-day operations, they also exposed themselves to new business risk in the form of cyber threats. There is a need to make these systems more secure as any such attack will bring the business to a standstill. Therefore, cyber security would be a crucial area of investment by manufacturers during 2017. 3D printing already soared high during last year and calendar 2017 could see its adoption on a large scale. New additive manufacturing systems and materials have made their way into manufacturers’ facilities across the world. As the selection of materials continues to expand and the accuracy of these machines improve, industrial manufacturers are starting to realize the huge potential of this technology. It helps in the manufacturing operations by ensuring less materials and weight coupled with overall cost savings. Predictive analytics is another area wherein manufacturers are still in the early stages of adoption. This area could see a big uptick during calendar 2017.
Through the entire network of connected machines, manufacturers can utilize predictive analytics to monitor and analyze their manufacturing processes. The software will analyze the data uploaded by the machine and immediately notify management or the maintenance staff of any potential disturbances, thereby reducing the probability of stoppage of work. It could be used to ensure timely maintenance of machines and equipments, with less troubleshooting, no stoppages and overall more efficiency by adopting predictive analytics, manufactures can do away with preventative maintenance schedules which greatly increase the amount of uptime. In advanced robotics technology, the trend that caught maximum interest from manufacturers is Collaborative robots, which offer the unique benefit of an automated system with the ability to work alongside human employees.
New safety standards have been put in place for them. This will lead to Co-bots of all kinds to be a widely-used technology, for manufacturers. In life sciences industry, the global healthcare spend is expected to increase significantly to reach $8.7 trillion by 2020. This growth is expected to be driven by increasing demand from an ageing population and the prevalence of chronic diseases. As we enter CY2017, the industry is looking at cost pressures, regulatory challenges, changed political environments and emerging consumer behavior. The R&D budgets are shrinking for companies and there is also the pressure to maintain or reduce their cost. To optimize cost, companies are increasing operational efficiency through digital supply network. On the regulatory front, the key focus areas during the year would be cybersecurity, drug and device safety, IP protection, managing the menace of counterfeit drugs and corruption. Consumer engagement has greatly increased in this sector with increase in data and information access, mobile applications and personal health devices.
Pharma companies are collaborating with consumers, using data analytics to provide better tools and detailed information about the drugs they are using. Data analytics is helping companies at various functional levels like R&D, commercial, risk and compliance and supply chain. Cloud computing has helped life sciences companies to modernize their business processes and this year the adoption will be higher leading to transformation within the industry. In the automotive industry, some of the major trends that will be particularly visible during 2017 include in-car connectivity, shared transportation, open source 3D printing for better costs and driverless cars. For the new set of consumers in this industry, digital capabilities are becoming a key differentiator. A premium range of apps and digital functions are now expected as standard, with the latest models still selling primarily on power and weight. Many new regulations and mandates by government across the globe by 2018 are on the top of the mind of auto manufacturers. In the US, it will be mandatory to have a rear-view camera. For most manufacturers, rear cameras are already a priority. By 2017, 80 % of all manufactured cars will have one. Back-up cameras are included on around half of all new cars sold in the US today. Wi-Fi hotspots in vehicles are becoming a standard, with 20% of car manufacturers planning to provide WLAN hotspots in vehicles in 2017.
Their smart devices are getting connected to the in-car infotainment systems thus facilitating many innovative features for the users like playing multimedia content simultaneously, with more than 5 devices. Augmented reality solutions are expected to play an important role during this year, starting with smart head-up displays and infotainment displays followed by apps for repair shops. With growing connectivity and more data available, the predictive analytics tools will also play a pivotal role in dealing with cost pressures, competition, globalization, market shifts and volatility. They could provide real time insights about customer preferences to Original Equipment Manufacturers (OEMs) thus helping them manage their production schedules, marketing, inventory and supply chain in a more organized manner. They could also help consumers through cheaper insurance for safe drivers to fewer break downs also helping eventually for the vehicle to last longer. With growing vehicular traffic and pollution on the rise, the concept of e-hailing and networking for car pools is garnering a lot of interest. It is expected that going forward a part of private vehicle sales will decline but the case for shared vehicles will go up. Thus, auto companies have also started to collaborate outside their traditional market space and looking for ways to make new profit from such disrupting trends. 3 D printing in automotive industry is expected to become big this year in areas such as basic car construction as its cost effectiveness will challenge today’s fundamental car designing. Through 3D printing the industry could build cars with solid chassis with an outer body designed for a single crash which could be replaced later cost effectively while leaving the basic vehicle structure in place. This could disrupt the concept of accident repair. The concept of autonomous vehicles is going steady in the automotive ecosystem with various tests being conducted for technology features like self-parking and adaptive cruise. These technologies could be soon made available across a wide range of new vehicles by almost every OEM. Another example which will be a step forward in this direction is high profit trial of technologies like platooning in which convoy of driverless vehicles follow each other to reduce congestion on heavy traffic roads.
The global spending in oil & gas is expected to increase in 2017 For the first time in 2 years. As per estimates, global investment in the exploration and production of oil and gas will rise by 3% next year, to US $450 billion. 2017 is presenting new set of opportunities for the energy industry as organizations need to balance budget cuts and reduced headcounts and extract more value from the existing opportunities. The industry considers digitization as the way forward. The use of fossil fuels will continue to grow alongside renewables. Digital tools will help the industry get more out of wind and solar, and software will help new and existing fossil fuel plants become more efficient. As per estimates, global IT spending in the Oil & Gas industry Will be worth $48.5 billion by 2020. A key growth driver will be the enhanced efficiency of all resources. New technologies such as Internet of Things (IoT) have become more affordable. This enables not only the big companies but also smaller firms to transform their Enterprise Asset Management systems and increase uptime. With their early adoption of sensor technology, the industry has been collecting large volumes of data. This will help them to build smarter financial models like consumption and performance based pricing, rather than rigid fees. With unpredictability prevailing in this sector, the companies have reduced their spending on large scale maintenance and asset modification but have not stopped operating and are therefore looking at effective use of reduced headcounts and contingent labour.
Agile technologies with application based approach including modules for operational planning, crew rotation and workforce scheduling is therefore the need of the hour. There is an increasing maintenance gap being created particularly in offshore environment due to less resources. Drone technology can help in this scenario as an inspection Solution to inspect remote and difficult to reach on-land assets or offshore rigs. This data can be then integrated with backbone asset management and workforce management software to schedule relevant maintenance actions. Overall, organizations with leaner IT systems and emerging technologies are well placed to adapt new business strategies to grow their share in the market. There is a big increase in the use of analytics within operation business units, enables by a flexible digital strategy through resorting to the cloud. Globally, in the utility industry, the demand for energy, water and transportation resources is outpacing the available supply.
Consumers are facing increasing prices and fewer choices of energy sources from their utilities. To meet these demands, the industry is moving from centralized to decentralized energy production, conventional of renewable energy, fixed to flexible resources, electrification of transportation systems and from passive to active customers. Customer engagement is a very critical trend which involves providing relevant and timely information to customers for better management of their energy consumption. There is also the rise of energy prosumer i.e. set of customers who take control of their own energy management including generation via Distributed Energy Resources (DER). Companies are now adhering to various channels, using mobile, digital or social media to offer customized services to consumers by bridging the communication gap and improving the overall customer experience. Increasing customer expectations along with digitally aware workforce is also pushing utilities to make investments in technologies delivered to their crews in the field and operators in the plants. Utilities are moving to high speed communication infrastructure to meet real-time data requirements. They are exploring ways to improve situational awareness through head up displays and wearables. This provides means for workforce to interconnect within the utility, just like social media platforms. Various utility systems like AMI, CIS, OMS are capturing vast amount of customer and operational data, which is being built into focused analytics use
cases for ultimate consumer benefit. Cloud based applications will gain more acceptance as reliability, availability and performance is demonstrated by early adopters. Cybersecurity concerns will require utilities and providers to demonstrate adequacy of their systems and procedures. (Data Source: Industry Reports)
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans repayable on
demand |
|
|
|
Working capital loans from banks |
0.000 |
334.320 |
|
Total |
0.000 |
334.320 |
CONTINGENT
LIABILITIES:
(INR in Million)
|
PARTICULARS |
31.03.2017 |
|
Outstanding Bank Guarantees in Routine Course of Business |
176.750 |
|
Corporate guarantee provided by the Company for loan availed by KPIT Infosystems Incorporated, USA |
648.390 |
|
Corporate guarantee provided by the Company for loan availed by KPIT Infosystems ME FZE, UAE |
64.840 |
|
Corporate guarantee provided by the Company for loan availed by KPIT Technologies UK Limited |
80.880 |
|
Income Tax Matters |
5.250 |
|
VAT Matters |
1.750 |
|
Service Tax Matters |
737.250 |
INDEX OF CAHREGS:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G68891803 |
100137676 |
The Hongkong and Shanghai Banking Corporation Limited |
07/11/2017 |
- |
- |
1340000000.0 |
11th Floor,Building 3,NESCO-IT Park,NESCO ComplexWestern Express Highway, Goregaon (East)MumbaiMH400063IN |
|
2 |
B36569275 |
10346280 |
HDFC BANK LIMITED |
28/02/2012 |
- |
- |
100000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
3 |
C00336628 |
10278505 |
DBS Bank Ltd |
18/03/2011 |
28/02/2014 |
- |
200000000.0 |
3 Salarpuria WindsorUlsoor RoadBangaloreKA560042IN |
|
4 |
B77088896 |
10281271 |
KOTAK MAHINDRA BANK LIMITED |
02/03/2011 |
23/05/2013 |
- |
100000000.0 |
36-38A, NARIMAN BHAVAN, 227,D,NARIMAN POINT,MUMBAIMH400021IN |
|
5 |
B05080783 |
10264749 |
ICICI BANK LIMITED |
29/12/2010 |
- |
- |
50000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
6 |
A72962897 |
10184801 |
AXIS BANK LIMITED |
29/09/2009 |
- |
- |
100000000.0 |
1262/B, STERLING PLAZA, DECCAN GYMKHANA,JANGLI MAHARAJ ROAD,PUNEMH411004IN |
|
7 |
B37725348 |
10144950 |
BNP Paribas |
24/02/2009 |
09/04/2012 |
- |
130000000.0 |
Unit No.5, Godrej Millenium, 9 Koregaon ParkPuneMH411001IN |
|
8 |
C21894068 |
10138363 |
Citi Bank N.A. |
06/01/2009 |
27/08/2014 |
- |
680000000.0 |
First floor, Onyx tower,Near Westin hotel, North Main road, Koregaon park,PuneMH411001IN |
|
9 |
C04262481 |
10003689 |
The Hongkong and Shanghai Banking Corporation Limited |
25/05/2006 |
14/03/2014 |
- |
700000000.0 |
Amar Avinash Corporate Ciy. Sector No.11Bund Garden RoadPuneMH411001IN |
|
10 |
B88784624 |
90088639 |
State Bank of India Industrial Finance Branch Pune |
04/08/2003 |
05/10/2013 |
- |
790000000.0 |
Tara Chambers,2nd floor,Near Mariaaipolice ChowkyOld Pune Mumbai Highway,WakdewadiPuneMH411003IN |
FIXED ASSETS
- Land
- Buildings
- Plant and
Equipments
- Furniture and
Fixture
- Vehicles
- Office
Equipments
- Software
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE
MONTHS DECEMBER 31, 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 |
3777.140 |
3514.530 |
10423.270 |
|
Other Operating Income |
7.280 |
113.310 |
261.710 |
|
Total income from operations (net) |
3784.420 |
3627.840 |
10684.980 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
2.420 |
26.820 |
33.800 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
0.640 |
(14.540) |
(14.580) |
|
Employee benefits expense |
2318.710 |
2352.860 |
6790.920 |
|
Depreciation and Amortization Expenses |
172.710 |
166.070 |
504.930 |
|
Other Expenses |
705.880 |
634.040 |
2008.920 |
|
Finance Costs |
10.860 |
11.600 |
33.720 |
|
Excise Duty |
0.000 |
0.000 |
0.630 |
|
Total expenses |
3211.220 |
3176.850 |
9358.340 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
573.200 |
450.990 |
1326.640 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
573.200 |
450.990 |
1326.640 |
|
Tax expenses |
86.730 |
75.800 |
186.550 |
|
Net Profit / (Loss) from ordinary activities after tax |
486.470 |
375.190 |
1140.090 |
|
Extraordinary item (net of tax expense) |
-32.960 |
52.090 |
70.170 |
|
Net Profit / (Loss) for the period |
519.430 |
323.100 |
1069.920 |
|
Comprehensive Income |
|
|
|
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates |
519.430 |
323.100 |
1069.920 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 2/-each) |
378.030 |
377.150 |
378.030 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of INR /- each
(not annualized): |
- |
- |
- |
|
(a) Basic |
2.53 |
1.95 |
5.93 |
|
(b) Diluted |
2.45 |
1.89 |
5.73 |
Note:
- The above unaudited standalone financial results have been reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors in their respective meetings held on January 24, 2018. These unaudited standalone financial results have been prepared in accordance with the Indian Accounting Standards ("Ind- A5") as specified under 5eclion 133 of the Companies Act, 2013 read with Rule 3 Of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting 5tandards) Amendment Rules, 2016 and provisions of the Companies Act, 2013.
- The Statutory Auditors of the Company have conducted a limited review of the above standalone financial results of the Company for the quarter and nine months ended December 31, 2017, An unqualified opinion has been issued by them thereon
- where financial results contain both consolidated financial results and standalone financial results of the parent, segment information is required to be presented only in the consolidated financial results. Accordingly, segment information has been presented in the consolidated financial results.
- Exceptional items for the nine months ended December 31, 2017 represents gain on sale of Company's entire investment in Sankalp Semiconductors Private Limited.
- Previous period's figures have been regrouped / reclassified wherever necessary to conform with the current period's classification / disclosure.
WEBSITE:
PRESS RELEASE:
KPIT, BIRLASOFT TO MERGE AND SPLIT INTO TWO
PUBLICLY-TRADED COMPANIES
Jan 30, 2018:
CK Birla Group-owned
Birlasoft and KPIT Technologies will merge together to create a
$700-million company, which will then split into two publicly-traded companies,
a complex procedure that will create two specialised IT players.
Birlasoft and KPIT promoters will launch an open offer
for KPIT’s minority shareholders. Birlasoft will first merge with KPIT and then
split the combined company into two units — a $500-million enterprise digital
IT services company and a $200-million company focused on automotive
engineering and mobility solutions.
KPIT, which is publicly listed, said its board approved the plan of
amalgamation with Birlasoft and the demerger of its engineering business
into KPIT Engineering (KEL).
Under the terms of the deal, shareholders of Birlasoft will receive 22
equity shares of the combined company for every nine shares they
hold. After the demerger of KPIT’s engineering business, shares of KPIT
Engineering will be listed and shareholders of KPITBirlasoft will receive one
share of KEL for each share they hold.
After this is complete, the promoters of the erstwhile KPIT Technologies plan
to acquire sole and substantial holding in KEL from Birlasoft’s promoters, they
said in a filing to the BSE.
The plan is subject to approval by stock exchanges and shareholders.
The digital IT services company will be called Birlasoft and run by CEO Anjan
Lahiri and the automotive engineering company will be called KPIT Technologies
and will be run by Kishor Patil.
“With this, Birlasoft will expand its industry leading capability in enterprise
solutions with unmatched digital capability. They will become the leading
‘Enterprise Digital’ company in the country that will advise its customers in
unlocking value in their digital journey,” Amita Birla, chairman of Birlasoft,
said.
KPIT’s chairman also stressed on the need for specialisation in the company’s
automotive engineering niche. “They will be focused on building the KPIT brand
as the foremost organisation in the world for automotive engineering and
mobility solutions. The world of automotive and mobility are at the cusp of
great change and they are excited to be at the technology forefront in this
global movement. While transitioning the “Business IT Services” business to
Birlasoft in the next year, our team will continue to work with Birlasoft to
ensure the best service to the KPIT Business IT customers,” Ravi Pandit,
chairman of KPIT, said.
Kotak Investment Banking advised CK Birla and Birlasoft, while
Avendus Capital advised KPIT.
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 67.53 |
|
|
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
PYK |
|
|
|
|
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.