BLACK FOX FINANCIAL PVT LTD

BSE NSE CMP: INR 113.50

Stock Info

Annual Report 2016 IN

Equity Shares (Cr) 2.97

52-Week Range (INR) 140.62 /61.20

M.Cap. (INR Cr) 375.91 In Cr.

Book Value 108.14

Face Value 10.00

Financials Snapshot (INR Cr)

Y/E Mar 2014 2015 2016

Sales In (Cr) 451 492 625

EBITDA 42.88 35.74 62.05

Rep. PAT 80.74 24.48 38. 5 2

Rep.EPS (INR) 27.49 8.32 13.08

Adj. PAT 80.74 24.48 38.52

P/B (INR) 1.11 1.13 1.17

RoE (%) 11.11 9.99 14.38

RoCE (%) 21.62 24.27 26.24

Payout (%) 0.0 0.00 0.00

Valuations

P/E (x) ---- --- 8.66

P/BV (x) ---- ---- 1.17

EV/EBITDA (x) ---- ---- 4.19

Div. Yield (%) 0.0 0.0 0.0

Company Sanpshot: The Company was incorporated as a private limited company under the name

and style “Leading Edge Systems Private Limited” on 25 March 1986 with the

Registrar of Companies, Maharashtra.

Trigyn Technologies is an innovative solutions provider and systems integrator

that has been in business for 30 years with more than 1,500 resources

deployed today. The company location is in the United States, Canada, Europe,

India, Africa and the Far East. Trigyn provides IT Staffing, Consulting, Solutions,

Systems Integration, Digital Marketing and other services to its clients.

Trigyn's partnerships with leading technology platform vendors that include

Microsoft, IBM, Oracle and TIBCO®. Trigyn is a registered software reseller with

Redington, one of the leading value added distributors in the Asia-Pacific

region.

Trigyn is the authorized partner for IBM's Smarter Cities program, that aims to

provide sustainable and innovative solutions to address the unique challenges

faced by cities and governments across the globe.

Trigyn is the established Oracle Gold partner, Trigyn Technologies aims to serve

clients worldwide with its proven capabilities and service offerings like

Application Development & Maintenance, Consulting, Upgrade for Oracle

Fusion Middleware, Oracle Database, Business Process Management, Cloud

Applications etc.

Trigyn continues to strengthen its relationships with its partners and looks to

build new partnerships with emerging technology companies in areas of

enterprise content management, mobility, information security and those with

a niche focus on vertical domains such as government, financial services, e-

governance, healthcare, and engineering, procurement and construction.

Main Objects of the Companym - To carry on the business of designing,

developing, selling, installing and maintaining all kinds of Computer software

and hardware on Home, Personal, Micro, Mini and Mainframe computer

systems for the domestic and Software export market.

To act as engineering, technical, financial and management consultants and to

advice and assist on all aspects of industrial management or activity and to

make evaluations, feasibility studies, project reports, forecasts and surveys and

to give expert advice and suggest ways and means for improving efficiency in

power plants, chemical, petrochemical plants, steel and iron manufacturing

and processing industries, plants of all other kinds, factories and industries of

all kinds and supply to and to provide, maintain and operate service facilities,

convenience, bureaus and the like for the benefit of any person, company,

corporate body, firm, trust, association, society, organisation whatsoever.

15 March 2017 Update | Sector: IT & Software

Trigyn Technology

Trigyn Technology

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DETAILS OF DIRECTOR - Mr. R. Ganapathi is the Chairman and Executive Director of Trigyn Technologies Limited. He is an IIT, Madras graduate with a B.Tech Degree. He is also a fellow of the Indian Institute of Foreign Trade. He gained rich experience while working with Bharat Heavy Electricals Ltd. He is actively involved in execution of welfare projects undertaken by Rotary Clubs and was Governor of Rotary International. He has a marketing consultancy firm in the areas of power projects and power transmission. He is also associated with software training. Among others he is also on the Board of Orient Green Power Limited and IL&FS Technologies Limited. He is also the Vice President of Southern India Chamber of Commerce and Industry.

COMPANY’S PERFORMANCE - During the year under review on a standalone basis your company achieved Total Revenue of Rs.15,290.59 Lakhs as compared to Rs.15,000.35 lakhs in the previous year. The net profit on standalone basis stood at Rs.179.31 lakhs as compared to Rs. 2.24 lakhs in the previous year. During the year under review on a consolidated basis your company achieved Total Revenue of Rs.62,540.79 Lakhs as compared to Rs.49,289.34 lakhs in the previous year. The net profit on consolidated basis stood at Rs.3,851.73 lakhs as compared to Rs.2,447.52 lakhs in the previous year. For the year ended March 31, 2016 on standalone basis EPS stood at Rs.0.6089/- and on Consolidated basis EPS stood at Rs.13.08/-.

SUBSIDIARY COMPANIES - The Company has 3 subsidiaries as on March 31, 2016. There are no associate companies, There has been no material change in the nature of the business of the subsidiaries. 1. Trigyn Digital Inc. (Canada) (step-down subsidiary). It is a subsidiary of Trigyn Technologies Inc. which is a wholly-owned subsidiary of Trigyn Technologies Limited.Trigyn Digital Inc. was incorporated on January 27, 2015 and was wound up on April 14, 2016.

Sr. No

Name And Address Of The Company

CIN/GLN

Holding/ Subsidiary /Associate

%of shares held

Applicable Section

1

Trigyn Technologies (India) Private Limited

U74999MH1996PTC100198

Subsidiary

100%

2(87)

2

Leading Edge Infotech Limited

U72200MH1996PLC101095

Subsidiary

100%

2(87)

3

Trigyn Technologies Inc. U.S.A.

Not applicable

Subsidiary

100%

2(87)

4

Trigyn Digital Inc., Canada Not applicable Subsidiary (step-down)

100% 2(87)

FOREIGN EXCHANGE EARNING/OUTGO - FOREIGN EXCHANGE EARNING/OUTGO The foreign exchange earnings of your Company during the year were Rs. 1,472,708,786/- (Previous year Rs.1,488,697,928/-), while the outgoings were Rs.1,113,484,857/-(Previous year Rs. 1,206,261,959/-)

Managed Services - Trigyn’s Managed Services offerings provide a host of benefits to our clients, including: • Project Management and Business Analysis. • Architecture, Design, Development and Quality Assurance. • Helpdesk and Network Support • Network & Infrastructure Design • ERP Technical and Functional (SAP & Oracle) • UX/UI and Usability The Company continues to add to its portfolio of clients in the International Governments, Non-Governmental, State and Local Governments and Commercial sectors.

Industry Outlook - The Indian IT-BPM sector continues to be one of the largest employers in the country directly employing nearly 3.5 million professionals, adding over 2,30,000 employees (Source: Nasscom). Trigyn is well positioned to continue to grow along with the industry. It has also been widely reported in the past from several multi nationals with multi-country operations as well as syndicated analysts comparing the various sourcing locations that India offers the best “bundle” of benefits being sought by the global sourcing industry. Industry Alliances - Trigyn has established partnership with the leading technology companies like Microsoft, EMC2 , TIBCO® and IBM. Trigyn believes in a partner ecosystem that creates value for its clients through innovative solutions focused on making a difference, and in assisting its clients in achieving their vision, goals and organization objectives. The industry alliances provide a robust foundation to provide the best-of-the-breed solutions to cater to the increasing demands from clients for value added services around the software and solutions from OEM vendors. Trigyn shall focus on partnering with emerging software solution vendors who wish to establish base in the India sub-continent and tap the potential in niche areas. Furthermore, Trigyn is an evangelist for open-source and promotes these solutions to clients where these deliver value and unique proposition.

Trigyn Technology

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Risks and Concerns – The revenue growth and profitability of the business of Trigyn is subject to the following: • Changes in the domestic and international economic and business conditions. • Commoditization of the Offshore Software Services business. • Foreign exchange rate fluctuations. • Success in expanding the global operations through direct sales force and indirect distribution. • Economic downturn impacting our customers. • Activities of our competitors. • Allocation and availability of resources. Based on the preceding factors, the Company could experience a shortfall in revenues or earnings or fail to meet the public market expectations, which could materially and adversely affect the business operations, financial condition and market price of the Company’s shares on the stock market.

SHARE CAPITAL – Authorised As at March 31, 2016 As at March 31, 2016 35,000,000 (35,000,000) equity shares of Rs. 10/- each 350,000,000 350,000,000 5,000,000 (5,000,000) preference shares of Rs. 10/- each 50,000,000 50,000,000 Issued, subscribed and fully paid-up 400,000,000 400,000,000 29,445,736 (29,420,736) equity shares of Rs. 10/- each fully paid-up 294,457,360 294,207,360 Reconciliation of number of shares – As at March 31, 2016 As at March 31, 2015

Number of Shares Amount Rs. Number of Shares Amount Rs. Balance as at the beginning of the year 29,420,736 2 294,207,360 29,370,736 293,707,360 293,707,360 On exercise of Employee stock options 25,000 250,000 250,000 500,000 Balance as at the end of the year 29,445,736 294,457,360 29,420,736 294,207,360

Opportunities - Trigyn is well positioned to leverage the expanding human capital at its disposal through its unique global footprint anchored by its Offshore Development Center (ODC) in Mumbai, India. Trigyn has made impressive progress over the past few years on a number of fronts to ensure its continued growth. Trigyn has a stable operating management team which averages over 5 years with the Company and 15-20 years of industry experience. It has tenaciously and deliberately moved to ensure that its business is derived from multiple sources including Offshore Development, Managed Services and Staff Augmentation, as well as across diverse geographies such as the US, Europe, Africa and Asia. It has worked hard to ensure that a number of the critical business functions are serviced by resources in its ODC and has integrated the cultures across its operations.

Threats- The business revenues are sourced predominantly from the US market. Given the prolonged economic impact in this market, Trigyn’s business could be adversely impacted. This impact could also be felt by the State and Local Governments, as these entities are negatively impacted by a loss of tax revenues and institute budget cuts for resources and postpone or cancel projects. Another area of concern for the Company is the increasing level of competition across the IT services industry. With a shrinking number of client dollars and more competitors chasing these dollars, the threat to revenue and equally as significant, profit margins, become ever more likely.

Trigyn Technology

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Trigyn Technology

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Trigyn Technology

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CORPORATE ANNOUNCEMENT AND BLOCK DEAL :.

Trigyn Technologies Limited Wins IBM Business Partner Recognition Award (May 20, 2016) - Trigyn Technologies Limited has won Client Value Innovation Award 2016 from IBM India Pvt. Limited, at recently held IBM Business Partner Leadership Conference in Mumbai.

This award recognizes Trigyn’s outstanding contribution and leadership in delivering innovative solutions and client value leveraging IBM’s solution portfolio.

Trigyn joins Smart Cities Council, India as Associate Member (May 26, 2016) - Trigyn Technologies Limited has joined the Smart Cities Council, India Chapter as Associate member. Trigyn has built competencies over the recent two years in system integration, managed services and implementation of solutions for Unified Command & Control Centre, that is an integral part of Smart City Solutions. Smart Cities Council India (SCCI) aims to provide all stakeholders the relevant information about the Smart Cities development in India. Trigyn's Centre of Excellence focuses on Smart Cities Solutions encompassing Unified Command & Control Centre, Internet of Things (IoT), Smart Utilities, Security & Surveillance.

Trigyn under a Contract with an Israeli Defence Company successfully enters FOC stage (Apr 14, 2016) - Trigyn Technologies Inc., a wholly-owned subsidiary of Trigyn Technologies Limited is operating under a contract with a leading Israeli Defense company to provide technology services including the operations and maintenance of surveillance technology equipment. This defense company develops, produces and markets unmanned aircraft and is one of the largest supplier of unmanned aircraft in Israel and one of the leading UAV companies in the world. Trigyn successfully completed the Initial Operational Capability (IOC) stage and now operating in the Final Opera tional Capability (FOC) stage of the project.

Trigyn Awarded – Microsoft SharePoint Application Support Contract (Dec 01, 2015) - New York, NY. Trigyn Technologies has been awarded a Microsoft SharePoint Application Support Contract to provide Level 1, 2 a nd 3 SharePoint Support Services, on a 24X7 basis, by a major global Entertainment Company.

MOU with Iris Corporation Berhad, Malaysia (Nov 23, 2015) - We are pleased to inform you that during the visit of Hon’ble Prime Minister of India Shri Narendra Modi in Malaysia, an MOU has been signed between Trigyn Technologies Limited (Trigyn) and IRIS Corporation Berhad, Malaysia, inter alia to engage in the following areas of Implementation: Smart Card Solutions for Transportation and Logistics, Automated Fare Co llection, Passenger Baggage Verification System; etc.

Trigyn Technology

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Financial Statement (Consolidated)

Income Statement : P/L

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016

Sales 194.62 234.55 273.94 348.32 451.71 492.89 625.41 683.98

Expenses 184.13 220.12 262.16 326.11 408.83 457.15 563.36 610.65

Operating Profit 10.49 14.43 11.78 22.21 42.88 35.74 62.05 73.33

OPM 5.39 6.15 4.30 6.38 9.49 7.25 9.92 10.71

Other Income 1.98 33.18 5.22 2.99 56.78 5.75 1.80 0.34

Interest 0.40 0.35 0.43 0.50 0.72 0.70 1.21 1.07

Depreciation 1.03 0.96 1.00 0.82 0.78 0.64 0.54 0.59

Profit before tax 11.04 46.22 15.57 23.88 98.15 40.16 62.09 72.01

Tax 1.47 4.06 4.82 8.23 17.42 15.69 23.58 28.63

Net Profit 9.57 42.16 10.74 15.65 80.74 24.48 38.52 43.36

EPS (unadj) 3.61 15.11 3.66 5.33 27.49 8.32 13.08

Balance Sheet : Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016

Share Capital 26.50 27.90 29.35 29.35 29.37 29.42 29.45 29.45

Reserves -3.06 37.43 51.94 68.79 193.00 217.86 262.34 262.34

Borrowings 0.79 0.43 0.49 0.52 0.00 0.00 0.00 0.00

Other Liabilities 58.36 29.50 33.95 41.45 48.96 51.39 57.62 57.62

Total Liabilities 82.59 95.26 115.73 140.11 271.33 298.67 349.39 349.41

Fixed Assets 2.31 1.66 1.73 1.67 91.76 90.92 90.97 90.97

CWIP 0.00 0.02 0.02 0.02 0.00 0.00 0.00 0.00

Investments 0.01 0.01 0.01 0.01 0.31 0.31 0.31 0.31

Other Assets 80.27 93.57 113.97 138.41 179.26 207.44 258.13 258.13

Total Assets 82.59 95.26 115.73 140.11 271.33 298.67 349.39 349.41

Trigyn Technology

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Cash Flow Statement:

Trigyn Technology :

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016

Mar 2016Cash from Operating Activity -5.76 -4.11 -1.21 -4.48 0.04 51.89

Cash from Investing Activity 6.73 -7.15 0.77 2.24 4.53 5.08

Cash from Financing Activity 1.26 1.68 -0.46 -0.62 -2.36 -1.19

Net Cash Flow 2.23 -9.58 -0.90 -2.86 2.21 55.78

Trigyn Technology

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DISCLAIMER

Disclosure of interest statement 1. Analyst ownership of the stocks mentioned above No

2.Served as an officer, director No