KBSL_eGovernance Sector Report

8/14/2019 KBSL_eGovernance Sector Report

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e - Governance: taking off will fly high 08th February, 2010
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Executive Summary:

eGovernment sector in India is still in its nascent stage and we strongly believe that it hasvery high growth potential. It would not be wrong to suggest a multifold growth in its size givethe fact that the country still ranks 113th in the world on the eGovernance readiness inde(2008).

Moreover, taking the clues from the developed nations, we think that if India has to maintain growth trajectory then the public sector has to play a pivotal role and it is only possible eGovernance is given prime importance, so that the reforms reaches out to the masses.

The areas in which eGovernment will improve efficiency ,reduce red tapism and thus promogrowth are:

o Separation between the service provider (civil servant) and the service receiver (citizen) and recording of transactions on computers closing down several doors that might open possibilities for irregular payments illegal transactions

o Availing information easily at the finger tips of businesses and citizens making them more aware of their rightso The new model for government procurement would increase transparency in request for proposals an

quotations (RFP and RFQ, respectively)o Availability of citizen polling on all local government portals will start a new era of citizen participation in t

decision making process

Indian government has recently announced to spend Rs 4,500 Crore on e-Panchayat, whicagain is a strong boost for the sector

Based on our analysis of the sector and its immense growth potential we believe that the sector offers a gooinvestment opportunity. Thus, we recommend the under mentioned stocks which are leaders in theGovernance space and should be added to an investment portfolio with a 3-5 year time horizon.

Stocks CMP Recommendation

ABM Knowledgeware 47.45 BUY

Vakrangee Softwares 66.50 BUY

Tera Softwares Ltd 37.40 BUY


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What is e-Government?

e-Government (short for electronic government, also known as e-Gov, digital government, onlingovernment or transformational government) is a diffused neologism used to refer to the use of informatioand communication technology to provide and improve government services, transactions and interactionwith citizens, businesses, and other arms of government.

E-government can contribute significantly to the process of transformation of the government towards a leanemore cost-effective government. It can facilitate communication and improve the coordination of authorities different tiers of government, within organizations and even at the departmental level. Further, government caenhance the speed and efficiency of operations by streamlining processes, lowering costs, improving researcapabilities and improving documentation and record-keeping.

The primary delivery models of e-Government can be divided into:

Government-to-Citizen or Government-to-Customer (G2C)

Government-to-Business (G2B)

Government-to-Government (G2G)

Government-to-Employees (G2E)

Wide opportunities to extend e-governance services i n Indian government

The extent of computerization in Indian Government is abysmally low when compared to other developecountries like US, UK, Singapore etc. The huge multi tier nature of Indian Government offers widopportunities for any company capable of offering proven solutions with desirable results. The different MissioMode Projects (MMP) spelt out by Central Government and by State Government in the National Governance Plan (NeGP) are at different stages of implementation. Some of the MMPs are MunicipalitieProperty Registration, E-District, Unique Identity, Pension etc.

The appointment of an industry icon like Nandan Nilekani by the Prime Minster to head the ambitioUnique Identity Authority has underlined the importance attached by the Union Government to create the mofundamental and core infrastructure required for e-Government.

E-gov has very high potential considering that it is still at a relatively nascent stage and evolving. In thbackground, a high budget/reliable client like Govt offers a long term growth potential with solid consistencIt also offers a choice of tapping market in commonwealth countries where the government processes woube similar to those in India, having been laid down by British Govt. of those times.


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E-Governance Readiness Data 2008 (Selected Countries)

Country Internet (Per 100 Users) E-Governance Index Rank (2008)

Sweden 76.97 0.9157 1

United States 69.10 0.8644 4

United Kingdom 56.03 0.7872 10

Japan 68.27 0.7703 11

Singapore 39.21 0.7009 23

Brazil 22.55 0.5679 45China 10.35 0.5017 65

India 5.44 0.3814 113Source: UNDESA (2008)

National e-Governance Plan

The National e-Governance Plan of Indian Government seeks to lay the foundation and provide the impetusfor long-term growth of e-Governance within the country. The plan seeks to create the right governance andinstitutional mechanisms, set up the core infrastructure and policies and to implement a number of Mission

Mode Projects at the center, state and integrated service levels to create a citizen-centric and business-centrenvironment for governance.

The Government approved the National e-Governance Plan (NeGP), comprising of 27 Mission Mode Projects(MMPs) and 8 components, on May 18, 2006.


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Connectivity

State Wide areanetworks to provide2Mbps connectivity

State Data Centres

100000 Commonservices centre

Capacity

20 Gov Dept 35 State/UTs 360 Dept @

States

Content

Health

Education

Cyber Law

Digital Signatures

Online Returns

CapitalRs. 23,000 Cr.

(Estm.)

Citizen Interface

Employment

services

Vehicle registration

Drivers License

Passport/Visa

e Governance(IntegratedApproach)


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Online Services under National e-Governance Plan Income Tax

As on Jun 4, 2009, online tax filing in India is on a rise and as we reported earlier, there was a sharpincrease of 504% in 2007 and the total number have reached 7.3% (of the total numbers filed).

Passport / Visa Company affairs Central excise Pensions Land records Road Transport Property registration Agriculture Municipalities

Gram Panchayats (Rural) Police Employee Exchange E-Courts

COMPONENTS

ComponentsState Data Centres Back-end

State Wide Data Networks Delivery channel

Common Services Centres Front-end

State Data Centres (SDC)

The State Data Centre (SDC) acts as the e-Governance application warehouse for the States e-Governanceapplications and Mission Mode Projects (MMPs).

State Data Centre (SDC) has been identified as one of the important element of the core infrastructure for

supporting e-Governance initiatives of National eGovernance Plan (NeGP). SDC scheme has been approve

by Government with an outlay of Rs. 1623.20 Crores over a period of 5 years.


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Considering the progress so far, it is expected that around 8-10 Data Centres shall be set up and be

operational by June-July 2010.

Common Services Centre (CSC)

The Common Services Centers (CSC) are proposed to be the delivery points for Government, private andsocial sector services to rural citizens of India.

The CSCs would provide high quality and cost-effective video, voice and data content and services, in theareas of e-governance, education, health, telemedicine, entertainment as well as other private services. Ahighlight of the CSCs is that it will offer web-enabled e-governance services in rural areas, includingapplication forms, certificates, and utility payments such as electricity, telephone and water bills.


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The Government has approved a Common Services Centres (CSCs) Scheme for providing support for

establishing 100,000 Common Services Centers in 600,000 villages of India. The objective is to develop aplatform that can enable Government, private and social sector organizations to align their social andcommercial goals for the benefit of the rural population in the remotest corners of the country through acombination of IT-based as well as non-IT-based services.

CSC Rollout Status across India

S.No. State Total CSCs No. of CSCcommissioned as onDecember 2009

1 Andhra Pradesh 4687 11782 Assam 4375 30643 Bihar 8463 60514 Chhatisgarh 3385 15225 Chandigarh 13 136 Goa 160 1607 Gujarat 6000 58948 Haryana 1159 11599 Himachal Pradesh 3366 181610 Jharkhand 4562 455411 J&K 1109 120

12 Kerala 3178 223413 Madhya Pradesh 9232 705014 Maharashtra 10484 376415 Manipur 399 17416 Meghalaya 225 15517 Mizoram 136 1718 Nagaland 220 5219 Orissa 8558 470720 Rajasthan 6626 60921 Sikkim 45 45

22 Tamil Nadu 5440 302123 Tripura 145 13324 Uttar Pradesh 17909 579625 Uttarakhand 2804 80726 West Bengal 6797 485927 Puducherry 44 0Grand Total 109521 58954


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CSC Rollout Status of Remaining States/UTs

S.No States/UTs CSCs Remarks28 Arunachal Pradesh 200 MSA signing pending at

State Level29 Karnataka 5000 RFP to be reissued30 Punjab 2112 Bid Process underway31 Andaman & Nicobar RFP ready for issuance32 Delhi Pre CSC centres existing33 Lakhshwadeep Under discussion34 Daman & Diu Under discussion35 Dadar & Nagar Haveli Under discussion

State Wide Area Network (SWAN)

WideAreaNetwork covering whole state will be termed as StateWideArea Network where one or many WAwill be connected with each other providing data, voice & video services (as required) throughout the state.

The SWAN Scheme for 29 States & 6 Union Territories, at an estimated outlay of Rs. 3334 Crores, wasapproved by Govt. of India, in March 2005 to set up State Wide Area Networks (SWAN), interconnecting each

State / UT Head Quarter with District Head Quarter and below each District Head Quarter with the Block HeaQuarters with minimum 2 Mbps leased line.


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Benefits of E-Governance:

Benefits to Citizens -

Time bound service delivery. Transparency & Accountability

in Corporations functioning. Hassle free interactions with

quicker response time for allthe services.

Objectiveness in decisionmaking, leading to moreimpartial and transparentgovernance.

Benefits to Corporation -

Increase in Revenue. Creation of effective

Management InformationSystem.

Reduction in Manpowerrequirement

Benefits of E-Governance


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ABM Knowledgeware ltd.:


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BSE : 531161

Bloomberg : ECM:INCMP : 47.45Sector : Enterprise SoftwareView : Neutral

Key Metrics (As on 8th February 2010)

Listing BSE

Current Price (Rs) 45.55Market Cap (Rs Cr) 45.5Free Float (%) 39.98

52-WEEK HIGH (Rs) 64.3052-WEEK LOW (Rs) 13.40BETA 0.7972P/B (x) 2.3Current P/E (x) 6.34PEG Ratio 0.035Dividend Yield (%) 2.19

Price Performance

Period Stock Sensex

1 M -22.47 -10.01

3 M -4.62 -0.91

1 Year 126.49 75.47

Shareholders Pattern as on 30th September 2009

PROMOTER 60.02

FII 3.20

DII -

PUBLIC 10.69OTHERS 18.62

Company Background:

ABM Knowledgeware Ltd. is one of the rare companies in Indwith exclusive focus on E-governance since 1998. Listed on tBSE, the company is into software development services and saof computers and its peripherals. Core business includes governance solutions to municipal bodies, CRM solution electricity distribution companies, and automation of billaccounting and collection for water distribution authorities.

Investment Rationale:

By the end of 2008, the Company was awarded an government Contract for Rs 116 Crores by MunicipCorporation of Greater Mumbai (MCGM). The projesize is almost 3 times its revenue for FY2008-09.

No debt and good interest coverage ratio of 63.14 f2009

The Company has strong track record of successproject implementation.

Oracle, IBM, SAP and Microsoft as partners. The company has been regular with dividen

increasing it from 5% to 10% per share this year

Key Risks:

Most of the ABM solutions are concentrated western states in India. As such, the company is tryito enter into other parts of the country as well foreign stage (Europe). So, sustaining the scaling of operations stands as a primary concern.

Having taken over the management of key projecfrom consortium partners like Siemens has led expenses incurred to build respective expertise. To able to leverage the skills profitably in future projecstands as a challenge.

ABM Knowledgeware Ltd.


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Company Background

AMB Knowledgeware Ltd (ABM), one of the frontrunners in e-governance space in India. The Company engaged in providing software development services and sale of computers and peripherals. The Companyproducts include ABM MaiNet, ABM CARE, ABM MOIS and CRM for power distribution utilities. It is amonthe few companies in India that hold IPRs and Trademarks for products and solutions in e-Governanservices.

Projects

1. e-Governance @ Urban Local Bodies ABM MAINetABM has dominated the domain of providing citizen centric e-governance to municipal bodies in India sinc

over a decade. ABM has the distinction of providing sustained solutions and strategies to municipal bodies havinannual budgets ranging from INR 50Crs (US $12 Mn) to INR 17,000Crs (US $4 Billion) and having population siranging from 0.2 Mn to 15 Mn.

2. SAP ERP PracticeOur SAP ERP practice in Govt segment has 3 distinct segments, viz. Supply of License, Implementation o

SAP and Post Implementation support for extended periods for Institutionalization of ERP.

3. Utilities - Power & Water

CRM for electricity distribution companies. ABM has several successful implementations for Water Billing & Accounting, which cover a lar

consumer base (over 5 Lakh consumers) generating high demand (over Rs.1000 crores i.e. US $ 2Mn) per annum.

4. e-Governance @ KDMC

5. SAP @ MCGM:Municipal Corporation of Greater Mumbai (MCGM) chose the consortium of ABM and SAP along with

reputed Systems Integrator to partner with MCGM in one of the most ambitious e-governance projects in India. Tproject has gone live in April 2007. The initial value of this contract was US$ 10Mn, which includes engagemewith MCGM for 5 years, after implementation during the term of the project.

6. Udyog SetuBridge of Facilitation between entrepreneurs and GoM.

7. Setu @ Thane Collectorate


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ABMKnowledgeware

Ltd.(e- Governance)

PRODUCTS

ABM MAINet

MunicipalAdministrationInformation Network

Hassle-free SingleTouch PointInteractions forcitizens.

Time bound servicedelivery.

Transparency inissue oflicense/certificates

Administrationefficiency

ABM CARE Software for

GrievancesManagement andTime bound redressal.

Ease in lodgingcomplaints andknowing its status.

Transparency &Accountability inCorporationsfunctioning.

Hassle freeinteractions withquicker response timefor all the services.

Available in all Indianlanguages

ABM MOIS2000

Registrymanagement andFile Tracking System

Built-inAuthentication Server

Available in all Indianlanguages

CRM for PowerDistribution

Utilities

Connection Services Billing Follow-up for

overdue bills/arrears Value added

services Collection

management


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Strong Order Book

ABM Knowledgeware Ltd. announced that the company bagged an e-government contract for INR 116crores by Municipal Corporation of Greater Mumbai (MCGM). The work involves supply of SAP licenses,implementation of SAP payroll for employees of MCGM and providing SAP change management supporttill the year 2011.

It is eyeing a fifth of its revenues this year from a single clause in the Jawaharlal Nehru National UrbanRenewal Mission (JNNURM).

Technology Partners

Oracle : Technology support as an Independent Software Vendor (ISV) and marketing support for ABMMAINet which is developed on Oracle technology

SAP : Marketing and Technical support for SAP business solutions

IBM and Microsoft : Technology support as an ISV

Strong track record of dividends

Company has a track record of a consistent dividend payment and is currently trading at a dividend yield ofaround 2%. Thus, this in addition to a consistent growth in earrings forms a strong case for investments.


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Financials

Exhibit: Financial Analysis Figures in Rs. Millions

Particulars FY2006 FY2007 FY2008 FY2009

Total Income 54.04 182.14 280.06 407.04

EBIDTA 4.99 21.78 93.21 84.87

EBIT 3.14 24.02 92.00 83.35

PBT 3.90 24.50 95.83 89.76

Reported PAT 2.38 11.66 62.79 59.35

Earning Per Share 0.24 1.17 6.28 5.93

EBIDTA (%) 103.67 336.47 327.97 -8.95

EBIT (%) 170.69 664.97 283.02 -9.40

NPM (%) 4.28 6.33 22.05 14.31

ROE (%) 2.32 11.38 48.47 32.88

ROCE (%) 2.75 10.51 36.86 27.81

Current Ratio 12.79 2.32 2.30 1.85

Debt To Equity Ratio 0.08 0.08 0.00 0.00

Interest Coverage Ratio 3.74 15.01 106.98 63.14Source: Company Annual Report


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Vakrangee softwares ltd.:


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BSE : 511431Bloomberg : VKI INCMP : 66.90Sector : Enterprise SoftwareView : -

Key Metrics (As on 8th February , 2010)

Listing BSE

Current Price (Rs) 68.55Market Cap (Rs Cr) 143.56Free Float (%) 80.9052-WEEK HIGH (Rs) 81.9052-WEEK LOW (Rs) 19.00BETA 0.8479P/B (x) 0.54Current P/E (x) N/APEG Ratio N/ADividend Yield (%) 1.43

Price Performance

Period Stock Sensex

1 M -4.97 -10.01

3 M 28.53 -0.92

1 Year 207.59 75.07


PROMOTER 19.10FII 14.66

DII -

PUBLIC 24.27

OTHERS 41.97

Company Background:

Listed on the NSE and BSE, Vakrangee Softwares Ltd. is integrated document and print management services providincorporated in the year 1990.


Working with major players of the induslike TCS/CMS, C-DAC, GODREJ & BOYCE and mamore

Opportunity under NeGP due to RTI

Experience and expertise:o 6mn impressions scanning per dayo 5 million impression variable full colour printi

capacity per dayo Capacity to print 2.9 million pages per day.

Company has added delimitation projects froelection commission, rural health insurance projeunder the RSBY scheme in addition to the ongoiprojects in UP land record and MCA-21 project, mention a few.

Key Risks:

Low promoter holding Low barriers to entry

Decrease in PAT margin to 1.50% in 2009 has brougdown the ROE from 22.25 in 2008 to 1.7 in 2009

Vakrangee Softwares Ltd.


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Company Background

Vakrangee Software Ltd., one of the leading providers of e-Governance services. With an outset to capitalizeon its expertise in the digitization, document management (DMS) and print management services (PMS), itprovides solutions encompassing large-scale data capturing & management, scanning, digitization andprinting. Company is already working with major players of the industry like TCS/CMS, C-DAC, GODREJ &BOYCE and many more.

Services

1. Document Management Services (DMS) Inbound document scanning and digitizaiton

Workflow management

Document lifecycle managemento Digital life cycle managemento Physical life cycle management

2. Printing Management Services (PMS)3. IT & IT Enabled Services

Software Development

System requirement study & bespoke software development System Integration

Election related serviceso Multi-lingual Softwareo Large-scale database management

These services cater to needs of Government, BFSI (Banking financial services and Insurance), Utility, RetailAviation, Hospital and others.


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Vakrangee

SoftwaresLtd.(e-

Governance)

PRODUCTS

Human CapitalManagement

(HCM)(Under

development)

CompleteERP package

User friendly Integration of

Establishment, CAO andVigilance

Generatereports

MatdataSuchi

(Electoral RollManagement

System)

Bi-lingual Bringing

availablecomputerizedelectoral datato a commonplatform

Voters dataentry

package withonline

transliterationtechnology

Cyber Saver

Internet

applicationsoftware

Voters IdentityCard Software

Supportedby bi-lingualtechnology

Digitizedphotoimaging

E-Edministrator

(Underdevelopment)

Schoolmanagementinformationsystem

Automatebusinessprocess ofschools

Multilingual, e-communicationand voicerecognition


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Partners

o Working with major players of the industry like TCS/CMS, C-DAC, GODREJ & BOYCE and many more.

Opportuni ty under NeGP due to RTI

Implementation of Right to Information Act (RTI) by the government made it mandatory for all government departmentshave all the information in digital form. This applies not only for future and present but historical data as well. This gives aimmense opportunity to the IT industry in general and Vakrangee in particular.

Experience and expertise

o The Company is having 15 years of Experience in providing business process solutions to various Governme& Non- Government clients.

o Expertise in Digitisation and Document management services: Capacity of 6mn impressions scanning and 5mimpression variable full colour printing capacity per day

o Proven track record in handling manuscripts of around 75 thousand polling booths of Maharashtra, Votedatabase of the village Panchayats in UttarPradesh and MCA 21


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Financials



Total Income 511.50 1166.60 2238.98 2943.14

EBIDTA (*) 167.47 515.90 1017.31 630.68

EBIT 116.61 366.31 723.99 98.87

PBT 116.70 370.74 744.02 71.13

Reported PAT 103.89 243.71 499.33 44.29


EBIDTA (%) 150.40 208.06 97.19 -38.01

EBIT (%) 430.05 214.13 97.64 -86.34

NPM (%) 20.29 20.81 22.10 1.50

ROE (%) 27.44 19.08 22.25 1.7

ROCE (%) 11.90 12.12 18.73 2.32

Current Ratio 7.13 5.97 1.30 4.74


Interest Coverage

Ratio 277.64 - 1856.38 3.09Source: Company Annual Report

* Low EBIDTA and hence, EBIT, PBT and PAT in 2009 is due to IT ASSETS WRITTEN OFF (computers, scanners anprinters) worth Rs. 492.9 mn.


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Tera softwares ltd.:


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BSE : 590020Bloomberg : TERA INCMP : 37.95Sector : Enterprise SoftwareView : -

Key Metrics (As on 8th February, 2010)

Listing BSECurrent Price (Rs) 37.95Market Cap (Rs Cr) 48.17Free Float (%) 60.61

52-WEEK HIGH (Rs) 50.0052-WEEK LOW (Rs) 18.10BETA 0.6264P/B (x) 9.49Current P/E (x) 4.55PEG Ratio 0.216Dividend Yield (%) 5.20

Price Performance

Period Stock SENSEX

1 M -13.75 -10.01

3 M 0.8 -0.92

1 Year 92.64 75.07


PROMOTER 39.39

FII 4.80

DII -

PUBLIC 25.26OTHERS 69.94

Company Background:

Tera Softwares Ltd. is based in Hyderabad, India. Listed onBSE, the company focuses on e- Governance with operatproviding integrated solutions technical division, projects diviand software development services to consumers operaglobally.


Partners include ECIL, HP, IBM, TVSE, WIPREPSON, DLINK, CISCO and EMC.

Strong track record of dividends.

Strong customer base which includes the mprominent state governments in the e-Governmspace.

With CAGR of 20.99%, PEG ratio stands at 0.2suggesting that the company is highly undervalue

Key Risks:

Low barriers to entry

Dependence on Government projects

Tera Softwares Ltd.


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Company Background

Tera Softwares Ltd. is based in Hyderabad, India. Listed on the BSE, the company focuses on e- Governance woperations providing integrated solutions technical division, projects division and software development servicesconsumers operating globally.

Projects

1. e-Governance @ Urban Local Bodies ABM MAINetABM has dominated the domain of providing citizen centric e-governance to municipal bodies in In

since over a decade. ABM has the distinction of providing sustained solutions and strategies to municipal bodhaving annual budgets ranging from INR 50Crs (US $12 Mn) to INR 17,000Crs (US $4 Billion) and havpopulation size ranging from 0.2 Mn to 15 Mn.

2. SAP ERP PracticeOur SAP ERP practice in Govt segment has 3 distinct segments, viz. Supply of License, Implementatio

of SAP and Post Implementation support for extended periods for Institutionalization of ERP.

3. Utilities - Power & Water CRM for electricity distribution companies. ABM has several successful implementations for Water Billing & Accounting, which cover a la

consumer base (over 5 Lakh consumers) generating high demand (over Rs.1000 crores i.e. US $ 2

Mn) per annum.4. e-Governance @ KDMC

5. SAP @ MCGM:Municipal Corporation of Greater Mumbai (MCGM) chose the consortium of ABM and SAP along wit

reputed Systems Integrator to partner with MCGM in one of the most ambitious e-governance projects in IndThe project has gone live in April 2007. The initial value of this contract was US$ 10Mn, which includengagement with MCGM for 5 years, after implementation during the term of the project.

6. Udyog SetuBridge of Facilitation between entrepreneurs and GoM.

7. Setu @ Thane Collectorate


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Tera SoftwaresLtd.

(e- Governance)

OFFERINGS

E-Governance

Kaveri (KarnatakaValuation and E-Registration)

Bescom (Electricitysupply companyowned by Govt. ofKarnataka)

AP Schools AP RTA (Andhra

Pradesh TransportDepartment)

System Integrationand Networking

Kaveri Bescom

IT Enabled Services

Data entry, datacapture andprocessing

Scanning, digitizationand Documentmanagement

GIS/GPS Services BPO services

Softwaredevelopment and

consultancy

CostumerManagement

Data management Software Solutions

Consultancy


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Strong Customer Base

The company's customers include the most prominent state governments in the e-governance space. Theinclude the National Remote Sensing Agency (Department of Space, Hyderabad), Hospital ServicesCorporation Consultancy (Noida), Inspector General of Registration and Commissioner of Stamps(Karnataka), National Informatics Centre (New Delhi), National MST Radar Facility (Tirupathi), NavalPhysical and Oceanographic Lab (Kochi) and Zee Telefilms (Mumbai).

Technology Partners

Partners include ECIL, HP, IBM, TVSE, WIPRO, EPSON, DLINK, CISCO and EMC.

Strong track record of dividends

Tera Softwares has been regular with its dividends with dividend yield of 5.27%


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Financials



Total Income 350.77 579.04 594.07 816.30

EBIDTA 135.19 223.34 244.69 210.82

EBIT 98.37 178.33 205.95 184.18

PBT 92.22 165.65 186.87 167.70

Reported PAT 61.15 107.00 117.28 104.88


EBIDTA (%) 58.14 65.20 9.56 -13.84

EBIT (%) 80.63 81.28 15.49 -10.57

NPM (%) 17.32 18.34 19.58 12.77

ROE (%) 60.49 43.50 30.58 21.07

ROCE (%) 16.36 20.52 16.98 15.99

Current Ratio 1.97 3.41 2.98 2.79


Interest Coverage Ratio 11.78 10.50 8.55 8.52Source: Company Annual Report


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Peer AnalysisFigures in Rs. Millions

Company ABM

Knowledgeware

Ltd.

Vakrangee

Softwares

Tera Softwares

Total Income 407.04 2943.14 816.30

EBIDTA 84.87 634.88 215.96

EBIDTA Margins (%) 20.85 21.57 26.46

Net Profit 59.35 44.29 104.88

Net Profit Margin (%) 14.31 1.50 12.85

EPS 5.93 2.07 8.38

BVPS 57.72 259.20 287.10

CMP (05.02.2010) 47.45 66.90 37.95

Beta 0.7972 0.8479 0.6264

P/E 6.63 -8.43 4.49

P/B 2.32 0.026 9.49

Dividend Yield 2.11 1.43 5.27

Market Cap/Sales 1.17 0.51 5.82


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KBSL_eGovernance Sector Report