MIRA
INFORM REPORT
|
Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VERITAS SOFTWARE
INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Symphony S. No. 210,
A/1, Opposite Vrindavan Society Range Hills Pune – 411020 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
12.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-92611 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72200MH1995PTC092611 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV04026B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACV6015F |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Software Development |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established subsidiary of Veritas Software Corporation,
USA. Directors are reported as
experienced, respectable and having satisfactory means of their own. Their trade relations are reported as
fair. Payments are reported as
correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Symphony S. No.
210, A/1, Opposite Vrindavan Society Range Hills Pune – 411020 |
|
Tel. No.: |
91-20-25520180/25538136 / 25536404 |
|
Fax No.: |
91-20-25536404/25520190 |
|
E-Mail : |
|
|
|
|
|
Administrative
Office : |
Mayfair Towers, Bombay Pune Road, Shivaji Nagar, Wakdewadi, Pune -
411 005, Maharashtra. |
|
Tel. No.: |
91-20-25530203 |
|
|
|
|
Software
Development Center : |
Unit No. 217, "Bonanza", Sahar Plaza Complex, M. V. Road, Andheri
(East), Mumbai - 400 059. |
|
Tel. No.: |
91-22-28303025 / 28 / 37 /
26950227 / 30 |
|
Fax No.: |
91-22-28303043 |
|
|
|
|
Overseas
Office : |
Located at : Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, IIIinois,
Indiana, Kansas, Kentucky, Brazil, Canada, South Africa, Israel, Mideel East,
Peoples Republic of China, Australia, Hong Kong, Japan, Korea, New Zealand,
Philippines, Austria, Switzerland, Germany, Denmark, Spain, Finland. France,
Italy, Belgium, The Netherlands, Norway, Poland, Sweden, Michigan, Minnesota,
Missouri, North Carolina, New Jersey, New York, Ohio, Oregon, Pennsylvania,
Tennessee, Texas, Utah, Virginia, U. K., Washington, Wisconsin, Singapore,
Malaysia, Philippines and Thailand |
|
|
|
|
Branches : |
Aundh Road, Bhau Patil Marg, Pune-411020, Maharashtra, India Tel No :- 91-20-25822485/24055600 Fax No :- 91-20-25822485/24055595 Bund Garden Road, Next to Ruby Hall, Pune-411001, Maharashtra, India Tel No : 91-20-24066999/26050100 Fax No : 91-20-24066985/86/26050090/91 |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Sharad Sharma |
|
Designation : |
Director |
|
Address : |
52, Shalimar Apartments, 3 D’Souza Road, Bangalore, Karnataka, India |
|
Date of Birth/Age : |
04.04.1964 |
|
Date of Appointment : |
30.03.2004 |
|
|
|
|
Name : |
Mr. Mark Bregman |
|
Designation : |
Director |
|
Address : |
720, Bair Island Road, Apartment 101 Redwood City, CA-94063, USA |
|
Date of Appointment : |
30.03.2004 |
|
|
|
|
Name : |
Mr. Jay Jones |
|
Designation : |
Director |
|
Address : |
2734, Benvenue Avenue, Berkeley, CA-94705, USA |
|
Date of Appointment : |
20.02.1998 |
|
|
|
|
Name : |
Mr. Anand Madhukar Gadgil |
|
Designation : |
Director |
|
Address : |
Royash Apartments, Flat No. 6, Anand Krupa Society, Paud Road,
Pune-411038 |
|
Date of Appointment : |
16.04.1997 |
|
|
|
|
Name : |
Mr. Anil
Srinivasa Vhakravarthy |
|
Designation : |
Additional
Director |
|
Address : |
1522 Flamingo Way,
Sunnyvale, California – 094087, US |
|
Date of Birth/Age : |
08.12.1967 |
|
Date of Appointment : |
25.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Veritas Software Global Corporation |
|
8599980 |
|
Veritas Operating Corporation |
|
15276550 |
|
Total |
|
23876530 |
BUSINESS DETAILS
|
Line of Business : |
Software Development |
|
|
|
|
Products : |
v
Software Development
& Services v
Research
& Development v Technical Support Service |
GENERAL
INFORMATION
|
No. of Employees : |
About 750 |
|
|
|
|
Bankers : |
v
IDBI Bank
limited, IDBI House, Dyaneshwar Paduka Chowk, F.C. Road, Pune – 411004Bank of India, Pune, Maharashtra
v
State Bank of India, Pune, Maharashtra v ABN Amro Bank,
Pune, Maharashtra |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Bharat S Raut and Company Chartered Accountants |
|
Address : |
KPMG House, Kamala Mills Compound, 448 Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-24913030/3131/24988368 |
|
Fax No.: |
91-22-24913132 |
|
|
|
|
Associates/Subsidiaries : |
v
Veritas Software Global Corporation v Veritas
Software Solutions Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
83,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 830.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23,876,500 |
Equity Shares |
Rs. 10/- Each |
Rs. 238.765 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
238.765 |
238.765 |
|
|
2] Share Application Money |
|
588.916 |
0.282 |
|
|
3] Reserves & Surplus |
|
1192.729 |
927.609 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2020.410 |
1166.656 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
92.432 |
22.221 |
|
|
|
|
|
|
|
|
TOTAL |
|
2112.842 |
1188.877 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1544.814 |
1081.423 |
|
|
Capital work-in-progress |
|
39.963 |
8.901 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
10.110 |
10.110 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
1.154 |
|
|
Sundry Debtors |
|
685.346 |
110.831 |
|
|
Cash & Bank Balances |
|
227.799 |
161.015 |
|
|
Other Current Assets |
|
0.785 |
0.257 |
|
|
Loans & Advances |
|
379.902 |
284.778 |
|
Total
Current Assets |
|
1293.832 |
558.035 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
589.312 |
372.811 |
|
|
Provisions |
|
186.565 |
96.787 |
|
Total
Current Liabilities |
|
775.877 |
469.598 |
|
|
Net Current Assets |
|
517.955 |
88.437 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
|
2112.842 |
1188.877 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
2957.567 |
1866.856 |
|
|
Total Income |
|
2957.567 |
1866.856 |
|
|
|
|
|
|
|
|
Profit/(Loss) After Tax |
|
433.048 |
178.211 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
|
2925.257 |
1843.309 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
701.928 |
456.611 |
|
|
Other Expenditure |
|
1822.591 |
1232.034 |
|
Total Expenditure |
|
2524.519 |
1688.645 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
14.64 |
9.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.38 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.66 |
1.18 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on
business of software development services, selling of Software packages and
research and development activities as regards software development and
computer systems and to carry on business as computer programmers, data
processors, system analyst and to provide services for establishing Management
Information Systems.
|
Name of the
company |
VERITAS SOFTWARE INDIA PRIVATE LIMITED |
|
Presented By |
MR. A. G. GADGIL, COMPANY SECRETARY |
|
1) Date and description
of instrument creating the change |
Agreement of
Hypothecation of goods and assets dated 28.01.2000 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 15.000
Millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Present and
future goods, book debts and all other movable assets, title documents of the
goods, receivable including receivable under any scheme, drawbacks. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Margin of
Security 10 %, Charge as per FEDAI Routes |
|
5) Name and
Address and description of the person entitled to the charge. |
IDBI Bank limited IDBI House,
Dyaneshwar Paduka Chowk, F.C. Road, Pune –
411004 |
|
6) Date and brief description of instrument
modifying the charge |
Supplemental
agreement of Hypothecation of goods and assets for increase in overall limits
dated 15.06.2005 |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Original charge created
on 28.01.2000 is further modified by supplemental agreement dated 15.06.2005
increasing the limit from Rs. 15.000 Millions to Rs. 70.000 Millions. Other terms and
conditions remains the same. |
|
Name of the
company |
VERITAS SOFTWARE INDIA PRIVATE LIMITED |
|
Presented By |
MR. A. G. GADGIL, COMPANY SECRETARY |
|
1) Date and
description of instrument creating the change |
Agreement of
Hypothecation of goods and assets dated 28.01.2000 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 15.000
Millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Present and future
goods, book debts and all other movable assets, title documents of the goods,
receivable including receivable under any scheme, drawbacks. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Margin of Security
10 %, Charge as per FEDAI Routes |
|
5) Name and
Address and description of the person entitled to the charge. |
IDBI Bank limited IDBI House,
Dyaneshwar Paduka Chowk, F.C. Road, Pune –
411004 |
|
6) Date and brief description of instrument modifying
the charge |
NA |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
Profile
Subject is a wholly owned subsidiary of Veritas Software, USA With
state of the art development facilities, informal working environment,
excellent compensation packages and challenging assignments make it one of the
most attractive destinations for dedicated professionals.
VERITAS Software USA
Founded in 1982, the Mountain View, Calif.-based Company has grown to
over 4,500 employees residing in 17 countries worldwide. Included in its rapid
growth are the significant acquisitions of the Network and Storage Management
Group of Seagate Software on May 28, 1999 and Open Vision Technologies in April
1997. Revenues exceeded $210 million in FY98 and, for the second consecutive
year, the Company ranked as one of Forbes' 200 Best Small Companies in America
with an overall ranking of 12, including the second-highest ranking market
value (Forbes, November 22, 1998). Over the past decade, VERITAS Software has
become the largest and fastest-growing storage-management software company and
became part of the Nasdaq-100 Index in January 1999. With a $3.37 billion
market capitalization (Feb 6, 1999), VERITAS Software has been on the "Hot
Growth Companies" list at BusinessWeek magazine for four consecutive
years, debuting in 1996 at 59 and steadily acending to position 30 in 1999; and
was featured as the second most dynamic software company in the Forbes
ASAP "Dynamic 100" list (Forbes ASAP, April 5, 1999).
VERITAS Software is the de-facto standard for application storage management,
with over 60 of the world's leading servers and operating systems integrating
its software. To ensure integrated, out-of-the-box application storage
management solutions, VERITAS Software is a premier strategic partner with all
major industry drivers. The Company's OEM customers and strategic alliances
include industry pacesetters from the device level to high-end UNIX vendors.
VERITAS Software provides continuous availability of business-critical
information for companies of all sizes from some of the world's best-known
blue-chip corporations to business managers to IT professionals. VERITAS
Software provides these customers with enterprise-class application storage
management software solutions that they can rely on and appeases their desire to
work with a company that not only cares about them, but also exhibits integrity
- VERITAS translates to "Truth."
+
parent
company
+
VERITAS Software Corporation
+
1600, Plymouth Street, Mountain View, California, USA.
It was founded in 1989 to develop and market high availability
products. In April, 1997, it merged
with OpenVision Technologies, expanding its own backup and hierarchical storage
management solutions with OpenVision’s operating system-level data management
and clustering products in a strategy designed to provide end-to-end storage
management solutions for enterprise customers.
In May, 1999, it further extended its
end-to-strategy with the acquisition of the network and Storage Management
Group of Seagate Software. That merger
enabled the company to quickly diversify from its core UNIX solutions into the Windows NT and NetWare spaces. Integration of the
companies' product lines has enabled the company to offer enterprises the
ability to use a common product across multiple operating platforms for ease of
administration and economies of scale.
It has
been listed on the Nasdaq National Market under the symbol VRTS since 1993. It
was added to the Nasdaq-100 Index in January 1999 and to the S&P 500 Index
in March 2000. The company's corporate headquarters is located in Mountain
View, California.
Subject is the leading provider of storage
management software for data protection, application availability and disaster
recovery. Over 86% of the Fortune 500
companies rely on its storage management solutions which offers proven
interoperability across diverse applications, servers, storage hardware and
appliances. With more than 5700
employees in 31 countries and annualised revenues of $ 1.5 billion in 2001, it ranks
among the top 10 software companies in the world.
Subject is widely
recognized as one of the fastest growing companies with industry-leading
products. As a testament to this leadership, its products continue to gain awards and recognition
throughout the world.
VERITAS Software Venture Capital Group
Created in February 2000 with an
initial allocation of $100 million, the VERITAS Software Venture Capital Group
focuses on early to mid-stage companies that have the potential to be leaders
in a segment of the data availability market.
VERITAS Software Foundation
In an effort to promote philanthropy and to give
back to local communities, the company has established the VERITAS Software
Foundation, a private, non-profit organization.
Its’
product range includes :
Storage
Management
It leads the market in providing highly
interoperable, storage management solutions that can work seamlessly across the
entire infrastructure.0
Data
Protection
It is the market leader in providing
data-protection solutions to ensure the data is protected against any type of
failure.
High
Availability
It is the market leader in providing high availability solutions to protect
against planned and unplanned downtime.
Disaster
Recovery
It delivers end-to-end disaster recovery solutions to ensure the data is
protected and available, even in the most difficult situations.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|