MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHARP SOFTWARE DEVELOPMENT INDIA PRIVATE LIMITED |
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Registered Office : |
Unit No.05, Level 3, Innovator, International Tech Park, Whitefield
Road, Bangalore, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.08.1999 |
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Com. Reg. No.: |
08-25643 |
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CIN No.: [Company Identification No.] |
U72200KA1999PTC025643 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS04431A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Company is engaged in Development of Software |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Unit No.05, Level 3, Innovator, International Tech Park, Whitefield
Road, Bangalore, Karnataka, India |
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Tel. No.: |
91-80-28410645/ 46/ 47/ 48/ 28412311/12/ 51156102/03 |
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Fax No.: |
91-80-28410649 |
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E-Mail : |
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Website : |
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Branches : |
USA Sharp Laboratories of America , 5750 NW Pacific Rim Blvd. Camas, WA –
98607 Sharp Electronics Corporation, Sharp Plaza, Mahwah, New Jersey –
07430-2135 Japan Sharp Corporation, 22-22, Nagaike-Cho, Abeno-ku, Osaka. India Kalyani Sharp India Limited, Gat.No.686/4, Koregaon Bhima, Tal. Sirur, Dist.
Pune, PIN:412 207, Maharashtra, India. Sharp Business Solutions (India) Private Limited, No.214 To Ansal
Tower, 38, Nehru Place, New Delhi 110 019,India |
DIRECTORS
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Name : |
Mr. Kanipakam Praveen |
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Designation : |
Director |
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Address : |
No.303, Phase 3, Adarpalm Meadows, Airport Whitefield Road, Rama
Gondawahalli, Bangalore-560066, Karnataka |
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Date of Birth/Age : |
31.07.1964 |
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Date of Appointment : |
27.08.1999 |
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Name : |
Mr. Van Oosterhout Jack |
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Designation : |
Director |
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Address : |
620, north West Fremont Street, Gamas, Washington-98607, USA |
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Date of Birth/Age : |
31.07.1945 |
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Date of Appointment : |
22.10.1999 |
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Name : |
Mr. Yamagishi Toshio |
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Designation : |
Director |
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Address : |
408, Apt Complex ITPL, Whitefield Road, Bangalore-560066, Karnataka |
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Date of Birth/Age : |
04.02.1949 |
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Date of Appointment : |
04.10.2001 |
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Name : |
Mr. Okuda Masakiyo |
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Designation : |
Director |
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Address : |
2-4-23, Tatunominami Sangou, Cho Ikomagun, Nara, Japan 636-0822 |
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Date of Birth/Age : |
16.01.1955 |
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Date of Appointment : |
30.05.2001 |
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Name : |
Mr. Michihiro Kamisage |
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Designation : |
Director |
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Name : |
Mr. Praveen Kanipakan |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Sharp Laboratories of America |
999999 |
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Sharp Laboratories of America |
41000 |
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Sharp Laboratories of America |
909000 |
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Sharp Electronics Corporation |
1 |
BUSINESS DETAILS
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Line of Business : |
Company is engaged in Development of Software |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins & Sells Chartered Accountants |
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Address : |
Deloitte Centre, Anchorage II, Richmond Road, Bangalore-560025,
Karnataka, India |
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Associates/Subsidiaries : |
Sharp Laboratories of America |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 millions |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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Total |
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Rs.50.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1041000 |
Equity Shares |
Rs.10/- each |
Rs.10.410
millions |
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909000 |
Equity Shares |
Rs.10/- each |
Rs.9.090
millions |
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Total |
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Rs.19.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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19.500 |
19.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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43.642 |
31.598 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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63.142 |
51.098 |
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LOAN FUNDS |
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1] Secured Loans |
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3.334 |
3.661 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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3.334 |
3.661 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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66.476 |
54.759 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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20.734 |
14.419 |
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Capital work-in-progress |
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0.808 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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5.350 |
3.011 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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2.742 |
0.226 |
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Cash & Bank Balances |
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35.148 |
48.402 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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18.612 |
14.776 |
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Total
Current Assets |
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56.502 |
63.404 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.026 |
23.070 |
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Provisions |
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3.892 |
3.005 |
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Total
Current Liabilities |
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16.918 |
26.075 |
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Net Current Assets |
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39.584 |
37.329 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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66.476 |
54.759 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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170.921 |
144.067 |
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Other Income |
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1.796 |
0.666 |
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Total Income |
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172.717 |
144.733 |
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Profit/(Loss) Before Tax |
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11.061 |
7.097 |
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Provision for Taxation |
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(0.983) |
(1.396) |
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Profit/(Loss) After Tax |
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12.044 |
8.493 |
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Earnings in Foreign Currency : |
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Other Earnings |
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170.921 |
144.067 |
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Total Earnings |
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170.921 |
144.067 |
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Imports : |
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Others |
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4.621 |
3.057 |
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Total Imports |
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4.621 |
3.057 |
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Expenditures : |
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Other Expenditure |
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149.988 |
126.386 |
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Total Expenditure |
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149.988 |
126.386 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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6.97 |
5.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.40 |
4.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.32 |
9.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.32 |
0.58 |
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Current Ratio (Current Asset/Current Liability) |
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3.34 |
2.43 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details :
Vision - To be the most admired, preferred
software development arm to Sharp Corporation
Mission - To leverage the
software talent available in India to design and develop world - class
software, and add value to Sharp products and provide the competitive edge
through software
History - SSDI was incorporated
in August 1999 as a subsidiary of Sharp Labs of America - a member of the Sharp
Corporations' global research and development network. SSDI is located at the
International Technology Park, Bangalore's premier, state-of-the-art technology
hub. In association with Sharp Labs of America, SSDI provides excellent
end-to-end software solutions to Sharp Digital Document Systems Group.
Culture - The culture at SSDI is
based on Sharp Corporation's business philosophy, encompassing
v
Sincerity
v
Humility
v
Creativity
v
Trust
v
Courage
These golden principles are strictly practiced throughout SSDI and form the
essence of the organization's values. In addition, the following virtues are
encouraged in this horizontally structured organization: -
v
Openness to employee suggestions and ideas
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Long-term strategic planning that includes employee welfare, making it
one of the preferred employers in the industry
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Encouraging, through planned activities, a sense of belonging;
distributed ownership; consensus based decision-making and open communication
with colleagues, customers and peers.
Knowledge
v
SSDI has domain expertise in the following, developed from extensive
research and experience.
v
Systems software – working with challenging software using
OS internals and advanced graphics programming
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Windows applications – using state of
the art tools and technologies on windows platforms to develop imaging and
document management applications and utilities
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Network software – developing network device management
software and other related network software for a wide range of Sharp devices
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Software Quality Assurance – utilizing
practical and up-to-date techniques for software testing in different stage of
a product lifecycle.
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Organizational and software development
processes – utilizing organizational processes that bind distributed teams to
achieve long-term goals and products.
News Release
SHARP Establishes
New Software Company In India
Company to develop multifunction software
that will create seamless computing and imaging
OSAKA, JAPAN, Sept 2, 1999 - Sharp
Corporation, a worldwide developer of innovative products and core technologies
that play a role in shaping the future of electronics, has established Sharp
Software Development India Pvt. Ltd. (SSDI), to focus on the development of
software for digital copier / printers, in Bangalore, Karnataka.
The fastest moving trends in the field of imaging systems are digitalization,
networking, and color, trends that Sharp needs to stay ahead of to strengthen
its solutions business. Sharp Laboratories of America (SLA), the Camas,
Wash.-based research and development arm, will put up all the capital for this
new software company and hire personnel selected from India's wealth of
superbly skilled software engineers. SSDI will work as part of a global
software development system linking India, the U.S., and Japan.
Although the company will at first develop software solely for full-color
digital copier/printers based on SLA's basic designs, in the future it will
develop a wide range of software including IC system design and information
system products.
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.64 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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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 |
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