MIRA INFORM REPORT
|
Report
Date : |
12.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VERITAS SOFTWARE INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Symphony S. No. 210, A/1, Opposite Vrindavan Society Range
Hills Pune – 411020 |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
12.09.1995 |
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Com.
Reg. No.: |
11-92611 |
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CIN
No.: [Company
Identification No.] |
U72200MH1995PTC092611 |
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|
|
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TAN
No.: [Tax
Deduction & Collection Account No.] |
PNEV04026B |
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PAN
No.: [Permanent
Account No.] |
AAACV6015F |
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|
Legal
Form : |
Private Limited Liability
Company. |
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|
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 |
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|
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|
Payment
Behaviour : |
Regular |
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|
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Litigation
: |
Clear |
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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
: |
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|
|
|
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 |
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Fax
No.: |
91-22-28303043 |
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|
|
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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 |
|
|
|
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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 |
DIRECTORS
|
Name : |
Mr. Sharad Sharma |
|
Designation
: |
Director |
|
Address
: |
52, Shalimar Apartments, 3 D’Souza Road,
Bangalore, Karnataka, India |
|
Date
of Birth : |
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 : |
08.12.1967 |
|
Date
of Appointment : |
25.04.2006 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Veritas Software Global Corporation |
8599980 |
|
Veritas Operating Corporation |
15276550 |
|
Total |
23876530 |
BUSINESS DETAILS
|
Employees
No. : |
About 750 |
|
|
|
|
Line
of Business : |
Software Development |
|
|
|
|
Products
: |
·
Software Development &
Services ·
Research
& Development ·
Technical
Support Service |
GENERAL INFORMATION
|
Bankers
: |
|
|
|
|
|
Facilities : |
- |
|
|
|
|
Banking Relations : |
Good |
|
|
|
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Auditors
: |
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
: |
·
Veritas Software Global Corporation ·
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 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
238.765 |
238.765 |
238.765 |
|
|
2] Share
Application Money |
588.916 |
0.281 |
0.281 |
|
|
3]
Reserves & Surplus |
1192.729 |
927.609 |
789.888 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
2020.410 |
1166.655 |
1028.934 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1] Secured
Loans |
0.000 |
0.000 |
0.000 |
|
|
2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL
BORROWING
|
0.000 |
0.000 |
0.000 |
|
|
DEFERRED
TAX LIABILITIES |
92.432 |
22.221 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
2112.842 |
1188.876 |
1028.934 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
1544.814 |
1081.423 |
619.851 |
|
Capital work-in-progress
|
39.962 |
8.901 |
50.497 |
|
|
|
|
|
|
|
INVESTMENT
|
10.110 |
10.110 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
17.364 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
0.000
|
1.154
|
1.074
|
|
|
Sundry Debtors
|
685.346
|
110.831
|
274.256
|
|
|
Cash & Bank Balances
|
227.799
|
161.015
|
78.465
|
|
|
Other Current Assets
|
0.786
|
0.257
|
0.000
|
|
|
Loans & Advances
|
379.904
|
284.778
|
185.911
|
Total Current Assets
|
1293.835 |
558.035 |
539.706 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
589.313
|
372.812
|
127.578
|
|
|
Provisions
|
186.566
|
96.787
|
70.921
|
Total Current Liabilities
|
775.879
|
469.599 |
198.499
|
|
Net
Current Assets
|
517.956
|
88.436 |
341.207
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.006 |
0.015 |
|
|
|
|
|
|
|
TOTAL
|
2112.842 |
1188.876 |
1028.934 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other income]
|
|
|
1070.356 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
|
132.963 |
Provision for Taxation
|
|
|
14.664 |
Profit/(Loss) After Tax
|
|
|
147.628 |
|
|
|
|
|
Export Value
|
|
|
NA |
|
|
|
|
|
Import Value
|
|
|
NA |
|
|
|
|
|
Total Expenditure
|
|
|
937.393 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA |
NA |
13.79
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA |
NA |
12.42
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA |
NA |
11.46
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA |
NA |
0.12
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
0.38 |
0.40 |
0.19
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
0.67 |
1.19 |
2.71
|
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.44.06 |
|
UK Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
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 |
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 |