MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GREAT SOFTWARE LABORATORY PRIVATE LIMITED |
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Registered Office : |
No.8, Plot No.74-75, Anand Residency, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.08.2003 |
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Com. Reg. No.: |
18277 |
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CIN No.: [Company
Identification No.] |
U72200PN2003PTC018277 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG04561E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in dealing of Software Products. |
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 165000 |
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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 : |
No.8, Plot No.74-75, Anand Residency, |
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Tel. No.: |
91-20-25888301 |
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Fax No.: |
91-20-25882578 |
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E-Mail : |
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Website : |
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Head Office : |
Sudhir Regency, 1045-B, 462/2, |
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Tel. No.: |
91-20-25658221 |
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Factory 1 : |
Vishwakalyan, S. No.149, Off |
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Tel. No.: |
91-20-25888301/02 |
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Fax No.: |
91-20-25882578/ 1-425-963-4570 |
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Factory 2 : |
"Stellar
Enclave", 501-504, 5th Floor, |
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Tel. No.: |
91-20-2588
3363 |
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Branches : |
US
Office |
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Telefax No.: |
1 630 655 8905 |
DIRECTORS
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Name : |
Mr. Srihdar B Shukla |
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Designation : |
Managing Director |
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Address : |
Sudhir Regency, 1045-B, 462/2, |
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Date of Birth/Age : |
05.01.1962 |
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Date of Appointment : |
27.08.2003 |
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Name : |
Mr. Sunil S Gaitonde |
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Designation : |
Director |
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Address : |
201, |
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Date of Birth/Age : |
12.12.1960 |
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Date of Appointment : |
27.08.2003 |
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Name : |
Ms. Vijayalakshmi S Shukla |
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Designation : |
Director |
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Address : |
Sudhir Regency, 1045-B, 462/2, |
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Date of Birth/Age : |
23.09.1965 |
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Date of Appointment : |
27.08.2003 |
KEY EXECUTIVES
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Name : |
Ms. Rashmi Ashok Limaye |
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Designation : |
Company Secretary |
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Address : |
Gunjavani, Plot No.18, S. No.257, |
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Tel No.: |
91-20-25466265 |
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Date of Birth/Age : |
19.06.1982 |
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Date of Appointment : |
01.11.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Shridhar Shukla |
5000 |
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Mr. Sunil Gaitonde |
5000 |
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Mr. Shridhar Shukla and Ms. Vijayalaxmi Shukla |
100000 |
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Mr. Sunil Gaitonde and Ms. Sujata Gaitonde |
100000 |
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Mr. Shridhar Shukla and Ms Vijayalakshmi Shukla |
5000 |
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Mr. Sunil Gaitonde and Ms. Sujata Gaitonde |
9930 |
As on 31.03.2006
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Foreign holdings |
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50.00 |
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Directors or relatives of directors |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in dealing of Software Products. |
GENERAL INFORMATION
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Auditors : |
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Name : |
Joshi Apte & Company Chartered Accountants |
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Address : |
Dwarka, 1st Floor, 2, Phatk Bag Society, Kanhere Path, Navi
Peth, Pune-411030, Maharashtra, India |
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Associates/Subsidiaries : |
Great Software Laboratory Inc. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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270000 |
Equity Shares |
Rs.10/- each |
Rs.2.700 millions |
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73000 |
Preference Shares |
Rs.100/- each |
Rs.7.300 millions |
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Total |
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Rs.10.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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210000 |
Equity Shares |
Rs.10/- each |
Rs.2.100
millions |
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72520 |
Preference Shares |
Rs.100/- each |
Rs.7.252
millions |
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Total |
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Rs.9.352 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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9.352 |
3.593 |
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2] Share Application Money |
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0.000 |
0.497 |
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3] Reserves & Surplus |
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32.031 |
11.205 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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41.383 |
15.295 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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1.918 |
2.540 |
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TOTAL BORROWING |
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1.918 |
2.540 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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43.301 |
17.835 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.418 |
2.873 |
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Capital work-in-progress |
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0.000 |
0.153 |
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INVESTMENT |
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0.045 |
0.000 |
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DEFERREX TAX ASSETS |
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0.208 |
0.005 |
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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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19.076 |
7.624 |
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Cash & Bank Balances |
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15.616 |
6.637 |
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Other Current Assets |
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8.843 |
3.563 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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43.535 |
17.824 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.839 |
1.237 |
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Provisions |
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3.252 |
2.062 |
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Total
Current Liabilities |
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6.091 |
3.299 |
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Net Current Assets |
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37.444 |
14.525 |
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MISCELLANEOUS EXPENSES |
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0.186 |
0.279 |
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TOTAL |
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43.301 |
17.835 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Total Income |
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200.000 |
160.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.19 |
0.38 |
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Current Ratio (Current Asset/Current Liability) |
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7.15 |
5.40 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The company has earned foreign exchange by sale of software development
services to the extent of USD 15,54,834 INR 6,89,98,795.84 (Previous Year USD
8,72,380 (INR 39,275,607.07)
Website Details:
Subject builds products for secure communication in next
generation networks. Subject is founded with the objective of growth driven by
profitability and innovation. It is taking careful steps to build an enduring
organization with a sharp focus on technology creation. GS Lab's objectives are
achieved through a unique process of incremental product conception and
delivery in a fast-paced environment.
Subject was founded in August 2003. The Company has
bootstrapped itself into a profitable operation developing technology for secure
communication networks. Today the management
team leads a group of 75+ talented engineers.
Subject has
chosen its name carefully, declaring its high aspirations and the means to
achieve them explicitly to all inside as well as outside the Company. The
Company culture engenders, recognizes and rewards creativity and has a bottom
up approach to foster technology innovations. Its customers receive value
through products and services which are based on engineering entrepreneurship,
rapid and incremental solutions to complex problems, and depth of expertise.
Technology
Subject focuses on areas where the Management team and key
employees have prior in-depth experience. The Company will leverage this in the
long term to build software and appliances for secure communication networks.
At the present
time, the Company is developing own and custom-made products working with
thought leaders around the world.
Its current areas of focus are:
v
High-speed network sniffing,
acceleration, and routing appliances,
v
Gateway and switching software for
network elements that enable WLAN-3G network integration,
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Software tools that guarantee secure
access to content, and
v
Scalable data and text mining
techniques to ensure compliance of content access policies.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.95 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.09 |
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 |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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