MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUN MICROSYSTEMS INDIA PRIVATE LIMITED |
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Registered Office : |
6th Floor, Divyashree Chambers, Off Langford Road, Bangalore
– 560 025, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.03.1998 |
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Com. Reg. No.: |
023546 |
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CIN No.: [Company
Identification No.] |
U72200KA1998PTC023546 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS04297G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Software Solutions. |
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 5791030 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Sun Microsystems, U.S.A. Available
information indicates high financial responsibility of the company. Trade relations
are fair. Payments are correct and as per commitments. Financial position of the company is good. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
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Registered Office : |
6th Floor, Divyashree Chambers, Off Langford Road,
Bangalore – 560 025, Karnataka, India. |
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Tel. No.: |
91-80-22298989/ 5454 |
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Fax No.: |
91-80-22231974 |
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E-Mail : |
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Website : |
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Head Office : |
6th Floor, Prestige Obelisk, No.3, Kasturba Road, Bangalore
– 560 001, Karnataka, India. |
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Tel. No.: |
91-80-66930600 |
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Fax No.: |
91-80-66930655/ 66 |
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HRD Office : |
4th Floor, Divayashree, Chambers, Off Langford Road,
Shantinagar, Bangalore – 560 025, Karnataka, India. |
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Tel. No.: |
91-80-22298989/ 66927400/ 66927610/ 41847000 |
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Fax No.: |
91-80-22231794 |
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E-Mail : |
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Branches : |
The Capital Court, 5th Floor, Right Wing, Olof Palme Marg,
Munirka, New Delhi – 110 067, India. |
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Tel. No.: |
91-11-26106000 |
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Fax No.: |
91-11-26160928 |
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Branches : |
5th Floor, “A “Wing, Fortune 2000, Plot No. C 4, Bandra
Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India. |
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Tel. No.: |
91-22-66978111 |
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Fax No.: |
91-22-66978211 |
DIRECTORS
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Name : |
Mr. Bhaskar Pamanik |
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Designation : |
Managing Director |
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Address : |
Flat 301/ 302, Prestige Cedar, No. 7, Convent Road, Bangalore – 560
025, Karnataka, India. |
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Date of Birth/Age : |
20.03.1951 |
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Date of Appointment : |
23.06.1998 |
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Name : |
Mr. William David Wilson |
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Designation : |
Director |
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Address : |
35, Cerritos Ave, San Francisco, California, ( USA) – 94127 |
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Date of Birth/Age : |
07.09.1960 |
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Date of Appointment : |
01.07.2002 |
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Date of Resignation : |
28.02.2005 |
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Name : |
Mr. Peter John Connor |
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Designation : |
Director |
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Address : |
59, Kintore Street, Wahroonga, New South Wales – 2076, Australia. |
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Date of Birth/Age : |
27.08.1958 |
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Date of Appointment : |
01.07.2002 |
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Date of Resignation : |
28.02.2005 |
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Name : |
Mr. Sik Ming Stanley IP |
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Designation : |
Director |
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Address : |
24 A, Namly Crescent, Singapore – 267539, Singapore. |
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Date of Birth/Age : |
03.08.1956 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Kimie Kinoshita |
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Designation : |
Director |
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Address : |
1-21-1-105, Arima, Miyamae – Ku, Kawasaki – 216-0003, Japan. |
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Date of Birth/Age : |
19.06.1961 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Scott Lundering |
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Designation : |
Director |
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Address : |
21, Peck-Hay Road, #12-23 Venus Mansion, Singapore – 228314,
Singapore. |
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Date of Birth/Age : |
27.10.1958 |
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Date of Appointment : |
08.05.2006 |
KEY EXECUTIVES
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Name : |
Mr. Ashok Kumar Sadanand Bhandarkar |
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Designation : |
Company Secretary |
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Address : |
Aishwarya, 36/20, Papu Cottage, Kanakapura Road, Basavanagudi,
Bangalore – 560 004, Karnataka, India. |
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Date of Birth/Age : |
20.12.1960 |
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Date of Appointment : |
01.03.2005 |
SHAREHOLDING
PATTERN
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Equity Share
Break-up( As on 28.09.2007) |
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Percentage
of Holding |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s), Foreign financial institution(s),Non-resident Indian(s), or
Overseas corporate bodies or Others |
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100 |
BUSINESS DETAILS
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Line of Business : |
Providing Software Solutions. |
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Products : |
· Servers · Storage x64
Workstations SPARC
Workstations · Software |
GENERAL
INFORMATION
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No. of Employees : |
400 |
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Bankers : |
Not Available |
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Auditors : |
· S.R. Batliboi
and Company Chartered Accountants Address 1: Divyashree Chambers, 2nd Floor, Langford Road,
Bangalore – 560 025, Karnataka, India. Address 2: U B City, Canberra Block, 12th and 13th
Floor, 24 Vittal Mallya Road, Bangalore – 560 001, Karnataka, India. |
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Holding Company : |
Sun Microsystems International Inc. USA |
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Associates/Subsidiaries : |
Storagetek (India) Private Limited CIN No.: U72300KA2004PTC034436 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- Each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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212000 |
Equity Shares |
Rs.100/-
Each |
Rs.21.200
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
21.200 |
21.200 |
21.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1137.006 |
835.269 |
525.942 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1158.206 |
856.469 |
547.142 |
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LOAN FUNDS |
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1] Secured Loans |
100.786 |
49.051 |
11.502 |
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2] Unsecured Loans |
88.691 |
447.553 |
460.422 |
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TOTAL BORROWING |
189.477 |
496.604 |
471.924 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1347.683 |
1353.073 |
1019.066 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
516.099 |
509.205 |
405.343 |
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Capital work-in-progress |
0.000 |
0.000 |
31.038 |
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INVESTMENT |
16.063 |
16.063 |
0.000 |
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DEFERREX TAX ASSETS |
63.898 |
51.247 |
56.898 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
116.827
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190.809 |
347.807 |
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Sundry Debtors |
2364.508
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1965.075 |
1334.345 |
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Cash & Bank Balances |
187.511
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146.872 |
397.202 |
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Other Current Assets |
316.768
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131.184 |
33.377 |
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Loans & Advances |
400.986
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308.092 |
269.752 |
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Total
Current Assets |
3386.600
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2742.032 |
2382.483 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2516.059
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1802.692 |
1817.193 |
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Provisions |
118.918
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162.782 |
39.503 |
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Total
Current Liabilities |
2634.977
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1965.474 |
1856.696 |
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Net Current Assets |
751.623
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776.558 |
525.787 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1347.683 |
1353.073 |
1019.066 |
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Particulars |
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31.03.2007
(Estimated) |
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Sales Turnover |
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1500.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.44
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2.87 |
4.26 |
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Current Ratio (Current Asset/Current Liability) |
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1.29
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1.40 |
1.28 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Incorporated
in 1982, Sun has had a history marked by great
ideas, break-through thinking, and market shattering achievements. Sun has been widely acknowledged as the thought leader of the
computing industry. Today, Sun Microsystems is a USD 12.5 billion
Fortune 500 company employing
34,000 people across the world. They are the global market leaders in UNIX
systems revenue and unit market share (IDC).What makes them unique is their
belief that eventually every man, woman, and child on the planet will be
connected to the Network. So will virtually everything with a digital or
electrical heartbeat -- from mobile phones to automobiles, thermostats to razor
blades. Sun Microsystems has had a
significant presence in India
since 1987 through a distributor arrangement, but established a direct presence
for the first time in 1995 as a liaison office. This office was finally
converted into a wholly owned subsidiary on July 1, 1998. Year after year they
have been consistently rated number one in India in UNIX systems revenue and unit market share (IDC). Sun India has been
growing at twice the industry average for the last 5 years. Sun has adopted a business model of working in partnership with key
Indian partners to deliver all products and services such as hardware
platforms, services, certification training etc. The company works with leading partners such as Wipro, Tata Infotech,
CMC, Tech Pacific, Accel ICIM, HCL Infosystems, CDAC to deliver hardware
products and services. Sun has a very strong relationship model
with worldwide organizations like Oracle, SAP, PeopleSoft, EDS and others to
deliver the best of breed solutions and services to its customers. In order to
retain and grow their status as the undisputed market leader of enterprise
computing systems.
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.42.47 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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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54 |
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 |
|
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. |
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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