MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
SAMSUNG INDIA SOFTWARE OPERATIONS PRIVATE LIMITED |
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Registered Office : |
Bagmane Lakeview, Block B, No.66/1, Bagmane Tech Park, CV Raman Nagar,
Byrasandra, Bangalore – 560093, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.12.2004 |
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Com. Reg. No.: |
08-35309 |
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CIN No.: [Company
Identification No.] |
U72200KA2004PTC035309 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS21178D |
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PAN No.: [Permanent
Account No.] |
AAICS6290F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is Engaged in Providing Software Development Services. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3000000 |
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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 part of Samsung Group, a world leader in the electronics
industry. Trade relations are fair. Business is active. General financial
position is good. Fundamentals are strong and healthy. Payments are reported
as usually made as per commitments. The company can be considered good for any normal business dealings. |
LOCATIONS
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Registered Office : |
Bagmane Lakeview, Block B, No.66/1, Bagmane Tech Park, CV Raman Nagar,
Byrasandra, Bangalore – 560093, Karnataka, India |
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Tel. No.: |
91-80-41819999 |
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Fax No.: |
91-80-41819000 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Kim Gyu Chool |
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Designation : |
Director |
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Address : |
Flat No.213, 2nd Floor, Winter Block, The Residence
Apartment, No.6/1 Benson Crs Road, Bangalore – 560046, Karnataka, India |
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Date of Birth/Age : |
18.04.1960 |
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Date of Appointment : |
23.12.2004 |
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Email : |
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Name : |
Mr. Lee Je Ick |
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Designation : |
Director |
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Address : |
Flat No 002, Embassy Eros, No.7, |
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Date of Birth/Age : |
21.09.1960 |
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Date of Appointment : |
23.12.2004 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 28.09.2007)
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Names of Shareholders |
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No. of Shares |
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Kim Gyu Chool |
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1 |
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Samsung Electronics Company Limited |
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16534 |
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Total |
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16535 |
(As on 29.09.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is Engaged in Providing Software Development Services. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Mittal Tower, 10th Floor, C Wing, 47/6, M |
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Holding Company : |
Samsung Electronics Company Limited, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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16535 |
Equity Shares |
Rs.10/- each |
Rs.0.165
Million |
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Note:
Out the above shares 16534 Equity Shares are
held by Samsung Electronics Company Limited, South Korea (SECL), the holding
company and 1 share is held by a nominee
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.165 |
0.100 |
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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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579.752 |
60.178 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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579.917 |
60.278 |
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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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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
2.482 |
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Advance Against Share Capital |
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0.000 |
325.997 |
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TOTAL |
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579.917 |
388.757 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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231.883 |
247.270 |
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Capital work-in-progress |
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0.107 |
4.119 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
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0.000 |
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Sundry Debtors |
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0.000
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546.401 |
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Cash & Bank Balances |
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748.623
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60.727 |
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Other Current Assets |
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107.979
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23.655 |
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Loans & Advances |
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56.142
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88.000 |
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Total
Current Assets |
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912.744
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718.783 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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471.652
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519.620 |
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Provisions |
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93.165
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61.795 |
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Total
Current Liabilities |
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564.817
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581.415 |
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Net Current Assets |
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347.927
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137.368 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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579.917 |
388.757 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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2102.893 |
689.260 |
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Other Income |
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0.480 |
3.046 |
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Total Income |
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2103.373 |
692.306 |
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Profit/(Loss) Before Tax |
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210.383 |
67.050 |
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Provision for Taxation |
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7.346 |
6.872 |
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Profit/(Loss) After Tax |
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203.037 |
60.178 |
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Import Value |
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86.679 |
33.449 |
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Export Value |
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2102.893 |
689.260 |
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Expenditures : |
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Employees Cost |
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899.833 |
233.831 |
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Other Expenses |
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848.943 |
340.826 |
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Depreciation & Amortization |
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144.215 |
50.599 |
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Total Expenditure |
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1892.990 |
625.256 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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9.65 |
8.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
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10.00 |
9.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.14 |
6.94 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36 |
1.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.97 |
9.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.62 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from
Fixed Assets:
- Computers
Equipment
- Furniture and
Fixture
- Office
Equipment
- Vehicles
- Computers
Software
- Goodwill
Website Details:
Global
Founded
in 1938, Samsung Electronics spans the globe with operations in 63 countries
with more than 50 affiliate companies. With revenues past 100 billion USDs, the
company employs around 230000 people across the world.
Ever
since it was founded company has maintained a mission statement that responds
both to its own change, and to new developments in the world: "Economic
contribution to the nation," "Priority to human resources,"
"Pursuit of rationalism." Each slogan represents significant moments
in Samsungs history, reflecting different stages of the company's growth from a
domestic industrial leader into a global consumer electronics powerhouse.
Subject
is one of the eleven Research & Development centers of Samsung Electronics
Company Limited, housed in the IT hub of
With
about a decade of existence, the organization has executed close to 300
projects and has been accredited with the highest software quality
certification of CMM Level 5 and ISO 9002. SISO also practices Six Sigma as a
management methodology to facilitate innovation and increased productivity.
Quite a synergy prevails between product development and software services
initiatives and the entire system is backed by robust development and computing
infrastructure.
As a
captive entity of Samsung Electronics, Company prides in its ability to work in
some of the cutting edge technologies that its parent organization ventures
into. Company also displays a high degree of efficacy in the creation and
protection of Intellectual Property.
Company
currently houses some 1000 intellects involved in stupendous research and
development activities and parallely the organization also revels in making
software backed by leading edge technologies in sync with ever-changing
lifestyles, and, introducing global technologies customized for the Indian
requirements.
Company
also works with some of the best organizations in software and technology in
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 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.50.09 |
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1 |
Rs.74.90 |
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Euro |
1 |
Rs.63.40 |
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 |
5 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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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65 |
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. |
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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