MIRA INFORM REPORT

 

 

Report Date :

04.01.2011

 

IDENTIFICATION DETAILS

 

Name :

ORACLE SOLUTIONS SERVICES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Prestige Technology Park, Venus Block, Phase – I, Level 6-9, Sy. No. 29, S’Japur M’Rthalli Ring Road, Bangalore – 560087, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

18.07.1995

 

 

Com. Reg. No.:

08-1827

 

 

CIN No.:

[Company Identification No.]

U72900KA1995PTC018327

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRE00419G

 

 

PAN No.:

[Permanent Account No.]

AAACE4354L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Services of IT Solutions

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (57)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 5800000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having fine track. Financial position of the co appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Urala

Designation :

Director

Date :

03.01.2011

 

 

LOCATIONS

 

Registered Office :

Prestige Technology Park, Venus Block, Phase – I, Level 6-9, Sy. No. 29, S’Japur M’Rthalli Ring Road, Bangalore – 560087, Karnataka, India

Tel. No.:

91-80-25509230/40296000

Fax No.:

91-80-40296475

E-Mail :

ravindra.vishwanathr@oracle.com

Website :

www.oracle.com

Area :

1500 sq.ft (approximately)

Location :

Owned

 

 

Head Office :

DLF Building NO. 8, Tower C Ground and 7th Floor, DLF Cyber City, DLF Phase – II, Gurgaon – 122002, Haryana, India

Tel. No.:

91-124-4328000

Fax No.:

91-124-4328101

 

 

Branches :

Located at:

  • Bangalore
  • Chennai
  • Hyderabad
  • Kolkata
  • Mumbai
  • Ahmedabad
  • Gurgaon
  • New Delhi
  • Pune

 

 

National Support Centre:

Commerce@Mantri, Level 4, NO. 12/1 and 2, N S Palya, Banerghatta Road, Bangalore – 560076, Karnataka, India

Tel. No.:

91-80-410870010

Fax No.:

91-80-41089901/41131554

 

 

India Development Centre :
  • Oracle India Private Limited
    Bangalore Oracle Technology Park
    India     Development Centre
    No. 3, Banerghatta Road
    Bangalore     560 029
    Tel: 91 80 41070000
    Fax: 91 80 25526124
  • Oracle India Private Limited
    India Development Centre
    4th Floor, Cyber Towers
    Hitec City    , Madhapur
    Hyderabad 500 033
    Phone: +91 40 23110222/3/4
    Fax: +91 40 23110225
  • Oracle India Private Limited
    DLF Building No 8, Tower C
    Ground & 7th Floor
    DLF Cyber City, DLF Phase - II
    Gurgaon - 122002, Haryana
    Phone: +91 124 4328000
    Fax: +91 124 4328101

 

 

DIRECTORS

 

As On 28.09.2010

 

Name :

Mr. Nagabhushana Urala

Designation :

Director

Address :

165 2nd Main Road, 2nd Stage RK Layout Padmanabha Nagar, Bangalore – 560070, Karnataka, India

Date of Birth/Age :

29.09.1960

Date of Appointment :

27.09.2002

DIN No. :

00657044

 

 

Name :

Mr. Vivek Krishna Marla

Designation :

Director

Address :

Praneha 608, 80 Ft Double Road, RMV II Stage, 3rd Block, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

10.05.1957

Date of Appointment :

01.07.2003

DIN No. :

01336536

 

 

Name :

Mr. Alan James Brydon

Designation :

Director

Address :

#29, Lasdowne Road, Worthing, Westsussex, BN 11 NF

Date of Birth/Age :

27.04.1954

Date of Appointment :

27.04.2005

DIN No. :

02106165

 

 

Name :

Mr. Sriram Ranganathan

Designation :

Director

Address :

B-59, Second Floor, New Rajinder Nagar, New Delhi – 110060, Delhi, India

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 28.09.2010

 

Names of Shareholders

 

No. of Shares

Oracle Corporation Nominees Limited – United Kingdom

 

2

Oracle Systems Corporation – California

 

241348

Total

 

241350

 

 

As On 28.09.2010

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Services of IT Solutions

 

 

Terms :

 

Selling :

Cash

 

 

Purchasing :

Cash

 

 

 

GENERAL INFORMATION

 

Customers :
  • End Users and OEM’s

 

 

No. of Employees :

50 (approximately)

 

 

Bankers :

Not Available

 

 

Facilities :

Secured Loans

31.03.2010 (Rs. In Millions

31.03.2009 (Rs. In Millions)

From Others

 

 

Motor Vehicle Loans

-

0.055

Total

-

0.055

 

Note:

Motor Vehicle Loans represent vehicles taken on finance lease and are secured by way of hypothecation of specific vehicles)

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. R. Batliboi and Associates

Chartered Accountant

Address :

12th and 13th Floor, ‘UB City, Canberra Block, NO 24, Vittal Mallya Road, Bangalore, Karnataka, India

Tel. No.:

91-80-40275000

Fax No.:

91-80-22106000

Pan No. :

AABFS3421N

 

 

Ultimate Holding Company :
  • Oracle Corporation, USA

 

 

Holding Company :
  • Oracle Systems Corporation USA

 

 

Fellow Subsidiaries :
  • Oracle Africa
  • Oracle Corporation. Australia (Oracle Australia)
  • Oracle Austria
  • Oracle Belgium
  • Oracle-Chilc
  • Oracle Brasil
  • Oracle- Canada
  • Oracle -Czech Republic - Oracle Egypt
  • Oracle Finland
  • Oracle German
  • Oracle Hong Kong
  • Oracle Denmark
  • Oracle Estonia
  • Oracle France
  • Oracle Greece
  • Oracle Hungary
  • Oracle India Private Limited (Oracle India)
  • Oracle Indonesia
  • Oracle - Ireland
  • Oracle Israel-
  • Oracle Japan
  • Oracle Korea
  • Oracle Luxembourg
  • Oracle Malaysia
  • Oracle - Mexico
  • Oracle -Middle East
  • Oracle New Zealand
  • Oracle Netherland
  • Oracle Pakistan
  • Oracle Norway
  • Oracle Poland
  • Oracle Philippines
  • Oracle, Saudi Arabia
  • Oracle Portugal
  • Oracle South Africa
  • Oracle Singapore
  • Oracle Sweden
  • Oracle - Spain
  • Oracle Switzerland
  • Oracle Serbia
  • Oracle Taiwan
  • Oracle Corporation UK Limited (Oracle UK)
  • Oracle Thailand
  • Oracle Vietnam
  • Oracle Ukraine
  • Oracle Italy
  • Oracle Russia
  • Oracle Bosnia
  • Oracle Romania
  • Oracle Slovakia
  • Oracle Turkey
  • Oracle Columbia Oracle-Slovenia
  • Oracle Kazakhstan
  • Oracle- Venezuela
  • Oracle Caribbean

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

250000

Equity Shares

Rs. 10/- each

Rs. 2.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

241350

Equity Shares

Rs. 10/- each

Rs. 2.414 Millions

 

 

 

 

 

Note:

Of the above 241348 equity shares are held by Oracle Systems Corporation, USA, the holding company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.414

2.414

2.414

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1450.257

1106.214

724.152

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1452.671

1108.628

726.566

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.055

3.171

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.055

3.171

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

1452.671

1108.683

 729.737

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

64.396

57.367

66.809

Capital work-in-progress

8.393

0.000

0.000

 

 

 

 

INVESTMENT

0.001

0.000

0.000

DEFERREX TAX ASSETS

12.956

22.924

28.009

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
850.080

760.092

503.481

 

Cash & Bank Balances
421.564

293.405

163.240

 

Other Current Assets
262.241

185.042

102.512

 

Loans & Advances
396.545

221.489

295.928

Total Current Assets
1930.430

1460.028

1065.161

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

427.981

302.438

251.027

 

Other Current Liabilities
53.634

36.323

66.700

 

Provisions
81.890

92.875

112.515

Total Current Liabilities
563.505

431.636

430.242

Net Current Assets
1366.925

1028.392

634.919

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1452.671

1108.683

729.737

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Revenues

2833.061

2598.642

1757.205

 

 

Other Income

47.099

176.183

5.325

 

 

TOTAL                                     (A)

2880.160

2774.825

1762.530

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Personnel Expenses

1254.144

1153.639

962.375

 

 

Operating and other expenses

1076.519

896.274

764.994

 

 

Accrual for contract losses, net

(12.629)

(6.401)

19.493

 

 

TOTAL                                     (B)

2318.034

2043.512

1746.862

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

562.126

731.313

15.668

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.566

0.541

0.578

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

561.560

730.772

15.090

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

30.640

30.125

35.171

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

530.920

700.647

(20.081)

 

 

 

 

 

Less

TAX                                                                  (H)

186.876

318.585

31.590

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

344.044

382.062

(51.671)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1106.214

724.152

1241.229

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Interim Dividend

0.000

0.000

397.800

 

 

Tax on Interim Dividend

0.000

0.000

67.606

 

BALANCE CARRIED TO THE B/S

1450.258

1106.214

724.152

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

2576.336

2492.856

NA

 

TOTAL EARNINGS

2576.336

2492.856

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

1425.50

1583.02

(214.09)

 

 

Expected Sales (2010-11): Rs. 3000.000 Millions

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
11.95

13.77

2.93

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
18.74

26.96

(1.42)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
26.61

46.17

(1.77)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.37

0.63

(0.03)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.39

0.39

0.60

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.42

3.38

2.48

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of Sundry Creditors:

Rs. In Millions

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors for goods, expenses and services

 

 

 

- total outstanding dues of micro and small enterprise

-

-

- total outstanding dues of creditors other than micro and small enterprises

427.981

302.438

 

Total

427.981

302.438

251.027

 

 

The Registered Office of the company has been shifted from Commerce@Mantri, Level 7 and 8, Sy. No. 12/1 and 12/2, N S Palya, Bannerghatta Road, Bangalore – 560076, Karnataka, India to the present address w.e.f 11.03.2008

 

Financial Highlights:

During the year, the company has achieved a turnover of Rs. 2880.160 millions as compared to Rs. 2774.830 millions during the previous year. The profits after tax for the year stood at Rs. 334.040 millions as compared to a profit of Rs. 382.060 millions during the previous year. The Company has carried forward a profit of Rs. 1450.250 millions to the balance sheet.

 

 

Contingent Liabilities not provided for:

Income tax disputes pending settlement – Rs. 120.696 millions (2009- Rs. 71.263 millions)

Bank Guarantees – Rs. 2.402 millions (2009- Rs. 2.402 millions)

 

Fixed Assets:

  • Computers
  • Software
  • Office and other equipments
  • Furniture and fittings
  • Vehicles

 

AS PER WEB SITE DETAILS:

 

HISTORY:

 

More than three decades ago Larry Ellison saw an opportunity other companies missed: a description of a working prototype for a relational database. No company had committed to commercializing the technology, but Ellison and co-founders Bob Miner and Ed Oates realized the tremendous business potential of the relational database model-but they may not have realized that the company they formed would change the face of business computing forever.

 

 

Throughout its history Oracle has proved it can build for the future on the foundation of its innovations and, its intimate knowledge of customer challenges and successes analyzed by the best technical and business minds in the world. The company has leveraged its immense size and strength to serve its customers, and to implement key technology and business decisions that upend conventional wisdom and take its products and services in new directions.

 

Today Oracle is the gold standard for database technology and applications in enterprises throughout the world—the company is the world's leading supplier of information management software and the world's second largest independent software company. The acquisition of Sun gives Oracle a leadership role in the hardware arena as well.

 

Now more than ever before Oracle technology can be found in nearly every industry, and in the data centers of 100 of the Fortune Global 100 companies. Oracle is the first software company to develop and deploy 100 percent internet-enabled enterprise software across its entire product line: database, business applications, application development, and decision support tools.

 

Innovation is the engine of Oracle's success. Oracle was one of the first companies to make its business applications available through the internet—an idea that is now pervasive. Oracle has introduced new Oracle Fusion Middleware products and functionality that reflect the company's goal to connect all levels of enterprise technology, ensuring customers access to the knowledge they need to respond to market conditions with speed and agility.

 

Before the acquisition of Sun was final, Oracle and Sun introduced the Sun Oracle Database Machine, the world's fastest machine for any type of database workload. Today, Sun servers and storage, Oracle Real Application Clusters, Oracle Applications, Oracle Grid Computing, support for enterprise Linux, and Oracle Fusion, all fuel a commitment to innovation and results that has defined Oracle for thirty years.

 

What does Oracle have in store for tomorrow? The goal is to become #1 in middleware and #1 in applications, just as they have in database. And they will provide the customers with complete, open solutions integrated from the disk to applications software that meet their business needs and solve their business problems. And, they will continue to innovate and to lead the industry, while always making sure that they focus solving the problems of the customers that rely on the technology.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.67

UK Pound

1

Rs.69.44

Euro

1

Rs.59.37

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

57

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

-

NB

                                       New Business

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.