MIRA INFORM REPORT

 

 

Report Date :

07.01.2011

 

Note:

The Registered office of the company has been shifted from Subramany Arcade, Tower B No.12, Bannerghatta Road, Bangalore – 560076, Karnataka, India to the present address w.e.f 01.08.2009.

 

 

IDENTIFICATION DETAILS

 

Name :

EMC DATA STORAGE SYSTEMS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Bagmane Constructions Private Limited-SEZ, Mahadevapura, KR Puram, Bangalore North, Bangalore – 560048, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

27.11.2002

 

 

Com. Reg. No.:

08-31277

 

 

CIN No.:

[Company Identification No.]

U72900KA2002PTC031277

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRE01439E

 

 

PAN No.:

[Permanent Account No.]

AABCE0989Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing IT Enabled Services

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 13000000

 

 

Status :

satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 DECLINED BY

 

The management non cooperative

 

 

LOCATIONS

 

Registered Office :

Bagmane Constructions Private Limited-SEZ, Mahadevapura, KR Puram, Bangalore North, Bangalore – 560048, Karnataka, India

Tel. No.:

91-80-67375000/25265776

Fax No.:

91-80-25264357

E-Mail :

lee_pamela@emc.com

Website :

www.india.emc.com

 

 

DIRECTORS

 

As On 30.09.2009

 

Name :

Mr. Paul Thomas Dacier

Designation :

Director

Address :

92 Woodland Street, Sherborn, 001770, MA, USA

Date of Birth/Age :

21.12.1957

Date of Appointment :

27.11.2002

DIN No. :

00098419

 

 

Name :

Mr. William Joseph Teuber Jr

Designation :

Director

Address :

46 Ferncroft Road, Waban 024681214, MA, USA

Date of Birth/Age :

18.09.1951

Date of Appointment :

27.11.2002

DIN No. :

00098332

 

 

Name :

Denis Gerard Cashman

Designation :

Director

Address :

53 North Mill Street, Hopkinton 001748, MA, USA

Date of Birth/Age :

03.07.1960

Date of Appointment :

27.11.2002

DIN No. :

00098401

 

 

Name :

Mr. Bijesh J. Thakker

Designation :

Director

Address :

183-B, Heera Panna, Haji Ali, Mumbai – 400026, Maharashtra, India 

DIN No. :

00009747

 

 

Name :

Ms. Sangita Bijesh Thakker

Designation :

Director

Address :

183-B, Heera Panna, Haji Ali, Mumbai – 400026, Maharashtra, India 

DIN No. :

00009703

 

 

KEY EXECUTIVES

 

Name :

Mr. Uday Goel

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 30.09.2009

 

Names of Shareholders

 

No. of Shares

EMC Corporation, USA

 

742869

EMC Investment Corporation , USA

 

1

Total

 

742870

 

As On 29.03.2010

 

List of Allottees

 

No. of Shares

RSA Security Ireland Limited – Ireland

 

82167

RSA Security Inc. USA

 

1

RSA Security Holding Limited – Ireland 

 

577

Total

 

82745

 

 

As On 30.09.2009

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing IT Enabled Services

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

501-1000 (approximately)

 

 

Bankers :

Not Available

 

 

Facilities :

--

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountant

Address :

5th Floor, Tower D, The Millenia, 1st and 2nd Murphy Road, Ulsoor, Bangalore – 560008, Karnataka, India

Pan No. :

AAEFP5579P

 

 

Holding Company :
  • EMC Corporation USA

 

 

Fellow Subsidiaries :
  • EMC Benelux B.V./S.a.r.1.. Luxembourg
  • EMC Computer Systems (South Asia) Pte Limited, Singapore
  • EMC International Company - Ireland
  • EMC Information Systems International
  • EMC Computer Systems (FE) Ltd., Hong Kong
  • EMC Global Holdings Australian Branch
  • EMC International SARL Singapore Branch
  • EMC Internationa1,SARL-Hong Kong
  • EMC Technologies India Private Limited
  • EIDC Nlayers, Israel
  • EMC Computer Systems, Ireland
  • I-Omega International SA, Switzerland
  • RSA Security India Private Limited
  • Technology Computer Solutions of India Private Limited
  • VM Ware Inc., - USA
  • VM Ware International Limited - Ireland
  • VMWare Bermuda Limited
  • VMware Software India Private Limited
  • RSA Security Inc.

 

 

CAPITAL STRUCTURE

 

As On 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

800000

Equity Shares

Rs. 10/- each

Rs. 8.000 Millions

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

742870

Equity Shares

Rs. 10/- each

Rs. 7.429 Millions

 

 

 

 

 

Note:

Out of the above 742896 (2008: 742869) shares are held by EMC Corporation USA, the holding company and 1 (2008: 1) share by EMC Investment Corporation, USA

 

 

After 30.09.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

830000

Equity Shares

Rs. 10/- each

Rs. 8.300 Millions

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

825615

Equity Shares

Rs. 10/- each

Rs. 8.256 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

7.429

7.429

7.429

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

906.846

568.586

261.980

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

914.275

576.015

269.409

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

914.275

576.015

269.409

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

374.008

445.236

476.745

Capital work-in-progress

125.743

16.642

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

68.091

52.182

30.954

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
21.437

107.767

106.030

 

Cash & Bank Balances
757.897

374.664

195.389

 

Other Current Assets
242.033

91.110

56.567

 

Loans & Advances
311.989

413.112

41.700

Total Current Assets
1333.356

986.653

399.686

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

425.065

209.854

35.933

 

Other Current Liabilities
513.341

643.290

549.200

 

Provisions
48.517

71.554

52.843

Total Current Liabilities
986.923

924.698

637.976

Net Current Assets
346.433

61.955

(238.290)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

914.275

576.015

269.409

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2009

31.03.2008

31.03.2007

 

SALES

 

 

 

 

 

Income

3292.051

3157.479

 

 

Other Income

17.425

6.957

 

 

 

TOTAL                                     (A)

3309.476

3164.436

1759.059

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Employee Costs

1731.143

1692.793

 

 

Selling and Marketing Expenses

50.404

24.148

 

 

 

Other Expenses

827.002

778.393

 

 

 

TOTAL                                     (B)

2608.549

2495.334

NA

 

 

 

 

 

Less

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

700.927

669.102

 

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.000

0.000

 

 

 

 

 

 

 

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

700.927

669.102

399.297

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

322.912

320.508

258.909

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

378.015

348.594

140.388

 

 

 

 

 

Less

TAX                                                                  (I)

39.754

41.988

10.999

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

338.261

306.606

129.389

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

568.586

261.980

132.591

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

906.847

568.586

261.980

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Income from services:

 

 

 

 

 

Software development and IT enabled services

2485.242

2519.851

1358.997

 

 

Marketing support services

806.809

637.628

393.946

 

TOTAL EARNINGS

3292.051

3157.479

1752.943

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

361.187

355.276

425.508

 

TOTAL IMPORTS

361.187

355.276

425.508

 

 

 

 

 

 

Earnings Per Share (Rs.)

455.34

412.73

174.17

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

PAT / Total Income

(%)
10.22

9.69

7.36

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
11.48

11.04

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
22.14

24.35

16.02

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.41

0.61

0.52

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.08

1.61

2.37

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.35

1.07

0.63

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of sundry creditors:

Rs. In Millions

Particulars

31.03.2009

31.03.2008

31.03.2007

Sundry Creditors

 

 

 

- Due to Micro, small and medium enterprises

-

0.154

-

- Due to capital goods

37.939

31.702

30.997

- Due to others

387.126

177.998

4.936

Total

425.065

209.854

35.933

 

 

BACKGROUND:

EMC Data Storage Systems (India) Private Limited ("the Company") was granted permission by Foreign Investment Promotion Board vide letter #FC.9. (2003)IEOPI (10)/ (2003) dated 04.08.2003 to carry out the following activities:

  • Development of computer software
  • Import and distribution of EMC products, consultancy and solutions, specialized pre-sale and after sale services.

 

The Company is presently engaged in the above activities except import and distribution of EMC products.

 

Approval from Software Technology Park of lndia (STPI) was received on 26.12.2002. Further STPI, vide its letter EIG/EMC-DATA/GEN/18710 dated 30.08.2004 has amended its initial approval to include IT Enabled Services in the line of Manufacture. The Company has started service activities under the IT Enabled Services w.e.f. 23.02.2005.

 

 

OPERATIONS:

 

For the period ended 31.03.2009, the gross income of the company was Rs. 3309.476 millions (previous year Rs. 3164.436 millions). The company has earned a net profit of Rs. 338.261 millions as against a profit of Rs. 306.606 millions in the previous year. The business of the company has considerably improved and the future of the company looks very promising.

 

Contingent Liabilities:

Bank Guarantees                               Rs. 9.147 millions

Income Tax Demand                        Rs. 30.715 millions

 

Fixed Assets:

  • Leasehold Improvements
  • Computer Hardware
  • Computer Software
  • Office equipment
  • Furniture and Fixtures
  • Vehicles

 

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.45.31

UK Pound

1

Rs.70.26

Euro

1

Rs.59.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

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

 

 

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.