MIRA
INFORM REPORT
|
Report Date : |
18.05.2011 |
Note : Registered office of the company has been
shifted from the above address to the present address w.e.f. 20.11.2007
IDENTIFICATION DETAILS
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Name : |
SYMANTEC SOFTWARE INDIA PRIVATE LIMITED (w.e.f. 24.10.2007) |
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Formerly Known
As : |
VERITAS SOFTWARE INDIA PRIVATE LIMITED |
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Registered
Office : |
ICON, Survey No. 3/8, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.09.1995 |
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Com. Reg. No.: |
11-92611 |
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Capital
Investment / Paid-up Capital : |
Rs.317.734 Millions |
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CIN No.: [Company Identification
No.] |
U72200MH1995PTC092611 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04026B |
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PAN No.: [Permanent Account No.] |
AAACV6015F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is in the business of providing Information Technology
Services. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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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 16400000 |
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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 an established company having fine track. Financial
position of the company appears to be sound. Trade relations are fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.
INFORMATION PARTED BY
|
Name : |
Mr. Tanu Arora |
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Designation : |
Secretary |
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Contact No.: |
91-20-66157000 |
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Date : |
16.05.2011 |
LOCATIONS
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Registered Office : |
ICON, Survey No. 3/8, |
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Tel. No.: |
91-20-66157000 |
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Mobile No.: |
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Fax No.: |
91-20-66157709 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 23.09.2010
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Name : |
Mr. Kristen Joy Laubscher |
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Designation : |
Director |
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Address : |
2884, |
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Date of Birth/Age : |
29.04.1965 |
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Date of Appointment : |
29.03.2007 |
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DIN No. : |
00881645 |
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Name : |
Mr. Shantanu Ghosh |
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Designation : |
Director |
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Address : |
A303, 10, Kasturkunj, ICS Colony, Bhosale Nagar, Pune – 411007, |
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Date of Birth/Age : |
30.05.1964 |
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Date of Appointment : |
30.01.2008 |
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DIN No. : |
00955230 |
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Name : |
Mr. Amit Mukund Godbole |
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Designation : |
Director |
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Address : |
29, Anant Raghukul Society, Karve Nagar, Pune – 411052, |
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Date of Birth/Age : |
19.07.1973 |
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Date of Appointment : |
16.06.2009 |
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DIN No. : |
02681249 |
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Name : |
Mr. Eunice Jeeyoon Kim |
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Designation : |
Director |
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Address : |
221, |
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Date of Birth/Age : |
11.07.1973 |
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Date of Appointment : |
16.06.2009 |
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DIN No. : |
02673925 |
KEY EXECUTIVES
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Name : |
Mr. Tanu Arora |
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Designation : |
Secretary |
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Address : |
302, Hillside II, |
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Date of Birth/Age : |
11.11.1977 |
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Date of Appointment : |
05.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
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Names of Shareholders |
|
No. of Shares |
|
Symantec Corporation ( |
|
8599980 |
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Symantec Operating Corporation ( |
|
23173386 |
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Total |
|
31773366 |
As on 23.09.2010
|
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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is in the business of providing Information Technology
Services. |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
End users and OEM’s |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
IDBI Bank, Dnyaneshwar Paduka Chowk, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.S.R. and Company Chartered Accountant |
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Address : |
Godrej Castelmine, Bund Garden Road, Next to Ruby Hall Clinic, Pune –
411011, Maharashtra, India |
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Tel. No.: |
91-20-30585764 / 30585765 |
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Fax No.: |
91-20-30585775 |
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Website : |
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Holding Company : |
Symantec Operating Corporation |
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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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83000000 |
Equity Shares |
Rs.10/- each |
Rs.830.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
31773366 |
Equity Shares |
Rs.10/-each |
Rs.317.734
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
317.734 |
317.734 |
317.734 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3787.883 |
3400.987 |
2877.299 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4105.617 |
3718.721 |
3195.033 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4105.617 |
3718.721 |
3195.033 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1156.390 |
1596.099 |
1481.467 |
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Capital work-in-progress |
96.207 |
114.016 |
76.469 |
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INVESTMENT |
10.160 |
10.160 |
10.110 |
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DEFERREX TAX ASSETS |
139.230 |
80.231 |
1.205 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000
|
0.000 |
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Sundry Debtors |
659.949
|
812.837
|
1373.378 |
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Cash & Bank Balances |
1201.498
|
439.055
|
211.595 |
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Other Current Assets |
1593.457
|
1451.911
|
861.405 |
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Loans & Advances |
2.863
|
2.540
|
1.910 |
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Total
Current Assets |
3457.767
|
2706.343
|
2448.288 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
418.693
|
393.519 |
418.410 |
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Other Current Liabilities |
153.015
|
226.826
|
208.439 |
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Provisions |
182.429
|
167.783
|
195.657 |
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Total
Current Liabilities |
754.137
|
788.128
|
822.506 |
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Net Current Assets |
2703.630
|
1918.215
|
1625.782 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4105.617 |
3718.721 |
3195.033 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
4983.571 |
5395.606 |
5327.396 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
3586.372 |
3653.780 |
3496.793 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1397.199 |
1741.826 |
1830.603 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
866.801 |
949.630 |
973.872 |
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PROFIT BEFORE
TAX (C-D) (E) |
530.398 |
792.196 |
856.731 |
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Less |
TAX (F) |
143.501 |
268.509 |
247.339 |
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PROFIT AFTER TAX
(E-F) (G) |
386.897 |
523.687 |
609.392 |
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EARNINGS IN
FOREIGN CURRENCY |
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Technical Service Fees |
4941.634 |
5140.232 |
5317.159 |
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TOTAL EARNINGS |
4941.634 |
5140.232 |
5317.159 |
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IMPORTS |
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Capital Goods |
359.565 |
659.167 |
752.480 |
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TOTAL IMPORTS |
359.565 |
659.167 |
752.480 |
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Earnings Per
Share (Rs.) |
12.18 |
16.48 |
22.18 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover |
|
|
5000.000 |
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Expected Sales ( 2011-2012 ) : Rs.5500.000 Millions
The above information has been parted by Mr. Tanu Arora
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.76
|
9.70 |
11.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.49
|
18.41 |
21.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.21 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.18
|
0.21 |
0.26 |
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Current Ratio (Current Asset/Current Liability) |
|
4.58
|
3.43 |
2.98 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Due to micro and small undertakings |
0.859 |
0.854 |
4.173 |
|
Due to others |
417.834 |
392.665 |
414.237 |
|
Total |
418.693 |
393.519 |
418.410 |
OPERATIONS :
For the period ended
on March 31, 2010, Company has earned service income of Rs. 4941.634 Millions
as compared to Rs. 5140.232 Millions in previous year showing a slight decrease
due to market conditions. The Company has earned a Net Profit of Rs. 386.897
Millions as against a profit of Rs.523.687 Millions in the previous year
showing a marginal decrease. In overall, the business of the Company has
managed to perform even in the global economic slowdown which has impacted most
of the Industries.
BACKGROUND :
Symantec Software India Private Limited ('SSIPL' or 'the
Company') is a research and development centre, technical support services
provider and software consultancy services provider for Symantec group
companies namely Symantec Operating Corporation, USA ('SOC') and Symantec
Corporation, USA ('SC'). The Company's Ultimate Parent Company is
The Company was incorporated in 1995 as a subsidiary of
Veritas Software Corporation,
On 2 July 2005, SC,
FIXED ASSETS :
- Computers
- Leasehold Improvements
- Electrical Installations
- Office Equipments
- Motor Vehicles
- Furniture and Fixtures
- Building
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.