MIRA
INFORM REPORT
|
Report Date : |
16.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BROCADE COMMUNICATIONS SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No.706, Carlton Tower No.1, Airport Road, Bangalore – 560008,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
13.05.2004 |
|
|
|
|
Com. Reg. No.: |
08-033931 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.18.597 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200KA2004PTC033931 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB04805D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB4490N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Engaged in the business of software development and support services |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
|
Name : |
Mr. Veric |
|
Designation : |
Key Executive |
|
Date : |
11.11.2011 |
LOCATIONS
|
Registered Office : |
Unit No.706, Carlton Tower No.1, Airport Road, Bangalore – 560008,
Karnataka, India |
|
Tel. No.: |
91-80-30854325 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Richard James Deranleau |
|
Designation : |
Director |
|
Address : |
1141 Barnes Lane, San Jose, California, USA – 95102 |
|
Date of Birth/Age : |
16.02.1958 |
|
Date of Appointment : |
13.05.2004 |
|
DIN No.: |
00250988 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U72200KA2004PTC033931 |
Brocade
Communications Systems Private Limited |
Director |
13-05-04 |
13-05-04 |
20-06-11 |
Active |
NO |
|
2 |
U72200KA2005PTC037861 |
BROCADE
COMMUNICATIONS RESEARCH PRIVATE LIMITED |
Director |
28-12-06 |
05-01-06 |
- |
Strike
off |
NO |
|
Name : |
Mr. John Harry Bock |
|
Designation : |
Director |
|
Address : |
19 NAssim Hill, #9-03, Singapore – 258482 |
|
Date of Birth/Age : |
13.09.1953 |
|
Date of Appointment : |
26.09.2008 |
|
DIN No.: |
02425348 |
|
Name : |
Mr. Jean Samuel Further |
|
Designation : |
Director |
|
Address : |
763 W GreenwichPL, Palo Alto – 94303 |
|
Date of Birth/Age : |
05.04.1961 |
|
Date of Appointment : |
26.09.2009 |
|
DIN No.: |
02410593 |
|
Name : |
Mr. Kevin L. McKenna |
|
Designation : |
Director |
|
Address : |
12 Chemin De Villars 1290 Versoix GE, Switzerland |
|
Date of Birth/Age : |
28.05.1955 |
|
Date of Appointment : |
13.07.2006 |
|
DIN No.: |
00589276 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U72200KA2004PTC033931 |
Brocade
Communications Systems Private Limited |
Director |
29-09-06 |
13-07-06 |
- |
Active |
NO |
|
2 |
U72200KA2005PTC037861 |
BROCADE
COMMUNICATIONS RESEARCH PRIVATE LIMITED |
Director |
28-12-06 |
18-07-06 |
- |
Strike
off |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Sukeshini Sarkar |
|
Designation : |
Secretary |
|
Address : |
#957, 5th Amin 1st Block Kora Mangala, Bangalore
– 560034, Karnataka, India |
|
Date of Birth/Age : |
28.12.1979 |
|
Date of Appointment : |
03.08.2009 |
|
Pan No.: |
BOIPS7335P |
|
|
|
|
Name : |
Mr. Veric |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Brocase Communications Switzerland SarL, Switzerland |
|
1859667 |
|
Brocade Communication Systems Inc, California |
|
1 |
|
|
|
|
|
Total |
|
1859668 |
AS ON 30.09.2010
|
Equity Shares
Break Up |
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 : |
Engaged in the business of software development and support services |
GENERAL INFORMATION
|
No. of Employees : |
(Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Marthi Inco Tech Company, 11/12/1 Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka,
India |
|
Tel. No.: |
91-80-39806000 |
|
Fax No.: |
91-80-39806999 |
|
|
|
|
Ultimate Holding Company : |
Brocade Communications Incorporation, USA |
|
|
|
|
Intermediate Holding Company : |
Brocade Communications Services Sarl, Switzerland |
|
|
|
|
Holding Company : |
Brocade Communications Switzerland Sarl, Switzerland |
|
|
|
|
Fellow Subsidiary : |
Brocade Communications Systems Singapore Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8128000 |
Equity Shares |
Rs.10/- each |
Rs.81.280 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1859668 |
Equity Shares |
Rs.10/- each |
Rs.18.597
Millions |
|
|
|
|
|
Note :
Of the 1859667 (previous year 1859667) equity
shares of Rs.10 each are held by Brocade Communication Switzerland Sarl, the holding company and 1 equity share
(Previous year :1) of Rs. 10 each is held bye Brocade Communication
Incorporation U.S.A. Ultimate 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 |
18.597 |
18.596 |
2.044 |
|
|
2] Share Application Money |
0.000 |
0.000 |
79.235 |
|
|
3] Reserves & Surplus |
228.537 |
146.232 |
34.724 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
247.134 |
164.828 |
116.003 |
|
|
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 |
2.500 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
247.134 |
167.328 |
116.004 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
147.251 |
157.213 |
66.518 |
|
|
Capital work-in-progress |
0.382 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
16.342 |
0.000 |
2.800 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
116.084
|
77.706 |
101.537 |
|
|
Other Current Assets |
48.601
|
0.000 |
0.000 |
|
|
Loans & Advances |
95.428
|
30.907 |
23.958 |
|
Total
Current Assets |
260.113
|
108.613 |
125.495 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
42.122
|
28.924 |
0.242 |
|
|
Other Current Liabilities |
94.616
|
51.388 |
66.234 |
|
|
Provisions |
40.216
|
18.186 |
12.333 |
|
Total
Current Liabilities |
176.954
|
98.498 |
78.809 |
|
|
Net Current Assets |
83.159
|
10.115 |
46.686 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
247.134 |
167.328 |
116.004 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Service Fees |
690.311 |
482.288 |
263.421 |
|
|
|
Other Income |
0.000 |
1.831 |
0.000 |
|
|
|
TOTAL |
690.311 |
484.119 |
263.421 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Costs |
422.412 |
263.219 |
129.711 |
|
|
|
Other Expenses |
159.905 |
123.444 |
82.570 |
|
|
|
Prior Period Adjustment |
30.403 |
0.000 |
0.000 |
|
|
|
TOTAL |
612.720 |
386.663 |
227.843 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
77.591 |
97.456 |
51.114 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
53.896 |
33.483 |
15.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
23.695 |
63.973 |
35.578 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(10.375) |
15.150 |
8.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
34.070 |
48.823 |
26.983 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
83.548 |
34.724 |
7.741 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
117.618 |
83.548 |
34.724 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
690.311 |
482.288 |
263.421 |
|
|
TOTAL EARNINGS |
690.311 |
482.288 |
263.421 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
43.514 |
85.280 |
35.164 |
|
|
TOTAL IMPORTS |
43.514 |
85.280 |
35.164 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.32 |
26.25 |
131.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.93
|
10.08 |
10.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.43
|
13.26 |
13.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.81
|
24.06 |
18.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.38 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.71
|
0.59 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.10 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject ('the Company')
is a private limited company incorporated under the provisions of the Companies
Act, 1956 on 13 May 2004 with its registered office in Bangalore, India. The
Company was registered under the Software Technology Parlcs of India Scheme
('STPI') until July 2007 formulated by the Government of India and is engaged
in the business of software development and support services.
The Company is
registered under the Cochin Special Economic Zone ('CSEZ') effective August
2007 and its operating income from software design and development services is
exempt from income-tax until the year ended 31 March 201 1, being a 100% export
oriented unit under Section 10 B of the Income-tax Act, 1961.
The Company has
entered into Master Service Agreements with Brocade Communications Switzerland
Sarl, the holding company, to provide software development and support services
at an agreed mark up on costs incurred in accordance with the contractual
terms.
OPERATIONS
The Company during the year has performed considerably well in its
business in the field of research, manufacturing and marketing of network
equipments and storage devices and the company is very optimistic that the
business will take a more profitable shape going ahead.
FIXED ASSETS :
·
Leasehold Improvements
·
Furniture and Fixtures
·
Computer Equipments
·
Office Equipments
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. 50.56 |
|
|
1 |
Rs. 80.29 |
|
Euro |
1 |
Rs. 68.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
- |
|
Maximum Credit Limit : |
USD 990000 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.