%20PRIVATE%20LIMITED%20-%20154680%2004-Oct-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.08.1985 |
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Com. Reg. No.: |
8 -007067 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.000 millions |
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CIN No.: [Company Identification
No.] |
U29110KA1985PTC007067 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject engaged in software development. |
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No. of Employees
: |
1500 (In Office) Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
A ( 67) |
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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 15900000 |
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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 well established company having fine track. Financial
positions of the company 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 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Anand |
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Designation : |
Account manager |
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Contact No.: |
9980178876 |
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Date: |
26.09.2011 |
LOCATIONS
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Registered Office : |
Bagmane Tech Park, 66/3, Adjacent to L.R.D.E, Byrasandra C.V Raman
Nagar, |
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Tel. No.: |
91- 80- 25345454 / 25345455 |
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Mobile No.: |
9980178876 ( Mr. Anand) |
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Fax No.: |
91- 80- 25048286 / 25048308 |
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E-Mail : |
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Research and Development / Tech / Software Centre : |
Located at :
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Area : |
Very large complex |
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Branch Office : |
Located at:
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DIRECTORS
As on 08.09.2010
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Name : |
Dr. Biswadip Mitra |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
10.04.1965 |
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Date of Appointment : |
01.01.2001 |
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Din No: |
00903063 |
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Name : |
Mr. Patrick Mark Edward |
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Designation : |
Director |
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Address : |
970, |
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Date of Birth/Age : |
07.07.1961 |
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Date of Appointment : |
07.11.2006 |
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Din No: |
02318186 |
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Name : |
Ms. Janice W. Harissis |
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Designation : |
Director |
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Address : |
2521, Sir Turquin lane, |
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Date of Birth/Age : |
16.10.1959 |
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Date of Appointment : |
04.09.2007 |
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Name : |
Mr. Nagarajan Vittal |
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Designation : |
Alterate Director to Ms. Janice W Harissis |
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Address : |
Flat#12, 3rd floor, “Sreela” Gilchrist, Chennai- 600 031,
Tamilnadu |
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Date of Birth/Age : |
31.01.1938 |
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Date of Appointment : |
04.09.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Anand |
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Designation : |
Account manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2010
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Names of Shareholders |
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No. of Shares |
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Texas Instruments Inc ( |
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29998 |
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Ashok C Pratap |
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1 |
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Texas Instruments International Capital Corporation / |
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1 |
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Total |
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30000 |
As on 08.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100% |
BUSINESS DETAILS
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Line of Business : |
Subject engaged in software development |
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Product / Services: |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
Sasken Communication |
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Customers : |
Arrow Electronics |
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No. of Employees : |
1500 (In Office) Approximately |
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Bankers : |
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Facilities : |
Note: (Secured by the
underlying assets taken on lease)
Note: (Amount due within
one year – Rs.245.821 millions (Previous Year: Rs. 273.996 millions). The Company has availed of an External Commercial Borrowing from Texas
Instruments Singapore (Pte) Limited, amounting to USD 27000000 repayable in 5
equal yearly installments commencing from December 31, 2009, of which a
prepayment of USD 17000000 has been made during the years ended March 31,
2006 and March 31,2008. The loan carries an interest at 5% p.a. payable in
December every year. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountants |
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Address : |
12th and 13th floor, “UB city”, |
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PAN No: |
AALFS0506F |
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Memberships : |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs. 100/-each |
Rs. 3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
30000 |
Equity Shares |
Rs. 100/-each |
Rs. 3.000 Millions |
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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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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3976.230 |
3188.224 |
2740.287 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3979.230 |
3191.224 |
2743.287 |
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LOAN FUNDS |
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1] Secured Loans |
12.220 |
106.291 |
148.317 |
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2] Unsecured Loans |
455.224 |
507.400 |
401.300 |
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TOTAL BORROWING |
467.444 |
613.691 |
549.617 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4446.674 |
3804.915 |
3292.904 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1366.017 |
1757.530 |
1964.345 |
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Capital work-in-progress |
2.373 |
13.134 |
3.056 |
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INVESTMENT |
0.002 |
0.002 |
0.002 |
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DEFERREX TAX ASSETS |
253.200 |
192.000 |
142.000 |
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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 |
3014.802
|
2073.770 |
1786.939 |
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Cash & Bank Balances |
103.544
|
175.082 |
181.924 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
965.149
|
838.426 |
317.622 |
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Total
Current Assets |
4083.495
|
3087.278 |
2286.485 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
366.299
|
713.285 |
555.845 |
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Other Current Liabilities |
135.362
|
149.019 |
157.417 |
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Provisions |
756.752
|
382.724 |
389.722 |
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Total
Current Liabilities |
1258.413
|
1245.029 |
1102.984 |
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Net Current Assets |
2825.082
|
1842.249 |
1183.501 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4446.674 |
3804.915 |
3292.904 |
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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 |
7767.230 |
8613.050 |
9387.773 |
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TOTAL (A) |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
7085.330 |
7890.110 |
8514.369 |
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Advertising Expenses |
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TOTAL (B) |
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PROFIT BEFORE
TAX (E-F) (G) |
681.900 |
722.940 |
873.404 |
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Less/ Add |
TAX (H) |
106.110 |
275.000 |
364.728 |
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PROFIT AFTER TAX
(G-H) (I) |
788.010 |
447.940 |
508.676 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB value of Export of Software |
7767.227 |
8613.048 |
9389.420 |
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Marketing Service Fee |
391.069 |
294.656 |
0.000 |
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Reimbursement of Expenditure from Group
Companies |
32.739 |
42.865 |
0.000 |
|
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TOTAL EARNINGS |
8191.035 |
8950.569 |
9389.420 |
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CIF Value of Imports |
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Capital Goods |
156.416 |
242.967 |
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General Stores and Consumables |
79.167 |
104.523 |
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TOTAL IMPORTS |
235.583 |
374.490 |
3791.780 |
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Earnings Per
Share (Rs.) |
26267 |
14931.33 |
16955.86 |
|
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%20PRIVATE%20LIMITED%20-%20154680%2004-Oct-2011_files/image008.gif){kind=small}
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
10000.000 |
The above information has been parted by Mr. Anand
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
10.14
|
5.20 |
5.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.51
|
14.92 |
20.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.71
|
0.23 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.58 |
0.60 |
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Current Ratio (Current Asset/Current Liability) |
|
3.24
|
2.48 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from GOLF VIEW HOMES WIND, TUNNEL ROAD, MURGESH
PALYA, BANGALORE, KARNATAKA- 560017 to the Present address.
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
Year of Establishment |
Yes |
|
Locality of the
firm |
Yes |
|
Constitutions
of the firm |
Yes |
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Premises details |
No |
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Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s
background |
-- |
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No. of employees |
Yes |
|
Name of person
contacted |
Yes |
|
Designation of
contact person |
Yes |
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Turnover of firm
for last three years |
Yes |
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Profitability for
last three years |
Yes |
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Reasons for
variation <> 20% |
No |
|
Estimation for
coming financial year |
No |
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Capital in the
business |
Yes |
|
Details of
sister concerns |
Yes |
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Major suppliers |
Yes |
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Major customers |
Yes |
|
Payments terms |
No |
|
Export/ Import
details (if applicable) |
No |
|
Market
information |
-- |
|
Litigations that
the firm / promoter involved |
-- |
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Banking Details |
Yes |
|
Banking facility
details |
No |
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Conduct of the
banking account |
-- |
|
Buyer visit
details |
-- |
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Financials, if
provided |
No |
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Incorporation
details, if applicable |
-- |
|
Last accounts
filed at ROC |
-- |
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Major
Shareholders, if available |
-- |
BACKGROUND
Subject, incorporated in the year 1985, is a
OPERATIONAL
PERFORMANCE
The semiconductor industry showed signs of gaining momentum in the year
ending March 31, 2010 as the demand for electronic products picked up
worldwide.
In
TI India Research and
TI lndia’s Research and
Focus on support
to the
Tl
25th year of TI in
2010 marks the 25th year of TI’s operations in
Contribution to
society
In line with TI philosophy to be an outstanding corporate citizen
wherever TI operates, TI India actively supports several community programs in
education. humanitarian and environmental causes. TI India’s Jack Kilby Science
and 1echnology Quiz has become a regular feature in the last seven years and is
popular amongst high school students. During the year, TI conducted the popular
Quiz in Chennai. Kolkata, Pune,
Support provided to community programs and the conduct of the Quiz is a
voluntary activity for employees and has received outstanding support from all
our employees.
Financial Review
II India achieved total Income of Rs.7767.230 millions during the
current year as compared to Rs.8613.050 millions during the previous year. The
profit before taxation and exceptional item was Rs.681.900 millions as compared
to Rs.722.940 millions during the previous year. After providing for income-tax
of Rs.290.000 millions (Rs.300.000 millions during the previous financial
year), deferred tax credit of Rs.61.200 millions (as compared with Rs.50.000
millions deferred tax credit during the prior financial year) and Fringe
benefit tax of Rs.Nil (previous year: Rs.25.000 millions), the net profit after
tax and before exceptional item was Rs.453.l00 millions (as opposed to
Rs.447.940 millions during the previous year). Net Profit after tax arid
exceptional item was Rs.788.0l0 millions as compared to Rs.447.940 millions
during the previous financial year.
CONTINGENT
LIABILITIES
a)
Bank Guarantees provided to Customs Authorities —
Rs.45.000 millions (Previous Year: Rs.45.000 millions) and Income lax
Authorities— Rs.542.852 millions (Previous Year: Rs. 542.852 millions).
b)
The Company has received order dated December 14,
2009 from the Income Tax Authorities under section 143(3) read with section
144C of the Income-tax Act, 1961, wherein a transfer pricing adjustment of
Rs.554.814 millions has been made to the taxable income for the year ended
March 31, 2006, for which the final notice of tax demand is not yet received.
The adjustments are primarily on account of operating profit margins in respect
of business of’ software development services rendered to Texas Instruments
Incorporated,
TRADE REFERENCE:
- Saskar
Communication
- Arrow
Electronies
FIXED ASSETS:
- Land –
Freehold
- Building
- Plant and
machinery (including Computers)
- Furniture and
Fixtures
- Vehicle
- Intangibles
(Computer Software)
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.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.66.85 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.