MIRA
INFORM REPORT
|
Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
JUNIPER NETWORK INDIA PRIVATE LIMITED |
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Registered Office : |
Unit 306 and 307, 3rd Floor, Trade centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400
051, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.05.2000 |
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Com. Reg. No.: |
11-126336 |
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Capital Investment / Paid-up Capital : |
Rs.200.500 Millions |
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CIN No.: [Company
Identification No.] |
U72200MH2000FTC126336 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Networking Solutions. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 |
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Maximum Credit Limit : |
USD 12000000 |
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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
position 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 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Susheel Tanwar |
|
Designation : |
Finance Manager |
|
Date : |
06.09.2011 |
LOCATIONS
|
Registered Office : |
Unit 306 and 307, 3rd Floor, Trade centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400
051, |
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Tel. No.: |
91-22-40843700 |
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Fax No.: |
91-22-40843709 |
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E-Mail : |
varun@juniper.net |
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Website : |
www.juniper.net |
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Corporate Office : |
AZB and Partners, 23 |
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Tel. No.: |
91-22-66396880 |
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Fax No.: |
91-22-66396888 |
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E-Mail : |
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Head Office : |
Plot No. 66/1/3, 3rd Floor, Bagmane Tech Park, C V Raman
Nagar, Bangalore-560093, Karnataka, India |
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Tel. No.: |
91-80-30538700 |
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Fax No.: |
91-80-30538824 |
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Branch : |
503 and 504, 5th Floor Copia Corporate Suites. Plot No. 9,
Non Hierarchical Commercial Centre, Jasola Vihar, |
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Tel. No.: |
91-11-40612900 |
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Fax No.: |
91-11-40612937 |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Mitchell Lee Gaynor |
|
Designation : |
Director |
|
Address : |
618 Lombardy Way, Emerald Hills, California-94062, |
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Date of Birth/Age : |
22.10.1959 |
|
Date of Appointment : |
01.04.2004 |
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DIN No.: |
02222056 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U72200MH2000FTC126336 |
Juniper Networks
India Private Limited |
Director |
01-04-04 |
01-04-04 |
Active |
NO |
|
2 |
U72900AP2002FTC039053 |
Netscreen
Software India Private Limited |
Director |
08-07-05 |
08-07-05 |
Active |
NO |
|
3 |
U72900TN2008FTC069485 |
Ankeena Networks
Private Limited |
Director |
19-04-10 |
19-04-10 |
Active |
NO |
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Name : |
Mr. Stephen Patrick Byrne |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
22.01.1962 |
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Date of Appointment : |
01.04.2004 |
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DIN No.: |
02222068 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U72200MH2000FTC126336 |
Juniper Networks
India Private Limited |
Director |
01-04-04 |
01-04-04 |
Active |
NO |
|
2 |
U72900AP2002FTC039053 |
Netscreen
Software India Private Limited |
Director |
08-07-05 |
08-07-05 |
Active |
NO |
|
3 |
U72900TN2008FTC069485 |
Ankeena Networks
Private Limited |
Director |
19-04-10 |
19-04-10 |
Active |
NO |
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|
Name : |
Mr. Varun Mahinder Lal Nayyar |
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Designation : |
Director |
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Address : |
MF 4/45, BDA Flats Hal, 3rd Stage New Thippasandra, |
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Date of Birth/Age : |
25.02.1973 |
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Date of Appointment : |
18.09.2007 |
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DIN No.: |
01680398 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U72200MH2000FTC126336 |
Juniper Networks
India Private Limited |
Director |
18-09-07 |
01-04-07 |
Active |
NO |
|
2 |
U72900AP2002FTC039053 |
Netscreen
Software India Private Limited |
Director |
29-09-08 |
29-09-08 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Juniper Networks (Nominees) Limited, |
|
401 |
|
Juniper Networks International LLC, |
|
20049599 |
|
Total |
|
20050000 |
As on 24.09.2010
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Networking Solutions. |
GENERAL INFORMATION
|
No. of Employees
: |
Information declined by the management |
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Bankers : |
Not divulged |
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Facilities : |
Note ·
At the time of setting up of the company during
the year ended March 31, 2001, certain operating expenses and capital
requirements of the company had been paid by Juniper Inc., and Juniper Hong
Kong. The total expenses aggregating to Rs.10.122 millions were incurred by
the aforementioned group companies in foreign currencies and their equivalent
amount in Indian Rupees as of March 31, 2001 was Rs.10.122 millions. These
payments were recorded in the company’s books of account as interest free
unsecured loan. The company has obtained the approval from the Reserve Bank
of ·
On April 8, 2005, the company entered into term
loan facility of USD 15 million towards meeting the cost of setting up the
new development center in Bangalore at interest rate of 4.20% or LIBOR+200
basis points, whichever is lower. As at March 31, 2010, the company has drawn
USD 15 million. On August 7, 2006, the company obtained
the approval from RBI for charge of lender from Juniper Inc. to Juniper
Cayman subject to no other change in the terms and conditions of the term
loan. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi And Company Chartered Accountant |
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Address : |
UB City, |
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Tel. No.: |
91-80-40275000 |
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Fax No.: |
91-80-22106000 |
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Holding Company : |
Juniper Networks International |
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Ultimate Holding Company : |
Juniper Networks Inc., |
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Fellow Subsidiaries : |
·
Juniper Networks (Hong Kong) Limited, ·
Juniper Networks (Cayman) Limited, Cayman ·
Netscreen Software India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20050000 |
Equity Shares |
Rs.10/- each |
Rs.200.500 Millions |
NotE
·
Of the above equity shares 20049599 equity
shares are held by Juniper Networks International LLC,
· of the above during the year ended March 31, 2008, 20000000 equity shares of Rs.10/- each were allotted as fully paid up bonus shares by capitalisation of balance in profit and loss account of Rs.200.000 Millions
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 |
200.500 |
200.500 |
200.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2706.967 |
2165.959 |
462.592 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2907.467 |
2366.459 |
663.092 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
694.122 |
782.322 |
614.022 |
|
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TOTAL BORROWING |
694.122 |
782.322 |
614.022 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
3601.589 |
3148.781 |
1277.114 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
1744.753 |
1176.984 |
3774.773 |
|
|
Capital work-in-progress |
114.215 |
24.613 |
146.478 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
2.311 |
1.584 |
0.876 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
1293.656
|
981.973
|
1131.934
|
|
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Cash & Bank Balances |
301.847
|
173.165
|
114.718
|
|
|
Other Current Assets |
1602.079
|
1844.917
|
402.929
|
|
|
Loans & Advances |
660.553
|
456.697
|
233.424
|
|
Total
Current Assets |
3858.135
|
3456.752
|
1883.005
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1789.164 |
1063.176 |
4337.510
|
|
|
Other Current Liabilities |
227.089
|
195.518
|
124.800
|
|
|
Provisions |
101.574
|
252.458
|
65.708
|
|
Total
Current Liabilities |
2117.827
|
1511.152
|
4528.018
|
|
|
Net Current Assets |
1740.308
|
1945.600
|
(2645.013)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3601.587 |
3148.781 |
1277.114 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from software development and IT enabled services |
|
5542.265 |
3543.073 |
|
|
|
Income from sales and marketing support services |
|
286.587 |
266.375 |
|
|
|
Service Income |
|
4.951 |
3.523 |
|
|
|
Other Income |
|
1746.094 |
154.938 |
|
|
|
TOTAL (A) |
4609.586 |
7579.897 |
3967.909 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenses |
4056.592 |
1936.591 |
1315.830 |
|
|
|
Operating and other Expenses |
|
1477.694 |
749.388 |
|
|
|
TOTAL (B) |
4056.592 |
3414.285 |
2065.218 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including
Financial Expenses and Depreciation) |
4165.612 |
1902.691 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
31.296 |
24.972 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
4134.316 |
1877.719 |
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2361.651 |
1382.982 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
552.994 |
1772.665 |
494.738 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11.987 |
69.297 |
49.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
541.007 |
1703.368 |
445.052 |
|
|
|
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2164.596 |
461.228 |
216.176 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Profits capitalized for issue of Bonus
Shares |
0.000 |
0.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2705.603 |
2164.596 |
461.228 |
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales and Marketing support services |
313.207 |
286.587 |
266.375 |
|
|
|
Software development and IT enabled services |
4076.506 |
5542.265 |
3543.073 |
|
|
TOTAL EARNINGS |
4389.713 |
5828.852 |
3809.448 |
|
|
|
|
|
|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1134.621 |
2604.121 |
3129.106 |
|
|
|
Stores and consumables |
8.790 |
78.638 |
49.005 |
|
|
TOTAL IMPORTS |
1143.411 |
2682.759 |
3178.111 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.98 |
84.96 |
22.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.74
|
22.47
|
11.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
30.39
|
12.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.87
|
38.26
|
8.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.75
|
0.75 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.97
|
0.97
|
7.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
2.29
|
0.42 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Sundry Creditors for goods, services and
expenses |
1789.164 |
1063.176 |
4337.510 |
NOTE
The Registered Office of the company has been shifted from CZB and
Partners, 23 Floor, Express Towers, Nariman Point, Mumbai – 400 021,
Maharashtra, India to the present address w.e.f. 31.08.2009.
NATURE OF
OPERATIONS
The Company was incorporated on May 5, 2000 as a wholly owned subsidiary
of Juniper Networks International LLC,
The Company was incorporated for providing sales and marketing support
services for network equipment sold in
During the year ended March 31, 2004, the Company set up a 100% export
oriented unit under Software Technology Parks of India (STPI) Scheme in
The Company obtained approval from STPI on December 17, 2004 for
engaging in IT Enabled Services (‘ITES’) and pursuant to the approval, the
Company started rendering ITES during the year ended March 31, 2006.
Fixed Assets
·
Computer and Networking Equipments
·
Office Equipments
·
Leasehold Improvements
·
Demonstration Equipments
·
Furniture and Fixtures
·
Intangible Assets – 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.46.38 |
|
|
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
No |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
63 |
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.