MIRA INFORM REPORT

 

 

Report Date :

16.04.2013

 

IDENTIFICATION DETAILS

 

Name :

SYMANTEC SOFTWARE INDIA PRIVATE LIMITED (w.e.f. 24.10.2007)

 

 

Formerly Known As :

VERITAS SOFTWARE INDIA PRIVATE LIMITED

 

 

Registered Office :

ICON, Survey No.3/8, Baner Road, Pune – 411 045, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012 

 

 

Date of Incorporation :

12.09.1995

 

 

Com. Reg. No.:

11-092611

 

 

Capital Investment / Paid-up Capital :

Rs.317.734 millions

 

 

CIN No.:

[Company Identification No.]

U72200MH1995FTC092611

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEV04026B

 

 

PAN No.:

[Permanent Account No.]

AAACV6015F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Research and Development ('R and D') and Software consultancy services; and providing Technical Support services.

 

 

No. of Employees :

100 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (58)

 

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

 

Maximum Credit Limit :

USD 20400000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of ‘Symantec Operating Corporation, USA’. It is a well-established company having a good track record.

 

The performance capability of the company appears to be high. The company enjoys comfortable financial risk profile. It operates on its own funds.

 

Trade relations are reported as trustworthy. Business is active. Payment terms are regular and as per commitment.

 

The company can be considered good 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.

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION PARTED BY

 

Name :

Mr. Swapnil Bhoskar

Designation :

Accounts Department

Contact No.:

91-20-66157000

Date :

15.04.2013

 

 

LOCATIONS

 

Registered Office :

ICON, Survey No.3/8, Baner Road, Pune – 411 045, Maharashtra, India

Tel. No.:

91-20-66157000/ 66428030

Fax No.:

91-20-66157709

E-Mail :

tanu_arora@symantec.com

swasti-bhowmick@symantec.com

vijender_sahu@symantec.com

Website :

www.symantec.com

Area :

2500 sq. ft.

Location :

Owned

 

 

Branch Office :

2nd Floor, City Tower, 17, Opposite Ekbote Futnitire, Dhole Patil Road, Pune – 411 001, Maharashtra, India

Tel. No.:

91-20-66428030

 

 

DIRECTORS

 

As on 26.09.2012

 

Name :

Mr. Shantanu Ghosh

Designation :

Director

Address :

A-303, 10, Kastur Kunj, ICS Colony, Bhosale Nagar, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

30.05.1964

Date of Appointment :

30.01.2008

DIN No. :

00955230

 

 

Name :

Mr. Amit Mukund Godbole

Designation :

Director

Address :

29, Anant Raghukul Society, Karve Nagar, Pune – 411 052, Maharashtra, India

Date of Birth/Age :

19.07.1973

Date of Appointment :

30.11.2009

DIN No. :

02681249

 

 

Name :

Ms. Eunice Jeeyoon Kim

Designation :

Director

Address :

221, Swallowtail Court, Brisbain, California – 95087, USA

Date of Birth/Age :

11.07.1973

Date of Appointment :

30.11.2009

DIN No. :

02673925

 

 

KEY EXECUTIVES

 

Name :

Mr. Tanu Arora

Designation :

Secretary

Address :

302, Hillside II, Baner Road, Pune – 411 045, Maharashtra, India

Date of Birth/Age :

11.11.1977

Date of Appointment :

05.03.2007

PAN No.:

AESPA6396M

 

 

Name :

Mr. Swapnil Bhoskar

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 26.09.2012

 

Names of Shareholders

 

 

No. of Shares

Symantec Corporation, USA

 

8599980

Symantec Operating Corporation, USA

 

23173386

Total

 

31773366

 

As on 26.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Research and Development ('R and D') and Software consultancy services; and providing Technical Support services.

 

 

Terms :

 

Selling :

Cash and Credit (30/ 60/ 90 days)

 

 

Purchasing :

Cash and Credit (30/ 60/ 90 days)

 

 

GENERAL INFORMATION

 

Customers :

End Users and OEM’s

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :

IDBI Bank Limited, Dnyaneshwar Paduka Chowk, F.C. Road, Pune – 411 004, Maharashtra, India (Contact No.: 91-20-66030300)

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B.S.R. and Company

Chartered Accountants

Address :

703, 7th Floor, Godrej Castelmaine, Bund Garden Road, Next to Ruby Hall Clinic, Pune – 411 001, Maharashtra, India

Tel. No.:

91-20-30585764/ 30585765

Fax No.:

91-20-30585775

Website :

www.in.kpmg.com

PAN No.:

AAAFB9852F

 

 

Holding Company :

Symantec Operating Corporation, USA

 

 

Ultimate Holding Company:

Symantec Corporation, USA

 

 

Fellow Subsidiaries :

·         Bindview India Private Limited, India (CIN No.: U72200MH1995FTC087269)

·         Symantec Limited, Ireland

·         Symantec Software Solutions Private Limited, India (CIN No.: U72900MH2001FTC130501)

·         Symantec Asia Pacific Pte Limited, Singapore

·         Symantec Software and Services India Private Limited, India (CIN No.: U72200TN2007PTC062278)

·         Bindview Corporation, USA

 

 

CAPITAL STRUCTURE

 

As on 26.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

83000000

Equity Shares

Rs.10/- each

Rs.830.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

31773366

Equity Shares

Rs.10/-each

Rs.317.734 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

317.734

317.734

317.734

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

4782.405

4253.992

3787.883

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

5100.139

4571.726

4105.617

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

5100.139

4571.726

4105.617

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1042.596

991.895

1156.390

Capital work-in-progress

353.204

102.614

96.207

 

 

 

 

INVESTMENT

0.050

10.160

10.160

DEFERRED TAX ASSETS

212.064

193.787

139.230

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000
0.000
0.000

 

Sundry Debtors
319.429
321.206
659.949

 

Cash & Bank Balances
2043.650
2011.300
1201.498

 

Other Current Assets
178.208
8.681
2.863

 

Loans & Advances
1932.395
1767.702
1593.457

Total Current Assets
4473.682
4108.889
3457.767

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
50.265
103.560
418.693

 

Other Current Liabilities
573.965
458.850
153.015

 

Provisions
357.227
273.209
182.429

Total Current Liabilities
981.457
835.619
754.137

Net Current Assets
3492.225
3273.270
2703.630

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

5100.139

4571.726

4105.617

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2012

31.03.2011

31.03.2010

 

GROSS SALES

6382.039

5298.036

4941.634

 

 

 

 

 

Less

TOTAL EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

1492.977

1370.446

1397.199

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

684.340

706.843

866.801

 

 

 

 

 

 

PROFIT BEFORE TAX

808.637

663.603

530.398

 

 

 

 

 

 

TAX                                                                 

280.224

197.475

143.501

 

 

 

 

 

 

PROFIT AFTER TAX

528.413

466.108

386.897

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3456.700

2990.592

2603.695

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

3985.113

3456.700

2990.592

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Technical Service Fees

6382.039

5298.036

4941.634

 

TOTAL EARNINGS

6382.039

5298.036

4941.634

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

933.885

476.052

NA

 

TOTAL IMPORTS

933.885

476.052

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

16.63

14.67

12.18

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

Return on Total Assets

(PBT/Total Assets}

(%)

14.66
13.01
11.50

 

 

 
 
 

Return on Investment (ROI)

(PBT/Networth)

 

0.16
0.15
0.13

 

 

 
 
 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00
0.00
0.00

 

 

 
 
 

Current Ratio

(Current Asset/Current Liability)

 

4.56
4.92
4.59

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.03.2012

(Rs. in millions)

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

Sundry Creditors

 
 
 

- Dues to Micro and small undertakings
0.111
7.913
0.859

- Dues to others
50.154
95.647
417.834

 
50.265
103.560
418.693

 

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

Yes

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last three years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

No

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Note:

The registered office of the company has been shifted from Pune – 411 020, Maharashtra to the present address w.e.f. 20.11.2007.

 

BACKGROUND

 

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 SC, USA. SSIPL is registered with Software Technology Park of India (STPI), Pune.

 

The Company was incorporated in 1995 as a subsidiary of Veritas Software Corporation, USA. Subsequently, as part of global restructuring in 2003, the name of Veritas Software Corporation, USA was changed to Veritas Operating Corporation, USA (VOC) and VOC transferred certain equity shares of the Company to another group company namely Veritas Software Global LLC, USA (VSG).

 

On 2 July 2005, SC, USA acquired all the Veritas entities (which included VOC and VSG). Consequent to the acquisition, VOC changed its name to SOC and VSG merged with SC, USA in October 2006.

 

OPERATIONS

 

For the period ended on March 31, 2012, Company has earned an income of Rs.6382.039 millions as compared to Rs.5298.036 millions in previous year showing an increase. The Company has earned a Net Profit of Rs.528.413 millions as against a profit of Rs.466.108 millions in the previous year showing a marginal increase. In overall, the business of the Company has managed to improve and perform better even in the global economic slowdown which has impacted most of the Industries.

 

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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 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.54.63

UK Pound

1

Rs.83.70

Euro

1

Rs.71.42

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

58

 

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.