MIRA
INFORM REPORT
|
Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TIBCO SOFTWARE INDIA PRIVATE LIMITED |
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Registered
Office : |
“Binarius” Flour No. 2 and 3, Deepak
Complex, National Games Road, Shastri Nagar, Yerwada, Pune - 411006, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.12.2002 |
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Com. Reg. No.: |
11-134898 |
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Capital
Investment / Paid-up Capital : |
Rs.0.104
Million |
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|
|
CIN No.: [Company Identification
No.] |
U72200PN2002PTC134898 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET07579F |
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PAN No.: [Permanent Account No.] |
AACCT6136F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT Consulting and Software Related Services. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1550000 |
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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 has its headquarters in Palo Alto, California, TIBCO Software
Inc. listed in (NASDAQ). It is a well established company having a good track record.
Management has file the latest financial of 2012, but are not available with
us. As per previous year records company’s performance capacity appears to be
high. There are no external borrowings recorded by the company.
Creditworthiness of the company is good. Fundamentals are healthy and strong.
Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. In view of strong holdings, 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the trade deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million Estimated
average spending by companies across the globe including India, on social media
this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million
in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali
expenditure by 40 % and on average spend nearly 25 % of their monthly salary on
Diwali, according to a survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 DENIED
Management Non Co-Operative (91-20-30212100)
LOCATIONS
|
Registered Office : |
“Binarius” Flour No. 2 and 3, Deepak
Complex, National Games Road, Shastri Nagar, Yerwada, Pune - 411006, Maharashtra,
India |
|
Tel. No.: |
91-20-30212100 |
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Fax No.: |
91-20-30212300 |
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E-Mail : |
DIRECTORS
AS ON 22.11.2012
|
Name : |
William R Joesph T. Hughes Hughes |
|
Designation : |
Director |
|
Address : |
249, Vist Deimonte,
Los Gtos, CA, California, , Pin Code- 95030, USA |
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Date of Birth/Age : |
27.09.1960 |
|
Date of Appointment : |
28.07.2003 |
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Din No.: |
00195336 |
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|
|
|
Name : |
Philip Graeme Maitland Martin |
|
Designation : |
Director |
|
Address : |
80-103, Victoria ST Potts Point, Sydney-2011, NSW, Australia |
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Date of Birth/Age : |
29.12.1972 |
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Date of Appointment : |
22.02.2005 |
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Din No.: |
00197536 |
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|
|
|
Name : |
Laura George Malinasky |
|
Designation : |
Director |
|
Address : |
2304, Casabona AVE, Belmont, California, Pin
Code-94002, USA |
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Date of Birth/Age : |
08.03.1971 |
|
Date of Appointment : |
22.02.2005 |
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Din No.: |
00195438 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.11.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tibco Software Inc., USA |
|
10398 |
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Tibco Software International Inc., USA |
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2 |
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TOTAL
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|
10400 |
AS ON 22.11.2012
|
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 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Consulting and Software Related Services. |
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Products / Services : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
Lodha Exelus, 1st
Floor, Apolo Mills Compound, N.M Joshi Marg, Mahalakshmi,
Mumbai-400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-39836000 |
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PAN No: |
AAIFB7355D |
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|
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Holding Company : |
Tibco Software Inc. |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10400 |
Equity Shares |
Rs.10/- each
|
Rs.0.104
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.104 |
0.104 |
0.104 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
388.223 |
272.972 |
208.451 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
388.327 |
273.076 |
208.555 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
51.450 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
51.450 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
388.327 |
273.076 |
260.005 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.025 |
34.742 |
63.840 |
|
|
Capital work-in-progress |
2.741 |
0.854 |
1.092 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
37.921 |
24.797 |
22.455 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
88.557
|
52.447 |
32.457 |
|
|
Cash & Bank Balances |
164.332
|
133.382 |
135.573 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
139.861
|
72.838 |
48.265 |
|
Total
Current Assets |
392.750
|
258.667 |
216.295 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.634
|
2.942 |
4.199 |
|
|
Other Current Liabilities |
27.942
|
13.129 |
13.343 |
|
|
Provisions |
38.534
|
29.913 |
26.135 |
|
Total
Current Liabilities |
91.110
|
45.984 |
43.677 |
|
|
Net Current Assets |
301.640
|
212.683 |
172.618 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
388.327 |
273.076 |
260.005 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
896.000 |
521.267 |
451.529 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
715.866 |
414.087 |
353.784 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
180.134 |
107.180 |
97.745 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
74.810 |
43.142 |
39.078 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
105.324 |
64.038 |
58.667 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(9.927) |
(0.482) |
(17.733) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
115.251 |
64.520 |
76.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Services Software Solutions |
892.772 |
517.994 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
43.905 |
10.966 |
NA |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
11081.86 |
6203.88 |
7346.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.86
|
12.37 |
16.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.00
|
21.83 |
20.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.23 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.31
|
5.63 |
4.95 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 5th Floor, Sai Radhe, B-Wing, Plot No. 100-101, R.B.M. Road, Sangamwadi, Behind Le-Meridian, Pune-411001, Maharashtra, India to the present address w.e.f. 01.01.2012.
Note: No Charges Exist for Company
BACKGROUND:
Subject was
incorporated on 17 December 2002 as a private limited company under the
Companies Act, 1956. The principal shareholder of the Company is “TIBCO
Software Inc, USA” (“the Holding Company”). The principal activity of the Company
is rendering of software related services such as research, development,
marketing and technical support (professional services group or PSG) to the
Holding Company.
FIXED ASSETS:
Tangible Assets
·
Leasehold improvements
·
Computers
·
Office Equipment
·
Furniture and Fixtures
Intangible Assets
·
Software
AS PER DETAILS
NEWS
SONATA SOFTWARE AND
TIBCO SOFTWARE ENTER A STRATEGIC ALLIANCE TO JOINTLY OFFER APPLICATION
INTEGRATION SOLUTIONS
November 15, 2012
With a wide array of products for Enterprise Application Integration (EAI), Business Process Management (BPM), Complex Event Processing (CEP), private clouds and social collaboration, TIBCO is a leader in helping enterprises leverage on-premise or cloud computing environments in their IT landscape. Sonata is a partner of choice for Fortune 1000 enterprises, enabling their IT transformation initiatives, and this alliance will help Sonata deliver business value to them.
Sonata offers services to setup customer-specific Centers of Excellence to companies in focused verticals including financial services, telecommunications, retail, CPG, travel, manufacturing and distribution. Sonata will leverage TIBCO's products to integrate best-of-breed systems like ERP, CRM, e-commerce and BI applications to improve operational efficiencies and enhance customer experience. The two companies will also partner to deliver solutions in the Indian market, which is of strategic significance to both.
"We are committed to TIBCO's success as they implement their business expansion strategy and expand their client portfolio," said Srikar Reddy, Managing Director and CEO, Sonata Software. "We can see huge traction from our global client base as they are looking at integrating different business processes to create seamless and efficient enterprises. Sonata's proven capabilities in BPM and EAI will help enterprises leverage the power of TIBCO's feature rich solutions and drive more meaningful business outcomes," he added.
"TIBCO is recognized for its ability to support global organizations in providing and managing real-time information and we are excited about the prospects to broaden our reach. Sonata is a trusted partner and helps us leverage their product sales capability in India," said Neeraj Shaabi, Managing Director & Regional Vice President of TIBCO Software in Asia.
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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] 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.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
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.