MIRA INFORM REPORT
|
Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
RED HAT SOFTWARE SERVICES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Tower-10, Level-1, Cyber City, Magarpatta City, Hadapsar, Pune – 411
013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
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|
|
Date of
Incorporation : |
01.12.2004 |
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|
|
|
Com. Reg. No.: |
11-019975 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200PN2004PTC019975 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The
Company is engaged
in: a) Providing technical support
services pursuant to subscriptions to Red Hat products by the Internet,
telephone call centers or otherwise, b) Providing technical
services such as customization, documentation and other technical support
services. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a
subsidiary of “Red Hat Limited”. It is an established company having
satisfactory track. The company possesses
a favourable financial profile marked by adequate networth base and
comfortable capital structure characterized by zero debt position. Moreover, there
seems a very low burden of liabilities which are to be paid off which
strengthens the liquidity as well as the business profile. Management has
witnessed a better growth in its sales volume and has reported a decent
profit during FY 13. Trade relations
are fair. Business is active. Payment terms are reported as usually correct. In view of promoters
experience and strong research and development capabilities, the subject can
be considered 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
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of Amway
India was arrested by the Andhra Pradesh Police in connection with a complaint
against the direct selling firm. This is the second time that he has been taken
into custody. A year, ago the Kerala Police had arrested Pinckney and two
company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which targets
consultancies like McKinsey & Co. and the Boston Consulting Group, sterns
from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 DECLINED
Management non-cooperative
(Tel. No.: 91-20-30467000)
LOCATIONS
|
Registered Office : |
Tower-10, Level-1, Cyber City, Magarpatta City, Hadapsar, Pune – 411
013, Maharashtra, India |
|
Tel. No.: |
91-20-30467000 |
|
Fax No.: |
91-20-30467499 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Head Office : |
Supreme Business Park, Supreme City, A-201, 2nd
Floor, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India |
|
Tel. No.: |
91-22-39878888 |
|
Fax No.: |
91-22-39878899 |
|
|
|
|
Sales Office : |
Located at: ·
Bangalore ·
Pune |
|
|
|
|
Overseas Office : |
Located at: ·
North America ·
Europe ·
Middle East ·
Africa ·
Latin America |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Mark Everhart Cook |
|
Designation : |
Director |
|
Address : |
5413, Merion Station Drive, Apex, North Carolina, U.S.A. 27539 |
|
Date of Birth/Age : |
02.09.1959 |
|
Date of Appointment : |
01.08.2005 |
|
DIN No.: |
01235820 |
|
|
|
|
Name : |
Mr. Sovik Santoshkumar Bromha |
|
Designation : |
Director |
|
Address : |
FL 12/6, Ruchira, 369, Purbachal, Kalitala Main Road, Kolkata – 700
078, West Bengal, India |
|
Date of Birth/Age : |
28.06.1965 |
|
Date of Appointment : |
22.04.2013 |
|
DIN No.: |
06547555 |
|
|
|
|
Name : |
Mr. Michael Robert Cunningham |
|
Designation : |
Director |
|
Address : |
302, Schubauer Drive Cary, North Carolina, U.S.A. 27513 |
|
Date of Birth/Age : |
08.11.1960 |
|
Date of Appointment : |
08.03.2007 |
|
DIN No.: |
01091194 |
KEY EXECUTIVES
|
Name : |
Mr. Mustafa Mahudhawala |
|
Designation : |
Director – Global Support Services |
|
Date of Birth/Age : |
38 Years |
|
Qualification : |
MCM |
|
Experience : |
16 Years |
|
Date of Appointment : |
04.10.2004 |
|
|
|
|
Name : |
Mr. Mohan Satish |
|
Designation : |
Director – Software Engineering |
|
Date of Birth/Age : |
39 Years |
|
Qualification : |
Professional Graduate Diploma in IT |
|
Experience : |
19 Years |
|
Date of Appointment : |
01.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Red Hat Inc., U.S.A. |
|
9999 |
|
R.H. Financial Holdings Inc., U.S.A. |
|
1 |
|
Total
|
|
10000 |
AS ON 30.09.2013
|
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 |
%20PRIVATE%20LIMITED%20-%20274266_MIRA%2030-Jun-2014_files/image015.gif)
BUSINESS DETAILS
|
Line of Business : |
The
Company is engaged
in: a) Providing technical
support services pursuant to subscriptions to Red Hat products by the Internet,
telephone call centers or otherwise, b) Providing technical
services such as customization, documentation and other technical support
services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.P. Chitale and Company Chartered Accountants |
|
Address : |
1/11, 1st Floor, Prabhadevi Industrial Estate, Opposite
Sidhivinayak Temple, Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025,
Maharashtra, India |
|
PAN No.: |
AAAFM2282Q |
|
|
|
|
Holding Company : |
Red Hat Limited |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each
|
Rs.0.100
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
301.564 |
257.857 |
226.432 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
301.664 |
257.957 |
226.532 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
0.000 |
0.000 |
0.000 |
|
(c)
Other current liabilities |
19.493 |
30.653 |
77.560 |
|
(d)
Short-term provisions |
22.205 |
38.421 |
28.844 |
|
Total
Current Liabilities (4) |
41.698 |
69.074 |
106.404 |
|
|
|
|
|
|
TOTAL |
343.362 |
327.031 |
332.936 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
135.777 |
162.435 |
75.525 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
28.864 |
22.249 |
17.410 |
|
(d) Long-term Loan
and Advances |
31.534 |
62.425 |
54.079 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
196.175 |
247.109 |
147.014 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
39.451 |
6.892 |
80.543 |
|
(d)
Cash and cash equivalents |
63.546 |
25.173 |
76.120 |
|
(e)
Short-term loans and advances |
13.326 |
10.636 |
3.179 |
|
(f)
Other current assets |
30.864 |
37.221 |
26.080 |
|
Total
Current Assets |
147.187 |
79.922 |
185.922 |
|
|
|
|
|
|
TOTAL |
343.362 |
327.031 |
332.936 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
343.509 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
470.258 |
343.509 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
407.990 |
297.091 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
407.990 |
297.091 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
62.268 |
46.418 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
18.561 |
14.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
43.707 |
31.425 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
|
257.857 |
226.432 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
301.564 |
257.857 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
469.189 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
4370.70 |
3142.50 |
|
%20PRIVATE%20LIMITED%20-%20274266_MIRA%2030-Jun-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20274266_MIRA%2030-Jun-2014_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.29 |
9.15 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.80 |
15.23 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.18 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.53 |
1.16 |
1.75 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
226.432 |
257.857 |
301.564 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
226.532 |
257.957 |
301.664 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
%20PRIVATE%20LIMITED%20-%20274266_MIRA%2030-Jun-2014_files/image017.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
|
343.509 |
470.258 |
|
|
|
|
36.898 |
%20PRIVATE%20LIMITED%20-%20274266_MIRA%2030-Jun-2014_files/image019.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
|
343.509 |
470.258 |
|
Profit |
|
31.425 |
43.707 |
|
|
|
9.15% |
9.29% |
%20PRIVATE%20LIMITED%20-%20274266_MIRA%2030-Jun-2014_files/image021.gif)
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: 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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two 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 |
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] |
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 |
Notes:
· The registered office of the company has been shifted from Marisoft, East Wing, 6th Floor, Kalyaninagar, Pune – 411 014, Maharashtra to the present address w.e.f. 20.07.2009.
· No Charges Exist for Company.
BACKGROUND:
The Company was incorporated
under the Companies Act, 1956, on December 1, 2004.
The
Company is engaged
in:
a) Providing technical
support services pursuant to subscriptions to Red Hat products by the Internet,
telephone call centers or otherwise,
b) Providing technical
services such as customization, documentation and other technical support
services.
The Company is a 100
percent export oriented unit under the 'Software Technology Park Scheme' of the
Department of Electronics, Government of India.
The company has entered
into a Support Services Agreement with Red Hat Inc., USA and Red Hat Ireland
Limited, Ireland to provide the services mentioned above.
OPERATIONS:
RHSS houses Ked hat's
Engineering and support Center. As on
the date of this report, the current strength is 266 associates. The Center
contributes to engineering, support, infrastructure operation functions and
such is a core component of Red Hat's presence in India. With a diverse staff
drawn from all over the nation, the Center handles global responsibilities.
With Local leadership in place the center is looking forward to grow further in
the years to come.
PERFORMANCE:
The turnover during the
year was 469.189 millions.
The board of directors and
the shareholders of the Company have consented and approved a scheme of
amalgamation whereby Red Hat Software (India) Private Limited is proposed to be
merged with Red Hat India Private Limited. This is subject to the approvals to
be received from the High Court of Bangalore and Mumbai respectively
FIXED ASSETS:
·
Leasehold Improvements
·
Furniture and Fittings
·
Computers
·
Office Equipments
·
Computer Software
WEBSITE DETAILS:
NEWS/ ARTICLES:
THE INDIAN CONNECTION
TO RED HAT'S GROWTH STORY
July 26, 2013
Last financial year, open source software provider Red Hat became the
first Linux vendor to breach the $1-billion revenue mark, recording a revenue
of $1.3 billion. This growth story has a strong India connect.
Red Hat had set up its research and development (R&D centre here in
early 2000, with just 10 employees; now, this has grown into a 300-employee
entity.
The centre is one of the company’s largest outside the US. The company’s
overall headcount is 5,700, while its staff strength in India is 450-470.
The significance of the Pune R&D centre is highlighted by Marco
Bill-Peter, vice-president, global support services. He says 40 per cent of all
support queries globally comes out of Pune.
“We never saw India as a labour arbitrage centre. For us, it has been
about hiring the best engineering talent. I think we have been giving employees
the right environment to grow, as our attrition rates are one of the lowest in
the industry,” he said, adding Pune was the most important part of Red Hat’s
support system.
Besides the R&D centre, the company also has another India
connection. In 2011, Red Hat acquired Sunnyvale-based start-up Gluster, founded
by Anand Babu Periasamy and Hitesh Chellani, for $136 million. The acquisition
not only provided Red Hat a centre in Bangalore; it also strengthened the
company’s offerings in the growing cloud-based storage market. Through the last
two years, the company has been focusing on Gluster, working on some of its
features and making it a more reliable and stable platform.
“This year, we will be working on the sale front for Gluster. We are
focusing on markets such as the US, Europe and Japan,” said Bill-Peter.
After the acquisition of Gluster, a lot of Red Hat’s storage-related
development would be driven from Bangalore.
“We have storage
teams in Boston and Mountainview. All of our engineers will collaborate with
the Bangalore team on storage,” Bill-Peter said. He added India was very
important for the company, “not only as an R&D centre, but also as a
market. It is one of the fastest growing markets for the company. Till a few
years ago, we focused only on direct marketing, but we have realised in a
market such as India, partners matter. We are also strengthening our tie-ups
with distributors and ISVs (independent software vendors)”.
Bill-Peter
acknowledges the adoption of Linux in India has been slow compared to the US.
“But in the last
few years, we have seen interest among clients. It is not just coming from
enterprises using Unix, but also from e-commerce players, start-ups and
government sectors,” he said.
In India, Red Hat’s
clients include Bharti Airtel, Just Dial and Hungama.com.
RED HAT OPENS R&D CENTERS IN PUNE AND
BANGALORE
May 7, 2012
Red Hat, among
the world's leading open source solutions provider announced the setting up of
it's largest engineering facility outside North America in Pune today. The
company also launched another 'Engineering Center of Excellence' in Bangalore,
reiterating its commitment to the Asia-Pacific region.
Speaking at the inauguration
ceremony in Pune, Paul Cormier, executive vice president, products and
technologies, Red Hat, said, "Innovative product development and
engineering services are the cornerstone of any company with global aspirations
and we expect the current expansion to further Red Hat's goal to lead the way
in innovative collaboration and open source technology development locally,
regionally and globally."
The Pune
facility, which is spread over 50,000 sq ft will serve to incubate, support and
sustain local talent.
"2012 is the
year of the developer for Red Hat and with a growing number of developers
coming from India, Red Hat brought several notable global developer events to
APAC - Fedora Users and Developers' Conference (FUDCon) in November 2011 in
Pune and JBoss User and Developers Conference (JUDCon) in January 2012 in
Bangalore," said Anuj Kumar, general manager, Red Hat India.
"With our
new facilities and events like this, we hope to continue showing our commitment
to developers throughout the APAC region."
There has been
growing market interest across the region in open source technologies, which
has led to the company significantly expanding its presence in the region. The
engineering team in India works closely with local educational institutions,
research bodies, and agencies involved in formulating standards and to support
the proliferation and adoption of open standards in interactions.
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 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.60.09 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
47 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.