MIRA INFORM REPORT
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Report No. : |
349900 |
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Report Date : |
14.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
TIBCO SOFTWARE INDIA PRIVATE LIMITED |
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Registered Office
: |
“Binarius” Floor No. 2 and 3, Deepak Complex, National Games Road,
Shastri Nagar, Yerwada, Pune - 411006, Maharashtra |
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Tel. No.: |
91-20-30212100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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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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IEC No.: |
Not Divulged |
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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
: |
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) and general and administrative services. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a subject is a subsidiary of “TIBCO Software Inc., USA. It is an established company incorporated in the year 2002 having good
track record. Available financial indicates company strong financial risk profile marked
by healthy networth position along with debt free balance sheet and favorable
gap between trade payables and trade receivables. Further, the rating also takes into consideration rich experience of
its promoters, decent profit margin and strong operating efficiency of the
company. Fundamentals of the company are strong and healthy. The rating also derives strength from its holding company and its
experienced management. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of strong holding support and sound financial base, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-20-30212100)
LOCATIONS
|
Registered Office : |
“Binarius” Floor No. 2 and 3, Deepak Complex, National Games Road,
Shastri Nagar, Yerwada, Pune - 411006, Maharashtra, India |
|
Tel. No.: |
91-20-30212100 / 30274601 |
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Fax No.: |
91-20-30212300 |
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E-Mail : |
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Website : |
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Branch Office : |
Located At :
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DIRECTORS
AS ON 30.09.2014
|
Name : |
William R Joesph T. Hughes Hughes |
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Designation : |
Director |
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Address : |
17100 Los Robles Way, Los Gatos, California, 95030, United
States of America |
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Date of Birth/Age : |
27.09.1960 |
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Date of Appointment : |
28.07.2003 |
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DIN No.: |
00195336 |
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Name : |
Philip Graeme Maitland Martin |
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Designation : |
Director |
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Address : |
12C161 Kent Street, Millers Point, Sydeny, 2000, 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 : |
Anand Awinash Ambike |
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Designation : |
Additional director |
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Address : |
Phoenix - B, 603, Hiranandani Estate, Ghodbunder Road,
Thane (West), Thane - 400607, Maharashtra, India |
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Date of Birth/Age : |
24.05.1971 |
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Date of Appointment : |
07.11.2014 |
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DIN No.: |
03336385 |
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Name : |
Alexander Edward Kolar |
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Designation : |
Additional director |
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Address : |
3732 Red Oak Way, Redwood City, California, 94061, United States of America |
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Date of Birth/Age : |
07.11.1970 |
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Date of Appointment : |
05.08.2014 |
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DIN No.: |
06928695 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Tibco Software Inc., USA |
10398 |
99.98 |
|
Tibco Software International Inc., USA |
2 |
0.02 |
|
Total |
10400 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
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 : |
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) and general and administrative services. |
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Products / Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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Name : |
BSR and Associates Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAIFB7355D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
TIBCO Software Inc. USA |
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Fellow Subsidiary
companies : |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
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 |
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|
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
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|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
0.104 |
0.104 |
0.104 |
|
(b) Reserves & Surplus |
862.804 |
667.155 |
501.027 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
862.908 |
667.259 |
501.131 |
|
|
|
|
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(3) Non-Current
Liabilities |
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|
(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 |
42.274 |
32.775 |
23.637 |
|
(d) long-term
provisions |
90.491 |
34.143 |
21.116 |
|
Total Non-current
Liabilities (3) |
132.765 |
66.918 |
44.753 |
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(4) Current Liabilities |
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|
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|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
65.730 |
32.355 |
28.317 |
|
(c) Other
current liabilities |
138.068 |
91.911 |
90.321 |
|
(d) Short-term
provisions |
13.179 |
35.458 |
29.662 |
|
Total Current
Liabilities (4) |
216.977 |
159.724 |
148.300 |
|
|
|
|
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TOTAL |
1212.650 |
893.901 |
694.184 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
492.021 |
471.964 |
389.274 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
23.762 |
0.722 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.718 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
92.703 |
67.764 |
59.193 |
|
(d) Long-term Loan and Advances |
102.170 |
73.465 |
71.581 |
|
(e) Other
Non-current assets |
3.290 |
0.990 |
1.391 |
|
Total Non-Current
Assets |
690.184 |
637.945 |
522.879 |
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(2) Current assets |
|
|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
356.364 |
69.660 |
84.485 |
|
(d) Cash
and cash equivalents |
70.543 |
143.952 |
41.546 |
|
(e)
Short-term loans and advances |
90.671 |
41.838 |
45.274 |
|
(f) Other
current assets |
4.888 |
0.506 |
0.000 |
|
Total
Current Assets |
522.466 |
255.956 |
171.305 |
|
|
|
|
|
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TOTAL |
1212.650 |
893.901 |
694.184 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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GROSS INCOME |
2107.547 |
1777.770 |
1272.741 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
439.774 |
385.828 |
256.687 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
170.264 |
150.803 |
100.983 |
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PROFIT/
(LOSS) BEFORE TAX |
269.510 |
235.025 |
155.704 |
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Less |
TAX |
73.861 |
68.896 |
42.900 |
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PROFIT/
(LOSS) AFTER TAX |
195.649 |
166.129 |
112.804 |
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EARNINGS IN FOREIGN
CURRENCY |
2107.213 |
1776.775 |
1270.997 |
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Earnings /
(Loss) Per Share (Rs.) |
18812.40 |
15973.94 |
10846.54 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
203.057 |
440.859 |
254.973 |
|
Net cash flows from (used in) operating activities |
92.634 |
359.940 |
200.906 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
24.06 |
29.29 |
24.58 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.35 |
0.31 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.41 |
1.60 |
1.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
0.104 |
0.104 |
0.104 |
|
Reserves & Surplus |
501.027 |
667.155 |
862.804 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
501.131 |
667.259 |
862.908 |
|
|
|
|
|
|
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 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Income |
1272.741 |
1777.770 |
2107.547 |
|
|
|
39.680 |
18.550 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Income |
1272.741 |
1777.770 |
2107.547 |
|
Profit |
112.804 |
166.129 |
195.649 |
|
|
8.86% |
9.34% |
9.28% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
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5 |
Buyer visit details |
----- |
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6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
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9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||||
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Bench:- Bombay |
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Presentation
Date:- 20/10/2015 |
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Lodging No:- |
ITXAL/1620/2015 |
Failing Date:- |
20/10/2015 |
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Petitioner:- |
THE PR.COMMISSIONER OF INCOME TAX-4 |
Respondent:- |
M/S.TIBCO SOFTWARE (INDIA) PRIVATE LIMITED |
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Petn.Adv:- |
SURESH KUMAR (I2100) |
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District:- |
PUNE |
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Bench:- |
DIVISION |
Category: |
TAX APPEALS |
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Status:- |
Pre-Admission |
Stage:- |
-- |
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Next Date:- |
27/10/2015 |
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Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
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Act:- |
Income Tax Act, 1961 Under Section:- 260A |
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INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CHANGE OF ADDRESS
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.
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 hic, 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) and general and administrative services to the Holding Company.
OPERATIONS
During the year, the Company has earned a net profit of Rs. 195.649 Million (previous year: Rs. 166.129 Million) after providing for depreciation of Rs. 170.264 Million (previous year: Rs. 150.803 Million) and for tax of Rs. 73.861 Million (previous year: Rs. 68.897 Million).
FIXED ASSETS
Tangible Assets
· Furniture and Fixtures
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
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 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.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--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 |
YES |
|
--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 |
|
64 |
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.