MIRA
INFORM REPORT
|
Report Date : |
30.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
STRATEX
NETWORKS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A
Centre, 4 LSC, Sector C-6 & 7, Vasant Kunj, New Delhi – 110 070, India. |
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Country : |
India |
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|
Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
26.09.1996 |
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Com. Reg. No.: |
55-82279 |
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|
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|
CIN No.: [Company
Identification No.] |
U32101DL1996PTC082279 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS22166E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAHCS0822N |
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|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Importer and Supplier of Telecommunication
Equipments. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
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|
|
Status : |
Moderate
|
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Payment Behaviour : |
Slow
but correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject
is an established company having moderate track. Profit margin is under
pressure. Financial position is moderate. Trade relations are fair. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
A
Centre, 4 LSC, Sector C-6 & 7, Vasant Kunj, New Delhi – 110 070, India. |
|
Tel. No.: |
91-11
26139041 (5 Lines) |
|
Fax No.: |
91-11
26139046 |
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E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Raj
Kumar Harjai |
|
Designation : |
Managing Director |
|
Address : |
G-601, Ambience Lajoon Apartments, NH-8,
Guragaon, Haryana - 122 001, India. |
|
Date of Birth/Age : |
02.01.1967 |
|
Date of Appointment : |
30.06.2000 |
|
|
|
|
Name : |
Mr. Joe
Mahler, (Foreigner) |
|
Designation : |
Director |
|
Address : |
Stratex Networks Inc., 10-ANG Mokio Street-65,
03-13, Tech point, Singapore – 569 059 |
|
Date of Appointment : |
30.06.2000 |
|
Date of Ceasing: |
14.03.2005 |
|
|
|
|
Name : |
Mr. Charles
D Kissner, (Foreigner) |
|
Designation : |
Director |
|
Address : |
170, Rose Orchard Way, Sanjose, California 95134 (USA) |
|
Date of Birth/Age : |
08.06.1947 |
|
Date of Appointment : |
11.01.1997 |
|
|
|
|
Name : |
Mr. Carl
A Thomsen, (Foreigner) |
|
Designation : |
Director |
|
Address : |
170, Rose Orchard Way, Sanjose, California 95134 (USA) |
|
Date of Birth/Age : |
27.02.1945 |
|
Date of Appointment : |
11.01.1997 |
|
|
|
|
Name : |
Mr. Vijmon
Joseph |
|
Designation : |
Alternate Director |
|
Address : |
39-E, Pocket, A-1, Mayur Vihar, Phase –III, Delhi 100 096, India |
|
Date of Birth/Age : |
28.05.1970 |
|
Date of Appointment : |
24.05.1999 |
|
|
|
|
Name : |
Mr. John
C Brandt, (Foreigner) |
|
Designation : |
Director |
|
Address : |
170, Rose Orchard Way, Sanjose, California 95134 (USA) |
|
Date of Appointment : |
01.02.2001 |
|
|
|
|
Name : |
Dhiraj Gupta & Company |
|
Designation : |
Company
Secretary |
|
Address : |
C-159, Street-7, Bhsianpura, Delhi 110 023 |
|
Tel. No.: |
91-11-2256 4178 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Digital Microwave (Mauritius) Private Limited |
2936892 |
100.00 |
|
Mr. Raj
Kumar Harjai |
1 |
0.00 |
|
Mr. Joseph Vijmon |
1 |
0.00 |
|
|
|
|
|
Total: |
2,936,894 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Supplier of Telecommunication
Equipments. |
|
|
|
|
Products : |
Ř
Eclipse Ř
Velox LE Ř
Altium MX Ř
XP4 Plus Microwave Radio Systems Ř
DXR 700 Radios Ř
DXR 200 Radios Ř
DXR 100 Radios Ř
DART – Outdoor Microwave Radio Systems Ř
ProVision NMS |
|
|
|
|
Imports from : |
Europe and USA |
GENERAL
INFORMATION
|
Customers : |
Ř
Private Telecom Operations Ř
Mahanagar Telephone Nigam Limited Ř
Bharat Sanchar Nigam Limited |
|
|
|
|
No. of Employees : |
|
|
|
|
|
Bankers : |
Ř
Bank of America Ř
Standard Chartered Bank |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Unknown
|
|
|
|
|
Auditors : |
S R Batliboi & Associates Chartered Accountants |
|
Address: |
B-26, Qutab Institutional Area, New Delhi –110
016, India. |
|
Tel. No.: |
91-11-26611004
to 09 |
|
Fax No.: |
91-11-26611012,
26611013 |
|
|
|
|
Holding Company : |
Digital Microwave (Mauritius) Private Limited,
Mauritius |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3,000,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2,936,894 |
Equity
Shares |
Rs. 10/- each |
Rs. 29.368 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
29.369 |
1.278 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
1.167 |
|
|
4] (Accumulated Losses) |
|
(4.526) |
0.000 |
|
|
NETWORTH |
|
24.843 |
2.445 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.838 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.838 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
24.843 |
3.283 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.552 |
4.068 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
6.396 |
1.976 |
|
|
Sundry Debtors |
|
158.985 |
129.628 |
|
|
Cash & Bank Balances |
|
1.513 |
7.329 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
4.433 |
3.729 |
|
Total Current Assets |
|
171.327 |
142.662 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
148.259 |
138.588 |
|
|
Provisions |
|
2.777 |
4.859 |
|
Total Current Liabilities |
|
151.036 |
143.447 |
|
|
Net Current Assets |
|
20.291 |
(0.785) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
24.843 |
3.283 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
93.342 |
97.849 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
(5.693) |
26.528 |
|
Provision
for Taxation |
|
0.000 |
9.335 |
|
Profit/(Loss)
After Tax |
|
(5.693) |
17.193 |
|
|
|
|
|
|
Total
Expenditure |
|
97.555 |
69.479 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
|
(6.10) |
17.57 |
|
Net Profit Margin |
|
(6.18) |
27.43 |
|
Return on Total Assets |
|
(3.16) |
11.72 |
|
Return on Investment (ROI) |
|
(19.38) |
703.19 |
|
Current Ratio |
|
1.13 |
0.99 |
|
Quick Ratio |
|
1.09 |
0.98 |
|
Debt Equity Ratio |
|
--
|
0.34 |
|
Current Liabilities/Networth |
|
5.14 |
58.67 |
|
Fixed Asset / Networth |
|
0.15 |
1.66 |
|
Average Collection Days |
|
629.46 |
489.22 |
|
Account Receivables Turnover |
|
0.58 |
0.75 |
|
Inventory Turnover |
|
14.41 |
48.94 |
|
Asset Turnover |
|
20.25 |
23.77 |
LOCAL AGENCY
FURTHER INFORMATION
Subject imports communication equipments, Mobile
Network Equipments, Fixed Network Equipments from their group company from
Europe and USA
Subjects supply their products in the domestic and
international markets.
Related Parties Description (Subsidiaries,
Joint-ventures, Affiliates)
Financials Stratex
Networks – Groups
|
Consolidated
Statements of Operations Data |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
(In Millions, except per share amounts) |
||
|
Net Sales |
$230.892 |
$180.302 |
$157.348 |
|
Net Loss |
$ (2.297) |
$ (45.946) |
$(37.068) |
|
Basic and diluted loss
per share |
$ (0.02) |
$ (0.51) |
$ (0.44) |
|
Basic and diluted
weighted average shares outstanding |
95.600 |
89.634 |
83.364 |
|
Americas |
Sector Headquarters |
|
|
Stratex Networks, 120
Rose Orchard Way, San Jose, CA 95134, USA |
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Tel. No.: |
1 314 837 1300 |
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Mobile No.: |
1 314 378 1090 |
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E-Mail : |
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Western United
States |
Sales -- North America
and Canada Stratex Networks, 120
Rose Orchard Way, San Jose, CA 95134 Mark Crebs, Regional
Sales Manager |
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Tel. No.: |
1 408 944 1635 |
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Fax No.: |
1 408 944 1648 |
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E-Mail : |
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Eastern United
States |
Stratex Networks, 29
Orchard Lane, Duxbury, MA 02332 Mark Reynolds, Regional
Sales Manager |
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Tel. No.: |
1 781 934 9905 |
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Mobile No.: |
1 508 737 5421 |
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E-Mail : |
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Mexico |
DMC de Mexico Av. Insurgentes Sur
813-1401, Col. Nápoles, Delegación Benito Juárez, Mexico, D.F. C.P. 03810,
Mexico, |
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Tel. No.: |
525 523 7600 |
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Fax No.: |
525 521 92723 |
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E-Mail : |
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Argentina |
(Serving Argentina,
Chile, Peru, Paraguay, Uruguay and Bolivia) DMC Wireless Systems |
|
Address: |
Av. Dardo Rocha 2188,
Martínez, Buenos Aires, Argentina 1640 |
|
Tel. No.: |
54 114 717 2663 |
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Fax No.: |
54 114 717 2613 |
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Colombia |
DMC Wireless Systems |
|
Address: |
Calle 125 21-22 Bogota,
Colombia |
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Tel. No.: |
571 601 4545 |
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Fax No.: |
571 612 6157 |
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Austria |
Stratex Networks,
Mooslackengasse 17, 1190 Vienna, Austria |
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Tel. No.: |
43 (0) 1 230 60 3100 |
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Fax No.: |
43 (0) 1 230 60 3003 |
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E-Mail : |
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Poland |
Stratex Networks Polska
Sp. z.o.o, Intraco, 36 Floor, ul. Stawki 2 00-193 Warszawa, Poland |
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Tel. No.: |
48 22-860 73 40 |
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Fax No.: |
48 22-860 73 41 |
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E-Mail : |
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Croatia |
Franje Fuisa 12, 10 000
Zagreb, Croatia |
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Tel. No.: |
385 1 3099 333 |
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Fax No.: |
385 1 3099 334 |
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E-Mail : |
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Slovakia |
Kutlikova 17, 852 50
Bratislava, Slovakia |
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Tel. No.: |
421 2 68 28 66 38 |
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Fax No.: |
30 210 5054657 |
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Mobile No.: |
421 903 462564, 421 915
917111 |
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E-Mail : |
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Russia |
14, Solyanka Str. Bldg.
2 Office 254, 103074 Moscow, Russia |
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Tel. No.: |
7 495 518 8008 |
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E-Mail : |
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Scandinavia |
Regus Frosundavik,
Frosundavis Alle 15, 4 tr, SE-169 70 Solna, Sweden |
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Tel. No.: |
46 (0) 8 655 26 00 |
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Fax No.: |
46 (0) 8 655 26 10 |
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E-Mail : |
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France |
Le Calypso, 25 rue de
la Petite Duranne, 13857 AIX EN PROVENCE CEDEX 3, France |
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Tel. No.: |
33 4 42 90 49 90 |
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Fax No.: |
33 4 42 90 49 99 |
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E-Mail : |
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Spain |
Edificio Cuzco IV,
Paseo de la Castellana 141, 8th floor, 28046 – Madrid, Spain |
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Tel. No.: |
34 91 572 6576 |
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Fax No.: |
34 91 572 6621 |
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E-Mail : |
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Portugal |
Av. D. Pedro I, 194,
Sala E, 2750-786 Cascais, Portugal |
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Tel. No.: |
351 21 483 21 57 |
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Fax No.: |
351 21 483 46 42 |
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E-Mail : |
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Greece |
Kalymnou 15 &
Manis, 124-62, Athens, Greece |
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Tel. No.: |
30 210 5817643 |
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Fax No.: |
30 210 5817644 |
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E-Mail : |
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Middle East |
API World Tower, Suite
302 A, Sheikh Zayed Road, Dubai, P.O. Box 32423, United Arab Emirates |
|
Tel. No.: |
9714 332 5600 |
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Fax No.: |
9714 332 5700 |
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E-Mail : |
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Russia |
14, Solyanka Str. Bldg.
2 Office 254, 103074 Moscow, Russia |
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Tel. No.: |
7 495 518 8008 |
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E-Mail : |
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South Africa |
Central Park, Block K,
1st Floor, 400 16th Road, Midrand, South Africa |
|
Tel. No.: |
27 11 207 2400 |
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Fax No.: |
27 11 207 2403 |
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E-Mail : |
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Singapore |
51 Changi Business Park
Central 2, #09-10 The Signature, Singapore 486066 |
|
Tel. No.: |
65 6787 1031 |
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Fax No.: |
65 6787 5934 |
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E-Mail : |
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China |
Suite 415, Estoril
House, No. 2 Jiangtai Road, Chaoyang District, Beijing, China 100016 |
|
Tel. No.: |
86 10 64323072 |
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Fax No.: |
86 10 64323073 |
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E-Mail : |
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Malaysia |
Unit 617, Block A,
Kelana Centre Point, No. 3 Jalan SS 7/19. Kelana Jaya, 47301 Petaling Jaya,
Selangor, Malaysia |
|
Tel. No.: |
60 3 7803 4342 |
|
Fax No.: |
60 3 7803 0642 |
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E-Mail : |
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New Zealand |
P.O. Box 30-248, 20
Peterkin Street, Lower Hutt, 6009, Wellington, New Zealand |
|
Tel. No.: |
64 4 577 8800 |
|
Fax No.: |
64 4 577 8934 |
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E-Mail : |
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Philippines |
Unit 505 Textron
Building, 168 Luna Mencias Street, San Juan, Metro Manila, Philippines |
|
Tel. No.: |
632 721 3611 Loc. 3048 |
|
Fax No.: |
632 725 7246 |
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E-Mail : |
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Sri Lanka |
Stratex Networks, No.
85, First Floor, Braybrooke Place, Colombo 02, Sri Lanka |
|
Tel. No.: |
94 11 672562 |
|
Fax No.: |
94 11 672563 |
|
E-Mail : |
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Thailand |
Two Pacific Place, 12th
Floor, Suite 1203, 142 Sukhumvit Road, Klongtoey District, Bangkok 10110,
Thailand |
|
Tel. No.: |
66 2 653 2133/2134/2135 |
|
Fax No.: |
66 2 653 2136 |
|
E-Mail : |
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 45.02 |
|
UK
Pound |
1 |
Rs. 85.56 |
|
Euro |
1 |
Rs. 57.24 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|