MIRA
INFORM REPORT
|
Report Date : |
02.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
CELLCOMM
SOLUTIONS LIMITED |
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Formerly Known as: |
Subex
Cellcomm Limited |
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Registered Office : |
721, 7th
Main, Mahalaxmi Layout, Bangalore – 560 086, Karnataka, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
04.04.1994 |
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Com. Reg. No.: |
08-15460 |
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CIN No.: [Company
Identification No.] |
U85110KA1994PLC015460 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS03690B |
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Legal Form : |
A
Closely Held Public Limited Liability Company. |
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Line of Business : |
Providing
Cellular Phone Accessories and Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
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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Maximum Credit Limit : |
USD
200000 |
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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
is a well established company having fine track. Financial position is good.
Trade relations are fair. Payments are usually correct and as per
commitments. The company is doing well. It can
be considered good for any normal business dealings. It can be considered as
a promising business partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
721, 7th
Main, Mahalaxmi Layout, Bangalore – 560 086, Karnataka, India. |
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Tel. No.: |
91-80-23497581 |
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Fax No.: |
91-80-23491490 |
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E-Mail : |
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Website : |
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Corporate
Office : |
52/44,
8th Main, II Cross, Ganesha Block, Mahalakshmi Layout, Balgalore – 560 096,
Karnataka, India. |
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Tel.
No.: |
91-80-23497581, 23491895 |
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Fax
No.: |
91-80-23491490 |
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E-Mail
: |
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Branches
: |
New Delhi 406, Vishwadeep Building, 4,
Janakpuri Dist Centre, New Delhi - 110 058, India. Tel.: 91-11-25623150,25516515,
25536591 Fax: 91-11-25623140 Contact: Mr. Sunil V Thomas Email:
sunil@cellcommsolutions.com Mumbai A-202, II Floor,Floral Deck Plaza,
Opp. SEEPZ, Andheri (E), Mumbai - 400 093, Maharashtra, India.
Hyderabad Tel:
91-40-23327961 Contact:
Mr. Santhosh kumar Email:
santhoshn@cellcommsolutions.com
Chennai No.75/B8, LDG Road, Little Mount, Saidapet, Chennai – 15,
Tamilnadu, India. Tel : 91-44-30917961 Email: jentod@cellcommsolutions.com
Kolkata 18/1A, II Floor, Hazra Road,
Kolkata - 700 026, West Bengal, India. Fax : 91-33-24741835 |
DIRECTORS
|
Name : |
Mr. K.
A. Davis |
|
Designation : |
Whole
Director |
|
Address : |
D-501,
Brigade Regency, 5th Floor, 8th Main Road, Malleswaram
(West), Bangalore – 560 055, Karnataka, India. |
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Date of Birth/Age : |
01.06.1959 |
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Qualification: |
M.
Sc., PGMM |
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Experience: |
15
Years |
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Date of Appointment : |
30.09.1995 |
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|
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|
Name : |
Mr.
Subash Menon |
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Designation : |
Director
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Address : |
F-1,
Rajeja Regent, 35, Coles Road, Bangalore – 560 005, Karnataka, India. |
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Date of Birth/Age : |
28.05.1965 |
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Date of Appointment : |
12.04.2004 |
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Name : |
Mr.
Alex J. Puthenchira |
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Designation : |
Director
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Address : |
F-204,
Raheja Gardenia, Millers Road, Bangalore – 560 052, Karnataka, India. |
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Date of Birth/Age : |
31.05.1965 |
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Date of Appointment : |
12.04.2004 |
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Name : |
Mr. Sudeesh Yezhuvath |
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Designation : |
Director
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Address : |
F-107,
Raheja Regent, 35, Coles Road, Bangalore – 560 005, Karnataka, India. |
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Date of Birth/Age : |
11.01.1969 |
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Date of Appointment : |
12.04.2004 |
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Name : |
Mr. V
Balaji Bhat |
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Designation : |
Whole
Director |
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Address : |
No.
302, 2nd Floor, Embassy Orchid, 8th Main, RMV Extn.,
Bangalore – 560 080, Karnataka, India. |
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Date of Birth/Age : |
19.06.1964 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Ms.
Elsy Paul |
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Designation : |
Director
|
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Address : |
D-501,
Bridge Regency, 5th Floor, 8th Main Road, Malleswaram
West, Bangalore – 560 055, Karnataka, India. |
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Date of Birth/Age : |
28.11.1963 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. K.
Suresh Kumar |
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Designation : |
Director
|
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Address : |
No. 3,
Sneha Nivas, 9th Cross, Mahalaxmi Layout, Bangalore – 560 086,
Karnataka, India. |
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Date of Birth/Age : |
05.05.1960 |
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Date of Appointment : |
30.09.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Subash Menon |
10900 |
|
Mrs.
Radhika Subash |
100 |
|
Mr. Y.
Sudeesh |
10000 |
|
Mr.
Alex J. Puthenchira |
34900 |
|
Mrs.
Priya Alex |
100 |
|
Subex
Holdings Private Limited |
24000 |
|
K. A.
Davis |
20000 |
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|
|
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Total: |
100000 |
BUSINESS DETAILS
|
Line of Business : |
Providing
Cellular Phone Accessories and Services. |
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Products : |
Ř
Booster Ř
Cable Ř
Modems Ř
Antenna Ř
Other
Accessories Ř
Repair
& Installation |
GENERAL
INFORMATION
|
Suppliers : |
Ř
Comba
Telecomm System Limited Ř
Elite
Spirit Co. Limited – Taiwan Ř
Surbhi
Broadband Private Limited Ř
Tongyu
Communication Equipment Company Limited Ř
TVS
Interconncet System Limited Ř
Sinimax
Company Limited – Taiwan Ř
Srinar
Communications Private Limited |
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Customers : |
Ř
Airtel
Cellular Limited Ř
Asia
Pacific Systems Ř
Baytalkitec
Private Limited Ř
Bharti
Cellular Limited – Bangalore Ř
Bharti
Cellular Limited – Kolkata Ř
Bharti
Cellular Limited – Mumbai Ř
Bharti
Cellular Limited – New Delhi Ř
Bharti
Mobile Limited – Punjab Ř
BPL
Mobile Cellular Limited – CO Ř
BSNL
Kerala Ř
BTA
Cellcomm Limited – Indore Ř
Ericsson
India Private Limited – CHAN Ř
Ericsson
India Private Limited – Chennai Ř
Ericsson
India Private Limited – New Delhi Ř
Fascel
Limited – Ahmedabad Ř
Hutchison
Essar Aircel Digilin Ř
Hutchison
Essar South Limited Ř
Hutchison
Max Telecom Private Limited Ř
Hutchison
Telecom East Limited – K Ř
Idea
Mobile Communication Limited Ř
Mahanagar
Telephone Nigam Limited Ř
Motorola
India (Private) Limited Ř
Softcell
Technologies Limited |
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No. of Employees : |
180 |
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Bankers : |
UTI
Bank Limited, M. G. Road Branch, M. G. Road, Bangalore – 560 001, Karnataka,
India. |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Gnanoba
& Bhat Chartered
Accountant |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.000 |
1.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
51.262 |
42.776 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
52.262 |
43.776 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
22.567 |
0.766 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
22.567 |
0.766 |
|
|
DEFERRED TAX LIABILITIES |
|
0.796 |
0.618 |
|
|
|
|
|
|
|
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TOTAL |
|
75.625 |
45.160 |
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|
|
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
19.714 |
5.245 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
|
0.005 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
|
|
Inventories |
|
13.076 |
8.044 |
|
|
Sundry Debtors |
|
74.891 |
51.003 |
|
|
Cash & Bank Balances |
|
2.056 |
4.333 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
25.972 |
19.119 |
|
Total Current Assets |
|
115.995 |
82.499 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
60.093 |
42.591 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities |
|
60.093 |
42.591 |
|
|
Net Current Assets |
|
55.902 |
39.908 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.004 |
0.007 |
|
|
|
|
|
|
|
|
TOTAL |
|
75.625 |
45.160 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
181.467 |
106.647 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
24.795 |
49.842 |
|
Provision
for Taxation |
|
9.525 |
18.506 |
|
Profit/(Loss)
After Tax |
|
15.270 |
31.336 |
|
|
|
|
|
|
Import
Value |
|
24.226 |
10.116 |
|
|
|
|
|
|
Total
Expenditure |
|
156.672 |
56.805 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
8.41 |
29.38 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
13.66 |
46.74 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
18.27 |
56.80 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.47 |
1.14 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.58 |
0.99 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.93 |
1.94 |
LOCAL AGENCY
FURTHER INFORMATION
The
company has changed its name form ‘Subex Cellcomm Limited’ to ‘Cellcomm
Solutions Limited’.
Financial
and Operational Performance:
During
the current year, the company has performed exceptionally well and showed a
surge and greater momentum in operational activities. The efforts of the
company has given gratifying results in terms of better topline growth and
better cash flow position, which has eased out company’s functioning to a
larger extent.
The
total income during the year was Rs. 181.467 Millions (Previous Year Rs.
106.647 Millions) as against an expenditure of Rs. 156.668 Millions (Previous
Year Rs. 56.971 Millions) resulting in Net Profit of Rs. 15.304 Millions
(Previous Year Rs. 31.169 Millions) after providing for Depreciation and Taxes.
Business
Strategies and Outlook:
The company belives that “Customer Satisfaction” is the means to reach
the long term goals of the company. To meet this end, the company would
continue to follow the philosophy of providing the highest quality of services
to its customers. In order to optimise the operational coast, the company would
also endeavor to achieve possible cost saving in all areas of operations,
however without compromising on the quality of deliverables.
The economy is in an upward trend and the market is witnessing healthy
growth in each of the lines of business the company is engaged in. Hence, the
management of the company is happy to state that the outlook is positive.
Dividend:
Keeping
in mind the overall performance of the company and the positive outlook of the
company future, the directors are pleased to inform you that the company has
declared and paid interim dividend at 600% on Equity Share Capital of the
company, during the financial year 2004-05 and the same is for confirmation and
approval of the shareholders as final dividend for the current year ended
31.03.2005.
Fixed
Assets:
Building,
Motor Car, Computers, Office Equipment and Furniture & Fixtures, etc.
|
Name
of the company |
CELLCOMM
SOLUTIONS LIMITED |
|
Presented By |
UTI
Bank Limited, M G Road, Bangalore – 560 001, India. M/S Subex Cellcom Limited |
|
1)
Date and description of instrument creating the change |
Date:
20.10.2004 Agreement
for Hypothecation of current assets. CCD – 13. Deed
of Hypothecation of Machinery & Other Movable Fixed Assets. CCD – 15. (Both
the above pertain to same charge) |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
50.000 Millions CC –
Rs. 20.000 Millions LC
– Rs. 25.000 Millions BG –
Rs. 5.000 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
by way of first charge on all the stock in trade both present & future
consisting stock including Raw Materials, Stock in Process & Other
Current Assets whatsoever, being Movable Properties now or at any time
hereafter belonging to the borrowers or at my/their disposal and now or at
any time and from time to time hereafter stored or to be stored or brought in
to or upon or in course of transit to my/their factory or premises or at any
other place whatsoever and wheresoever in my/their possession or occupation
or at any other premises or place (all of which hereafter collectively
referred to a “Current Assets”) & Outstanding Monies Receivables, Claims
& Bills which are now due and owing or which may at any time hereafter
during the continuance of this security become due and owing to the borrower
in the course of its business by any person, firm, company or body corporate
or by the government department or office or any municipal or local or public
or semi government body or authority or any body corporate or undertaking or
project whatever in the public sector as continuing security. Hypothecation by way of First Charge on all the movable Plant & Machinery, Furniture & Fixtures, etc. both present & future consisting of Plant & Machinery being Movable Properties now stored at or being stored or which may hereafter be brought in to or stored at company premises & also the plant & machinery which may hereafter belonging to borrower or borrowers disposal and now or at any time and from time to time hereafter stored or be stored or brought in to or upon or in course of transit or awaiting transit by any mode of transport to their factory or premises or at any other place whatsoever and wheresoever in their possession or occupation or at any other premises or place to secure as a continuing security. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest: CC – PLR – zoobps (Presently 10% p.a.) with periodical rests
&/ or at such rates and rests as may be specified by the bank form time
to time. Commission:
ILC/ FLC – FEDAI suggested charges & BG – 2.5% p.a. on quarterly basis.
Penal Interest: 2% p.a. Repayment:
On Demand. Margin:
25% on Stocks & Book Debts & 15% on ILC/ FLC/ BG. |
|
5)
Name and Address and description of the person entitled to the charge. |
UTI
Bank Limited, M. G. Road Branch, M. G. Road, Bangalore – 560 001, Karnataka,
India. (A Banking
Company) |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
AS
PER WEBSITE:
Cellcomm
Solutions Limited, formerly known as Subex Cellcomm Limited is incorporated in
the year 1996. The concept of 'Extended Coverage', both inside big buildings
and out-doors, for mobile communication industry was introduced by us. In last
9 years of their operations they have extended their services to all the
cellular operators in India. They have also taken up turnkey projects in other
Asia pacific countries.
The
cellular industry had registered a tremendous growth both in terms of usage and
its penetration. Cellular service providers are trying to increase the coverage
and capacity so as to increase their customer base and to provide them best
services.
By
providing innovative solutions and high value-added consultancy, they create
new opportunities for mobile operators, vendors and partners to boost
performance, reduce costs and to expand retain customers.
Their
highly experienced consultants are always on hand to help their customers
harness the latest wireless telecommunications industry standards, plan
strategies and use resources to achieve maximum competitiveness and efficiency.
They
seek to be the best wireless solutions providers in voice and data domains by
leveraging on their human capital and embracing technological innovations to
offer their customers unprecedented choice and value
Coverage
Solutions
They
provide both in-building as well as outdoor coverage solutions for GSM and CDMA
cellular networks. Turnkey solutions from RF survey to implementations are
undertaken by us using the latest technologies available in the world. They
have expertise in both in-building as well as outdoor coverage solutions.
M2M/Wireless Data/Voice Solutions
They
represent world leader Nokia for their wireless modems and M2M solutions. They
offer turnkey solution in Machine-to-Machine communication over wireless
network. Customized solutions for wireless data and voice applications are also
provided by us.
Group
Companies
They
have expanded their activities to other Asia Pacific countries and already have
two fully owned subsidiaries in Hong Kong and Dhaka.
What makes us different?
They
have a dedicated expert team to provide the best available solution in cellular
and wireless field with reasonable cost and to the full satisfaction of their
customers.
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. 44.83 |
|
UK
Pound |
1 |
Rs. 85.36 |
|
Euro |
1 |
Rs. 57.21 |
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 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|