MIRA INFORM REPORT
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Report
Date : |
19.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
LENOVO [INDIA] PRIVATE LIMITED |
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Registered
Office : |
Embassy Golf Links Business Park, 2nd Floor, Fairwind,
10/3, Intermediate Ring Road, Bangalore – 560071, Karnataka |
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Country: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation: |
08.03.2005 |
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Com.
Reg. No.: |
08-35783 |
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CIN
No.: [Company
Identification No.] |
U72900KA2005PTC035783 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
BLR102300E |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturer and Seller of “Think- Pad” range of Note-Book
Computers |
RATING & COMMENTS
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MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum
Credit Limit : |
-- |
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Status
: |
New
Company |
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Payment
Behaviour : |
-- |
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Litigation
: |
Clear |
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Comments
: |
Subject is a new company of strong promoters. Directors
are reported as experienced and respectable businessmen. Their trade
relations are reported as fair. No payment are available, at present. The company can be considered normal for business dealings
at usual trade terms and conditions, in view of strong promoters. |
LOCATIONS
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Registered
Office : |
Embassy Golf Links Business Park, 2nd Floor, Fairwind,
10/3, Intermediate Ring Road, Bangalore – 560071, Karnataka, India |
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E-Mail
: |
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Website
: |
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Factory
1 : |
R. S. No.: 19/1-A, 2-A, Edayarpalayam Village, Cuddalor
Main Road, Thavalakuppam, Pondicherry – 605007, Union Territory, South India |
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Tel.
No.: |
91-413-2619400 |
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Fax
No.: |
91-413-2619428 / 2619400 |
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Area : |
20000 sq. fts. (Leased) |
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Branches
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Located at: Kolkata, Delhi, Chennai and Mumbai |
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Own
Service Centres: |
Located at: Ahmedabad, Bangalore, Chennai, Hyderabad,
Kolkata, Mumbai, New Delhi and Pune + Warranty Service Providers all over India |
DIRECTORS
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Name : |
Mr. Gopi Krishnan |
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Designation
: |
Directors |
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Address
: |
61, Redcuffe Apartments, 147, 4th Main Defence
Colony, Indira Nagar, Bangalore – 560038 |
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Name : |
Mr. Vish Iyer |
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Designation
: |
Director |
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Address
: |
204, 3rd Cross, Koramangala Block I, Bangalore
- 560034 |
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Name : |
Andreas Sotiropoulos |
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Designation
: |
Director |
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Address
: |
68, Townson Street, NSW, Blakehurst – 2221, AU |
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Name : |
David Dewaine Miller |
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Designation
: |
Director |
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Address
: |
4 A, Bukit Sedap Road, Singapore – 279932, SG |
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Name : |
Mr. Neeraj Sharma |
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Designation
: |
Director |
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Address
: |
162, ST. Bed Layout, Koramangala, Bangalore – 560034,
Karnataka, India |
KEY EXECUTIVES
|
Name : |
Mr.
Viswanat Baminee |
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Designation
: |
Company
Secretary |
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Address
: |
A 101,
CASA Ansal Apartments, No 18, Bannerghata Road, Bangalore – 560078,
Karnataka, India |
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Date
of Birth/Age : |
15.09.1966 |
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Date
of Appointment : |
18.01.2006 |
MAJOR SHAREHOLDERS
Subject is a 100% subsidiary of IBM products Asia Pacific
Limited, Hong Kong.
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Names of Shareholders |
No. of Shares |
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Gopi
Krishnan |
25,000 |
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Vish Iyer |
25,000 |
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TOTAL |
50,000 |
BUSINESS DETAILS
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Line
of Business : |
Manufacturer and Seller of “Think- Pad” range of Note-Book
Computers |
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Imports
from : |
USA, Singapore, China/ Far East (Hong Kong / Taiwan) |
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Terms
: |
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Purchasing : |
DA |
GENERAL INFORMATION
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Suppliers
: |
v IBM, USA/ Singapore/ China |
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No. of
Employees : |
150 |
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Bankers
: |
Citi Bank, M. G. Road, Bangalore - 560001 |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Auditors
: |
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Name : |
Price
Waterhouse and Company Chartered
Accountants |
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Address : |
Mittal Tower, C G, 47/6 MG Road, Bangalore – 560001,
Karnataka, India |
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Associates/Subsidiaries
: |
v IBM India Limited v IBM Global Services India Private
Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No. of
Shares |
Type |
Value |
Amount |
|
32696999 |
Equity Shares |
Rs. 10/- each |
Rs. 326.970 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
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326.970 |
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2]
Reserves & Surplus |
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211.553 |
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3]
(Accumulated Losses) |
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[738.906] |
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NETWORTH |
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[200.383] |
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LOAN
FUNDS |
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1]
Secured Loans |
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19.369 |
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2]
Unsecured Loans |
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90.827 |
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TOTAL BORROWING |
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110.196 |
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DEFERRED
TAX LIABILITIES |
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TOTAL |
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[90.187] |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
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53.328 |
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Capital
work-in-progress |
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1.457 |
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DEFERREX
TAX ASSETS |
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131.912 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
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846.824 |
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Sundry
Debtors |
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1209.958 |
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Cash
& Bank Balances |
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653.749 |
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Other
Current Assets |
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162.706 |
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Loans
& Advances |
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112.314 |
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Total Current Assets |
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2985.551 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current
Liabilities |
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2982.563 |
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Provisions |
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279.872 |
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Total Current
Liabilities |
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3262.435 |
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Net Current Assets |
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[276.884] |
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MISCELLANEOUS
EXPENSES |
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0.000 |
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TOTAL |
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[90.187] |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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[16.83] |
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Current Ratio (Current Asset/Current Liability) |
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0.92 |
LOCAL AGENCY FURTHER INFORMATION
History:
Subject was incorporated on 8th March 2005 under the
name of “IBM Products India Private Limited”.
Its name was changed to “Think Products Private Limited” on
27th April 2005.
Again its name was changed to present from 13th
May 2005.
The Registered Office of the company has been shifted from Subramanya
Arcade, 12 Bannerghatta Road, Bangalore – 560029, Karnataka, India to the
present address w.e.f. 07th July 2006.
Business:
To manufacture, assemble, produce, repair, procure, import,
sell, hire or let on hire, provide on lease or hire purchase or on deferred
payment or on any other basis, supply, export, render service, extend customer
support or otherwise deal in computers and computer systems both hardware, and
software, including high end micro computer systems, graphic and other computer
displays, features and systems, including input and output devices,
peripherals, network products an software assemblies and sub assemblies, part /
components thereof and related products and services.
It is believed that subject has been incorporated to
take-over the Note Book (PC) business of IBM.
Subject imports (75%+) components/ consumables for own use.
It has absorbed technology from IBM Corporation, USA + IBM
India Limited, Bangalore/ India.
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. 44.28 |
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UK Pound |
1 |
Rs. 86.64 |
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Euro |
1 |
Rs. 58.10 |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |