MIRA INFORM
REPORT
|
Report
Date : |
11.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
MOTOROLA INDIA PRIVATE LIMITED |
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Registered
Office : |
415/ |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
23.06.1989 |
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Com.
Reg. No.: |
05-34131 |
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CIN
No.: [Company
Identification No.] |
U32109HR1989PTC034131 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
RTKM01691E |
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Legal
Form : |
Private limited
liability company |
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Line
of Business : |
Installing, Supplying |
RATING
& COMMENTS
|
MIRA’s
Rating : |
Aa |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum
Credit Limit : |
USD
18000000 |
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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 and reputed company and part
of MOTOROLA worldwide. Trade relations are fair. Financial position is good.
Payments are correct and as per commitment. The company can be considered good for any normal business
dealings at usual trade terms and condition. It can be regarded as a promising
business partner in a medium to long run |
LOCATIONS
|
Registered
Office : |
415/ |
|
Tel.
No.: |
91-124-2303212/2307212 |
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Fax
No.: |
91-124-2306688/2301687/2301690 |
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E-Mail
: |
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Website
: |
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Area : |
Leased -- 20000 sq |
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Location : |
Commercial |
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Factory
: |
No. 88-A,
Electronic City, Tele No.
91-80-28520021 /28520023 / 28520024 / 28520025 Fax No. 91-80-28521022 |
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Area : |
Leased |
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Location : |
Industrial |
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Overseas
Office : |
Located at |
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Branches
: |
Tel.
No.:
91-80-26017000 Fax
No.: 91-80-26017037
Location : Commercial
Tel.
No.:
91-40-23308090 Fax
No.: 91-40-23308089
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DIRECTORS
|
Name : |
Mr. Garth Milne |
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Designation
: |
Director |
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Address
: |
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Date
of Birth : |
26.08.1942 |
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Date
of Appointment : |
12/04/2004 |
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Date
of Ceasing : |
31.05.2005 |
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Name : |
Mr. Tan Boon Hui |
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Designation
: |
Additional Director |
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Address
: |
9C, Vaughan Road, Singapore-358092 |
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Date
of Birth : |
14.11.1953 |
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Date
of Appointment : |
12/04/2004 |
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Date
of Ceasing : |
29.08.2005 |
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Name : |
Mr. Amit Sharma |
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Designation
: |
Additional Director |
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Address
: |
E-84, Paschimi Marg, Vasant Vihar, |
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Date
of Birth : |
20.05.1954 |
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Date
of Appointment : |
25/02/2004 |
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|
Name : |
Mr. Sajiv Rai |
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Designation
: |
Additional Director |
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Address
: |
9, Lorong Buluh, Perindu, 5, Taman S A, |
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Date
of Appointment : |
12/04/2004 |
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Date
of Ceasing : |
29.08.2005 |
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|
Name : |
Mr. Tan Lee King |
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Designation
: |
Director |
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Address
: |
128, Holland Grove |
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Date
of Birth : |
23.05.1948 |
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Date
of Appointment : |
30.04.2003 |
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Date
of Ceasing : |
29.08.2005 |
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|
Name : |
Mr. Sivakumar Amarendran |
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Designation
: |
Director |
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Address
: |
Flat No.A301, 3rd Floor, Ceebros Grayshott,
No.4, Bishop Garden Extension, Chennai-600028, |
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Date
of Birth : |
04.08.1961 |
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Date
of Appointment : |
13.03.2003 |
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Name : |
Mr. Percy Batlivala |
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Designation
: |
Director |
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Address
: |
LTH 02, 16th Floor, Laburnum, Sushank Lok I, Gurgaon
-122001 |
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Date
of Birth : |
15.06.1948 |
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Date
of Appointment : |
03.12.2003 |
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Date
of Ceasing : |
29.08.2005 |
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Name : |
Mr. Allen Ma |
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Designation
: |
Director |
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Address
: |
Flat 17B, |
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Date
of Birth : |
17.02.1953 |
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Date
of Appointment : |
12.04.2004 |
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Date
of Ceasing : |
23.07.2004 |
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Name : |
Mr. Parmindra P S Kwatra |
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Designation
: |
Director |
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Address
: |
E-66, |
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Date
of Birth : |
07.09.1956 |
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Date
of Appointment : |
23.07.2004 |
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Date
of Ceasing : |
29.08.2005 |
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|
Name : |
Mr. David W Devonshire |
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Designation
: |
Director |
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Address
: |
1022, |
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Date
of Birth : |
22.05.1945 |
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Date
of Appointment : |
29.08.2005 |
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|
Name : |
Mr. Satinder Sohi |
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Designation
: |
Director |
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Address
: |
6/26, Shanti Niketan, 1st Floor, New
Delhi-110021 |
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Date
of Birth : |
18.04.1954 |
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Date
of Appointment : |
03.12.2003 |
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Date
of Ceasing : |
04.06.2004 |
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|
Name : |
Mr. Edward John Hughes |
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Designation
: |
Director |
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Address
: |
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Date
of Birth : |
16.08.1952 |
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Date
of Appointment : |
31.05.2005 |
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|
Name : |
Mr. Firdose A Vandrevala |
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Designation
: |
Director |
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Address
: |
192, NCPA Apartments, 19th Floor, Nariman
Point, Mumbai-400021, |
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Date
of Birth : |
17.10.1950 |
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Date
of Appointment : |
09.12.2005 |
KEY
EXECUTIVES
|
Name : |
Mr. Rajeev Goswami |
|
Designation
: |
Company
Secretary |
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Address
: |
314,
Bhaghirathi Apartments, Sector 62, Noida |
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Date
of Birth/Age : |
06.07.1975 |
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Date
of Appointment : |
13.06.2005 |
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|
Name : |
Mr. P
Sameerdas |
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Designation
: |
Company
Secretary |
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Address
: |
241,
Kusuma 11nd B |
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Date
of Birth/Age : |
30.06.1960 |
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Date
of Appointment : |
31.07.2006 |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Motorola
Inc., |
972470 |
|
Motorola
India Electronics Limited, |
85331450 |
As on 31.03.2006
Foreign holdings: 100.00%
BUSINESS
DETAILS
|
Line
of Business : |
Installing, Supplying |
|
|
|
|
Products
: |
Broadband
Peripherals & Accessories Government Solutions
Mobile Devices v iDEN Networks v Embedded Communications Computing v Network Services
and Application Management v Wireline
Broadband Networks (FTTx) Cellular Networks
v GAMA
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Brand
Names : |
MOTOROLA |
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Exports
to : |
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Imports
from : |
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Terms
: |
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Selling : |
Cash, Credit (30 days) or Other terms |
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Purchasing : |
L/C, Credit (30-60 days) or Other terms |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
|
Two Way Radio |
Nos. |
|
62500 |
GENERAL
INFORMATION
|
Suppliers
: |
Ř Motorola Inc., Ř Motorola Electronics Pte Limited, Ř Motorola Group, Ř Motorola India Electronics Private
Limited, |
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|
|
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Customers
: |
Wholesalers and Manufactures |
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No. of
Employees : |
Total 600 |
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|
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Bankers
: |
Ř
Standard Chartered Grindlays Bank Limited, Ř
Corporation Bank, Ř
State Bank of Ř
Citibank N.A., Chennai |
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|
|
|
Banking Relations : |
Satisfactory |
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|
|
|
Auditors
: |
Rajesh
Arora Chartered
Accountants Maruthi Info Tech, 11-12/1, |
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Subsidiaries
: |
Legal
Status : Private Limited Company Date Of
Incorporation : February 4, 2004 Address : Bagmane Tech Park, 66/1, Plot # 05, Cv Raman Nagar, Tel No.
: 91-80-26010000 Fax No.
: 91- 80-26013366
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Membership
: |
Confederation of Indian Industry |
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|
|
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Holding
Company : |
Motorola Inc. |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
346100000 |
Equity Shares |
Rs. 10 each |
Rs. 3461.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
328539035 |
Equity Shares |
Rs. 10 each |
Rs. 3285.390 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
3285.390 |
1825.785 |
1825.785 |
|
|
3]
Reserves & Surplus |
1358.569 |
860.124 |
1230.174 |
|
NETWORTH
|
4643.959 |
2685.909 |
3055.959 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
27.235 |
|
|
2]
Unsecured Loans |
736.895 |
1167.031 |
764.116 |
|
TOTAL
BORROWING
|
736.895 |
1167.031 |
791.351 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
5380.854 |
3852.940 |
3847.310 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
1044.582 |
634.769 |
565.331 |
|
Capital work-in-progress
|
71.255 |
0.000 |
3.500 |
|
|
|
|
|
|
|
Asset
Held for Disposals
|
0.000 |
0.000 |
0.000 |
|
INVESTMENT
|
0.008 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
304.529 |
0.000 |
306.083 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
784.223 |
335.793 |
698.819 |
|
|
Sundry Debtors
|
8127.151 |
6564.660 |
7050.871 |
|
|
Cash & Bank Balances
|
120.836 |
7.573 |
170.252 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
2589.221 |
1560.847 |
580.180 |
Total Current Assets
|
11621.431 |
8468.873
|
8500.122 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
6349.576 |
4929.752 |
5252.055 |
|
|
Provisions
|
1311.375 |
320.950 |
275.671 |
Total Current Liabilities
|
7660.951 |
5250.702
|
5527.726 |
|
Net
Current Assets
|
3960.480 |
3218.171
|
2972.396 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
5380.584 |
3852.940 |
3847.310 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
5000.000 |
4000.000 |
13253.700 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
650.823 |
676.131 |
1180.597 |
Provision for Taxation
|
94.197 |
306.082 |
422.507 |
Profit/(Loss) After Tax
|
556.626 |
370.049 |
758.090 |
|
|
|
|
|
Export Value
|
NA |
NA |
6.270 |
|
|
|
|
|
Import Value
|
NA |
NA |
7642.530 |
|
|
|
|
|
Total Expenditure
|
382.383 |
133.668 |
11876.748 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
11.13 |
9.25 |
5.72 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
13.01 |
16.90 |
9.08 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
5.13 |
7.42 |
12.59 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.14 |
0.25 |
0.39 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.81 |
2.39
|
2.07 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.52 |
1.61
|
1.54 |
LOCAL
AGENCY FURTHER INFORMATION
History
The company was incorporated on 23rd
June, 1989 at
Subsequently, with effect from 27th
January, 1999 the Registered Office of the company was shifted from
It has been accredited with ISO 9002
Certification.
The company’s focus areas include, Mobile
Handsets, Wireless Infrastructure, Managed and Hosted Services, Broadband,
Equipment (wired as well as wireless), Trunking and Tow Way Radios, Software
Development and Research and Development on cutting edge future communication
technologies.
Wireless infrastructure : The wireless
infrastruture segment and Offers cutting edge end – to – end solutions across
GSM and CDMA technologies. All major carriers GSM and CDMA are Motorola
Mobile Devices : It has a very versatile
products portfolio which includes the world’s first linux based PDA phones such
as the A760; A768i and the A780. It also sell iconic products like the Razr V3
which has set a new benchmark in the world for mobile phone design. Its
portfolio also includes very attractive high-mid tier and mid tier products like the MPx 200 and the
trendy E398. Its low tier products are known for their reliability and economy,
and include the C 115, C 116, C 138, V 131 and V155.
Connected Home, Wireless Broadband and Two-way
Radios : Motorola
Motorola Global Software Group (GSG)’s
Embedded Software : Motorola
Subject imports communication equipments.
Generic Names of the Principal Products of the
company are :
Cellular Phones
Two Ways Radios
Service Income
AS PER
WEBSITE
ABOUT
COMPANY
Subject is a Fortune 100 global
communications leader that provides seamless mobility products and solutions
across broadband, embedded systems and wireless networks. Seamless
mobility means you can reach the people, things and information you need in the
home, auto, workplace and all spaces in between. Seamless mobility
harnesses the power of technology convergence and enables smarter, faster,
cost-effective and flexible communication. Motorola had sales of US $36.8
billion in 2005.
Today, Motorola is comprised of four businesses:
Connected Home Solutions, Government & Enterprise Mobility Solutions,
Mobile Devices and Networks.
Provides a scalable, integrated end-to-end
system for the delivery of broadband services that keeps consumers informed,
entertained and connected. Its technology enables network operators and
retailers to create and execute on new business opportunities by providing
innovative products and services to the home.
Government and
Enterprise Mobility Solutions
A leading provider of integrated radio
communications and information solutions, with more than 65 years of experience
in meeting the mission-critical requirements of public safety, government and
enterprise customers worldwide. It also designs, manufactures and sells
automotive and industrial electronics systems and telematics systems that
enable automated roadside assistance, navigation and advanced safety features
for automobiles.
Offers market-changing icons of personal
technology - transforming the device formerly known as the cell phone into a
universal remote control for life. A leader in multi-mode, multi-band
communications products and technologies, Mobile Devices designs, manufactures,
sells and services wireless subscriber and server equipment for cellular
systems, portable energy storage products and systems, servers and software
solutions and related software and accessory products.
Delivers proven capabilities in cellular,
wireless broadband and wireline access technologies, with recognized leadership
in integrating core networks through wireless IP, wireless softswitch and IP
multimedia subsystems. The Networks group is advancing seamless mobility
with innovative technology solutions, as well as a billion dollar services business
with an expanded portfolio delivering support, integration, applications and
management.
News
Ice Broadband Selects Motorola to Expand Network
Motorola’s MOTOwi4™ wireless broadband
solutions selected as technology of choice for leading Irish broadband provider
The quick-to-deploy MOTOwi4™ solutions, which include wi4 Fixed Canopy® and
point-to-point backhaul products, will enable Ice to maintain the momentum of
its rapid network roll-out. The high-quality voice over IP (VoIP) communication
offered by the Motorola solution was central to its selection, with broadband
customers in
“Demand for broadband in
“Motorola’s solution is quick and simple for their engineers to install,
reliable, offers excellent range and delivers high-quality data and voice
transmission. It enables them to maintain the high rate of service roll-out
they’ve established and the quality standards their customers have come to
expect,” Rooney said.
Ice Broadband selected Motorola after evaluating a number of solutions.
Technology innovations, such as industry-leading interference mitigation
techniques and excellent VoIP quality proved to be key factors in the decision
and demonstrated Motorola’s capacity to maintain and improve service quality.
Ian Bayly, MOTOwi4 sales director
About Ice Broadband
Ice Broadband is a premier broadband carrier providing quality services
concentrating on suburban areas, rural locations and small towns. Ice Broadband
has committed to provide quality service to the largely forgotten rural
populations and communities in
Ice Broadband uses high quality, internationally proven, equipment coupled with
bespoke network management software which constantly monitors the network and
customer installations to ensure fast, reliable, high-speed broadband at all
times.
About Motorola
Motorola is known around the world for innovation and leadership in wireless
and broadband communications. Inspired by their vision of seamless mobility,
the people of Motorola are committed to helping you connect simply and
seamlessly to the people, information and entertainment that you want and need.
They do this by designing and delivering "must have" products,
"must do" experiences and powerful networks -- along with a full
complement of support services. A Fortune 100 company with global presence and
impact, Motorola had sales of US $42.9 billion in 2006.
Merger:
During the year, their company has received the
approval under section 391 to 394 if the companies Act, 1956, from the Hon’ble
High Court of Punjab and Haryana in accordance with the scheme of merger for
the merger of Motorola India electronics Private Limited, GI India Private
Limited, Force Computers India Private Limited and Winphoria Networks (India) Private
Limited with their company. This merger of all the entities in
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
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.40.98 |
|
|
1 |
Rs.80.98 |
|
Euro |
1 |
Rs.54.99 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
8 |
|
OPERATING
SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT
LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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
|
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 |