MIRA
INFORM REPORT
|
Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
ELCOME
TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
Elecom House,
D-222/30, TTC Industrial Area, MIDC, Nerul, Navi Mumbai – 400 706, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.07.1998 |
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Com. Reg. No.: |
11-115600 |
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CIN No.: [Company
Identification No.] |
U99999MH1998PTC115600 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME03206A /
DELE01744B |
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Legal Form : |
Private limited
liability company. |
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Line of Business : |
Sole and
Exclusive representative of Leica Geosystems AG, Heerbrugg, Switzerland for their
entire range of products including Geodesy, GPS, Photogrammetry and the
Highly Specialised Ims. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 440000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track records. Directors are reported
as experienced, respectable and resourceful businessmen. Their trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
Elecom House, D-222/30,
TTC Industrial Area, MIDC, Nerul, Navi Mumbai – 400 706, |
|
Tel. No.: |
91-22-27632348/27629126-35
(10 lines) /27629148 |
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Fax No.: |
91-22-27629150 |
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E-Mail : |
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Website : |
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Head Office : |
Elcome House, A-6,
Infocity, Sector-34, Gurgaon-122002, Haryana |
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Tel. No.: |
91-124-4122222 |
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Fax No.: |
91-124-4122200 |
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E-Mail : |
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Corporate Office : |
9th Floor, Great Eastern Summit “A”, Plot No. 56, Sector
15, C.B.D. Belapur, Navi Mumbai – 400614,Maharashtra, India |
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E-Mail : |
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Branches : |
·
17/B,
Demonte Street, Santhome, Mylopere, Chennai – 600 004, Tamilnadu Tel. 91-442-24618224/24617530 Fax. 91-442-24614247 ·
Chatterjee
International Centre, 5A/18th Floor, 33A, Tel. 91-33-2266088 Fax. 91-33-2269050 ·
A-6, Infocity,
Sector 34, Gurgaon – 122 002, Haryana Tel. 91-124-5122222 Fax. 91-124-5122200 ·
Flat
No. 203, WF Delima, Enclave No. 12-5-149/7 & 8, South Lallaguda,
Secunderabad – 500 017, Andhra Pradesh Tel. 91-402-7000798 ·
M-8,
Chandrapuri Apartments, Behind Vastrapuri Government Colony, P. O. Memnagar,
Ahmedabad – 380 052, Tel. 91-79-7913412 Fax. 91-79-7913412 ·
House
No. 41, TC 1/1165, Thoppil Nagar, Kumarapuram, Tel. 91-471-559962 Fax. 91-471-559962/552523 ·
312,
Hermes Atrium Plot No. 57, Sector 11, CBD Belapur, Belapur – 400 614, Tel. 91-222-27563511/7563513 Fax. 91-222-7563515 ·
Behind
Petrol Pump, Jungli Ghat, Tel. 91-3192-30349 Fax. 91-3192-30349 ·
·
Noida,
Uttar Pradesh ·
472,
KHB Colony, 17th C Main, 5th Block, Koramangala, Tel. 91-80-5506975 Fax. 91-80-5506976
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Group Office : |
·
D-222/30,
TTC Industrial Area, MIDC, Nerul, Navi Mumbai – 400 706, Tel. 91-22-27699126/34 Fax. 91-22-27629150/40/54 E-mail. sales@elcomeindia.com
·
G-3, Tel. 91-22-23753514/5071/5985/9973 Fax.91-22-23748142 ·
63, Tel. 91-44-2515265 Fax. 91-44-25230112 E-mail. elcomech@md3.vsnl.net.in ·
Building
27/2718-B, 2nd Floor, Tel. 91-484-2367705 Fax. 91-484-2380018 E-mail. emschn@md3.vsnl.net.in ·
Behind
PetrolPump, Jungli Ghat, Tel. 91-3192-230349 E-mail. elcome_pb@india.com ·
Kashi
Prasad Apartments, Flat No. 2, 1st Floor, Near Tel. 91-834-2519262/63 E-mail. elcome@goatelcom.com
·
Chatterjee
International Centre, 5A/18th Floor, 33-A, Tel. 91-33-2266088 Fax. 91-33-2269050 E-mail. elcomcal@cal2.vsnl.net
·
26-6-3/1,
Tel. 91-891-2564637 E-mail. elcome@satyam.net.in |
DIRECTORS
|
Name : |
Mr. K. S. Grewal |
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Designation : |
Chairman |
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Name : |
Mr. S. S. Grewal |
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Designation : |
Vice - Chairman |
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Name : |
Mr. Ajay Seth |
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Designation : |
Managing Director |
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Name : |
Mr. Jimmy Grewal |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R.
Ranganayaki |
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Designation : |
Company Secretary |
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Name : |
Mr. R. S. Shenoy |
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Designation : |
Finance Controller (Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Kuldip Singh
Grewal |
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10 shares |
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Capt. S. S.
Grewal |
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10 shares |
BUSINESS DETAILS
|
Line of Business : |
Sole and
Exclusive representative of Leica Geosystems AG, Heerbrugg, Switzerland for
their entire range of products including Geodesy, GPS, Photogrammetry and the
Highly Specialised Ims. |
GENERAL INFORMATION
|
Customers : |
·
Elcome
Marine Services Private Limited ·
Elcome
Surveys Private Limited ·
Elsec
Engineering Systems Private Limited ·
Survey
of ·
Oil
and Natural Gas Corporation of ·
Rites ·
NHPC ·
NRSA ·
Jaiprakash
Industries ·
HCC ·
IRCON ·
NHPC ·
AFCONS ·
National
Highway Authority of ·
Railways
·
ISRO ·
Mazgaon
Dock Limited ·
GRSE ·
·
Naval
Hydrographic office, etc ·
TELCO ·
Mahindra
& Mahindra ·
Land
Records ·
Government
of J & K ·
Government
of Kerala ·
Government
of ·
Government
of |
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No. of Employees : |
10 |
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Bankers : |
·
Vijaya
Bank Excelsior Branch, ·
Syndicate
Bank Ballard Estate, Fort, Mumbai 400 038, ·
Syndicate
Bank Lajpat Nagar Branch, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dubey Prabhu
& Associates Chartered
Accountants |
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Address : |
81, Mahindra
Chambers, |
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|
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Associates : |
Ř
Elcome
Marine Services Private Limited Ř
Elcome
Surveys Private Limited Ř
Indocen
Electronic Systems Private Limited Ř
Elsec
Engineering Systems Private Limited |
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|
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Group
Companies : |
Ř
Elcosoft
Private Limited Ř
Grewal
Export Private Limited Ř
Elcome
Marine Services Private Limited Ř
Elcome
Surveys Private Limited Ř
Indocean
Electronics Systems Private Limited Ř
Elsec
Engineering Systems Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 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 |
60.000 |
40.000 |
40.000 |
|
2] Reserves & Surplus |
50.578 |
29.231 |
24.091 |
|
NETWORTH |
110.578 |
69.231 |
64.091 |
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LOAN FUNDS |
|
|
|
|
1] Secured Loans |
29.626 |
47.194 |
50.146 |
|
2] Unsecured Loans |
8.423 |
32.501 |
10.746 |
|
TOTAL
BORROWING |
38.049 |
79.695 |
60.892 |
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|
|
|
|
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Deferred Tax Liability |
3.217 |
3.140 |
2.460 |
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TOTAL
|
151.844 |
152.066 |
127.443 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
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FIXED ASSETS [Net Block] |
72.098 |
76.525 |
81.812 |
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENTS |
0.961 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
43.730 |
40.273 |
29.170 |
|
Sundry Debtors |
65.783 |
56.906 |
71.043 |
|
Cash & Bank Balances |
15.671 |
7.094 |
11.580 |
|
Loans & Advances |
29.620 |
21.989 |
15.329 |
|
Total Current Assets |
154.804 |
126.262 |
127.122 |
|
Less : |
|
|
|
|
Current Liabilities |
45.560 |
34.583 |
67.507 |
Provisions
|
30.467 |
16.150 |
14.000 |
Total Current Liability
|
76.027 |
50.733 |
81.507 |
|
Net Current Assets |
78.777 |
75.529 |
45.615 |
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.008 |
0.012 |
0.016 |
|
|
|
|
|
TOTAL
|
151.844 |
152.066 |
127.443 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
258.030 |
197.790 |
225.885 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
35.742 |
7.971 |
20.239 |
Provision for Taxation
|
0.000 |
2.831 |
7.568 |
Profit/(Loss) After Tax
|
35.742 |
5.140 |
12.671 |
|
|
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Expenditures :
|
|
|
|
Interest
|
5.560 |
|
|
Depreciation
|
6.931 |
7.743 |
205.645 |
Other Expenses
|
209.797 |
172.857 |
|
Total Expenditure
|
222.288 |
189.621 |
205.645 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
13.85 |
2.60 |
5.61
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.85 |
4.03 |
9.78
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.75 |
3.93 |
9.69
|
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|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.12 |
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.03 |
1.88 |
2.22
|
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04 |
2.49 |
1.56
|
LOCAL AGENCY FURTHER INFORMATION
Past
Performance
During the year,
the Company achieved a turnover of Rs. 225.885 millions as against the previous
year’s figure of Rs. 164.174 millions registering a growth of 37% over the
previous year.
Profit before tax
rose to Rs. 20.240 millions during the year from Rs. 3.705 millions in the last
year registering a record increase of 446%. The increase in the profit of your
company is attributable foreign exchange fluctuations. The notable performance
of your company reflected in the financial results has proved the strengthening
of company’s managerial and marketing strategies.
Revenue on
direct (FOB) Sales
The accounts
reflect the turnover of actual purchases and sales effected by the company. In
addition to this, commission is earned on contracts received by us, against
which our overseas suppliers have made supplies directly to our principals as a
percentage of the contract value. The commission earned during the year under
review was Rs. 7.133 millions as against Rs. 60.55 millions during the previous
year. Since commission represents the gross margin and not the gross turnover,
the effect of the same needs to be considered in the turnover of the company.
Though the company
has not compiled details of individual transactions of the same, based on the
nature of such transactions, the turnover representing agency commission is
estimated at Rs. 59.400 millions for the year under review as against Rs.
50.500 millions during the previous year. As a result of the grossing of FOB
sales, the total business generated by the company works out to Rs. 278.500 millions for the year
under review as against Rs. 208.600 millions during the previous year. In
arriving at the above estimate, the commission already reflected in the
accounts at Rs. 7.133 millions for the year under review has been netted off.
Current
Performance and Future Outlook
The company has registered a turnover of Rs. 64.100 millions for the first
four months of the current financial year in comparison to Rs. 53.000 millions
turnover achieved by the company during the corresponding period of last year,
registering a growth of approx 21%.
Capital
Expenditure
The company has
completed the building project, started during last year for construction of
its office at Infocity. Gurgaon, Haryana and Shifted its operations to the new
premises. This will result in considerable reduction of expenditure on office
rentals and certain other overheads, the effects of which will be visible in
the next year’s accounts.
The total cost
incurred on the buildings was Rs. 65.000 millions approximately. Vijaya Bank
financed the building to the extent of Rs.29.300 millions by way of term loan,
promoters’ contribution remained at Rs. 10.000 millions in the form of share
capital and for the amount of Rs. 16.700 millions internal accruals of the
company were utilized.
The company’s fixed
assets of important value includes land (freehold), plant & machinery, date
processing machines, motor vehicles, furniture and fixtures, Building.
Generic Names of
Principal Products/Services of the company are :-
·
·
Servicing
of Electronic and Communication Equipments
Its’ products range
includes :-
·
TPS/Total
Stations – Basic and Professional Series
·
GPS –
DGPS and Hand Held
·
Levels
– Basic, Auto and Digital
·
Theodolites
·
EDM
·
Hand
Held Laser Meters – Distro
·
Industrial
Measuring Systems
·
Tunnel
Strata Analyzers
·
Tunnel
Profilers
·
Seismic
Monitoring Systems
·
Photogrammetry
Softwares
AS PER WEBSITE
Company profile
Elcome technologies provides integrated products and
solutions for customers in the field of Optical and GPS based Surveying, Aerial
photography Photogrammetery, Cadestral mapping, GIS, High Density laser
mapping, Constuction and Mine machine automation, Portable CMM etc. With Leica
Geosystems as its major Partner the company has established a world class
Calibration and repair facility in Gurgaon. The company has a nation wide
presence with offices at Dehradun, Gurgaon, Noida, Mumbai, Ahmedabad,
Their mission is to be the
Elcome Technologies was incepted
with a vision " To be the Best " and " Then be the First ",
Since the early days of inception, the team has been strongly influenced by the
motto. Driven by constant desire to be consistent in delivering and
implementing quality standards, the team Elcome has shown promising growth
every year. The team efforts and focus on deliverables have enabled the
employees to constantly enhance their skills and competencies.
The management critically recognizes the need for employee development and
growth. With the growth in business the employees have been given opportunities
to take up larger challenges help grow in all facets of life.
Quality Policy
They commit to deliver
consistent service aimed at meeting and exceeding customer expectations within
statutory norms of regulatory authorities by continual improvement in processes
and growth and development of all team members
Infrastructure
Subject has state of the art office building, equipments and supporting
infrastructure. ETPL has its office built in 4000 Sq.Meter area established in
Infocity - Gurgaon -
Subject holds state of the art office building, equipments
and supporting infrastructure. ETPL has its office built in 4000 Sq.Meter area
established in Infocity - Gurgaon -
The building housing the facility has been designed to the siesmic standards
laid down by the regulatory authorities of national capital region of
Airborne
Sensors
Airborne Sensors Product Overview
When building image-based maps, you need reliable
measurements and solutions for the entire workflow. Leica Geosystems
established itself as the industry leader in data capture and digital mapping,
the product collection includes the most sophisticated flight planning software
and airborne sensors. The broad array of airborne sensors capture data
efficiently and with precision.
Product
Leica ADS40
The high performance Leica ADS40
Airborne Digital Sensor, the first of its kind, delivers all digital, 16-bit
data with the swath width and coverage area of a traditional film camera now
with 5-centimeter spatial resolution.
Leica ALS50
The Leica ALS50 Airborne Laser
Scanner is a laser-based system for the acquisition of topographical data for
digital surface models and digital images from return signal intensity data.
The most versatile and powerful LIDAR (Light Detection And Ranging) system in
the industry, the ALS50 can yield details under tree cover, record data at
night and orthorectify imagery using specialized software.
Aerial Survey Control Tool is a GPS-based flight management system for aerial
survey flights.
Leica IPAS10
Leica IPAS10 is the new Inertial
Position & Attitude System from Leica Geosystems which works with both
Leica ADS40 digital imaging and Leica ALS50 airborne LIDAR sensors as well as
being available as a standalone system for use with a wide range of sensors. It
readily adapts to various Inertial Measurement Unit (IMU) types.
For decades, the Leica RC series of Aerial Camera Systems has been the number one
choice for customers all over the world. These cameras are renowned for their
quality and long-term reliability.
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.40.76 |
|
|
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.54.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|