MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
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, |
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Country : |
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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
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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
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Registered Office : |
721, 7th
Main, Mahalaxmi Layout, |
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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, |
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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 : |
406, 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.
Tel:
91-40-23327961 Contact: Mr.
Santhosh kumar Email: santhoshn@cellcommsolutions.com
Chennai
No.75/B8, Tel : 91-44-30917961 Email: jentod@cellcommsolutions.com
Kolkata 18/1A, II Floor, Fax : 91-33-24741835 |
DIRECTORS
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Name : |
Mr. K. A. Davis |
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Designation : |
Whole Director |
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Address : |
D-501, Brigade
Regency, 5th Floor, 8th |
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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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Name : |
Mr. Subash Menon |
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Designation : |
Director |
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Address : |
F-1, Rajeja
Regent, 35, |
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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, |
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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, |
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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., |
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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 |
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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, |
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Date of Birth/Age : |
05.05.1960 |
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Date of Appointment : |
30.09.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Subash Menon |
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10900 |
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Mrs. Radhika
Subash |
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100 |
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Mr. Y. Sudeesh |
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10000 |
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Mr. Alex J.
Puthenchira |
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34900 |
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Mrs. Priya Alex |
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100 |
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Subex Holdings
Private Limited |
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24000 |
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K. A. Davis |
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20000 |
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Total: |
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100000 |
BUSINESS DETAILS
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Line of Business : |
Providing
Cellular Phone Accessories and Services. |
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Products : |
˛
Booster ˛
Cable ˛
Modems ˛
Antenna ˛
Other
Accessories ˛
Repair
& Installation |
GENERAL INFORMATION
|
Suppliers : |
˛
Comba
Telecomm System Limited ˛
Elite
Spirit Co. Limited – ˛
Surbhi
Broadband Private Limited ˛
Tongyu
Communication Equipment Company Limited ˛
TVS Interconncet
System Limited ˛
Sinimax
Company Limited – ˛
Srinar
Communications Private Limited |
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Customers : |
˛
Airtel
Cellular Limited ˛
˛
Baytalkitec
Private Limited ˛
Bharti
Cellular Limited – ˛
Bharti
Cellular Limited – Kolkata ˛
Bharti
Cellular Limited – Mumbai ˛
Bharti
Cellular Limited – ˛
Bharti
Mobile Limited – ˛
BPL
Mobile Cellular Limited – CO ˛
BSNL
Kerala ˛
BTA
Cellcomm Limited – ˛
Ericsson
India Private Limited – CHAN ˛
Ericsson
India Private Limited – Chennai ˛
Ericsson
India Private Limited – ˛
Fascel
Limited – Ahmedabad ˛
Hutchison
Essar Aircel Digilin ˛
Hutchison
Essar South Limited ˛
Hutchison
Max Telecom Private Limited ˛
Hutchison
Telecom East Limited – K ˛
Idea
Mobile Communication Limited ˛
Mahanagar
Telephone Nigam Limited ˛
Motorola
˛
Softcell
Technologies Limited |
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No. of Employees : |
180 |
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Bankers : |
UTI Bank Limited M. G. Road
Branch, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gnanoba &
Bhat Chartered
Accountant |
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Associates/Subsidiaries : |
˛
Cellcomm HK Limited E-Mail: cellcommhk@cellcommsolutions.com ˛
Cellcomm Solutions Dhaka Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10- each |
Rs.1.000
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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51.262 |
42.776 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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52.262 |
43.776 |
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LOAN FUNDS |
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1] Secured Loans |
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22.567 |
0.766 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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22.567 |
0.766 |
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DEFERRED TAX LIABILITIES |
|
0.796 |
0.618 |
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TOTAL |
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75.625 |
45.160 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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19.714 |
5.245 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.005 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.076 |
8.044 |
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Sundry Debtors |
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74.891 |
51.003 |
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Cash & Bank Balances |
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2.056 |
4.333 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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25.972 |
19.119 |
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Total
Current Assets |
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115.995 |
82.499 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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60.093 |
42.591 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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60.093 |
42.591 |
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Net Current Assets |
|
55.902 |
39.908 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.007 |
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TOTAL |
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75.625 |
45.160 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover (including other income) |
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181.467 |
106.647 |
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Profit/(Loss) Before Tax |
|
24.795 |
49.842 |
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Provision for Taxation |
|
9.525 |
18.506 |
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Profit/(Loss) After Tax |
|
15.270 |
31.336 |
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Imports : |
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24.226 |
10.116 |
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Expenditures : |
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Total Expenditure |
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156.672 |
56.805 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
8.41 |
29.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.66 |
46.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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18.27 |
56.80 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.47 |
1.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.58 |
0.99 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.93 |
1.94 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the
company |
CELLCOMM
SOLUTIONS LIMITED |
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Presented
By |
UTI Bank Limited, M M/S Subex Cellcom Limited |
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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) |
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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 |
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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. |
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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. |
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5) Name and
Address and description of the person entitled to the charge. |
UTI Bank Limited,
M. G. Road Branch, (A Banking
Company) |
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6) Date and brief description of instrument
modifying the charge |
Not Applicable |
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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:
The company was
incorporated during 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
The company 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
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.39.49 |
|
|
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.55.76 |
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. |
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 |
|