MIRA INFORM REPORT
|
Report Date : |
10.04.2008 |
IDENTIFICATION DETAILS
|
Name : |
FOXCONN
INDIA PRIVATE LIMITED |
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Registered Office : |
A – 11
And A – 12, Sipcot Industrial Park, Irrungattukottai, Kanchipuram District,
Sriperambuddur – 602105, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06.12.2005 |
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Com. Reg. No.: |
18-58224 |
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CIN No.: [Company Identification
No.] |
U32202TN2005PTC058224 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CHEF03368B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of mobile phone components such as plastic or electronic components. |
RATING & COMMENTS
|
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 : |
USD
2100000 |
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Status : |
Moderate
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a relatively new company. Company has incurred losses as per the first
available financials as of 31.03.2006. Payments are reported as slow but
correct. The
company can be considered for small business dealings with slight caution
initially. |
LOCATIONS
|
Registered Office : |
A – 11
& A – 12, Sipcot Industrial Park, Irrungattukottai, Kanchipuram District,
Sriperambuddur – 602105, Tamilnadu, India |
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Tel. No.: |
91-44-27156446
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Mobile No.: |
91-9940127976 |
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Fax No.: |
91-44-27156479 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr.
Dai Feng Shuh |
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Designation : |
Director
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Address : |
2, 2nd
Donghuan Road, 10th Yousong Industrial District, Longhua, Baoan,
Shenzhen, China |
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Indian Address : |
A – 11
& A – 12, Sipcot Industrial Park, Irrungattukottai, Kanchipuram District,
Sriperambuddur – 602105, Tamilnadu, India |
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Date of Birth : |
06.06.1951 |
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Date of Appointment : |
06.12.2005 |
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Name : |
Mr.
Paul Pong Chou |
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Designation : |
Additional
Director |
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Address : |
20625,
Carniel Ave, Saratoga Ca, California 95070 |
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Date of Birth : |
30.11.1956 |
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Date of Appointment : |
23.05.2007 |
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Name : |
Mr.
Fang Guang Yeu |
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Designation : |
Director
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Address : |
2, 2nd
Donghuan Road, 10th Yousong Industrial District, Longhua, Baoan, Shenzhen,
China |
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Indian Address : |
A – 11
& A – 12, Sipcot Industrial Park, Irrungattukottai, Kanchipuram District,
Sriperambuddur – 602105, Tamilnadu, India |
|
Date of Appointment : |
12.08.1962 |
|
Date of Appointment : |
06.12.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders (as on 31.12.2006):- |
|
No. of Shares |
|
Excel
True Holdings Limited |
|
199998 |
|
Transworld
Holdings Limited |
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1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of mobile phone components such as plastic or electronic components. |
GENERAL INFORMATION
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Bankers : |
Not
Available |
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Banking Relations : |
-- |
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Auditor : |
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Name : |
Deloitte
Haskins and Sells Chartered
Accountants |
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Address : |
2nd
Floor, Temple Tower, 672, Anna Salai, Nandanam, Chennai-600035, Tamilnadu,
India |
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Holding Company : |
· Excell True Holdings Limited BV Island |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
180000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1800.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1999990 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
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|
06.12.2005 to 31.12.2006 |
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SHAREHOLDERS
FUNDS |
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1]
Share Capital |
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|
20.000 |
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2]
Share Application Money |
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|
657.216 |
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3]
Reserves & Surplus |
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(161.334) |
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4]
(Accumulated Losses) |
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0.000 |
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NETWORTH |
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515.882 |
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LOAN
FUNDS |
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1]
Secured Loans |
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0.000 |
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2]
Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED
TAX LIABILITIES |
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0.000 |
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TOTAL |
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515.882 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
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241.548 |
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Capital
work-in-progress |
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121.408 |
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INVESTMENT |
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0.000 |
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DEFERREX
TAX ASSETS |
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0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
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226.187 |
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Sundry
Debtors |
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24.633 |
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Cash
& Bank Balances |
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|
316.299 |
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Other
Current Assets |
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0.000 |
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Loans
& Advances |
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|
61.800 |
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Total Current
Assets |
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628.919 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current
Liabilities |
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475.486 |
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Provisions |
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|
0.507 |
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Total Current
Liabilities |
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475.993 |
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Net Current Assets |
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152.926 |
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MISCELLANEOUS
EXPENSES |
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0.000 |
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TOTAL |
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515.882 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
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|
06.12.2005 to 31.12.2006 |
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Sales
Turnover |
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58.904 |
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Other Income |
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0.000 |
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Total
Income |
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58.904 |
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Profit/(Loss) Before Tax |
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(160.042) |
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Provision for Taxation |
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|
1.292 |
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Profit/(Loss) After Tax |
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(161.334) |
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Imports
: |
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Raw Materials |
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342.300 |
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Capital Goods |
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41.360 |
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Total
Imports |
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383.660 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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206.073 |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Financial Charges |
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|
0.350 |
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Depreciation & Amortization |
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12.523 |
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Total
Expenditure |
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218.946 |
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KEY RATIOS
|
PARTICULARS |
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|
06.12.2005 to 31.12.2006 |
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PAT /
Total Income |
(%) |
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(273.89) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(271.69) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(18.38) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.31) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.32 |
LOCAL AGENCY FURTHER INFORMATION
Subject
was incorporated on December 6, 2005 and it is engaged in the business of manufacturing
and supplying components requires to manufacture mobile handsets in India and
has registered itself as a 100% Export Oriented Unit. The subject company is a
part of the Foxconn Group, China
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 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.39.94 |
|
UK
Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
31 |
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 |
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