MIRA
INFORM REPORT
|
Report Date : |
07.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIEBOLD INDIA PRIVATE LIMITED |
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Registered Office : |
4th Floor, "C" Wing, Trade Star Building, Andheri
Kurla Road, Andheri (East), Mumbai - 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.10.2001 |
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Com. Reg. No.: |
150281 |
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CIN No.: [Company
Identification No.] |
U72200MH2001PTC150281 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09901D |
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PAN No.: [Permanent
Account No.] |
AABCD6330N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the manufacture of variety of self-
service solutions include ATMs, cash dispensers, check-cashing machines, bulk
cash recyclers, election systems, professional services, integration
expertise, etc. Each solution can include hardware, software, services or a
combination of all three. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having moderate track. Company’s
profitability is under severe pressure. It has huge accumulated losses.
Payments are reported as slow and delayed. The company can be considered for small to mediocre business with
caution. No clean credit can be granted. |
LOCATIONS
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Registered
Office / Corporate
Office : |
4th Floor, "C" Wing, Trade Star Building, Andheri
Kurla Road, Andheri (East), Mumbai - 400 059 |
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Tel.
No.: |
91-22 - 6677 4900 / 6677 4906 |
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Fax
No.: |
91-22 - 6677 4901 |
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Email
: |
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Website
: |
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Services Centre : |
6th Floor, "B" Wing, Trade Star
Building, Andheri Kurla Road, Andheri (East), Mumbai - 400 059 |
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Software
Development Centre : |
Unit 401, 4th Floor, Bldg. No. 16, Interface IT
Park, Malad (West) Mumbai – 400064, Maharashtra, India |
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Tel.
No.: |
91-22 – 66497500 |
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Fax
No.: |
91-22 – 66497600 |
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Factory : |
45/46, Tivim Industrial
Estate, Karaswada, Mapusa, Goa - 403526 |
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Tel.
No.: |
91-832-6655478 |
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Fax
No.: |
91-832-2258170 |
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Regional
Office : |
28/3 (Old 54/3) Montieth Road,
Egmore, Chennai - 600 008 |
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Tel.
No.: |
91-44 - 2855 5196 / 2851 2416 |
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Fax No.: |
91-44 - 2855 0577 |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Naresh Hosangady |
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Designation : |
Director |
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Address : |
B – 2203, Chaitanya Towers, Appasaheb Marathe Marg, Prabhadevi, Mumbai
– 400025, Maharashtra, India |
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Date of Birth/Age : |
04.07.1960 |
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Date of Appointment : |
14.02.2007 |
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Name : |
Mr. James Chen |
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Designation : |
Director |
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Address : |
1-77 Forest Manor, No 588, Jin Feng Road, M W Hang, Shanghai – 201107,
China |
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Date of Birth/Age : |
05.05.1960 |
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Date of Appointment : |
30.11.2001 |
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Name : |
Mr. Geswein Gregory |
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Designation : |
Managing Director |
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Date of Birth/Age : |
29.01.1955 |
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Date of Appointment : |
30.11.2001 |
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Name : |
Mr. Hillock Micheal |
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Designation : |
Director |
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Date of Birth/Age : |
22.08.1951 |
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Name : |
Mr. Dettinger Warren |
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Designation : |
Director |
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Date of Birth/Age : |
13.02.1954 |
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Name : |
Mr. Cushman Gavin Jr. |
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Designation : |
Director |
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Date of Birth/Age : |
15.09.1949 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Diebold, Incorporated, 5995 Mayfair Road, P. O. Box 3077, North Canton, Ohio USA 44720-8077 |
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105,000 |
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Diebold Holding Co. Inc., USA |
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5,000 |
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TOTAL |
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110,000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the manufacture of variety of self- service
solutions include ATMs, cash dispensers, check-cashing machines, bulk cash
recyclers, election systems, professional services, integration expertise,
etc. Each solution can include hardware, software, services or a combination
of all three. |
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Exports : |
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Countries : |
Europe and South East Asia |
GENERAL
INFORMATION
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Suppliers : |
Tata Infotech Limited |
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Customers : |
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No. of Employees : |
85 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat S. Raut and Company Chartered Accountants |
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Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-24913030/24913131 |
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Fax No.: |
91-22-24913132 |
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Parent Company : |
Diebold Inc., USA |
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Subsidiary
: |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.100
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.100 |
1.100 |
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2] Share Application Money |
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4.866 |
4.866 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[36.522] |
[14.338] |
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NETWORTH |
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[30.556] |
[8.372] |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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66.794 |
136.000 |
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TOTAL BORROWING |
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66.794 |
136.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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36.238 |
127.628 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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70.147 |
2.923 |
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Capital work-in-progress |
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3.663 |
0.000 |
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INVESTMENT |
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0.000 |
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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202.422 |
0.000 |
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Sundry Debtors |
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111.236 |
194.904 |
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Cash & Bank Balances |
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6.123 |
1.087 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
93.661 |
19.053 |
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Total
Current Assets |
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413.442 |
215.044 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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442.364 |
83.464 |
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Provisions |
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8.650 |
6.875 |
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Total
Current Liabilities |
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451.014 |
90.339 |
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Net Current Assets |
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[37.572] |
124.705 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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36.238 |
127.628 |
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KEY RATIOS
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PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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[16.95] |
[27.04] |
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Current Ratio (Current Asset/Current Liability) |
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0.92 |
2.38 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
The company was incorporated on 12.10.2001 (Registration No. 112791) at
Delhi and shifted its Registered office to Mumbai during 2004/05 (Registration
No. 150281).
BUSINESS:
During 2001/02, Diebold, Incorporated, holding company of the subject
had entered into a contract-manufacturing agreement with Indian IT firm, Tata
Infotech Limited, for the manufacture and distribution of Diebold ATMs. In
India and South East Asia.
During the middle of 2005 subject bought the Goa based manufacturing
facilities form Tata Infotech Limited.
The Company is under litigation in respect of the following matters
involving the Company, Diebold Inc., USA, Diebold HMA Private Limited (DHMA)
and existing JV partners of Diebold Inc., USA in India:
- Registration
of the Company under a name similar to that of DHMA and
- Injunction
against the Company to restrain the Company from manufacturing or
marketing ATMs or cash dispensers in India either directly or indirectly
other than through DHMA.
Subject is a part of global leader Diebold, Incorporated, which is
providing integrated, self-service delivery systems and services. Diebold
employs more than 13,000 associates with representation in more than 88
countries worldwide and is headquartered in North Canton, Ohio, USA.
AS PER WEBSITE
Profile
Diebold Incorporated, headquartered in Canton, Ohio, was
founded in 1859 as a security equipment company. Diebold employs more than
15,000 associates with representation in nearly 90 countries worldwide.
Diebold reported revenue of $2.9 Billion in 2006 and is publicly traded on the
New York Stock Exchange under the symbol “DBD”. Today, it is a world leader in card-based, self-service
transaction systems, security products and customer service.
Worldwide
Operations
Diebold is the largest Self Service Solution provider in the
world. Diebold's service staff is one of the industry's largest, with more than
4,500 professionals in 600 locations worldwide. It provides total comprehensive
solutions in retail delivery management, tailored to suit financial
institutions. Diebold reported revenue of $2.6 Billion in 2005 which increased
to $2.9 Billion in 2006 and is publicly traded on the New York Stock Exchange
under the symbol ‘DBD'.
India
Sales & Service
Diebold Systems Private Limited is
100% subsidiary of Diebold Incorporated., having its Corporate Office in
Mumbai, India, with an infrastructure supporting more than 220 locations across
the country. It has over 15 years of relationship with the Indian Banking
industry with a Customer base comprising Public, Private, Multi-national and
Co–op banks.
Diebold continues to retain its position as a pioneer in the industry for
card-based, self-service transaction systems, security products, managed
services solutions and comprehensive ATM solutions management.
It has created a revolution with
ATMs in India since 1988 with the following turning points to its credit:
- Brought the first ATM Machine to India in 1988.
- Installed the first ATM for the visually challenged, with voice guidance
services.
- Set up the first mobile ATM for a leading public sector bank.
- Installed the first solar-powered ATM.
- Tested and installed the first ATM to run on wireless technology.
Press Releases:
Diebold enhances focus on
Indian operations
- Appoints
Rajiv Singh as Managing Director for its 100% Indian subsidiary
New Delhi, 18th July 2003:
Diebold, Incorporated (NYSE: DBD), a global leader of integrated self-service
delivery systems and services, has appointed Mr. Rajiv Singh as Managing Director
of Indian operations, underlining its commitment to the India market. Mr. Singh
will be responsible for activities of Diebold India Private Limited and Diebold
Systems Private Limited (the latter was known as Diebold HMA Private Limited
till now).
Diebold also announced the
establishment of its new corporate office for the Indian sub continent in
Mumbai. This marks a new chapter for the dynamic growth and development of
Diebold's operations in the country to develop business for its international
and domestic markets. The company recently acquired the remaining 50 percent of
equity of its Indian joint venture to establish a 100% subsidiary in India.
Commenting on the development Mr.
Gavin Cushman, managing director, South Asia, Diebold, Incorporated, said,
"The setting up of a new corporate office in India, reiterates our
commitment for the Indian market. India is a market with immense potential for
growth in this sector and we look forward to bringing new standards of quality
and service, as well as new self-service solutions."
Prior to joining Diebold, Mr.
Singh, held the position of Managing Director of Computer Associates, India and
SAARC countries. Being the MD of Computer Associates came naturally to him after
a hugely successful stint as the CEO of the start up software venture of
Computer Associates. He brings with him a wealth of 16 years of hands-on
experience, wherein he spearheaded challenging assignments in diverse fields
like manufacturing, technology and business development in the India operations
of blue chip companies like Voltas Limited, Essar Gujarat and Motorola.
Mr. Singh, 39, an Engineer and an
MBA by qualification, has also completed Global Advanced Management Programme
at the Kellogg School of Management, Chicago, USA.
Diebold has been present in India
through its distributors since 1987. It has been encouraged by the growth in
the banking sector and increases in the use of advanced technology in Indian
retail banking and has capitalized on the potential growth value of the Indian
market by establishing the following. As a part of its increased commitment to
the growth in the Indian Sub continent, Diebold has undertaken the following
activities in the recent past:
Established a 100% subsidiary in the country after acquiring the remaining 50
percent of equity of India JV, Diebold HMA Private Limited on 28th May 2003.
Walden W. O'Dell, Chairman, President and CEO of Diebold Incorporated, declared
India as a manufacturing hub for South Asia during his recent visit to the
country for inaugurating an ATM manufacturing facility in Goa.
A production unit in Goa in collaboration with Tata Infotech. The unit
manufactures ATMs and cash dispensers from Diebold's International product
line. In January 2003 the first ATM came off the assembly line and hundreds of
machines continue to be manufactured.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.27 |
|
UK Pound |
1 |
Rs.77.44 |
|
Euro |
1 |
Rs.57.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
17 |
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 |
|