MIRA
INFORM REPORT
|
Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LENOVO [INDIA]
PRIVATE LIMITED |
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Formerly Known as : |
IBM PRODUCTS
INDIA PRIVATE LIMITED |
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Registered Office : |
Embassy Golf
Links Business Park, 2nd Floor, Fairwind, 10/3, Intermediate Ring
Road, Bangalore – 560071, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.03.2005 |
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Com. Reg. No.: |
08-35783 |
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CIN No.: [Company
Identification No.] |
U72900KA2005PTC035783 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLR102300E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Importer of Computers. |
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 2692615 |
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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-reputed
name in the world IT industry in production of laptops, note books, etc.
Indian operations have incurred some losses. Trade relations are fair.
Payments are reported as usually correct and as per commitments. The company can
be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Madhu |
|
Designation : |
Treasury (Banking) |
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Date : |
05.06.2008 |
LOCATIONS
|
Registered Office : |
Embassy Golf
Links Business Park, 2nd Floor, Fairwind, 10/3, Intermediate Ring
Road, Bangalore – 560071, Karnataka, India |
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E-Mail : |
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Website : |
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Factory : |
R. S. No.: 19/1-A,
Cammatu 2-A, Edayarpalayam Village, Cuddalor Main Road, Thavalakuppam,
Pondicherry – 605 007, Union Territory, South India |
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Tel. No.: |
91-413-2619400 |
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Fax No.: |
91-413-2619428 /
2619400 |
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Area : |
20000 sq. ft. |
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Location : |
Leased |
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Branch Office : |
2/19, Dr. VSI Estate, Thiruyanmayur,
Chennai – 600 041, Tamilnadu, India |
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Tel No: |
91-400-30616500 |
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Branches : |
Located at: v
Kolkata v
Delhi v
Chennai v
Mumbai |
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Own Service
Centres: |
Located at: v
Ahmedabad v
Bangalore v
Chennai v
Hyderabad v
Kolkata v
Mumbai v
New Delhi v
Pune Warranty Service
Providers all over India |
DIRECTORS
|
Name : |
Mr. Gopi Krishnan
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Designation : |
Directors |
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Address : |
61, Redcuffe
Apartments, 147, 4th Main Defence Colony, Indira Nagar, Bangalore
– 560038 |
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Date of Appointment : |
26.04.2005 |
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Name : |
Mr. Vish Iyer |
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Designation : |
Director |
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Address : |
204, 3rd
Cross, Koramangala Block I, Bangalore - 560034 |
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Date of Appointment : |
26.04.2005 |
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|
Name : |
Andreas
Sotiropoulos |
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Designation : |
Director |
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Address : |
68, Townson
Street, NSW, Blakehurst – 2221, AU |
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Name : |
David Dewaine
Miller |
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Designation : |
Director |
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Address : |
4 A, Bukit Sedap Road,
Singapore – 279932, SG |
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Date of Birth : |
17.11.1963 |
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Date of Appointment : |
01.12.2006 |
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Name : |
Mr. Neeraj Sharma
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Designation : |
Director |
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Address : |
162, ST. Bed
Layout, Koramangala, Bangalore – 560034, Karnataka, India |
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Date of Birth : |
06.02.1968 |
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Date of Appointment : |
06.09.2006 |
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Name : |
Mr. Thirumurugan
Subramanian |
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Designation : |
Director |
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Address : |
G – 303, Adarsh
Palace, 5th Block, Jay Nagar, Bangalore – 560 011, Karnataka,
India |
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Date of Birth : |
07.07.1968 |
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Date of Appointment : |
06.09.2006 |
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Name : |
Mr. Andreas
Sotiropoulos |
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Designation : |
Director |
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Address : |
55, Coonara
Avenue, West Pennant Hills, Sydney, Australia - 2125 |
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Date of Appointment : |
26.04.2005 |
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|
Name : |
Mr. Amar Babu |
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Designation : |
Director |
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Age : |
46 Years |
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Qualification : |
Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Viswanat
Baminee |
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Designation : |
Company Secretary
|
|
Address : |
A 101, CASA Ansal
Apartments, No 18, Bannerghata Road, Bangalore – 560078, Karnataka, India |
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Date of Birth/Age : |
15.09.1966 |
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Date of Appointment : |
18.01.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 27.09.2007
|
Names of Shareholders |
No. of Shares |
|
M/s Lenovo (Asia
Pacific) Limited, Hong Kong |
32696998 |
|
M/s Lenovo (Hong
Kong) Limited, Hong Kong |
1 |
|
TOTAL |
32696999 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Foreign holdings
(Foreign institutional investors, Foreign companies Foreign financial
institutions, Non resident Indians or overseas corporate bodies or others |
100.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Importer of Computers. |
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Imports : |
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Products : |
Computer Parts |
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Countries : |
v
USA v
Singapore v
China/ Far
East (Hong Kong / Taiwan) v
Belgium v
London v Bangkok |
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Terms : |
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Selling : |
Credit (45 days) |
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Purchasing : |
Credit (30 - 45
days) |
GENERAL
INFORMATION
|
Suppliers : |
v IBM - USA/ Singapore/ China |
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No. of Employees : |
200 |
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Bankers : |
Citi Bank, M. G. Road,
Bangalore – 560001, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
Mittal Tower, C G,
47/6 MG Road, Bangalore – 560001, Karnataka, India |
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Associates/Subsidiaries : |
v
IBM India
Limited v IBM Global Services India Private Limited v IBM products Asia Pacific Limited, Hong
Kong. |
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Ultimate Holding Company : |
v
Lenovo Group Limited, Hong Kong, China |
|
Intermediary Holding Company : |
v
Lenovo (BVI) Limited, Beijing, China v
Lenovo (Singapore) Private Limited,
Singapore v
Lenovo International Limited, Hong Kong,
China |
|
Immediate Holding Company : |
v
Lenovo (Asia Pacific) Limited, Hong Kong,
China |
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Fellow Subsidiary : |
v
International information products (Sherrzhen) Company Limited,
China v
Lenovo (United states) Inc, USA v
Think Products (Malaysia) Sdn Bhd; Malaysia v
Lenovo (Japan) Limited, Japan v
Lenovo (Australia and New Zealand) Private
Limited, Australia |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32696990 |
Equity Shares |
Rs. 10/- each |
Rs. 326.970 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
326.970 |
326.970 |
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2] Reserves & Surplus |
|
211.553 |
211.553 |
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3] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
538.523 |
538.523 |
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LOAN FUNDS |
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1] Secured Loans |
|
13.495 |
19.370 |
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0] Unsecured Loans |
|
88.481 |
90.827 |
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TOTAL BORROWING |
|
101.976 |
110.197 |
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TOTAL |
|
640.499 |
648.720 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
68.356 |
53.328 |
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Capital work-in-progress |
|
25.527 |
1.457 |
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DEFERREX TAX ASSETS |
|
187.850 |
131.912 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
1642.035 |
846.824 |
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Sundry Debtors |
|
1805.244 |
1209.958 |
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Cash & Bank Balances |
|
735.684 |
653.749 |
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Other Current Assets |
|
115.006 |
162.706 |
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Loans & Advances |
|
768.618 |
112.314 |
|
Total
Current Assets |
|
5066.587 |
2985.551 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Current Liabilities |
|
5192.293 |
2982.563 |
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|
Provisions |
|
426.193 |
279.872 |
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Total
Current Liabilities |
|
5618.486 |
3262.435 |
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Net Current Assets |
|
(551.899) |
(276.884) |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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Profit and Loss Account |
|
910.665 |
738.906 |
|
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Total |
|
640.499 |
648.720 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
14606.422 |
10463.168 |
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Other Income |
|
140.416 |
14.598 |
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Total Income |
|
14746.838 |
10477.766 |
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Profit/(Loss) Before Tax |
|
(213.497) |
(582.830) |
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Provision for Tax |
|
(41.738) |
(1321.736) |
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Profit/(Loss) After Tax |
|
(171.759) |
(738.906) |
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Exports : |
|
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FOB Value of Exports |
|
58.295 |
85.978 |
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Total |
|
58.295 |
85.978 |
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Imports : |
|
|
|
|
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Raw Materials |
|
5598.704 |
5293.882 |
|
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Traded Goods |
|
5953.808 |
3959.424 |
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|
Capital Goods |
|
15.603 |
7.430 |
|
|
Manufacture of Computer System |
|
662.263 |
524.359 |
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Total |
|
12230.378 |
9785.095 |
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Expenditures : |
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Financial Charges |
|
2.305 |
6.721 |
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Depreciation & Amortization |
|
29.339 |
27.773 |
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Other Expenditure |
|
14928.691 |
11304.690 |
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Total Expenditure |
|
14960.335 |
11339.184 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
(1.16) |
(7.05) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(1.46) |
(5.57) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(1.45) |
(5.56) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.39) |
(1.08) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
10.43 |
6.06 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
0.90 |
0.91 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office
of the company has been shifted from Subramanya Arcade, 12 Bannerghatta Road,
Bangalore – 560029, Karnataka, India to Embassy Golf Links Business Park, 2nd
Floor, Fairwind, 10/3, Intermediate Ring Road, Bangalore – 560071, Karnataka,
India with effect from 07.07.2006
Trade References
v
Reliance Industries, Mumbai
v
ONGC, Delhi
v
TCS, Mumbai
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. 42.79 |
|
UK Pound |
1 |
Rs. 83.77 |
|
Euro |
1 |
Rs. 66.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|