MIRA
INFORM REPORT
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Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HEWLETT PACKARD INDIA SALES PRIVATE LIMITED |
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Formerly Known As : |
COMPAQ COMPUTER (INDIA) PRIVATE LIMITED |
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Registered Office : |
Digital Park, 92, Indsutrial Suburb, II Stage, Yeshwantpur, Bangalore, 560022, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.09.1997 |
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Com. Reg. No.: |
08-22727 |
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CIN No.: [Company
Identification No.] |
U72200KA1997PTC022727 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH2830C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Importers and Exporters of computer systems, processors, hardware and software, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 31903640 |
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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 subsidiary of Compaq Corporation; U.S.A. Available information indicates high financial responsibility of the company. Their trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office / Head Office/ Factory : |
Digital Park, 92, Industrial Suburb, II Stage, Yeshwantpur, Bangalore, 560022, Karnataka, India. |
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Tel. No.: |
91-80-23097785/23374785 |
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Fax No.: |
91-80-23374601/ 51108014 |
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E-mail : |
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Website : |
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Area : |
100000 sq. ft. |
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Location : |
Rented (Industrial) |
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Branches : |
Golf View Campus, HP Tower 3, Wind Tunel Road, Murgeshpalya, Bangalore – 560 017, Karnataka Tel No. 91-80-5216121 Fax No. 91-80-5276966 Satkar Complex, 501, 5th Floor, Behind Swagath Building, Off C. G. Road, Navrangpura, Ahmedabad - 380 009, Gujarat Tel. No. 91-79-26469374 Fax. No. 91-79-26469374 Diamond District, Unit No. 150, Tower B, 7th Floor, Airport Road, Bangalore - 560008, Karnataka Tel. No. 91-80-5203800 Fax. No. 91-80-5203810 92, Industrial Suburb, II Stage, Yeshwantpur, Bangalore 560 022, Karnataka, India Tel. No. 91-80-3473507/09/18/3374785 Fax. No. 91-80-3374601
Golf View Campus, HP Tower 1 and 2, Wind Tunnel Road, Murugeshpalya, Bangalore - 560 017, Karnataka Tel. No. 91-80-5200602 Fax. No. 91-80-5276820 No. 29, Cunningham Road, Bangalore - 560 052, Karnataka Tel. No. 91-80-2251554 Fax. No. 91-80-2200196 SCO # 58, 2nd Floor, Sector 20-C, Chandigarh - 160020 Tel. No. 91-172-2711883 Fax. No. 91-172-2706551 Buharia Towers, 5th Floor, No. 4, Moores Road, Egmore, Chennai – 600 006, Tamilnadu, India Tel. No. 91-44-28231510 Fax. No. 91-44-28216001 8/10, GD Naidu Street, Race Course Road, Coimbatore - 641018 Tel. No. 91-422-2215486 Fax. No. 91-422-25391502 6th Floor, Tower - D, Global Business Park, Menraull Gurgaon Road, Gurgaon, Haryana Tel. No. 91-124-2566111 Fax. No. 91-124-2566112 Dega Towers, 1st Floor, 6-3-1085/D, Rajbhavan Road, Somajiguda, Hyderabad - 500016, Andhra Pradesh Tel. No. 91-40-23388500 Fax. No. 91-40-23388522 Ganpat Plaza, 319, 3rd Floor, M. I. Road, Jaipur - 302001, Rajasthan Tel. No. 91-141-22364407 Fax. No. 91-141-22374678 Yash Kamal Complex, 3d Floor, 301, Bistupur Main Road, Jamshedpur - 831001 Tel. No. 91-657-2439184 Fax. No. 91-657-2439184 Vikas Building, No. 1, Dr. U. N. Brahmachari Street, Kolkata -700016, West Bengal Tel. No. 91-33-22813899 Fax. No. 91-33-22813893 Rubiyan", 1st Floor, 41/476, Arangath Road, Near Veekshanam Press, Ernakulam, Kochi - 682 018 Tel. No. 91-484-2382492 Fax. No. 91-484-2382492 Ganapathi House, F-5, 1st Floor, 4 Way Road, MM Marg, Lucknow - 226 001, Uttar Pradesh Tel. No. 91-522-2209811 Fax. No. 91-522-2209976 Pearl Palace, Ghumar Mandi, 1st Floor, 4B-XX 550, Ludhina - 141001, Punjab Tel. No. 91-161-2406344 Fax. No. 91-161-2405680 Enterprise Center, No. 5, 1st Floor, CTS No. 55, Vile Parle (East), Mumbai - 400099, Maharashtra Tel. No. 91-22-56771700 Fax. No. 91-22-26184858 The Great Eastern Plaza, Office No. 2, First Floor, 1996 A, Airport Road, Pune - 411 006, Maharashtra Tel. No. 91-20-4011414 Fax. No. 91-20-6685620 Amin Chambers, 1st Floor, 85-B, Sampat Rao Colony, Alkapuri, Vadodara - 390 005, Gujarat Tel. No. 91-265-2332470 Fax. No. 91-265-2330127 |
DIRECTORS
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Name : |
Mr. Balu Doraisamy |
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Designation : |
Managing Director
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Address : |
507, 4th
Cross, Koramangala, Bangalore - 560094, Karnataka |
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Date of Birth/Age : |
25/04/1956 |
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Date of Appointment : |
04/06/1999 |
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Name : |
Mr. Paul Chan Kwai Wal (Foreign) |
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Designation : |
Director |
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Address : |
# 21, Oriole
Cresent, Singapore - 888614 |
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Date of Birth/Age : |
10/03/1954 |
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Date of Appointment : |
16/10/1997 |
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Date of Ceasing : |
18/04/2005 |
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Name : |
Mr. Charles Andrew Jolley Jr |
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Designation : |
Director |
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Address : |
12-01, Claymore,
Claymore Road, Singapore - 229544 |
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Date of Birth/Age : |
29/08/1957 |
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Date of Appointment : |
29/01/2000 |
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Name : |
Mr. Deepak Shah |
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Designation : |
Director |
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Address : |
248, III Cross,
JP Nagar, III Phase, Bangalore - 560078, Karnataka |
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Date of Birth/Age : |
16/12/1951 |
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Date of Appointment : |
12/06/2002 |
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Date of Ceasing : |
15/07/2004 |
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Name : |
Mr. Narayan
Venkat Prabhu Tendulakar |
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Designation : |
Whole-time
Director |
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Address : |
J 73, Diamond
District, Airport Road, Kodihalli , Bangalore-560008, Karnataka, India |
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Date of Birth/Age : |
22/12/1957 |
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Date of Appointment : |
01/07/2004 |
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Email : |
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Name : |
Mr. Ravi
Swaminathan |
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Designation : |
Additional
Director |
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Address : |
N2/16, DLF, Qutab
Enclave, Phase II, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
03.03.1953 |
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Date of Appointment : |
05.02.2007 |
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Email : |
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Name : |
Mr. Kapil Jain |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Zarir Batiwala |
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Designation : |
Company Secretary |
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Address : |
751, 8th
Main, 3rd Block, Koramangala, Bangalore-560034, Karnataka, India |
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Date of Birth/Age : |
29/10/1949 |
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Date of Appointment : |
12/07/1999 |
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Date of Ceasing : |
01/07/2004 |
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Name : |
Mr. Narayan
Venkat Prabhu Tendulakar |
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Designation : |
Company Secretary |
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Address : |
J 73, Diamond
District, Airport Road, Kodihalli, Bangalore - 560008, Karnataka, India |
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Date of Birth/Age : |
22/12/1957 |
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Date of Appointment : |
01/07/2004 |
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Name : |
Mr. C. Satya
Seshasa |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Compaq Computers
(Mauritius) |
198453322 |
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Hewwlett-Packard
EMEA B.V. |
1 |
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Hewlett-Packard
Gouda B.V. |
10 |
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Total |
198453333 |
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Category |
Percentage |
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Foreign Holdings (FIIs, FCs, FFIs, NRIs, OCB or Others) |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers and Exporters of computer systems, processors, hardware and software, etc. |
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Products : |
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Imports : |
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Products : |
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Countries : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Credit (45 days), Cash terms L/C and Document through Bank |
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Purchasing : |
Credit (30/60 days) terms |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
700 |
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Bankers : |
Bangalore, Karnataka, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Batliboi and Company Chartered Accountants |
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Address : |
Divyasree Chambers, A wing, 2nd Floor, Langford Road, Bangalore-560025, Karnataka, India |
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Name : |
Lovelock and Lewes Chartered Accountant |
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Address : |
Bangalore, Karnataka |
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Name : |
S R Batliboi and Company Chartered Accountnt |
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Address : |
UB City, ‘Canberra Block’, 12th and 13th Floor,
No.24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India |
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Parent Company : |
Compaq Computer Corporation, Mauritius |
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Group Companies : |
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Holding Company : |
Compaq Computer Mauritius |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
198453333 |
Equity Shares |
Rs 10/- each |
Rs. 1984.533 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1984.533 |
1984.533 |
1984.533 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5991.377 |
4391.047 |
1982.474 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7975.910 |
6375.580 |
3967.007 |
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LOAN FUNDS |
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1] Secured Loans |
170.981 |
183.896 |
5.775 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
170.981 |
183.896 |
5.775 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8146.891 |
6559.476 |
3972.782 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1281.190 |
847.248 |
575.113 |
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Capital work-in-progress |
91.602 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
951.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10922.913
|
7197.218 |
3462.610 |
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Sundry Debtors |
10615.669
|
7785.466 |
4702.298 |
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Cash & Bank Balances |
5565.722
|
4328.915 |
1836.907 |
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Other Current Assets |
6.401
|
6.247 |
0.156 |
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Loans & Advances |
1062.181
|
984.306 |
3995.571 |
|
Total
Current Assets |
28172.886
|
20302.152 |
13997.542 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20290.819
|
13828.860 |
10173.399 |
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Provisions |
2058.968
|
761.064 |
426.474 |
|
Total
Current Liabilities |
22349.787
|
14589.924 |
10599.873 |
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Net Current Assets |
5823.099
|
5712.228 |
3397.669 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8146.891 |
6559.476 |
3972.782 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
57075.641 |
43083.885 |
31194.478 |
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Other Income |
8918.406 |
6.83.871 |
6435.494 |
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Total Income |
65994.047 |
49167.756 |
37629.972 |
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Profit/(Loss) Before Tax |
2758.329 |
3977.652 |
559.875 |
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Provision for Taxation |
1158.000 |
1569.076 |
680.000 |
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Profit/(Loss) After Tax |
1600.329 |
2408.574 |
(120.125) |
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Export Value |
NA |
695.187 |
240.721 |
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Import Value |
NA |
35986.365 |
24806.941 |
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Expenditures : |
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Financial Charges |
348.476 |
35.004 |
25.404 |
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Depreciation & Amortization |
52.197 |
0.000 |
0.000 |
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Other Expenditure |
62835.045 |
45155.100 |
37044.693 |
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Total Expenditure |
63235.718 |
45190.104 |
37070.097 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.42
|
4.90 |
(0.32) |
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Net Profit Margin (PBT/Sales) |
(%) |
4.83
|
9.23 |
1.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.36
|
18.81 |
3.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.50 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.82
|
2.32 |
2.67 |
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Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.39 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
History
Compaq, U.S.A. started its Indian Operations during March, 1994.
On 2nd September, 1997 “Compaq Computer (India) Private Limited was established as a100% subsidiary of Compaq Corporation, U.S.A.
During the period 27th April, 1999 to 15th July, 1999 Compaq Computer (India) Limited acquired the Computer Products and Service Business from Digital Equipment (India) Limited, Bangalore by virtue of Compaq Corporation, U.S.A., Acquiring DEC’s Business World Wide.
During calendar 2002s, Compaq Companies and Brands worldwide were acquired by Hewlett Packard, U.S.A. and its operating Group Company’s worldover.
On 17th February, 2003 Compaq Computer (India) Limited applied to the companies registry, Bangalore, Karnataka State for change of Name from ‘Compaq Computer (India) Private Limited to ‘Hewlett Packard India Sales Private Limited under name approval Number 08-41294.
Name changed to the present name with effect from 18th March, 2003 as per enclosed high court of Karnataka clipping the subject is in the process of Amalgamation with ‘Hewlett Packard (India) Private Limited’.
The company is in collaboration with Hewlett Packard Company, U.S.A.
The company is a subsidiary of Compaq Computer Corporation, Mauritius, because of the acquisition of shares from Compaq Computer Corporation USA and Compaq Computer International Corporation USA.
On incorporation this company has taken over the business as going concern from Compaq Computer Asia Pte Limited (CCAPL), Singapore.
Consequent to the acquisition by HP, the name of the company changed to the present w. e. f. 18th March, 2003
Fixed assets
- Important value include goodwill,
- Intangible assets
- Leasehold land
- Plant and machinery
- Furniture and fixture.
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.39.92 |
|
UK Pound |
1 |
Rs.79.31 |
|
Euro |
1 |
Rs.60.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|