MIRA
INFORM REPORT
|
Report Date : |
25.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AT AND T
COMMUNICATION SERVICES INDIA PRIVATE LIMITED |
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Registered Office : |
Mohan Dev
Building, 13, Tolstoy Marg, New Delhi – 110 001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.04.1996 |
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Com. Reg. No.: |
55-78375 |
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CIN No.: [Company
Identification No.] |
U64203DL1996PTC078375 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA06004F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importing and
distributing of Telecommunication Equipments, Computer Products, EPABX
Systems, Ethernet Switches, Video Conferencing Systems and other related
products and systems. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 1600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Trade relations are reported as fair. Business is active. Payments are
reported as usually correct and as per commitments. General financial position is satisfactory. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Mohan Dev
Building, 13, Tolstoy Marg, New Delhi – 110 001, India |
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Tel. No.: |
91-11-23310513 / 23351001 |
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Fax No.: |
91-11-23310356 /
23722527 |
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E-Mail : |
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Branches : |
Located at:- Bangalore,
Karnataka |
DIRECTORS
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Name : |
Mr. Ashok K.
Sapra |
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Designation : |
Director & Country Manager |
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Address : |
38 SFS Mount Kailash East of Kailash, New Delhi – 110065, India |
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Date of Birth/Age : |
16.09.1954 |
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Qualification : |
B. Tech.,
P.G.D.M. |
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Date of Appointment : |
18.10.1997 |
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Previous Employment : |
AT & T India
Limited, India |
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Name : |
Mr. Johnny Choy
Ying NG |
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Designation : |
Director |
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Address : |
Flat E 25th Floor, Block 15 Apleichau, Aberdeen,
Hongkong |
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Date of Birth/Age : |
23.10.1964 |
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Date of Appointment : |
07.04.2000 |
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Name : |
Mr. Bang Yen Tay |
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Designation : |
Director |
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Address : |
Flat B, 7/F, Yukon Heights, 21 Tai Hang Road, Causeway Bay, Hong Kong |
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Date of Birth/Age : |
21.11.1962 |
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Date of Appointment : |
28.12.1999 |
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Name : |
Mr. Rajiv Talwar |
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Designation : |
Director |
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Address : |
B – 7/49 Safdarjung Enclave, New Delhi – 110029, India |
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Date of Birth/Age : |
05.07.1962 |
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Date of Appointment : |
01.09.2000 |
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Name : |
Mr. Jiiwan Kumar Khanna |
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Designation : |
Director |
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Address : |
M – 140 Vikaspuri, New Delhi – 110018, India |
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Date of Birth/Age : |
08.04.1951 |
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Date of Appointment : |
01.09.2006 |
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Name : |
Mr. Atul Cadha |
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Designation : |
Director |
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Address : |
B 389, Sarita Vihar, New Delhi – 110076, India |
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Date of Birth/Age : |
20.09.1974 |
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Date of Appointment : |
02.01.2007 |
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Name : |
Mr. K R Ravindra Kumar |
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Designation : |
Director |
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Address : |
164 Aravali Apartments, Alakanda, Kalkaji, New Delhi – 110019,
India |
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Date of Birth/Age : |
19.02.1963 |
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Date of Appointment : |
05.02.2001 |
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Name : |
Mr. Grace Tay |
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Designation : |
Director |
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Address : |
Flat 7 B Yokou Height, 21 Tai Hang Road, Hongkong |
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Date of Appointment : |
28.12.1999 |
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Name : |
Mr. Sanjiv Bhagat |
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Designation : |
Director |
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Address : |
QD – 19, Vishaka Enclave Pitampura, New Delhi – 110034, India |
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Date of Birth/Age : |
26.09.1962 |
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Date of Appointment : |
21.08.2003 |
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Name : |
Mr. Rahul Sood |
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Designation : |
Director |
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Address : |
1682, Sector 29, Noida |
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Date of Birth/Age : |
23.04.1996 |
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Name : |
Mr. A S R Gopal Rao |
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Designation : |
Director |
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Address : |
25 Anand Lok, New Delhi |
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Date of Birth/Age : |
23.04.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
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AT & T
Communication Services International Inc., USA |
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1682276 |
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AT & T
Communication Services Holding Inc., USA |
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28 |
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TOTAL |
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1682304 |
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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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importing and
distributing of Telecommunication Equipments, Computer Products, EPABX
Systems, Ethernet Switches, Video Conferencing Systems and other related
products and systems. |
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Brand Names : |
‘AT & T’ |
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Exports : |
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Countries : |
United States of
America |
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Imports : |
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Countries : |
United States of
America |
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Terms : |
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Selling : |
Contract and
Credit (30 days) terms |
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Purchasing : |
L/C and Contract
terms |
GENERAL
INFORMATION
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Suppliers : |
AT and T
Communication Services International Inc., USA |
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No. of Employees : |
Around 75 |
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Bankers : |
The Hong Kong
& Shanghai Banking Corporation Limited New Delhi – 110
001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lovelock and
Lewes Chartered Accountants |
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Address : |
Building No. , 7th and 8th Floor, Tower – B, DLF
Cyber City, Gurgaon – 122002, Haryana, India P-1 Aditya Vihar, Sai-dul-ajaib, Opposite D Block, Mehrauli Badarpur
Road, Delhi – 110030, India |
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Parent Company : |
AT and T
Communication Services International, Inc. 1013, Centre
Road, Wilmington, Delaware – 19805-1297, USA |
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Company under common control : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.100/- each |
Rs. 200.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1682304 |
Equity Shares |
Rs.100/- each |
Rs. 168.230
Millions |
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 |
168.230 |
168.230 |
168.230 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
231.217 |
205.836 |
108.297 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
399.447 |
374.066 |
276.527 |
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LOAN FUNDS |
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1] Secured Loans |
4.602 |
2.424 |
3.805 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
4.602 |
2.424 |
3.805 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
404.049 |
376.490 |
280.332 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
117.906 |
88.277 |
95.201 |
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Capital work-in-progress |
17.004 |
5.099 |
12.473 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
61.447 |
44.519 |
41.503 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
432.446
|
171.379 |
149.539 |
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Cash & Bank Balances |
305.436
|
298.398 |
253.984 |
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Other Current Assets |
0.327
|
0.225 |
0.201 |
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Loans & Advances |
85.699
|
50.355 |
20.437 |
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Total
Current Assets |
823.908
|
520.357 |
424.161 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
306.103
|
74.635 |
78.704 |
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Provisions |
310.113
|
207.127 |
214.305 |
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Total
Current Liabilities |
616.216
|
281.762 |
293.009 |
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Net Current Assets |
207.692
|
238.595 |
131.152 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
404.049 |
376.490 |
280.332 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
786.970 |
652.963 |
482.941 |
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Other Income |
0.000 |
16.112 |
0.000 |
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Total Income |
786.970 |
669.075 |
482.941 |
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Profit/(Loss) Before Tax |
493.029 |
416.315 |
194.635 |
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Provision for Taxation |
172.416 |
146.135 |
86.569 |
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Profit/(Loss) After Tax |
320.613 |
270.180 |
108.066 |
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Export Value |
148.128 |
138.107 |
146.576 |
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Import Value |
66.043 |
32.805 |
26.576 |
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Expenditures : |
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Depreciation & Amortization |
59.752 |
0.000 |
0.000 |
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Other Expenditure |
234.189 |
252.760 |
288.306 |
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Total Expenditure |
293.941 |
252.760 |
288.306 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
40.74
|
40.38 |
22.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
62.65
|
63.76 |
40.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
52.35
|
68.40 |
37.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.23
|
1.11 |
0.70 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.55
|
0.76 |
1.07 |
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Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.85 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged
in importing and distributing of Telecommunication Equipments, Computer
Products, EPABX Systems, Ethernet Switches, Video Conferencing Systems and
other related products and systems.
It undertakes
Networking for the Telecommunication Industries and also providing Technical
Services in the field of Telecommunications.
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.40.34 |
|
UK Pound |
1 |
Rs.79.81 |
|
Euro |
1 |
Rs.62.01 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|