MIRA
INFORM REPORT
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Report Date : |
27.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALCATEL LUCENT TECHNOLOGIES INDIA PRIVATE LIMITED |
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Formerly Known As : |
LUCENT TECHNOLOGIES INDIA PRIVATE LIMITED |
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Registered Office : |
204-206, Tolstoy House, 15 Tolstoy Marg, New Delhi – 110001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.03.1993 |
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Com. Reg. No.: |
55-52466 |
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CIN No.: [Company
Identification No.] |
U51103DL1993PTC052466 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRL01223F |
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PAN No.: [Permanent
Account No.] |
AAACA5745K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Development and Maintenance of Computer Software. |
RATING &
COMMENTS
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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 20000000 |
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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 satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. The company can be regarded as a promising business partner in a
medium to long-run. |
LOCATIONS
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Registered Office : |
204-206, Tolstoy House, 15 Tolstoy Marg, New Delhi – 110001 |
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Tel. No.: |
91-11-23714408 |
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Fax No.: |
91-11-23357097 |
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E-Mail : |
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Website: |
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Corporate Office : |
Kalavathi S, Silver Oak, A Wing, Manyata Embassy Business Park, Nagawara
Village Kasaba Hobli Ring Road, Bangalore – 560 045, Karnataka, India |
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Tel. No.: |
91-80-30733909 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Amar Subhash |
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Designation : |
Director |
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Address : |
2304, Verona, Mirandani, Gardens Powai, Mumbai – 400072, Maharashtra,
India |
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Date of Birth/Age : |
10.04.1972 |
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Date of Appointment : |
06.08.2004 |
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Name : |
Mr. Sameer Chawla |
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Designation : |
Director |
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Address : |
A 503 Evening, Glory, Powai, Mumbai – 400072, Maharashtra, India |
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Date of Birth/Age : |
29.08.1977 |
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Date of Appointment : |
06.08.2004 |
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Date of Ceasing : |
10.05.2005 |
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Name : |
Mr. Andre Gaston Joseph Ghislain Sonville |
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Designation : |
Director |
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Address : |
C 49 Gulmohar Park, New Delhi, India |
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Date of Birth/Age : |
27.09.1951 |
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Date of Appointment : |
01.06.2007 |
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Name : |
Mr. Saltuk Orhan Ertop |
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Designation : |
Director |
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Address : |
D 98, Anand Niketan, New Delhi – 110 021, India |
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Date of Birth/Age : |
24.11.1965 |
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Date of Appointment : |
28.12.2007 |
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Name : |
Mr. Sethuraman Anantharaman |
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Designation : |
Director |
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Address : |
5B GH4, Vipul Orchid Gardens, Sun City, Gurgaon – 122 002, Haryana,
India |
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Date of Birth/Age : |
09.12.1961 |
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Date of Appointment : |
28.12.2007 |
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Name : |
Mr. Frederic Paul Sallet |
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Designation : |
Director |
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Address : |
F 2/3, Vasant Vihar, New Delhi, India |
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Date of Birth/Age : |
03.05.1966 |
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Date of Appointment : |
28.12.2007 |
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Name : |
Mr. Indradip Banerjee |
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Designation : |
Director |
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Address : |
Flat 1A, Summer Palace, 61B Pali Hill, Nargis Dutt Road, Bandra
(West), Mumbai – 400 050, Maharashtra, India |
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Date of Appointment : |
30.05.2005 |
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Name : |
Mr. Shashi Kumar Chopra |
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Designation : |
Director |
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Address : |
B-801, Florentine, Hiranandani Garden, Powai, Mumbai – 400 076,
Maharashtra, India |
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Date of Birth/Age : |
20.03.1950 |
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Date of Ceasing : |
01.10.2007 |
KEY EXECUTIVE
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Name : |
Mr. Neeraj Tulshyan |
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Designation : |
Secretary |
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Address : |
8/162 3rd Floor, Ramesh Nagar, New Delhi – 1100015, India |
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Date of Birth/Age : |
30.08.1972 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Viraraghavan Athipalli |
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Designation : |
Secretary |
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Address : |
CII / 005 Mangal Apartments, 16 Vasundhara Enclave, Delhi, India |
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Date of Birth/Age : |
03.01.1930 |
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Date of Appointment : |
01.12.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.12.2007)
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Names of Shareholders |
No. of Shares |
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Lucent Technologies Asia / Pacific Limited |
304588 |
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Lucent Technologies International INC USA |
91072148 |
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Total |
91376736 |
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Equity Share
Breakup |
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Category |
Percentage of
Holding |
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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
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Line of Business : |
Development and Maintenance of Computer Software. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
·
Lovelock and Lewes Chartered Accountants Address : 297, Asiad
Village, New Delhi – 110049, India ·
S R Batliboi and Associates Chartered Accountants Address
:
Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon – 122 002,
Haryana, India |
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Associates/Subsidiaries
: |
·
Lucent Technologies Singapore Pte. Limited ·
Lucent Technologies Hindustan Private Limited ·
Lucent Technologies NS Gmbh ·
Ascent Communications Inc. ·
LT Asia Pacific Limited ·
Lucent Technologies International Sales Limited ·
Lucent Technologies Spa – Via – Tucidide |
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Holding Company: |
Lucent Technologies International Inc., USA |
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Ultimate Holding
Company: |
Lucent Technologies Inc., USA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Rs.10/- each
|
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
91376736 |
Equity Shares |
Rs.10/- each
|
Rs.913.767
Millions |
Note:
Of the above 91072148 Equity Shares are held By
Lucent Technologies International Inc., USA, the Holding Company and 304588
Equity Shares are held by Lucent Technologies Asia Pacific Limited
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
913.767 |
913.767 |
913.767 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2987.626 |
2520.618 |
2062.335 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3901.393 |
3434.385 |
2976.102 |
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LOAN FUNDS |
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1] Secured Loans |
75.015 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
75.015 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3976.408 |
3434.385 |
2976.102 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
640.695 |
400.075 |
314.026 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
172.071 |
142.259 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
1809.547
|
1499.697 |
1288.549 |
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Cash & Bank Balances |
1457.703
|
1400.653 |
74.488 |
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Other Current Assets |
0.000
|
0.000 |
181.342 |
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Loans & Advances |
598.236
|
322.526 |
1498.731 |
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Total
Current Assets |
3865.486
|
3222.876 |
3043.110 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
464.295
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315.111 |
487.953 |
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Provisions |
65.478
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45.526 |
35.340 |
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Total
Current Liabilities |
529.773
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360.637 |
523.293 |
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Net Current Assets |
3335.713
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2862.239 |
2519.817 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3976.408 |
3434.385 |
2976.102 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3702.406 |
2858.089 |
2454.303 |
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Other Income |
0.000 |
133.990 |
120.498 |
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Total Income |
3702.406 |
2992.079 |
2574.801 |
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Profit/(Loss) Before Tax |
345.177 |
482.750 |
425.793 |
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Provision for Taxation |
231.457 |
24.467 |
(93.272) |
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Profit/(Loss) After Tax |
113.720 |
458.283 |
519.065 |
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Earnings in Foreign Currency : |
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Software Development |
3528.558 |
2640.762 |
2276.378 |
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Support Services |
193.022 |
217.327 |
177.925 |
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Total Earnings |
3721.580 |
2858.089 |
2454.303 |
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Imports : |
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Capital Goods |
489.495 |
322.235 |
554.057 |
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Software |
5.497 |
13.506 |
14.876 |
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Total Imports |
494.992 |
335.741 |
568.933 |
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Expenditures : |
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Expenditure on Employees |
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1149.158 |
830.797 |
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Administrative Expenses |
3357.229 |
997.588 |
859.390 |
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Depreciation & Amortization |
|
362.583 |
458.821 |
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Total Expenditure |
3357.229 |
2509.329 |
2149.008 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.07
|
15.32 |
20.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.32
|
16.89 |
17.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.66
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13.32 |
12.68 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
|
0.14 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.16
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0.11 |
0.18 |
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Current Ratio (Current Asset/Current Liability) |
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7.30
|
8.94 |
5.82 |
LOCAL AGENCY
FURTHER INFORMATION
Incorporation and
History
Subject (formerly Lucent Technologies India Private Limited) (ALTI or
the Company) was incorporated on March 9, 1993 under the name of AT and T India
Private Limited, which was subsequently changed to NCR Informatives
Technologies India Private Limited on March 19, 1993 to Lucent Technologies
Private Limited on May 23, 1996 and finally pursuant to the global mergers of
Alcatel and Lucent to Alcatel-Lucent Technologies India Private Limited on May
22, 2007.
The Company is 100 per cent export oriented unit, registered with the
Software Technology Parks of India (‘STPP’) Bangalore, Subject was set up as a
Bell Labs Research Centre and has entered into a Software Development Agreement
with Lucent Technologies Inc (‘Lucent Inc’), and provides software development
services to the different business units of Lucent Inc comprising of the
wireless network group, multi service switching group, broadband access software
group etc. Under these software development agreement the Company is entitled
to receive compensation computed at an agreed mark-up on costs to the Company.
Further, the company has also entered into an administrative support agreement
with Lucent Inc. During the year ended March 31, 2007, the Company’s revenues
from software development services arose entirely from the rendering of such
services to Lucent Inc. The Company has its software development centers
located at Bangalore and Hyderabad in India.
Contingent
Liabilities
(As on 31.03.2007)
Rs. In millions
|
Bank Guarantee |
37.782 |
|
Income Tax matters under disputes |
281.593 |
The above amount includes disputed taxes on account if tax holiday claim
under section 10A of the Income Tax Act 1961, and transfer pricing adjustment made
under section 92CA of the Income Tax Act 1961. The Company has been advised
that it has a good defence in respect of the disallowances and adjustments
made. The company, therefore does not expect any outflow of economic resources
embodying economic benefits at this stage.
Fixed Assets
·
Computers
·
Furniture and Fixtures
·
Lab Equipments
·
Office Equipments
·
Vehicles
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.49.85 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.64.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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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 |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
66 |
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 |
|