%20PRIVATE%20LIMITED%2002-Oct-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
PERLOS TELECOMMUNICATION AND ELECTRONIC COMPONENTS (INDIA) PRIVATE
LIMITED |
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Registered Office : |
Nokia Telecom Special Economic Zone, Plot No. 1A, SIPCOT Industrial
Park, Phase III, Chennai – Bangalore Highway, Sriperumbudur Taluk,
Kanchipuram 602 105, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.06.2006 |
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Com. Reg. No.: |
11-60268 |
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CIN No.: [Company
Identification No.] |
U32109TN2006PTC060268 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP08672G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Telecommunication and Electronic Components |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 303000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and a subsidiary of Parlos Corporation,
Finland. Trade relations are fair. The company has incurred some initial losses,
as per the first financials of the company. Payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Nokia Telecom Special Economic Zone, Plot No. 1A, SIPCOT Industrial
Park, Phase III, Chennai – Bangalore Highway, Sriperumbudur Taluk,
Kanchipuram 602 105, Tamilnadu, India |
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Tel. No.: |
91-44-47112233 |
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Fax No.: |
91-44-47112244 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Jarmo Raimo Kolehmainen |
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Designation : |
Managing Director |
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Address : |
5, Crescent Street, ABM Avenue, Boat Club, Chennai 600 028, Tamilnadu,
India |
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Date of Birth/Age : |
07.06.1965 |
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Date of Appointment : |
11.12.2006 |
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Name : |
Mr. Juha Pekka Torniainen |
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Designation : |
Director |
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Name : |
Mr. Matti Tapani Virtanen |
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Designation : |
Director |
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Name : |
Mr. Vesa Lauri Vahamottonen |
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Designation : |
Director |
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Name : |
Mr. Srinivas Madur Reddy |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S Jayaraman |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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|
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Perlos Corporation |
|
22619999 |
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Perlos (Beijing) Electronics and Telecommunication Components Company
Limited |
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1 |
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Total |
|
22620000 |
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Names of Shareholders |
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Percentage of
Holding |
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|
|
|
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Foreign Holdings [Foreign Institutional Investor(s), Foreign
Companie(s), Foreign Financial Institution(s), Non-Resident Indian(s), or
Overseas Corporate Bodies or Others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Telecommunication and Electronic Components |
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Products : |
* Telecommunication
and Electronic Components |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
TPL House, 2nd Floor, 3, Cenotaph Road, Teynampet, Chennai
600 018, Tamilnadu, India |
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Tel. No.: |
91-44-24311440 |
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Fax No.: |
91-44-24311450 |
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Holding Company : |
* Perlos
Corporation, Finland |
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Subsidiaries : |
* Perlos (Beijing)
Electronics and Telecommunication Components Company Limited, China |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31400000 |
Equity Shares |
Rs. 10/- each |
Rs. 314.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11540000 |
Equity Shares |
Rs. 10/-
each |
Rs. 115.400
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
19.06.2006 To 31.03.2007 |
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SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
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115.400 |
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2] Share Application Money |
|
|
0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
|
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(39.746) |
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NETWORTH |
|
|
75.654 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
|
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2.575 |
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2] Unsecured Loans |
|
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331.504 |
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TOTAL BORROWING |
|
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334.079 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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|
|
|
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TOTAL |
|
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409.733 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
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21.951 |
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Capital work-in-progress |
|
|
479.977 |
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
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0.000 |
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Sundry Debtors |
|
|
0.000 |
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Cash & Bank Balances |
|
|
28.788 |
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Other Current Assets |
|
|
0.396 |
|
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Loans & Advances |
|
|
8.139 |
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Total
Current Assets |
|
|
37.323 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
|
128.577 |
|
|
Provisions |
|
|
0.941 |
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Total
Current Liabilities |
|
|
129.518 |
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Net Current Assets |
|
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(92.195) |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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|
|
|
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TOTAL |
|
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409.733 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
19.06.2006 To 31.03.2007 |
|
|
Sales Turnover (including Other Income) |
|
|
5.310 |
|
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Total Income |
|
|
5.310 |
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
|
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(39.280) |
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|
Provision for Taxation |
|
|
0.470 |
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Profit/(Loss) After Tax |
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(39.750) |
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Imports : |
|
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Raw Materials |
|
|
91.190 |
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Total Imports |
|
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91.190 |
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Expenditures : |
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Depreciation & Amortization |
|
|
1.690 |
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Other Expenditure |
|
|
42.900 |
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Total Expenditure |
|
|
44.590 |
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KEY RATIOS
|
PARTICULARS |
|
|
|
19.06.2006 To 31.03.2007 |
|
PAT / Total Income |
(%) |
|
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(739.73) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(748.58) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(7.28) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.52) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
7.12 |
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Current Ratio (Current Asset/Current Liability) |
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0.29 |
LOCAL AGENCY
FURTHER INFORMATION
history
Subject was incorporated on June 19, 2006 and the
subject company is in the process of setting up its green facility in the Nokia
Telecom Special Economic Zone. Since the company was in the construction phase
during the said period, there has been no sale.
notes:-
The Registered Office of the Company has been shifted from 10, Dr. T V
Road, Chepet, Chennai 600 031, Tamilnadu to the present.
WEBSITE DETAILs:
History
1950s
Three Finnish engineers—Carl
Johan Timgren, Kyösti Viljakainen and Niilo Tiainen—established Company in Helsinki, Finland
in 1953. Production started with an injection moulding machine built by the
company founders and comprised plastic caps and lids for various types of
packages. Co-operation with Salora started in 1958, marking the beginning of
Perlos' Nokia contact, since Nokia later became the owner of Salora.
1960s
After having moved in Helsinki at the end of the 50s, the company had a
new 600-square metre production facility built in another part of the city in
1961. In the mid-60s a further production facility was built in Nurmijärvi,
some 30 kilometres from Helsinki.
1970s
G.W. Sohlberg Oy, a tin manufacturer, bought a share of Company. A new
2,500-square metre production facility was built in Joensuu in Northern
Karelia, and expanded to 5,000 square metres towards the end of the decade.
Operations in Pitäjänmäki, Helsinki, were wound down.
1980s
Assembly of the Turbuhaler asthma inhaler was started in the clean-room
facility in Joensuu. The first mobile phone parts were made for Mobira Oy,
bought by Nokia in 1982. The Company started operating in Washinton, England.
As G.W. Sohlberg Oy had gradually become the sole owner of the company, the
company name was changed into GWS Perlos. The Joensuu facility was further
expanded, and a clean-room facility built in the existing factory in
Nurmijärvi.
1990s
A 4,600-square metre clean-room facility was built in Kontiolahti, the
Northern Karelia, and expanded to 8,100 square metres only a few years later.
The factory in England was also expanded to meet increasing demand.
Perlos (Texas) Inc. started operations in a 3,500-square metre facility
in Fort Worth, Texas, in March 1995. A new factory was also built in Ylöjärvi,
near Tampere, Finland, and started to manufacture plastic parts for mobile
phones and assemble components. The company name GWS Perlos was changed back to
the company.
A couple of years before the change of the millennium, the hundred
millionth Turbuhaler was made.
In 1999, the company was listed in the Helsinki Stock Exchange and
became Perlos Plc.
2000s
A new 6,500-square metre production facility was opened in Komárom,
Hungary in May 2000. At the end of the year, the factory in Guangzhou, China
was opened with more than 8,000 square metres of floor space.
As soon as the next year, the factory in China was expanded. The new
facility increased floor space by more than 50%. A representative office
was opened in Beijing with the task of developing and steering the operation in
China. The company acquired the Swedish company Moteco AB and its subsidiary
gigaAnt AB.
The factory in England started to manufacture medical equipment. The
Komaróm factory in Hungary was almost redoubled in size.
In 2003, new factories opened in Beijing, China and in Manaus,
Brazil. Offices were opened in Tokyo and Taipei. Mr Isto Hantila became president and
CEO of the company in 2004.
The Hungarian operation expanded further in 2005, now comprising some
21,500 square metres. The same year, the company became the majority owner in a
Chinese mould manufacturer, CIM Precision Moulds Limited. The operations
of CIM were soon centralised in Shenzhen and the company name changed into the
company Precision Moulds and Moulding (Shenzen) Company Limited. The company's
office in Hong Kong acts as a customer service centre.
In early 2006, the company' factory in Reynosa, Mexico started
operations with the business of the Texas factory moved to Reynosa. The
factory in Ylöjärvi, Finland was closed.
The company decided to divest its Healthcare business and sold it to the
Swedish Ratos AB in 2006.
Mr Matti Virtanen
started as the president and CEO of the company in the end of 2006.
The company established new production facilities in Beijing, China
in the autumn 2006 and Guangzhou, China in early 2007. A new factory was
established in Chennai, India, in the first part of 2007. The production
operations in Finland ended in the autumn 2007.
A Taiwanese company Lite-On Technology made a public tender offer
of the company´ shares in August 2007 and became the majority shareholder
of the company at the end of the year.
Management TEAm
Board of Directors
The companies Board of Directors includes four to eight ordinary members
elected by the Annual General Meeting. Five members have been elected to the
Board of Directors by the extraordinary General Meeting of Shareholders on 15th
November 2007.
Raymond Soong
Chairman of the Board of Directors
Chairman of Lite-On Group
Born 1942, B. Sc. (Elect. Eng)
Raymond Soong has started as a member of the company´ Board of Directors
in November 2007.
Warren Chen
Vice Chairman of the Board of Directors
Deputy CEO of Lite-On Group, CEO of Lite-On Core-Investment
Born 1949, B. Sc. (Chem. Eng.)
Warren Chen has started as a member of the company´ Board of Directors
in November 2007.
Andreas Tallberg
Chairman of the Board of Directors
CEO, G. W. Sohlberg Corporation
born 1963, M.Sc. (Econ.)
Anton Tallberg has started as a member of the company´ Board of
Directors in 2006.
David Lin
CEO of Lite-On Group
Born 1947, B. Sc. (Electrophysics), EMBA
David Lin has started as a member of the company´ Board of Directors in
November 2007.
Cor Saris
CEO of the company
Born 1959, M.Sc. (Tech.)
Cor Saris has started as a member of the company´ Board of Directors in
November 2007.
Matti Virtanen
Born 1958, M.Sc. (Eng.)
Joined the company 2006.
Matti Virtanen started as a member of the company' Board of Directors in
June 2008
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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 |
|