MIRA
INFORM REPORT
|
Report Date : |
08.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
FOXCONN INDIA
PRIVATE LIMITED |
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Registered Office : |
A – 11 and A – 12,
Sipcot Industrial Park, Irrungattukottai, Kanchipuram District,
Sriperambuddur – 602105, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.12.2005 |
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Com. Reg. No.: |
18-58224 |
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CIN No.: [Company Identification
No.] |
U32202TN2005PTC058224 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEF03368B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
mobile phone components such as plastic or electronic components. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6700000 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a 2
years old company having moderate track. Its profitability is under severe
pressure. Trade relations are fair. Payments are reported as usually as per
commitments. In view of strong
capital base, the company can be considered good for normal business
dealings. |
LOCATIONS
|
Registered Office/Factory : |
A – 11 and A –
12, Sipcot Industrial Park, Irrungattukottai, Kanchipuram District,
Sriperambuddur – 602105, Tamilnadu, India |
|
Tel. No.: |
91-44-27156446 |
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Mobile No.: |
91-9940127976 |
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Fax No.: |
91-44-27156479 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Dai Feng Shuh |
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Designation : |
Director |
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Address : |
2, 2nd
Donghuan Road, 10th Yousong Industrial District, Longhua, Baoan,
Shenzhen, China |
|
Indian Address : |
A – 11 & A –
12, Sipcot Industrial Park, Irrungattukottai, Kanchipuram District,
Sriperambuddur – 602105, Tamilnadu, India |
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Date of Birth : |
06.06.1951 |
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Date of Appointment : |
06.12.2005 |
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Name : |
Mr. Paul Pong
Chou |
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Designation : |
Additional
Director |
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Address : |
20625, Carniel
Ave, Saratoga Ca, California 95070 |
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Date of Birth : |
30.11.1956 |
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Date of Appointment : |
23.05.2007 |
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Name : |
Mr. Fang Guang
Yeu |
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Designation : |
Director |
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Address : |
2, 2nd Donghuan
Road, 10th Yousong Industrial District, Longhua, Baoan, Shenzhen, China |
|
Indian Address : |
A – 11 and A – 12,
Sipcot Industrial Park, Irrungattukottai, Kanchipuram District,
Sriperambuddur – 602105, Tamilnadu, India |
|
Date of Birth : |
12.08.1962 |
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Date of Appointment : |
06.12.2005 |
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Name : |
Mr. Paul Pong
Chou |
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Designation : |
Additional Director |
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Address : |
20625 Carniel
Ave, Saratoga CA, California – 95070 |
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Date of Birth : |
30.11.1956 |
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Date of Appointment : |
23.05.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Sriram Lakshminarayan |
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Designation : |
Company Secretary |
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Address : |
B 57, Awho Parameshwaran Vihar, 28 Arcot Road, Saligramam, Chennai –
600 093, Tamilnadu, India |
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Date of Birth/Age : |
15.03.1960 |
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Date of Appointment : |
02.08.2007 |
MAJOR SHAREHOLDERS
(As on
31.12.2007)
|
Names of
Shareholders |
No. of Shares |
|
Excel True
Holdings Limited |
17999999 |
|
Transworld
Holdings Limited, Apia, Samoa |
1 |
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|
|
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Total |
18000000 |
List of
Allotment (As on 06.02.2007)
|
Names of
Allottees |
No. of Shares |
|
Excel True
Holdings Limited |
6572157 |
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|
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Total |
6572157 |
Equity shares Breakup (percentage of total equity)
(As on 30.06.2008)
|
Category |
Percentage |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of mobile
phone components such as plastic or electronic components. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Banking Relations : |
Satisfactory |
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Auditor : |
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Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
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Address : |
2nd
Floor, Temple Tower, 672, Anna Salai, Nandanam, Chennai – 600 035, Tamilnadu,
India |
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Tel No.: |
91-44-42131124 |
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Fax No.: |
91-44-42131129 |
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Subsidiary Company : |
Foxconn Developer India Private Limited |
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Holding Company : |
· Excel True Holdings Limited ·
Incorporations Centre, Road Town, Tortola, British
Virgin Islands |
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Ultimate Holding Company: |
Foxconn International Holdings Limited |
CAPITAL STRUCTURE
(As on 30.06.2008)
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs.100/- each |
Rs.1800.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs.100/- each |
Rs.1800.000 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.12.2007 |
31.12.2006 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
|
1782.274 |
20.000 |
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2] Share
Application Money |
|
17.818 |
657.216 |
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|
3] Reserves &
Surplus |
|
0.000 |
(161.334) |
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4] (Accumulated
Losses) |
|
(469.536) |
0.000 |
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NETWORTH |
|
1330.556 |
515.882 |
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LOAN FUNDS |
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1] Secured Loans |
|
1182.450 |
0.000 |
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2] Unsecured
Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
1182.450 |
0.000 |
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DEFERRED TAX
LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
2513.006 |
515.882 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
|
2707.204 |
241.548 |
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Capital
work-in-progress |
|
196.906 |
121.408 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX
ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
|
347.149 |
226.187 |
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Sundry Debtors |
|
695.936 |
24.633 |
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Cash & Bank
Balances |
|
308.417 |
316.299 |
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Other Current
Assets |
|
0.000 |
0.000 |
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Loans &
Advances |
|
116.162 |
61.800 |
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Total Current Assets |
|
1467.664 |
628.919 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
|
1841.538 |
475.486 |
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Provisions |
|
17.230 |
0.507 |
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Total Current Liabilities |
|
1858.768 |
475.993 |
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Net
Current Assets |
|
(391.104) |
152.926 |
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MISCELLANEOUS
EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
2513.006 |
515.882 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.12.2007 |
31.12.2006 |
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Sales Turnover
and Other Income |
|
3064.610 |
66.298 |
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Total Income |
|
3064.610 |
66.298 |
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Profit/(Loss) Before Tax |
|
(303.702) |
(160.042) |
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Provision for Taxation |
|
4.500 |
1.292 |
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Profit/(Loss) After Tax |
|
(308.202) |
(161.334) |
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Imports : |
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Raw Materials |
|
1851.549 |
324.300 |
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Capital Goods |
|
1047.752 |
41.360 |
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Total Imports |
|
2899.301 |
365.660 |
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Expenditures : |
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Financial Charges |
|
4.788 |
0.350 |
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Depreciation & Amortization |
|
237.838 |
12.523 |
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Other Expenditure |
|
3363.524 |
213.467 |
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Total
Expenditure |
|
3368.312 |
226.340 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.12.2007 |
31.12.2006 |
|
PAT / Total
Income |
(%) |
|
(10.06) |
(243.35) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(9.91) |
(241.40) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(7.27) |
(18.39) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.23) |
(0.31) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
2.29 |
0.92 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.79 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
The SC was
incorporated on December 6, 2005. The commercial business activities commenced
during September 2006. Hence, previous year figures are not comparable with the
current year figures.
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.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
50 |
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 |
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