MIRA
INFORM REPORT
|
Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELCOM SYSTEMS PRIVATE LIMITED |
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Registered Office : |
8th Floor, Meridien Commercial Tower, Rainina Road, 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 : |
16.10.2006 |
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Com. Reg. No.: |
55-154805 |
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CIN No.: [Company
Identification No.] |
U72300DL2006PTC154805 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELE04275F |
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PAN No.: [Permanent
Account No.] |
AABCE6598H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of all types of Navigation, Radar,
Radio, Telecommunication and Wire Communication Equipments Systems |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 190000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track. Trade relations are fair. Profit margin is not significant. 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
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Registered Office: |
8th Floor, Meridien Commercial Tower, Rainina Road, New
Delhi-110001, India |
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Tel. No.: |
91-11-23327200 |
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Fax No.: |
91-11-23354300 |
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Website : |
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Factory : |
B-53, Industrial Area, Phase-VI, Sas Nagar- 160055, Punjab, India |
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Tel. No.: |
91-172-6620444 |
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Fax No.: |
91-172-6620440 |
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E-Mail : |
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Branches : |
Russia Office: Paveltskaya Plant 2, Building 1, Floor 9. Moscow-115054, Russia |
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Tel. No.: |
+74957872090 |
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Fax No.: |
+74957872091 |
DIRECTORS
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Name : |
Mr. Prakash Kalothia |
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Designation : |
Director |
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Address : |
C-59, First Floor, Ashoka House, Jangpura Extension, Delhi-110014,
India |
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Date of Birth/Age : |
05.04.1974 |
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Date of Appointment : |
16.10.2006 |
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Other Directorship: |
Sun- Apollo Real Estate Advisors Private Limited U74140MH2006PTC164843 |
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Name : |
Mr. Vidyanathan Venkateswaran Sivakumar |
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Designation : |
Director |
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Address : |
S-378, Panchsila Park, New Delhi-110017, India |
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Date of Birth/Age : |
23.02.1963 |
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Date of Appointment : |
16.10.2006 |
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Name : |
Mr. Sachindra Singh Motial |
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Designation : |
Managing Director |
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Address : |
E-128, Richmond Park, DLF, Phase-4, Gurgaon-122002, Haryana, India |
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Date of Birth/Age : |
30.07.1940 |
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Date of Appointment : |
21.12.2006 |
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Other Directorship: |
Associated Electronics Research Foundation U00000DL1981NPL011318 Integrated Documentation Consultants Private Limited U74140TN2004PTC052320 Nova Telesec Private Limited U74210MH1980PTC022757 Welcome Technologies Private Limited U64200MH2005PTC154051 |
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Name : |
Mr.Vedikattil Koruthu Koshi |
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Designation : |
Chairman |
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Address : |
Villa 110, Adarsh Vista, Basavangar Main Road, Vibhuthipura,
Marathahalli, Bangalore-560037, Karnataka, India |
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Date of Birth/Age : |
03.09.1943 |
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Date of Appointment : |
21.12.2006 |
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Other Directorship: |
Raitel Corporation of India Limited L64202DL2000GOI107905 Rail Vikas Nigam Limited U74999DL2003GOI118633 Goa Shipyard Limited U63032GA1967GOI000077 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Sungroup Enterprises Private Limited |
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9990 |
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Amar Singh Sehgal |
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10 |
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Total |
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10000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Bodies Corporate (not mentioned above) |
|
99.90 |
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Others |
|
0.10 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of all types of Navigation, Radar,
Radio, Telecommunication and Wire Communication Equipments Systems |
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Products : |
·
Two Way HG/ VHF/ UHF Radios, TETRA Systems ·
Broadband Wireless Access Equipment based on WIFI, WIMAX, DECT
Technology ·
Wireline Telecom Equipment (STM-1/4/16. IPDSLAM, IRIS) ·
VSAT Equipment ·
Equipments for Radars, Night Vision, Security, ATC Management |
GENERAL
INFORMATION
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No. of Employees : |
10 |
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Bankers : |
IDBI Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Panwar Surinder and Associates Chartered Accountant |
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Address : |
S.C.F. 10, 2nd Floor, Sector 16D, Chandigarh-160016,
Punjab, India |
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Tel. No.: |
91-172-6462942 |
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Holding Company : |
Sungroup Enterprises Private Limited U23209DL2002PTC114345 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
0.100 |
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2] Share Application Money |
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40.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
|
|
[0.353] |
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NETWORTH |
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39.747 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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39.747 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.887 |
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Capital work-in-progress |
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22.446 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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|
0.101 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.100 |
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Sundry Debtors |
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3.962 |
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Cash & Bank Balances |
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11.594 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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1.862 |
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Total
Current Assets |
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19.518 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.347 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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3.347 |
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Net Current Assets |
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16.171 |
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MISCELLANEOUS EXPENSES |
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0.142 |
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TOTAL |
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39.747 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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4.086 |
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Other Income |
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0.000 |
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Total Income |
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4.086 |
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Profit/(Loss) Before Tax |
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[0.339] |
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Provision for Taxation |
|
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[0.014] |
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Profit/(Loss) After Tax |
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[0.353] |
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Imports : |
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Raw Materials |
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2.855 |
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Capital Goods |
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6.269 |
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Total Imports |
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9.124 |
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Expenditures : |
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Depreciation & Amortization |
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0.032 |
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Other Expenditure |
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4.393 |
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Total Expenditure |
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4.425 |
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KEY RATIOS
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PARTICULARS |
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|
31.03.2007 |
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PAT / Total Income |
(%) |
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[8.64] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[8.29] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[1.66] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.01] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.08 |
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Current Ratio (Current Asset/Current Liability) |
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5.83 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Profile:
Subject is a total solutions company having
state-of-the-art manufacturing and testing facilities, specializes in
manufacturing, marketing and support of Telecom, Security and Navigational
Aids.
Subject offers customized services to each of its clients by ways of value
engineering, flexible manufacturing, comprehensive testing, creative sourcing
and shelf-ready packaging. A wide range of mil standard compliant PCB
Assemblies and Systems with high degrees of complexity can be manufactured in
its ESD compliant facilities. Subject is a total quality oriented organization
and the plant's Quality Management Systems have been certified under ISO
9001-2000. ELCOM also extends system integration services encompassing
deployment planning, installation and commissioning, network optimization and
operation and maintenance support.
Subject is strategically located in SAS Nagar (Punjab) near the Union Territory
of Chandigarh and is well connected by air, rail and road with India’s capital
city, New Delhi.
Patronage
Subject is a part of SUN Group, a leading
principal investor and private equity fund manager in Russia, India and other
transforming markets. The founder of SUN, part of an Indian family group active
in India for more than 100 years, first started working with Russia
in 1958. Alongside its global financial and strategic partners, SUN Group
invests in transforming market opportunities in key sectors through operating
platforms or private equity franchises. The Group has been active in areas such
as Oil and Gas, Mining, Real Estate, Infrastructure, Food and Beverage and
Technology
Legacy
Post acquisition of the assets of
Punjab State’s leading blue-chip company, Punjab Wireless Systems Limited
“PUNWIRE”, Sun Group Enterprises Private Limited has been mandated to resurrect
the units of Punwire and has been accorded “Mega Project” status from the
Government of Punjab, India. ELCOM Systems Private Limited was formed in Oct’
2006.
Punwire, formed in 1975, was engaged in
supplying equipment to Defense, Paramilitary Forces, State Police and
Government, DOT (now BSNL), PSUs etc. The erstwhile company Punwire, with
advanced capabilities to manufacture and support military grade communications
equipment, had technical collaboration with global companies like Repco, Harris, Redifusion, Kenwood, Melcom,
Voda, Ericsson, Tadiran, GE Thomson, Bendix King and JRC, Triple P Holland,
Zetron, GILAT, and Scientific Atlanta for various products and systems.
It was well established in Indian and international market and was engaged in
the manufacture and sale of communication equipment including HF, VHF
transceivers, Microwave Radios, Trunking systems, V-SAT products, Tactical
Systems and Consumer products. However, Punwire was closed down by Punjab state
Government in 1999.
Partners:
Subject has tied-up with various global companies offering
diversified range of products and solutions. The key partners are.
·
Corol Telecom
·
Shiron
·
Midas
·
Mac Tactical Radios
·
Tejas Networks
·
NITA
·
RELMBK
·
Telsima
Board of Directors
V.K. Koshy
Ex CMD, BEL Limited
S.S. Motial
Air Cmde. Motial is known as
‘turn-around man’. During his tenure of 4 years as CMD of ITI Limited, he had
the privilege and distinction of turning around this public sector behemoth
from a laid-back potentially sick company to profitable, highly vibrant, dynamic
and future ready organization.
Earlier, Air Cmde (Retd) S.S.Motial has
headed many prominent companies. He has been Executive Chairman of Midas
Communications Technologies Private Limited, Executive Chairman of Datamatics
Information Technology Limited, Executive Director of Datamatics Limited,
Chairman and Managing Director of ITI Limited and Chairman of FIBCOM, India
Satcom Limited and ITI Company Limited He has also been on the Board of
Hindustan Shipyard Limited
He also carries with him experience of
three decades of distinguished service he rendered to the Indian Airforce,
where he held various prestigious assignments in Airforce, Ministry of Defence
and Defence Research and Development Organization.
Air Cmde. Motial is B. Tech. from Punjab
Engineering College, Chandigarh, M. Sc. from Madras University and M. Tech.
from IIT, New Delhi. He is a Fellow Member of Aeronautical Society of India and
IETE.
Vaidyanathan Sivakumar
Mr. Sivakumar has over 15 years of investment
process and research experience. Mr. Sivakumar oversees SUN's investment
activities in India, across all business verticals and provide inputs on
various facets of the private equity investment process including due
diligence, transaction structuring and deal closure. Prior to SUN, Mr.
Sivakumar spent several years in equity and credit research in public markets
with Crosby Securities, Peregrine Capital and CRISIL. He also has six years'
industrial experience with ICI India where he worked in several commercial
functions.
Mr. Sivakumar received an MBA from the
Indian Institute of Management, Ahmedabad and a Bachelor of Engineering from
the Indian Institute of Technology.
Prakash Kalothia
More than 10 years of real estate and private
equity experience. Mr. Kalothia joined SUN in 2002 and is responsible for
investment activities in the infrastructure and real estate sectors. Prior to
SUN, Mr. Kalothia has worked on industrial projects for Coca-Cola and its
partners in India, Venezuela, Nigeria and Indonesia. Earlier, Mr. Kalothia was
with Larsen and Toubro (India's largest engineering and Construction Company).
He is a member on the Investment Committee of SUN-Apollo India Real Estate Fund
LLC. He is also a member of the Urban Land Institute.
Mr. Kalothia has a BA in Civil
Engineering from the National Institute of Technology and an MBA in Finance
from Indian School of Business, Hyderabad.
ELCOM is providing products and
services for various business domains namely Telecom, Security and Navigational
aids. ELCOM has entered into strategic tie-ups with leading global companies
for offering these solutions to its esteemed customers.
ELCOM Systems embodies the philosophy
of absorbing technology and delivering total manufacturing solutions to ensure
efficient delivery and after-sales support.
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.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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 |
|