MIRA
INFORM REPORT
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Report Date : |
11.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
TCL INDIA HOLDINGS PRIVATE LIMITED |
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Registered Office : |
Marwah Centre, 3rd Floor, Krishanlal Marwah Marg, Sakhivihar
Road, Andheri (East), Mumbai – 400 072, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.12.2001 |
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Com. Reg. No.: |
134318 |
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CIN No.: [Company
Identification No.] |
U65990MH2001PTC134318 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Consumer Products. |
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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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of TCL, Hong Kong. Its financial position is weak
having huge accumulated losses. Trade relations are fair. Payments are
however reported as usually made as per commitments. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Sudhir Kant |
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Designation : |
H R Head |
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Date : |
10.10.2008 |
LOCATIONS
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Registered Office : |
Marwah Centre, 3rd Floor, Krishanlal Marwah Marg,
Sakhivihar Road, Andheri (East), Mumbai – 400 072, Maharashtra |
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Tel. No.: |
91-22-40080600 |
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Fax No.: |
91-22-40080800 |
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E-Mail : |
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Website : |
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Location : |
Leased |
They have 19 Branch Offices all over India and
10 Factories.
DIRECTORS
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Name : |
Mr. Liu Hongqi |
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Designation : |
Managing Director |
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Address : |
5, Central Indlustril, Avenue, Shekou, Shenzhen, China. |
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Date of Appointment : |
05.02.2004 |
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Name : |
Mr. Yu Chunyu |
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Designation : |
Director |
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Address : |
5, Central Indlustril, Avenue, Shekou, Shenzhen, China. |
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Date of Appointment : |
24.09.2004 |
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Name : |
Mr. Choy Wai Fung |
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Designation : |
Director |
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Address : |
13 F, TCL Tower, 8, Tai Chun Road, Tsuen Wan, N.T. HK, China. |
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Date of Appointment : |
24.09.2004 |
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Name : |
Mr. Cheng Chi Keung |
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Designation : |
Director |
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Address : |
13 F, TCL Tower, 8, Tai Chun Road, Tsuen Wan, N.T. HK, China. |
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Date of Appointment : |
09.09.2005 |
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Name : |
Mr. Peng Kangsong |
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Designation : |
Director |
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Address : |
5, Central Indlustril, Avenue, Shekou, Shenzhen, China. |
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Date of Appointment : |
09.09.2005 |
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Name : |
Mr. Ze Qiao Lai |
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Designation : |
Director |
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Date of Birth/Age : |
06.11.1977 |
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Address : |
Lake Pleasant, C-Wing, 1901-2, Phase – II, Lake Home, Powai, Mumbai –
400 076, Maharashtra, India |
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Date of Appointment : |
04.03.2007 |
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Date of Resignation : |
05.07.2008 |
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E-Mail : |
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Name : |
Mr. Warren Wang |
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Designation : |
Director |
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Name : |
Mr. Ray Ding |
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Designation : |
Director |
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Name : |
Mr. Wang Rulin |
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Designation : |
Managing Director |
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Date of Birth/Age : |
18.03.1975 |
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Date of Appointment : |
04.03.2007 |
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Name : |
Mr. Chen Weidong |
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Designation : |
Director |
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Date of Birth/Age : |
01.08.1969 |
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Date of Appointment : |
04.03.2007 |
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Name : |
Mr. Yang Yiming |
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Designation : |
Director |
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Date of Birth/Age : |
02.11.1972 |
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Date of Appointment : |
04.03.2007 |
KEY EXECUTIVES
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Name : |
Mr. Cleveland T John |
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Designation : |
Manager |
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Address : |
22, B/ 6, A/ Wing, Gulmohar Vrindavan Complex, Evershine City, Vasai (East),
Thane – 401 205, Maharashtra, India. |
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Date of Birth/Age : |
07.01.1961 |
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Date of Appointment : |
12.06.2006 |
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Tel. No.: |
91-22-40080774 |
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Fax No.: |
91-22-40080800 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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TCL Overseas Holdings Limited |
9999 |
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Brilliant Decade Limited |
1 |
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Total |
10000 |
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Names of Allottees |
No. of Shares |
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TCL Overseas Marketing Limited, Hong Kong |
26783748 |
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Total |
26783748 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
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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
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Line of Business : |
Manufacturer of Consumer Products. |
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Products : |
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Imports : |
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Countries : |
China |
GENERAL
INFORMATION
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No. of Employees : |
80 |
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
1. R.A. Moraes and Associates Chartered Accountants Address: 114, Mahim United Industrial Premises, Moghal Lane, Mahim,
Mumbai – 400 016, Maharashtra, India. 2. C.S. Hariharan and Company Chartered Accountants Address: 16/ 6, College Road, Chennai – 600 006, Tamilnadu, India. |
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Holding Company : |
TCL Overseas Holdings Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
26800000 |
Equity Shares |
Rs.10/- Each |
Rs.268.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- Each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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|
31.03.2008
(Approximately) |
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Sales Turnover (Estimated) |
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6000.000 |
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
245.987 |
245.987 |
245.987 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
246.087 |
246.087 |
246.087 |
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LOAN FUNDS |
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1] Secured Loans |
26.045 |
24.071 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
26.045 |
24.071 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
272.132 |
270.158 |
246.087 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.313 |
46.675 |
11.962 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
334.645
|
341.277 |
539.133 |
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Sundry Debtors |
212.703
|
244.509 |
10.618 |
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Cash & Bank Balances |
297.745
|
345.666 |
135.631 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
204.891
|
203.458 |
184.753 |
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Total
Current Assets |
1049.984
|
1134.910 |
870.135 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1717.973
|
1327.321 |
772.587 |
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Provisions |
6.590
|
6.624 |
6.648 |
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Total
Current Liabilities |
1724.563
|
1333.945 |
779.235 |
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Net Current Assets |
(674.579)
|
(199.035) |
90.900 |
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MISCELLANEOUS EXPENSES |
0.000 |
58.418 |
0.000 |
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Profit and Loss account |
902.398 |
364.100 |
143.225 |
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TOTAL |
272.132 |
270.158 |
246.087 |
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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 |
2990.293 |
2712.996 |
1246.877 |
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Other Income |
50.255 |
45.898 |
28.251 |
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Total Income |
3040.548 |
2758.894 |
1275.128 |
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Profit/(Loss) Before Tax |
(538.298) |
(220.875) |
(143.124) |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
(538.298) |
(220.875) |
(143.124) |
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Expenditures : |
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Financial Charges |
(1.045) |
2.960 |
0.727 |
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Depreciation & Amortization |
16.333 |
1.138 |
0.114 |
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Other Expenditure |
3563.558 |
2975.671 |
1417.411 |
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Total Expenditure |
3578.846 |
2979.769 |
1418.252 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(17.70)
|
(8.01) |
(11.22) |
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Net Profit Margin (PBT/Sales) |
(%) |
(18.00)
|
(8.14) |
(11.48) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(49.19)
|
(18.69) |
(16.23) |
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Return on Investment (ROI) (PBT/Networth) |
|
(2.19)
|
(0.90) |
(0.58) |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.11
|
5.52 |
3.17 |
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Current Ratio (Current Asset/Current Liability) |
|
0.61
|
0.85 |
1.12 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The address of the registered office of the company has been
shifted from IL and FS House, Plot No.144th Floor, Raheja Vihar,
Chandivali, Andheri (East), Mumbai – 400 072, Maharashtra, India to the present
address w.e.f. 11.01.2006.
WEBSITE DETAILS:
PROFILE
Headquartered at
the TCL Tower in Shenzhen, TTE (TCL-Thomson Electronic) has net assets of EURO
430 million, with TCL International, holding a 67% stake, while Thomson holds a
33% stake. TTE employs a highly-skilled workforce of over 29,000 personnel in
five profit centers, five R&D centers and ten manufacturing plants around
the world and reshapes the global TV industry, marking a dream come true for
“internationalized” World class business.
Subject is the TTE whole-owned subsidiary, which has been operated in
India for More than ten years, they have employed more than 400 native
employees around Indian including 50 R&D scientist and engineers, above 90%
of whom own the certification of bachelor.
Leveraging its Industry expertise, strong brand awareness, in-depth market
knowledge and major presence in key international markets, TCL Indian is
well-positioned to further strengthen its market position and fully capture the
emerging opportunities in the high-growth television industry of Indian. TCL
Indian’s strengths include:
- Strong global R&D capabilities,
above 1200 scientists and engineers, enabling state-of-the-art
technologies deployment!
- Manufacturing plants, located in
proximity to major international markets, allowing rapid response to suit
varying needs of customers around the world.
- 19 branches, 200 numbers of skilled
service engineers, Located in all round India, concentrating on timely,
effective and smile service for you.
- Highly efficient in the business
strategy and business management, TCL employees are the most dedicated and
professional quality workers.
With their entry
into the Indian market, TCL India vouch to change the CTV market forever.
Taking the advantage of TTE’s R&D and Manufacture, TCL has a vision for endeavoring
long and durable relation with Indian customers and supplies the best products
including plasma TV, LCOS rear project TV, High resolution TV, HDTV,
Conditioners, refrigerators, washing machines, mobiles phones, telephones,
switches and sockets.
With high
price-value equation and excellent service, they are satisfying all customers
around India and dreaming to “Science makes you smile”!
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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
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 |
|