MIRA
INFORM REPORT
|
Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ACCORD COMMUNICATIONS LIMITED |
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Registered Office : |
2-3B, Kanohar Lal Market, Sharda Road, Meerut – 250 002, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.01.1990 |
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Com. Reg. No.: |
20-11587 |
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CIN No.: [Company
Identification No.] |
U51109UP1990PLC011587 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTA00025E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and Marketing of a diverse range of telecom products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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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 420000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
2-3B, Kanohar Lal Market, Sharda Road, Meerut – 250 002, Uttar Pradesh, India |
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Tel. No.: |
91-121-2515123 / 2515124 / 2523456 / 2523457 / 240074 |
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Fax No.: |
91-121-2515125 / 2523458 |
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E-Mail : |
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Website : |
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Branch Offices : |
Located at Delhi ·
Bangalore ·
Kolkata ·
Mumbai ·
Ahmedabad |
DIRECTORS
|
Name : |
Mr. Prabhat Kumar Mohta |
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Designation : |
Director |
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Address : |
Sukam, Ras Deep Apartments, Punjabi Pura, Meerut – 250 001, Uttar
Pradesh, India |
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Date of Birth/Age : |
12.04.1952 |
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Date of Appointment : |
25.01.1990 |
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Name : |
Mr. Aditya Kumar Mohta |
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Designation : |
Director |
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Address : |
29, Bharampuri, Meerut – 250 001, Uttar Pradesh, India |
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Date of Birth/Age : |
18.12.1961 |
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Date of Appointment : |
25.01.1990 |
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Name : |
Mrs. Sushma Mohta |
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Designation : |
Managing Director |
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Address : |
Paras Deep Apartments, Punjabi Pura, Meerut – 250 001, Uttar Pradesh,
India |
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Date of Birth/Age : |
12.11.1955 |
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Date of Appointment : |
25.01.2002 |
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Name : |
Mrs. Shailly Mohta |
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Designation : |
Director |
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Address : |
29, Bharampuri, Meerut – 250 001, Uttar Pradesh, India |
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Date of Birth/Age : |
30.06.1962 |
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Date of Appointment : |
25.01.1990 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Sharma |
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Designation : |
Product Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Aditya Kumar Mohta |
5176 |
|
Prabhat Kumar Mohta |
5355 |
|
Shailly Mohta |
12330 |
|
Sushma Mohta |
8200 |
|
Dayawanti Mohta |
80 |
|
V K Maheshwari |
30 |
|
Monisha Maheshwari |
15 |
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Puneet Maheshwari |
15 |
|
Ajay Mittal |
10 |
|
Sanjeev Jaitly |
15 |
|
P T Agarwal |
30 |
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Total |
31256 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Other top fifty (50) shareholders |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of a diverse range of telecom products |
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Products : |
Wired Telecom
Products ·
PABX System ·
PABX+KTS System ·
Intercom System Wireless Telecom
Products ·
GSM Fixed Cellular Terminal (FCT) ·
GSM Least Cost Router ·
GSM Modem ·
GSM PCO/Payphones ·
GSM Coinphones ·
GSM PABX Allied Telecom
Products ·
Voice Mail System ·
Auto Attendant ·
Music on Hold |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
Allahabad Bank Delhi Chungi Branch, Delhi Road, Meerut – 250 001, Uttar Pradesh,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V S Gupta and Company Chartered Accountants |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 millions |
|
1500 |
Preference Shares |
Rs.1000/- each |
Rs.1.500 millions |
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Total |
|
Rs.9.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31256 |
Equity Shares |
Rs.100/-
each |
Rs.3.126
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
3.126 |
3.126 |
3.126 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
80.839 |
74.006 |
63.724 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
83.965 |
77.132 |
66.850 |
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LOAN FUNDS |
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1] Secured Loans |
13.123 |
20.653 |
3.085 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.027 |
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TOTAL BORROWING |
13.123 |
20.653 |
3.112 |
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DEFERRED TAX LIABILITIES |
0.658 |
0.586 |
0.711 |
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TOTAL |
97.746 |
98.371 |
70.673 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.371 |
19.752 |
18.483 |
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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 |
41.738
|
38.113 |
38.757 |
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Sundry Debtors |
56.558
|
42.341 |
20.900 |
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Cash & Bank Balances |
30.308 |
27.768 |
15.223 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.371
|
10.259 |
9.681 |
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Total
Current Assets |
138.975
|
118.481 |
84.561 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
56.350
|
34.562 |
32.371 |
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Provisions |
4.250
|
5.300 |
0.000 |
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Total
Current Liabilities |
60.600
|
39.862 |
32.371 |
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Net Current Assets |
78.375
|
78.619 |
52.190 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
97.746 |
98.371 |
70.673 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
208.990 |
195.329 |
126.734 |
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Other Income |
1.768 |
1.731 |
1.442 |
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Total Income |
210.758 |
197.060 |
128.176 |
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Profit/(Loss) Before Tax |
11.963 |
15.933 |
12.892 |
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Provision for Taxation |
4.322 |
5.175 |
4.668 |
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Profit/(Loss) After Tax |
7.641 |
10.758 |
8.224 |
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Expenditures : |
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Raw Material Consumed |
159.059 |
130.336 |
75.997 |
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Consumption of stores and spares parts |
0.000 |
0.035 |
0.028 |
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Increase/(Decrease) in Finished Goods |
(7.652) |
0.053 |
6.921 |
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Salaries, Wages, Bonus, etc. |
0.502 |
0.709 |
12.845 |
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Managerial Remuneration |
0.000 |
0.000 |
2.213 |
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Payment to Auditors |
0.082 |
0.074 |
0.067 |
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Interest |
0.810 |
1.029 |
0.278 |
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Insurance Expenses |
2.708 |
2.715 |
2.699 |
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Power & Fuel |
0.526 |
0.478 |
0.506 |
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Depreciation & Amortization |
2.334 |
2.310 |
2.493 |
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Other Expenditure |
40.426 |
43.388 |
11.237 |
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Total Expenditure |
198.795 |
181.127 |
115.284 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.63
|
5.46 |
6.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.72
|
8.16 |
10.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.55
|
11.53 |
12.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.21 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
0.78 |
0.53 |
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Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.97 |
2.61 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
ACCORD COMMUNICATIONS LIMITED |
|
Presented By |
Aditya Kumar
Mohta |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement dated 26th September, 2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.34.550
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future Goods and Products and movable property of any kind of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Allahabad Bank Delhi Chungi Branch, Delhi Road, Meerut – 250 001, Uttar Pradesh,
India |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
Agreement dated 26.09.2001 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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Corporate
identity number of the company |
U51109UP1990PLC011587 |
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Name of the
company |
ACCORD COMMUNICATIONS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
2-3B, Kanohar Lal Market, Sharda Road, Meerut – 250 002, Uttar Pradesh, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Allahabad Bank Delhi Chungi Branch, Delhi Road, Meerut – 250 001, Uttar Pradesh,
India |
|
Nature of
instrument creating charge |
Adv. 32 General
Letter of Hypothecation applicable in case of limited liability company for
Adhoc limit of Rs.13.000 millions for three months |
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Date of
instrument Creating the charge |
30.06.2008 |
|
Amount secured by
the charge |
Rs.83.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of interest PLR minus 1.50% p.a. with monthly rests (Presently PLR is 13.25%) for
existing limits and PLR plus 0.50% for Adhoc limit of Rs.13.000 millions. ·
Terms of
repayment In demand for existing limit of Rs.65.000 millions and the Adhoc limit
of Rs.13.000 millions is repayable in three months ·
Margin In Cash Credit limit of Rs.78.000 millions margin is 25% (Against
Hypothecation of stocks and Book debts upto 90 days) and in case on Bank
Guarantee limit of Rs.5.000 millions, Margin is 25%. ·
Extent and operation
of the charge Cash Credit limit Rs.78.000 millions and Bank Guarantee Rs.5.000
millions Further the company is allowed alternative utilization of credit
facilities in following manner: Letter of credit (DP/DA) in lieu of cash credit Rs.16.250 millions. Alternative Utilisation of BG limit into LC (DP/DA) Rs.5.000 millions. |
|
Particulars of
the property charged |
1.
EM of Plot
No. 21 within Khasra No. 153 admeasuring 422.70 Sq. Mtr. Situated at
Hafizabad Mewla, Sports Complex, Delhi Road, Meerut. 2.
EM of Plot
and land within Khasra No. 6382/1, 6388, 6391, 6392/2, 6393, 6394 and 6395
admeasuring 1059.50 sq. mtr. At Major Dhyan Chand Nagar, Delhi Road, Meerut 3.
EM of plot
of land (Part of plot no. 3 and 4, Khasra no. 153 measuring 269.80 situated
at Hafizabad Mewla, Sports Complex, Delhi Road, Meerut. 4.
And other
properties as mentioned in enclosed sanction letter. |
|
Particulars of
the present modification |
Adhoc Limit of
13.000 millions for three months above the present cash credit limit of Rs.65.000
millions and Bank Guarantee of Rs.5.000 millions |
Web Details
Subject is India's leading telecom company, established in
1990, in core business of designing, manufacturing and marketing of a diverse range
of telecom products in Switching, GSM, IP technologies etc.
They are an ISO 9000 certified company. They offer high
performing innovative range of PABX, KTS, G-PAX and Intercom Systems from 3 to
4500 ports, GSM Fixed Cellular Terminals, Routers, GSM Modems, GSM Fixed
Phones, VoIP Gateways, Stand alone and Terminal Equipments etc.
They are an ISO 9000 certified company. They offer high
performing innovative range of PABX, KTS, G-PAX and Intercom Systems from 3 to
4500 ports, GSM Fixed Cellular Terminals, Routers, GSM Modems, GSM Fixed
Phones, VoIP Gateways, Stand alone and Terminal Equipments etc. Besides they
execute turn key telecom networking projects at national level.
As such they are proud to serve a wide spectrum of user
segments viz. SOHO, Medium and large Enterprise, MNCs, Government, Defence,
Call Centers and Mobile Operators through more than 700 channel partners and
prestigious business alliances in India and overseas.
The strong R and D is the back bone. By virtue of having
full command on hardware and software they have been introducing innovative
telecom products with high field stability since 15 years.
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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|