%20PRIVATE%20LIMITED%2001-Sep-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FLEXTRONICS
TECHNOLOGIES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
88/A, Electronics
City, Hosur Road, Bangalore-560100, Karnataka. |
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Country: |
India |
|
|
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|
Financials (as
on): |
31.03.2007 |
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|
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|
Date of
Incorporation : |
12.01.2001 |
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|
|
|
Com. Reg. No.: |
08-32965 |
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|
|
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CIN No.: [Company Identification No.] |
U31909KA2003PTC032965 |
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|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
BLRF00406A |
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|
|
|
Legal Form : |
Private Limited
Liability Company. |
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|
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|
Line of
Business : |
Manufacturers of
Printed Circuit Boards, Multiplexers. |
RATING &
COMMENTS
|
MIRA’s Rating
: |
Ba |
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit
Limit : |
USD 14617815 |
|
|
|
|
Status : |
Good |
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|
|
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Flextronics Singapore and has strong
presence in Asia. In Year 2007, the company has incurred heavy losses against its large operation. Trade relations are fair.
Payment are correct and as per commitment. Nothing adverse reported. The company can be considered good for normal business dealings at
usual trade terms and Condition. Management remained non
co-operative during current investigation. |
LOCATIONS
|
Registered
Office/ Factory: |
88/A, Electronics
City, Hosur Road, Bangalore-560100, Karnataka, India |
|
Email: |
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|
Website: |
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|
Area : |
18000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
A-380, Defence
Colony, New Delhi-110024, India |
|
Tel. No.: |
91-80-28530022 |
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Fax No.: |
91-80-28521078 |
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|
|
|
Branches : |
17, Subhash Marg,
Daryaganj, New Delhi – 110002, India |
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Tel. No.: |
91-11-23272024/64 |
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Fax No.: |
91-11-23287371 |
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|
|
|
Branch |
Plot 3, Phase 2, SIPCOT Industrial Park, Sandavellur C Village,
Sriperumbudur Taluk, Kanchipuram-602106, Tamilnadu, India |
|
Tel. No.: |
91-44-37180264 |
|
Fax No.: |
91-44-45050492 |
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|
|
|
Branch : |
Finance Shared Services,
Baan Co. 125, AP812, Ispahani Centre, 123/124, Nungambakkam High Road,
Chennai – 600034, Tamilnadu |
|
Tel. No.: |
91-44-66251200 /
91-80-28520022 |
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Fax No.: |
91-80-28528607 |
DIRECTORS
|
Name: |
Mr. Manny Al Marimuthu |
|
Designation : |
Director [Foreign] |
|
Date of Birth: |
11.10.1961 |
|
Date of
Appointment: |
12.01.2001 |
|
Address : |
Room A, 32/F, Block – 7, Discovery Park, Tsuenwan, Hong Kong |
|
|
|
|
Name: |
Mr. Sanjay Yellore |
|
Designation : |
Director |
|
Address : |
611, 6th Floor, Chitrapur
Apartment , 15th Cross Malleswaram, Bangalore, Karnataka. |
|
Date of Birth: |
02.12.1973 |
|
Date of
Appointment: |
23.09.2004 |
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|
|
|
Name: |
Mr. Gururaj A |
|
Designation: |
Director |
|
Address: |
449 Amarjyothi Layout, Intermediate Ring Road, Bangalore – 560 071,
Karnataka, India. |
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Date of Birth: |
05.05.1958 |
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Qualification: |
M Tek (Optical Communication); MS (Electrical Engineering) |
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Date of
Appointment: |
04.03.2005 |
|
|
|
|
Name: |
Mr. R Parthiban |
|
Designation: |
Director |
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Date of Birth
: |
19.01.1970 |
|
Date of
Appointment : |
31.12.2006 |
|
|
|
|
Name : |
Mr. Veriah Poonnaiah |
|
Designation : |
Director [Foreign] |
|
Address : |
106, Delphi 1, Prestige Acropolis Koramangala, Bangalore, Karnataka. |
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Date of Birth/Age : |
11.10.1961 |
|
Date of Appointment : |
23.09.2004 |
|
|
|
|
Name : |
Mr. Ashish Kumar Bhardwaj |
|
Designation : |
Director |
|
Address : |
139, Palm Drive, Red hill, Hong Kong.
|
|
Date of Birth/Age : |
20.02.1964 |
|
Date of Appointment : |
12.01.2001 |
KEY EXECUTIVES
|
Name : |
Mr. Sridhar S |
|
Designation : |
Secretary |
|
Address : |
Flat No 104, Keerthi
Ornatta Cvraman Nagar, Main
Road, Nagavarapalya, Bangalore. |
|
Date of Birth /Age : |
15.08.1968 |
|
Date of Appointment : |
10.06.2004 |
|
|
|
|
Name: |
Mr. Omesh Raina |
|
Designation: |
Company Secretary |
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Date of Birth
: |
30.04.1974 |
|
Date of
Appointment : |
01.06.2007 |
MAJOR SHAREHOLDERS
As on 31.03.2007
|
Names
of Shareholders |
|
No. of Shares |
|
Bhardwaj Kumar Ashish |
|
10010 |
|
Manny Al Marimuthu |
|
10 |
|
Flextronics International
Asia Pacific Limited |
|
26558682 |
|
Joseph Devadas |
|
1 |
|
Sanjay Yellore |
|
1 |
|
TOTAL: |
|
26568704 |
EQUITY SHARE BREAKUP
As On 30.09.2007
|
Category |
|
Percentage |
|
Foreign holding (Foreign
institutional investor (s), Foreign companie(s),Foreign financial
institution(s), Non resident Indian(s) or Overseas corporate bodies or
Others. |
|
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers of Printed
Circuit Boards, Multiplexers. |
|
|
|
|
Products : |
·
Alternators ·
Miscellaneous
Machine Tools ·
Electrical
Components and Devices ·
Miscellaneous
Electrical Equipment ·
Testing and
Measuring – Medical ·
Electrical
& Electronics ·
Electronics Test
and Measuring Instruments ·
Power
Generator Equipment ·
Electronics
Test and Measuring Instruments. |
GENERAL
INFORMATION
|
No. of
Employees : |
Around 297 |
|
|
|
|
Bankers : |
Not Available |
|
Auditors : |
Jain Christopher Srikanth and Srikanth Chartered Accountant |
|
Address : |
2nd Floor, Uniworth Plaza, 20 Sankey Road, Bangalore,
Karnataka. |
|
|
|
|
Holding
Company : |
Flextronics
International Asia Pacific Limited |
|
|
|
|
Group
Companies: |
·
Flextronics
Enterprise Solution, Inc (FESI) ·
Flextronics
Technologied (Shah Alam) Sdn. Bhd. ·
Flextronics
International USA, Inc. ·
Flextronics
Manufacturing (Hong Kong) Limited ·
Flextronics
International EQTOIS Serv Limited ·
Flextronics
Manufacturing (Shahghai) Company Limited ·
Flextronics
International Technologia Limited ·
Flextronics
International Sweden AB ·
Flextronics
Technologies (Zuhai) Company Limited ·
Flextronics
International Thailand ·
Flextronics
International Inc. ·
Flextronics
International Latin America (L) Limited ·
Flextronics
Technology (Singapore) Pte Limited ·
Flextronics
Sales & Marketing (A-P) Limited, Mauritius ·
Flextronics
Inter. Amazonia Limited ·
Flextronics
International USA ·
Flextronics
International Asia – Pacific Limited |
CAPITAL STRUCTURE
As On 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity shares |
Rs. 10/- each |
Rs. 350.000 millions |
|
|
|
|
|
|
115000000 |
Preference |
Rs. 10/-each |
Rs. 1150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26568694 |
Equity shares |
Rs. 10/- each |
Rs. 265.686
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
265.687 |
265.687 |
265.686 |
|
2] Share Allotment Money |
3170.046 |
396.597 |
0.000 |
|
2] Reserves & Surplus |
41.385 |
111.099 |
144.775 |
|
3] Profit and Loss A/c |
(553.556) |
(8.584) |
0.000 |
NETWORTH
|
2923.562 |
764.799 |
410.461 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
2] Unsecured
Loans |
14.720 |
0.000 |
0.000 |
TOTAL
BORROWING
|
14.720 |
0.000 |
0.000 |
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
6.137 |
|
|
|
|
|
TOTAL
|
2938.282 |
764.799 |
416.598 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2031.696 |
193.381 |
183.095 |
|
Capital work-in-progress |
379.119 |
748.509 |
2.577 |
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX
ASSETS |
0.000 |
0.000 |
3.484 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
751.969
|
368.514 |
518.452 |
|
Sundry Debtors |
460.184
|
606.907 |
246.541 |
|
Cash & Bank Balances |
707.591
|
61.353 |
44.670 |
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
Loans & Advances |
1351.420
|
148.673 |
74.425 |
|
Total Current Assets |
3271.164
|
1185.447 |
884.088 |
|
Less: CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
2705.726
|
1336.712 |
645.446 |
Provisions
|
37.970
|
25.826 |
11.200 |
Total Current Liabilities
|
2743.696
|
1362.538 |
656.646 |
Net
Current Assets
|
527.468
|
(177.091) |
227.442 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
|
2938.282 |
764.799 |
416.598 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3750.803 |
1417.001 |
1153.239 |
|
|
Other Income |
412.164 |
179.338 |
0.000 |
|
|
Total Income |
4162.967 |
1596.339 |
1153.239 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(349.935) |
(18.204) |
51.427 |
|
|
Provision for Taxation |
8.507 |
(15.829) |
20.679 |
|
|
Profit/(Loss) After Tax |
(358.463) |
(34.033) |
30.748 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
75.161 |
33.346 |
|
|
|
Commission Earnings |
0.000 |
0.000 |
|
|
|
Other Earnings |
318.496 |
152.718 |
|
|
Total Earnings |
413.286 |
285.735 |
|
|
|
|
|
|
|
|
|
Imports : |
|
|
NA |
|
|
|
Raw Materials |
3737.253 |
1011.921 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
|
|
|
Capital Goods |
246.698 |
14.060 |
|
|
|
Others |
0.291 |
0.000 |
|
|
Total Imports |
3984.242 |
1025.981 |
|
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Costs |
3664.275 |
1252.046 |
0.000 |
|
|
Personnel Exp |
328.526 |
145.483 |
0.000 |
|
|
Operating and Other Exp |
415.681 |
142.860 |
0.000 |
|
|
Selling and Marketing |
41.381 |
2.763 |
0.000 |
|
|
Other Expenditure |
0.000 |
0.000 |
1101.812 |
|
Total Expenditure |
4449.863 |
1525.152 |
1101.812 |
|
%20PRIVATE%20LIMITED%2001-Sep-2008_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
(8.61)
|
(2.11)
|
2.67 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
(9.32)
|
(1.14)
|
4.46 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
6.95
|
(0.85)
|
4.79 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
(0.12)
|
(0.02)
|
0.13 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
0.94
|
1.78
|
1.60 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.19
|
0.87
|
1.35 |
LOCAL AGENCY
FURTHER INFORMATION
Profile :
Headquartered in Singapore, Flextronics is a leading Electronic Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing service to automotive, computing consumer digital, Industrial, infrastructure, medical and mobile OEMs. With the acquisition of Solectron, pro forma fiscal year 2007revenues form continuing operations are more than USD 30 Billion. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in 30 countries on four continents. This Global presence provides design and engineering solutions that are combined with core electronic manufacturing and logistics service, and vertically integrated with components technologies , to optimize customer operations by lowering costs and reducing time to market.
Flextronics looks at technology and innovation as one of the critical paths to achieving has Customer’s business objectives. Not only should technology bring competitive product differentiation to our customers, it should have a major impact on products cost and time to market as well.
This Philosophy allows Flextronics to focus our technology initiatives on impacting four critical areas.
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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
45 |
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/normal. |
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 |
|