MIRA
INFORM REPORT
|
Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
AVAYA INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
DIXON ENTERPRISE NETWORK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
62, 6th Floor, Kalpataru Synergy, Opposite to Grand Hyatt
Hotel, Vakola, Santacruz (East), Mumbai – 400055, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
03.04.2000 |
|
|
|
|
Com. Reg. No.: |
05-209895 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.141.652
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH2000PTC209895 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
The company is engaged in the business of maintenance of
telecommunication equipments. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 7400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is Active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal for business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Nyaneshwar Kale |
|
Designation : |
Operator |
|
Date : |
30.07.2011 |
LOCATIONS
|
Registered Office : |
62, 6th Floor, Kalpataru Synergy, Opposite to Grand Hyatt
Hotel, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India |
|
Tel. No.: |
91-124-2560500 |
|
E-Mail : |
DIRECTORS
(AS ON 28.10.2010)
|
Name : |
Mr. Devakumar Ramamoorthy |
|
Designation : |
Director |
|
Address : |
1406, Sector – D, PKT 1, Vasant Kunj, |
|
Date of Birth/Age : |
17.06.1974 |
|
Date of Appointment : |
19.06.2008 |
|
|
|
|
Name : |
Mr. Abhay Ramchandra Valsangkar |
|
Designation : |
Director |
|
Address : |
Lapis Lazuli B1, Flat No.1002, Garnet, south Main Road, Lane No.5,
Koregaon Park, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
14.02.1959 |
|
Date of Appointment : |
18.03.2009 |
|
|
|
|
Name : |
Mr. Rajeev Shroff |
|
Designation : |
Director |
|
Address : |
B – 40 Madhuvan, |
|
Date of Birth/Age : |
18.02.1964 |
|
Date of Appointment : |
08.08.2007 |
|
|
|
|
Name : |
Mr. Bee Peng Ang |
|
Designation : |
Director |
|
Address : |
BLK |
|
Date of Birth/Age : |
12.03.1970 |
|
Date of Appointment : |
26.03.2008 |
|
|
|
|
Name : |
Mr. Pamela Francine Craven |
|
Designation : |
Director |
|
Address : |
101, |
|
Date of Birth/Age : |
03.10.1953 |
|
Date of Appointment : |
30.09.2010 |
|
|
|
|
Name : |
Mr. Anthony Frank Bartolo |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
20.01.1970 |
|
Date of Appointment : |
04.12.2009 |
|
|
|
|
Name : |
Mr. Faa Shoon Chang |
|
Designation : |
Director |
|
Address : |
18, |
|
Date of Birth/Age : |
30.06.1957 |
|
Date of Appointment : |
04.12.2009 |
|
Date of Ceasing : |
08.11.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Nyaneshwar Kale |
|
Designation : |
Operator |
|
|
|
|
Name : |
Mr. Krishan Lall |
|
Designation : |
Company Secretary |
|
Address : |
90/88, Ground Floor, Malviya Nagar, |
|
Date of Birth/Age : |
19.07.1943 |
|
Date of Appointment : |
23.08.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.10.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Rajinder Sharma |
|
100 |
|
Sierra Communication International LLC*, |
|
14164950 |
|
Avaya International Enterprises Limited, |
|
100 |
|
|
|
|
|
Total
|
|
14165150 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Other top fifty shareholders |
|
0.01 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of maintenance of
telecommunication equipments. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes (Sharmila A. Karve – Partner) Chartered Accountant |
|
Address : |
252, Veersavarkar Marg, Shivaji Parkm Dadar West, Mumbai – 400028, |
|
|
|
|
Holding Company : |
·
Sierra Communication International LLC*, |
|
|
|
|
Ultimate Holding Company: |
·
Avaya Inc. |
|
|
|
|
Fellow Subsidiaries : |
·
Avaya · Avaya International Sales Limited ·
Avaya ·
Avaya · Avaya Tenovis GMBH and Co KG · AGC Networks Limited (Formerly Avaya Global Connect Limited) ·
Avaya ·
Avaya · Avaya Management Services Inc |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16450000 |
Equity Share |
Rs.10/- each |
Rs.164.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14165150 |
Equity Share |
Rs.10/- each |
Rs.141.652
Millions |
|
|
|
|
|
NOTE:
14,164,950 shares held by Avaya International
LLC, USA, the holding Company, which is a fully owned subsidiary of Avaya Inc.
USA).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
141.652 |
141.652 |
141.652 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1696.671 |
1053.330 |
639.782 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1838.323 |
1194.982 |
781.434 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1838.323 |
1194.982 |
781.434 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1245.625 |
978.886 |
860.700 |
|
|
Capital work-in-progress |
12.082 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
81.579 |
29.407 |
14.698 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
184.837
|
0.000 |
0.000 |
|
|
Sundry Debtors |
534.093
|
373.333 |
167.365 |
|
|
Cash & Bank Balances |
217.663
|
66.976 |
98.683 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
237.550
|
127.269 |
78.030 |
|
Total
Current Assets |
1174.143
|
567.578 |
344.078 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
269.278 |
159.239 |
292.650 |
|
|
Other Current Liabilities |
250.420
|
132.011 |
89.663 |
|
|
Provisions |
155.408
|
89.639 |
55.729 |
|
Total
Current Liabilities |
675.106
|
380.889 |
438.042 |
|
|
Net Current Assets |
499.037
|
186.689 |
(93.964) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1838.323 |
1194.982 |
781.434 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Turnover Including Other Income) |
3691.100 |
2846.500 |
1821.500 |
|
|
|
TOTAL |
3691.100 |
2846.500 |
1821.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
2627.100 |
2138.400 |
1359.400 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1064.000 |
708.100 |
462.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
377.200 |
247.200 |
143.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
686.800 |
460.900 |
318.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
49.200 |
47.400 |
57.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
637.600 |
413.500 |
261.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
637.600 |
413.500 |
261.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Software Development Services |
3060.231 |
2552.659 |
|
|
|
|
Technical Services |
196.301 |
22.303 |
|
|
|
TOTAL EARNINGS |
3256.532 |
2574.962 |
1606.922 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
158.200 |
165.896 |
251.380 |
|
|
TOTAL IMPORTS |
158.200 |
165.896 |
251.380 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.01 |
29.19 |
18.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.27
|
14.53 |
14.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.38
|
29.80 |
26.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.39 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.32 |
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.49 |
0.79 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors
|
|
|
|
|
- Total Outstanding Dues of
Micro Enterprises and Small Enterprises |
0.811 |
-- |
-- |
|
- Total Outstanding Dues of Creditors
other than Micro Enterprises and Small Enterprises |
268.467 |
159.239 |
292.650 |
|
|
|
|
|
|
Total |
269.278 |
159.239 |
292.650 |
NOTE:
The Registered Office of the company has been shifted from
PERFORMANCE
The Company achieved a turnover of Rs.3691.100 Millions and earned a profit
after tax of Rs.637.600 Millions as compared to the turnover of Rs.2846.500
Millions and a profit after tax of Rs.413.500 Millions during the previous year
i.e. an increase of 30% and 54% respectively.
BUSINESS
OPERATIONS OF THE COMPANY
The company activities were concentrated on rendering software services
from the center at Pune and Marketing and Maintenance activity in Gurgaon and
Mumbai.
FUTURE OUTLOOK
The company will focus Global Communication Systems (GCS) and Global
Services (GSD) Business activities during the year.
SHIFTING OF
REGISTERED OFFICE OF THE COMPANY
The Company had filed a Petition u/s 17 of the Companies Act, 1956 being
the C.P. No. 401/17/2010 for shifting of registered office of the Company from
State of
CONTINGENT
LIABILITIES - (RS IN MILLIONS)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Income Tax Matters |
6.665 |
6.665 |
6.665 |
|
|
|
|
|
FIXED ASSETS
· Computer Systems
· Furniture and Fixtures
· Office Equipments
· Leasehold Improvement
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.16 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.