MIRA INFORM REPORT

 

 

Report Date :

10.08.2011

 

IDENTIFICATION DETAILS

 

Name :

andrew telecommunicationS India private LIMITED

 

 

Registered Office :

Plot No. N-2, Phase IV, Verna Industrial Estate, Verna Salcette – 403 511, Goa

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

09.10.1997

 

 

Com. Reg. No.:

24-002452

 

 

Capital Investment / Paid-up Capital :

Rs.49.404 Millions

 

 

CIN No.:

[Company Identification No.]

U32204GA1997PTC002452

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA04908B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and trading of co-axial cables, base station antennas, micro-wave antennas and similar allied products for the telecommunication industry

 

 

No. of Employees :

1000 [In Office] Approximately

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba [49]

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

Maximum Credit Limit :

USD 9870000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having Satisfactory track. There appears some losses being incurred by the company in the current year i.e. 2009-2010. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The Company can be considered 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.

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Yatin Gaitonde

Designation :

Manager Costing

Date :

08.08.2011

 

 

LOCATIONS

 

Registered Office/Factory :

Plot No. N-2, Phase IV, Verna Industrial Estate, Verna Salcette – 403 511, Goa, India

Tel. No.:

91-832-6685200 / 201 / 202 / 2407303

Fax No.:

91-832-6685025 / 6685104 / 6685107

E-Mail :

Yatin.gaitonde@andrew.com

arun.kohli@andrew.com

allan.koch@andrew.com

Website :

http://www.andrew.com   

Area :

Land Area – 50,000 Sq.mt.

Built up Area - 19000 Sq.mt.

Location :

Leased

 

 

Corporate Office :

Andrew Corporation

10500 W. 153rd Street, Orland Park, Illinois 60462, U.S.A.

Tel. No.:

1-708-349-3300

 

 

Overseas Office :

Located at

·         U.S.A.

·         Australia

·         Brazil

·         Canada

·         China

·         Finland

·         France

·         Germany

·         HongKong

·         Indonesia

·         Italy

·         Japan

·         Malaysia

·         Mexico

·         Philippines

·         Russia

·         Saudi Arabia

·         Singapore

·         South Africa

·         Spain

·         Sweden

·         Switzerkland

·         Thailand

·         Ukraine

·         United Kingdom

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Daniel John Hartnett

Designation :

Director

Address :

110 South Quincy, Hinsdale, Illinois, USA – 60521

Date of Birth/Age :

16.10.1955

Date of Appointment :

10.11.1998

DIN :

00438363

 

 

Name :

Mr. Antonio Augusto Do Rego

Designation :

Managing Director

Address :

E 626, Natsha Golf View Apartments, Domlur, Bangalore – 560 071, Karnataka, India

Date of Birth/Age :

24.09.1960

Date of Appointment :

20.11.2007

DIN :

01895508

 

 

Name :

Mr. Michael David Coppin

Designation :

Director

Address :

609 Fairway Dr. Bartlett, Illinois – 60103

Date of Birth/Age :

26.09.1964

Date of Appointment :

20.05.2008

DIN :

02135137

 

 

KEY EXECUTIVES

 

Name :

Mr. Arun Haridev Kohli

Designation :

Secretary

Address :

S2 / 5A, Model Millenium Vista, Caranzalem, Panjim – 403 001, Goa, India

Date of Birth/Age :

15.02.1960

Date of Appointment :

02.09.2005

PAN :

AKUPK0393E

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Andrew LLC, USA

 

4940431

Commscope Netherlands BV, Netherlands

 

1

 

 

 

Total

 

4940432

 

As on 30.09.2010

 

Category

Percentage

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

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and trading of co-axial cables, base station antennas, micro-wave antennas and similar allied products for the telecommunication industry

 

 

Products :

Products Description

ITC Code No.

Antennas

852910

Cable

854420

Cable Assemblies

854441

·         Telecommunications Equipments

·         Cable and all accessories

 

 

Brand Names :

Andrew

 

 

Exports :

 

Products :
  • Cable, Antenna and accessories

Countries :
  • USA
  • Dubai
  • Czech Republic

 

 

Imports :

 

Products :
  • Raw Material

Countries :
  • China

 

 

Terms :

 

Selling :

Credit

 

 

Purchasing :

Credit

 

 

PRODUCTION STATUS As on 31.03.2010

 

Particulars

Unit

Installed Capacity*

Actual Production

Antennas

Nos.

198000

194695

Cables

KM.

14600

10074

Cable Assembly

Nos.

376000

241437

Connectors

Nos.

6000000

148015

Accessories

Nos.

1500000

1033471

 

*on single shift basis, as certified by the management

 

 

GENERAL INFORMATION

 

Customers :
  • End Users
  • Manufacturer
  • Distributor  

 

 

No. of Employees :

1000 [In Office] Approximately

 

 

Bankers :

Bank of America, Delhi Branch, India 

 

 

Facilities :

Unsecured Loan [Rs. in million]

31.03.2010

31.03.2009

Privately Placed Debentures [11992400 12.5% unsecured fully convertible debentures of Rs.100 each]

1199.240

0.000

Interest accrued and due

125.704

0.000

Total

1324.944

0.000

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S R Batliboi and Company

Chartered Accountant    

Address :

Jalan Mil Compound, 95, Ganpatrao Kadam Marg, Lower parel, Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-2287 6485 / 6

Fax No.:

91-22-2287 6401

 

 

Parent Company / Holding Company :

Andrew LLC, USA

 

 

Ultimate Holding Company :

CommScope Inc of North Carolina, USA

 

 

 

Fellow Subsidiary Companies :

  • Andrew Limited (UK|
  • Andrew AG (Switzerland)
  • Andrew Telecommunications (China) Company Limited
  • Andrew International Corporation, Hong Kong Branch
  • Andrew Japan (KK)
  • Andrew LLC, Taiwan Blanch
  • Andrew SARL, Fiance
  • Andrew Warren, New Jeresy, USA
  • Andiew Curpoiatiun Virginia (ACV)
  • Andrew - Precision Antennas (UK)
  • Andrew do Brasil Ltda
  • Andrew Corporation (Australia) Ply Limited
  • Andrew Corporation, Texas
  • Andrew Telecommunications S.R.O (Czech Republic)
  • Andrew Telecom mumc an on Systems (Singapore) Pte Limited
  • Andrew Moscow
  • Andrew Telecommunicaiion Products S r.I, Italy
  • Forem (Shenzhen) Company Limited
  • Andrew Satcom Africa, South Africa
  • Andrew Wireless Systems GmbH, Germany
  • Andrew Int'l Services Company, US
  • Andrew Communications Oy, Finland
  • Andrew Wireless, Newton
  • Andrew Corporation Milpilas
  • CommScope Asia Suzhou Technologies Company Limited, China
  • Commsiopc Inc of NC (Sparks)
  • CommScope (Suzhou) Trading Company Limited,
  • Commscope Solutions Singapore Pte Limited
  • CommScope Neiherland

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20,000,000

Equity Shares

Rs.10/- each

Rs.200.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4,940,432

Equity Shares

Rs.10/- each

Rs.49.404 millions

 

 

 

 

 

[Of the above 4,940,431 equity shares are held by Andrew LLC, USA the holding company, the ultimate holding company being Commscope Inc.]

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

Particulars

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

49.404

49.404

49.404

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2418.146

2528.961

2302.228

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

2467.550

2578.365

2351.632

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.603

2] Unsecured Loans

1324.944

0.000

0.000

TOTAL BORROWING

1324.944

0.000

0.603

DEFERRED TAX LIABILITIES

0.000

5.700

6.778

DEFERRED PAYMENT LIABILITIES

6.750

10.126

13.500

TOTAL

3799.244

2594.191

2372.513

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1043.579

1205.423

1025.456

Capital work-in-progress

113.467

29.668

38.849

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

53.477

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1428.728

1720.797

1251.631

 

Sundry Debtors
1448.634

2072.730

1423.630

 

Cash & Bank Balances
502.379

271.366

466.537

 

Other Current Assets

0.000

0.000

43.883

 

Loans & Advances
852.564

811.092

626.683

Total Current Assets
4232.305

4875.985

3812.364

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

1495.422

3356.336

2363.003

 

Other Current Liabilities
137.804

153.286

131.011

 

Provisions
10.358

7.263

10.142

Total Current Liabilities
1643.584

3516.885

2504.156

Net Current Assets
2588.721

1359.100

1308.208

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

3799.244

2594.191

2372.513

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

 

 

TOTAL INCOME                                                 

7967.581

8340.184

2776.651

 

 

 

 

 

Less

EXPENSES

 

 

 

Office Expenses

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

7863.536

8037.747

2435.584

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

104.045

302.437

341.067

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

142.271

107.889

[19.033]

 

 

 

 

 

 

PROFIT BEFORE TAX              

[38.226]

194.548

360.100

 

 

 

 

 

Less

TAX                                                                 

18.314

69.802

122.563

 

 

 

 

 

 

PROFIT AFTER TAX

[19.912]

124.746

237.537

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

958.565

833.819

596.282

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

938.653

958.565

833.819

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Export

779.449

1169.721

438.891

 

 

Agency Commission

46.801

104.130

31.664

 

TOTAL EARNINGS

826.250

1273.851

470.555

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials, Traded Material and Spares

5260.280

5643.349

1718.623

 

 

Capital Goods

139.162

108.833

27.038

 

TOTAL IMPORTS

5399.442

5752.182

1745.661

 

 

 

 

 

 

Earnings Per Share (Rs.)

[4.03]

25.25

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
[0.25]

1.49

8.55

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
[0.72]

3.20

7.44

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
[0.01]

0.07

0.15

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.20

1.36

1.06

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.57

1.39

1.52

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note : The Registered Office of the company has been shifted from Plot No. 76, Pilerne Industrial Estate, Bardez – 403 511, Goa India to the present address w.e.f. 15.01.2007.

 

Background :

 

Andrew Telecommunications India Private Limited {"the Company" or "Andrew") is registered in India as a wholly-owned subsidiary company of Andrew LLC, U.S.A. (formerly known as Andrew Corporation, U.S.A.); the ultimate holding company being CommScope Inc. Andrew is primarily engaged in the business of manufacturing and trading of co-axial cables, base station antennas, micro-wave antennas and similar allied products for the telecommunication industry.

 

SUNDRY CREDITORS DETAILS

(Rs. In millions)

Particulars

31.03.2010

31.03.2009

31.03.2008

Dues of Micro and small enterprises

31.714

34.955

0.000

Dues of creditors other than Micro and small enterprises

1463.708

3321.381

2363.003

Total

1495.422

3356.336

2363.003

 

Contingent Liabilities

 

Contingent Liabilities not provided for in respect of

(Rs. In millions)

Particulars

31.03.2010

31.03.2009

Sales tax

172.895

0.000

Direct Tax matters

151.546

0.000

Excise Matters

0.000

23.896

 

Fixed Assets

 

·       Leasehold Land

·         Leasehold Improvements

·       Buildings

·       Plant and Machinery

·       Office Equipments

·       Furniture and Fixtures

·       Computers

·       Vehicles

 

 

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.45.17

UK Pound

1

Rs.73.71

Euro

1

Rs.64.25

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--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

 

49

 

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

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.