MIRA
INFORM REPORT
|
Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
LITE-ON-MOBILE INDIA PRIVATE LIMITED [w.e.f. 27.06.2011] |
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Formerly Known
As : |
PERLOS TELECOMMUNICATION AND ELECTRONIC COMPONENTS ( |
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Registered
Office : |
Nokia Telecom Special Economic Zone, Plot 1A, SIPCOT Industrial Park, Phase
III, Chennai – Bangalore Highway, Sriperumbudur Taluk, Kanchipuram 602 105,
Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.06.2006 |
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Com. Reg. No.: |
18-60268 |
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Capital
Investment / Paid-up Capital : |
Rs.482.050 Millions |
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CIN No.: [Company Identification
No.] |
U32109TN2006PTC060268 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEP08672G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of moulded components for the
telecommunication industry |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B [31] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
USD 1970000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Subject is an
established company having moderate track. The company has been successful in
wiping off the accumulated losses of the previous year. Trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct, The company can
be considered business dealings with some cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Nokia Telecom Special Economic Zone, Plot 1A, SIPCOT Industrial Park,
Phase III, Chennai – Bangalore Highway, Sriperumbudur Taluk, Kanchipuram 602
105, Tamilnadu, India |
|
Tel. No.: |
91-44-47112233 |
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Fax No.: |
91-44-47112244 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Amit Gupta |
|
Designation : |
Managing Director |
|
Address : |
6b, Kanakalaxmi Apartments, Street No.6, Himayat Nagar, |
|
Date of Birth/Age : |
17.11.1976 |
|
Date of Appointment : |
08.10.2010 |
|
DIN : |
03464288 |
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Name : |
Mr. Cornelis Martinus Petrus Maria Saris |
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Designation : |
Director |
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Address : |
Groenerein 18, 6267 BL Cadier EN |
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Date of Birth/Age : |
13.01.1959 |
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Date of Appointment : |
19.09.2008 |
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DIN : |
02321151 |
KEY EXECUTIVES
|
Name : |
Mr. Jayaraman Subramanian Iyer |
|
Designation : |
Secretary |
|
Address : |
A-4, Mothila Apartments No.1, Prakasam First ST, Chennai - 600017,
Tamilnadu, India |
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Date of Birth/Age : |
05.04.1971 |
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Date of Appointment : |
12.03.2007 |
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PAN : |
AAMPJ4626P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Lite-On-Mobile Pte Limited, |
|
48204999 |
|
Perlos Corporation, |
|
1 |
|
Total |
|
48205000 |
As on 30.09.2010
|
Equity Share
Break Up 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 : |
Manufacturer and Supplier of moulded components for the
telecommunication industry |
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|
|
|
Products : |
Telecommunication and Electronic Components |
PRODUCTION STATUS [As on 31.03.2010]
|
Particulars |
Installed
Capacity |
Actual
Production |
|
Plastic Moulded Components |
292185200 |
124769360 |
|
Metal components |
760450447 |
48795742 |
|
Light guide assembly |
101178000 |
25296052 |
*Installed capacity is the annual installed capacity and being a technical matter, is as certified by management and relied on by the auditors.
The installed capacity is subject to product mix,
utilisation of plant and machinery, which is common for the products
manufactured.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
8th floor, ASVN Ramana Towers, No 52, Venkatnarayana Road, T.Nagar,
Chennai – 600017, Tamilnadu, India |
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PAN : |
AACFD3771D |
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Holding Company : |
Lite-On-Mobile Pte Limited, |
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Entities under
common control : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48,205,000 |
Equity Shares |
Rs.10/- each |
Rs.482.050
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48,205,000 |
Equity Shares |
Rs.10/- each |
Rs.482.050
millions |
|
|
|
|
|
During the year
a.)The Company issued 19,785,000 shares of Rs 10/- each at face value to
the erstwhile holding company Perlos Oyj
b)48,205,000 shares held by the erstwhile holding company Perlos Oyj,
Finalnd were acquired by Lite-On Mobile Pte Limited,
c) The Ultimate Holding Company is Lite-On Technology Corporation
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 |
482.050 |
284.200 |
284.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.406 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
[399.161] |
[304.921] |
|
|
NETWORTH |
494.456 |
[114.961] |
[20.721] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.660 |
4.783 |
3.429 |
|
|
2] Unsecured Loans |
1604.047 |
1866.670 |
1417.916 |
|
|
TOTAL BORROWING |
1607.707 |
1871.453 |
1421.345 |
|
|
DEFERRED TAX LIABILITIES |
72.388 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
2174.551 |
1756.492 |
1400.624 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1961.820 |
1936.411 |
1570.209 |
|
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Capital work-in-progress |
250.233 |
19.492 |
131.951 |
|
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|
|
|
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|
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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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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
416.439
|
168.770 |
58.421 |
|
|
Sundry Debtors |
427.730
|
216.969 |
167.051 |
|
|
Cash & Bank Balances |
317.727
|
16.565 |
19.001 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
39.298
|
74.518 |
65.313 |
|
Total
Current Assets |
1201.194
|
476.822 |
309.786 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1158.527
|
630.262 |
560.938 |
|
|
Other Current Liabilities |
62.906
|
44.795 |
48.422 |
|
|
Provisions |
17.263
|
1.176 |
1.962 |
|
Total
Current Liabilities |
1238.696
|
676.233 |
611.322 |
|
|
Net Current Assets |
[37.502]
|
[199.411] |
[301.536] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2174.551 |
1756.492 |
1400.624 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4419.610 |
1709.010 |
677.260 |
|
|
|
Other Income |
300.650 |
29.060 |
2.530 |
|
|
|
TOTAL |
4720.260 |
1738.070 |
679.790 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
4221.300 |
1830.370 |
942.040 |
|
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Advertising Expenses |
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|
|
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TOTAL |
4221.300 |
1830.370 |
942.040 |
|
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|
PROFIT / [LOSS]
BEFORE TAX |
498.960 |
[92.300] |
[262.250] |
|
|
|
|
|
|
|
|
|
Less |
TAX |
87.390 |
1.940 |
2.920 |
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|
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|
PROFIT / [LOSS]
AFTER TAX |
411.570 |
[94.240] |
[265.170] |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[399.160] |
[304.920] |
39.750 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
12.410 |
[399.160] |
[304.920] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
228.834 |
201.819 |
91.714 |
|
|
|
|
0.000 |
1.869 |
0.000 |
|
|
|
Reimbursements |
25.375 |
11.229 |
0.000 |
|
|
TOTAL EARNINGS |
254.209 |
214.917 |
91.714 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital goods and machinery spares |
397.654 |
415.171 |
756.121 |
|
|
|
Components and Consumables |
2802.463 |
731.129 |
320.231 |
|
|
|
Stores and spares |
35.270 |
28.243 |
35.535 |
|
|
TOTAL IMPORTS |
3235.387 |
1174.543 |
1111.887 |
|
|
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
8.54 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.72
|
[5.42] |
[39.01] |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
11.29
|
[5.40] |
[38.72] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.77
|
[3.82] |
[13.95] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.01
|
[0.80] |
[12.66] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.76
|
[22.16] |
[98.10] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.70 |
0.51 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from No.10, Dr. T.V. Roadchetpet,
Chennai – 31,
Background
Perlos Telecommunication and Electronic Components (India) Private Limited
(“Perlos or the “Company”) was incorporated on June 19, 2006 as a private
limited company under the Companies Act, 1956. The Company is a wholly owned
subsidiary of Lite- On Mobile Pte Limited,
Review of operations
The year ended 31.3.2010 was the Second full year of operations of
Company after it commenced commercial production from 1st October 2008 in its
state-of-the-art facility at Nokia Telecom Special Economic Zone,
Sriperumbudur. The Company recorded significant jump in sales of 159% to Rs
4419.610 Million for the year ended 31st March 2010 over the previous year
ended 31st March 2009. The Company successfully ramped up several products during
the year and the growth momentum continued on the back of recovery in the
Indian economy and mobile industry in particular. Due to the sharp increase in
revenues, the Company ended up with a net profit of Rs 411.57 Million and was
able to wipe off all its accumulated losses and ended up with a net P and L
surplus of Rs 12.41 Million. profit. The profits were also boosted partly due
to the sharp appreciation of INR against major currencies like Euro and US
Dollar.
Changes in Capital Structure
During the year, the Company’s Paid up Share Capital increased by Rs
197.95 Million due to additional equity contribution from its erstwhile
majority shareholder
FIXED ASSETS :
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
- Office
Equipments
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.52.78 |
|
|
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.68.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.