MIRA
INFORM REPORT
|
Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SALCOMP MANUFACTURING INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Nokia Telecom Sez, Sipcot Industrial Phase III, National Highway |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
28.03.2006 |
|
|
|
|
Com. Reg. No.: |
18-59330 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U30007TN2006PTC059330 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHES25864G |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer and
sale of power supplies mainly chargers for mobile phones and other electronic handheld devices and
telecommunication equipment. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 110000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Salcomp Manufacturing Oy, 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Nokia Telecom Sez, Sipcot Industrial Phase III, National Highway No. 4
Chennai Bangalore Highway, Sriperumpudur – 602105, Tamilnadu, India. |
|
Tel. No.: |
91-44-37177777 |
|
Fax No.: |
91-44-37177778 |
|
E-Mail : |
DIRECTORS
As On 20.04.2010
|
Name : |
Markku Sakari Hangasjarvi |
|
Designation : |
Director |
|
Address : |
Kotiportintie 202330, |
|
Date of Birth/Age : |
25.03.1966 |
|
Date of Appointment : |
18.06.2009 |
|
DIN No. : |
02675086 |
|
|
|
|
Name : |
Jari Olavi Sarrinen |
|
Designation : |
Director |
|
Address : |
Sinipiiankuja 102330, |
|
Date of Birth/Age : |
17.04.1959 |
|
Date of Appointment : |
18.06.2009 |
|
DIN No. : |
02651650 |
|
|
|
|
Name : |
Sarikannas Sakari Markku |
|
Designation : |
Director |
|
Address : |
Mikaonnkatu 2 Sc, |
|
Date of Birth/Age : |
16.08.1956 |
|
Date of Appointment : |
28.03.2006 |
|
DIN No. : |
00510188 |
|
|
|
|
Name : |
Mr. Osma Sakari Edvard Oja |
|
Designation : |
Director |
|
Address : |
Hanhiniementie 27, 98400 |
|
Date of Birth/Age : |
21.10.1947 |
|
Date of Appointment : |
10.09.2007 |
|
DIN No. : |
01756857 |
|
|
|
|
Name : |
Mr. Arto Pekka Makelaa |
|
Designation : |
Director |
|
Address : |
34/75 B1 |
|
Date of Birth/Age : |
06.09.1966 |
|
Date of Appointment : |
28.03.2006 |
|
DIN No. : |
00686397 |
KEY EXECUTIVES
|
Name : |
Anantha Narayanan Ramanathan |
|
Designation : |
Company Secretary |
|
Address : |
|
|
Date of Birth/Age : |
24.05.1969 |
|
Date of Appointment : |
07.06.2006 |
|
Pan No. : |
ACXPA0660M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 20.04.2010
|
Names of Shareholders |
|
No. of Shares |
|
Salcomp Manufacturing OY |
|
37899000 |
|
Salcomp PLC |
|
1000 |
|
Total |
|
37900000 |
As On 20.04.2010
|
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 : |
Manufacturer and sale
of power supplies mainly chargers for mobile phones and other electronic handheld devices and
telecommunication equipment. |
|
|
|
GENERAL INFORMATION
|
Bankers : |
|
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR And Company Chartered Accountant |
|
Address : |
|
|
Tel. No.: |
91-44-39145000 |
|
Fax No.: |
91-44-39145999 |
|
Pan No. : |
AAAFB9852F |
|
|
|
|
Ultimate Parent Company : |
|
|
|
|
|
Holding Company : |
|
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37900000 |
Equity Shares |
Rs. 10/- each |
Rs. 379.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37900000 |
Equity Shares |
Rs. 10/- each |
Rs. 379.000 Millions |
|
|
|
|
|
Of the above equity shares 37899000 (31.12.2008: 13949000) equity shares of Rs. 10 each are held by Salcomp Manufacturing Oy, Finland and 1000 equity shares of Rs. 10 each are held by Salcomp Ple, the ultimate holding company.
During the current year, the company has issued 23950000
shares of Rs. 10 each to Salcomp Manufacturing Oy,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
379.000 |
139.500 |
139.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.012 |
|
|
3] Reserves & Surplus |
7.213 |
3.856 |
0.550 |
|
|
4] (Accumulated Losses) |
(358.187) |
(547.867) |
(132.314) |
|
|
NETWORTH |
28.026 |
(404.511) |
7.747 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
543.919 |
559.711 |
484.212 |
|
|
TOTAL BORROWING |
543.919 |
559.711 |
484.212 |
|
|
DEFERRED TAX LIABILITIES |
00.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
571.945 |
155.200 |
491.960 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
629.643 |
653.094 |
639.622 |
|
|
Capital work-in-progress |
0.140 |
25.430 |
64.626 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
134.892
|
314.247 |
167.680 |
|
|
Sundry Debtors |
175.388
|
238.634 |
108.463 |
|
|
Cash & Bank Balances |
71.753
|
126.583 |
147.317 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
55.478
|
40.773 |
12.655 |
|
Total
Current Assets |
437.511
|
720.237 |
436.114 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
482.174
|
1231.148 |
610.480 |
|
|
Other Current Liabilities |
5.827
|
7.590 |
31.196 |
|
|
Provisions |
7.348
|
4.823 |
6.727 |
|
Total
Current Liabilities |
495.349
|
1243.561 |
648.403 |
|
|
Net Current Assets |
(57.838)
|
(523.323) |
(212.288) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
571.945 |
155.200 |
491.960 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2920.186 |
2134.779 |
488.479 |
|
|
|
Other Income |
16.211 |
6.204 |
0.846 |
|
|
|
TOTAL (A) |
2936.397 |
2140.983 |
489.325 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials cost |
2336.493 |
1748.124 |
421.189 |
|
|
|
Administrative, personnel and other expenses |
351.050 |
689.063 |
161.966 |
|
|
|
Variation in stock |
(18.649) |
29.392 |
(5.539) |
|
|
|
TOTAL (B) |
2668.894 |
2466.579 |
577.616 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
267.503 |
(325.596) |
(88.291) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.214 |
33.957 |
7.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
249.289 |
(359.553) |
(95.990) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.465 |
55.110 |
18.830 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
189.824 |
(414.663) |
(114.820) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.144 |
0.890 |
0.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
189.680 |
(415.553) |
(115.779) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(547.867) |
(132.314) |
(16.535) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(358.187) |
(547.867) |
(132.314 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.95 |
(29.79) |
(8.34) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
6.46
|
(19.41) |
(23.66) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.50
|
(19.42) |
(23.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.79
|
(30.19) |
(10.67) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
6.77
|
1.03 |
(14.82) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
37.08
|
(4.46) |
146.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.58 |
0.67 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from No 36,
Ceebros, 2nd Floor, Anna Salai, Saidapet, Chennai – 600015,
BACKGROUND:
Salcomp
Manufacturing India Private Limited ("the Company") was incorporated
on 28.03.2006. The Company
commenced its commercial production on 04.06.2007 at its manufacturing facility situated at Nokia Special Economic Zone, Chennai. The Company is
engaged in the business of manufacture
and sale of power supplies mainly chargers for mobile phones and other
electronic handheld devices and
telecommunication equipment.
PRINCIPAL ACTIVITIES
Company has booked profits during this period and has improved it's
overall efficiency through initiation of various measures during this period.
The company was challenged with a tough market situation due to global
recession resulting in decelerated growth in mobile phone industry. The company
had to encounter with a tough market situation during the first half of this
period which saw dropping volumes. The demand during the second. half of this
period increased drastically and beyond forecasted volumes. The company could
effectively react to slump created by global recession and to the demand for
larger volumes and thereby booking profits during a challenging period. The
company's concerted efforts ensured a positive cash flow throughout the period.
The company has increased its estimated market share, among the mobile
phone handsets manufactured in
The company has continued its efforts to localize sourcing activities.
Localization activities are aimed at reduction of manufacturing cost of
products thereby increasing the profitability. The company has continued its
efforts in implementation of Vendor Managed Inventory and as a result supplies
from all overseas vendors are now channeled as vendor managed inventory
resulting in improved working capital management and cash flow. The company is
effectively administrating the programme for discharging Corporate
Social Responsibility, an initiative of Nordstjernan and Salcomp group,
in order to ensure proper implementation of various programmes. CSR programme
is being executed by a voluntary organisation and is being funded directly by
Nordstjernan and Salcomp group. CSR programme is being discharged under the
heads of Vocational training to young men and women, Environment, Sanitation
and Refurbishment of primary health centres. As part of the programme two
villages in and around the company location was adopted, training is being
imparted to young men and women in basic technical and soft skills and in
service of mobile phones.
The company has implemented a holistic training programme for all
employees In order to increase the efficiency of the organisation by enhancing
the efficiency of Its people. The company has taken every effort to ensure
compliance with all statutory requirement including environmental laws.
Form 8:
|
Corporate
identity number of the company |
U30007TN2006PTC059330 |
||||||
|
Name of the
company |
Salcomp
Manufacturing India Private Limited |
||||||
|
Address of the
registered office or of the principal place of business in |
|
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation. |
||||||
|
Date of
instrument Creating the charge |
19.11.2010 |
||||||
|
Amount secured by
the charge |
Rs. 350.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As per the Terms and Conditions of the sanction letter dated 27.07.2010 and
15.09.2010. Terms of
Repayment - Working Capital: Repayable on Demand Margin - As per
the Terms and Conditions of the sanction letter dated 27.07.2010 and
15.09.2010. Extent and
Operation of the charge - As mutually agreed between the Bank and the
Borrower at the time of sanction. Others – Nature of
Facilities Rs.in.
millions Sales invoice
Finance 350.000 Purchase invoice
Finance (200.000) Letter of
Credit/Buyer's Credit (150.000) Cash Credit /
WCDL (50.000)
-------------- Total
350.000 (Overall exposure should not exceed Rs.350.000 millions) |
||||||
|
Particulars of
the property charged |
Exclusive Charge
on the Movable Assets belonging to the Company mentioned in Schedule
"III" and Specific Movable Assets as given in the Schedule
"V" to Supplemental Deed of Hypothecation. |
||||||
|
Particulars of
the present modification |
By the present
modification, the overall limit has been enhanced from Rs.200.000 millions to
Rs.350.000 millions and secured by the Movable Assets belonging to the
Company mentioned in Schedule "III" and Specific Movable Assets as given
in the Schedule "V" to Supplemental Deed of Hypothecation. |
FIXED ASSETS :
- Building – Factory
- Building – Non Factory
- Plant And Machinery
- Computers
- Office Equipments
- Furniture And Fittings
- Other Machinery
- Intangible Assets - Software.
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 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.45.53 |
|
|
1 |
Rs.72.77 |
|
Euro |
1 |
Rs.62.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.