MIRA
INFORM REPORT
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Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SIEMENS ENTERPRISE COMMUNICATIONS PRIVATE LIMITED |
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Registered
Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400018, |
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Country : |
India |
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Financials (as
on) : |
30.09.2010 |
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Date of
Incorporation : |
11.01.2007 |
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Com. Reg. No.: |
11 – 166937 |
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Capital Investment
/ Paid-up Capital : |
Rs. 610.000 millions |
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CIN No.: [Company Identification
No.] |
U31908MH2007FTC166937 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS54870E |
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PAN No.: [Permanent Account No.] |
AAKCS5375F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provides convergence communications, video – conferencing, call centre
networking, mobility, teleworking and multimedia solutions for enterprises. |
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No. of Employees
: |
310 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Siemens AG, Germany. It is an established
company having satisfactory track. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Rupesh |
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Designation : |
Head of MIS Department |
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Contact No.: |
91-9820824835 |
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Date : |
19.07.2011 |
LOCATIONS
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Registered Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400018, Maharashtra,
India |
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Tel. No.: |
91-22-24987415/ 24987000 / 05 / 24987539 / 24987478 |
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Mobile No. : |
91-9820824835 (Mr. Rupesh Shinde) |
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Fax No.: |
91-22-24987500/ 24987124/ 24968095 / 24987043 / 24987303 |
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E-Mail : |
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Website : |
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Area : |
12000 Sq. ft. |
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Location : |
Owned by Parent Company |
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Branch Office : |
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DIRECTORS
AS ON 30.03.2011
|
Name : |
Mr. Roland Max Harzer |
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Designation : |
Director |
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Address : |
Erlhausen 10, Weichs, D85258 |
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Date of Birth/Age : |
30.04.1955 |
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Date of Appointment : |
04.03.2010 |
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DIN No. : |
03010392 |
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Name : |
Mr. Anilkumar Prakash Jain |
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Designation : |
Director |
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Address : |
7/4, Twinkle Star Society, Ghatla marg, Chembur, Mumbai – 400071,
Maharashtra, India |
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Date of Birth/Age : |
20.03.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
27.10.2009 |
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Date of Ceasing : |
30.03.2010 |
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DIN No. : |
02819815 |
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Name : |
Mr. Vijay Kumar Hariharan |
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Designation : |
Director |
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Address : |
Flat No.603, Suchitra Co-operative Housing Society, Tejpal Scheme Road
No.5, Vile Parle (East), Mumbai – 400 057, Maharashtra, India |
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Date of Birth/Age : |
26.06.1963 |
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Qualification : |
CA |
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Date of Appointment : |
11.01.2007 |
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Email: |
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DIN No. : |
01061057 |
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Name : |
Mr. Chetan Mahavir Utture |
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Designation : |
Director |
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Address : |
B/2, 602, Shubharmbh Phase 2 Cooperative Society, Tikujiniwadi Road,
Manpada, Near Happy Vally, Thane (West)-400610, Maharashtra, India |
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Date of Birth/Age : |
21.03.1971 |
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Date of Appointment : |
01.01.2011 |
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DIN No. : |
03359005 |
KEY EXECUTIVES
|
Name : |
Mr. Rupesh |
|
Designation : |
Head of MIS Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.03.2011
|
Names of Shareholders |
No. of Shares |
|
EN Overseas Holdings B.V – |
60999999 |
|
EN |
1 |
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Total |
61000000 |
AS ON 30.03.2011
|
Category |
Percentage |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provides convergence communications, video – conferencing, call centre
networking, mobility, teleworking and multimedia solutions for enterprises. |
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Exports : |
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Products : |
·
IT Products |
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Countries : |
·
Srilanka ·
United Kingdom ·
Bangladesh |
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Imports : |
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Products : |
·
Spare Parts |
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Countries : |
·
Germany ·
European Countries |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
310 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, Trade House, Kamal Mills,
Lower Parel, Mumbai-400013, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, Dr. Annie Besant Road, opposite Shiv Sagar Estate, Worli,
Mumbai-400018, Maharashtra, India |
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Tel No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Pan No.: |
AACFD4815A |
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Holding Company : |
·
EN Overseas Holding BV |
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Ultimate Holding Company : |
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Intermediate Holding Company: |
Siemens Enterprise Communication Gmbh and Company KG Siemens Enterprise Communication Gmbh and Company EN Germany Holdings B. V. Enterprise Networks Holdings B. V. |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
62000000 |
Equity Shares |
Rs.10/- each |
Rs. 620.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
61000000 |
Equity Shares |
Rs.10/- each |
Rs. 610.000
Millions |
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|
|
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Note:
Of the above:
a. 60999999 shares are held by EN Overseas Holdings B. V., the Holding Company
and 1 shares is held by EN Germany Holdings B. V.
b. Gores Group Incl. Gelendon partners, the ultimate holding Company
Indirectly holds 31110000 shares (51%) In EN Overseas Holdings B. V.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
610.000 |
610.000 |
610.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(3.136) |
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NETWORTH |
610.000 |
610.000 |
606.864 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
OTHERS – PROFIT AND LOSS ACCOUNT |
63.219 |
3.428 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
673.219 |
613.428 |
606.864 |
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|
|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
211.516 |
309.512 |
417.108 |
|
|
Capital work-in-progress |
0.354 |
0.038 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
41.311 |
24.607 |
23.331 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
92.334
|
50.294
|
42.495 |
|
|
Sundry Debtors |
624.204
|
394.337
|
386.239 |
|
|
Cash & Bank Balances |
316.787
|
490.760
|
325.305 |
|
|
Other Current Assets |
7.912
|
10.209
|
0.000 |
|
|
Loans & Advances |
73.555
|
82.866
|
71.685 |
|
Total
Current Assets |
1114.792
|
1028.466 |
825.724 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
443.382
|
450.159
|
257.991 |
|
|
Other Current Liabilities |
31.287
|
60.597
|
112.115 |
|
|
Provisions |
220.085
|
238.439
|
289.193 |
|
Total
Current Liabilities |
694.754
|
749.195 |
659.299 |
|
|
Net Current Assets |
420.038
|
279.271
|
166.425 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
673.219 |
613.428 |
606.864 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
|
|
SALES |
|
|
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|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
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TOTAL |
1814.970 |
1660.380 |
2028.890 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Financial |
1716.260 |
1639.730 |
1999.650 |
|
|
|
Depreciation |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
1716.260 |
1639.730 |
1999.650 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
98.710 |
20.650 |
29.240 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(38.910) |
14.080 |
16.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
59.800 |
6.570 |
12.930 |
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
26.883 |
23.693 |
53.574 |
|
|
|
Commission Earnings |
28.973 |
26.779 |
89.147 |
|
|
|
Other Earnings |
6.446 |
4.999 |
5.209 |
|
|
TOTAL EARNINGS |
62.302 |
55.471 |
147.93 |
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Finished Goods |
611.099 |
552.505 |
758.548 |
|
|
|
Capital Goods |
2.466 |
1.525 |
2.791 |
|
|
TOTAL IMPORTS |
613.565 |
554.030 |
761.339 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.98 |
0.11 |
0.21 |
|
|
Particulars |
|
|
2011 |
|
Sales Turnover (Approximately) |
|
|
2000.000 |
|
|
|
|
|
Expected Sales (2011-2012) : Rs.2100.000 millions
The above information has been parted by Mr. Rupesh.
KEY RATIOS
|
PARTICULARS |
|
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
PAT / Total Income |
(%) |
3.29
|
0.40
|
0.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.22
|
1.54
|
2.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.03
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14
|
1.23
|
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.37
|
1.25 |
LOCAL AGENCY FURTHER INFORMATION
The Sundry
Creditors details:
Rs.
In Millions
|
Particulars |
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
Sundry Creditors |
|
|
|
|
Total outstanding dues of micro and small enterprises |
-- |
- |
- |
|
Total outstanding dues of creditors other than micro and small
enterprises |
443.382 |
450.159 |
257.991 |
|
Total |
443.382 |
450.159 |
257.991 |
OPERATIONS:
For FY 2009-10,
turnover of the company increased to Rs. 1798 millions from that of Rs. 1628 millions in the previous year. This shows impressive growth of
10.4% YoY. Profit before tax rose
to Rs. 98.7 millions from that
of Rs. 20.6 millions for current
financial year registering whooping growth, This substantial improvement in PBT is attributed to various cost
cutting measures initiated by the company during the year. Net profit after tax
surged to Rs. 59.79 millions as
compared to Rs.6.5 millions in
the previous year. Overall, the company has
made substantial improvement on the financial front.
The success they
achieved during fiscal 2010 confirms that we are on the right track. They have
been able to create value for their customers and forge partnerships for mutual
growth and prosperity. Their customers have placed their confidence in their
product, services and solutions, for which they are thankful to them, The trend
that they see very clearly is that sustainable business is the new mantra within their organization as well as with their
customers, partners and suppliers. Hence, oiu focus for the near future will be
on sustainable and capital efficient growth.
FUTURE OUTLOOK:
The enterprise
communication market in India is growing rapidly around 18% and the company well positioned to leverage this growth. The
company has transformed itself from a pure voice supplier to an enterprise
solution provider offer converged solution in voice, video and data thus seen
as a true system integ1,ator in the enterprise market. There is a major shift
in communication technology from classical TDM to VoIP with tight integration
to the customer's business processes. Unified communication is seen as a must
have tool by enterprises to enhance employee productivity and customer
response. The company has a unique position the market by offer products and
solutions catering to both the world, its Unified communication application
tightly integrate to customer's business
processes and improved their end customer response.
A large customer
base of more than 5,000 customers is a major asset for the company where
substantial opportunities exist in migrating
this customer base to new technologies like VoIP/UC, video conferencing and
data infrastructure. From new market perspective we now have a dedicated
solution targeted for Trading Floors and Command and Control Centers.
Commercial roll out of 3G services in
India will further drive
the activities around enterprises communication especially mobility solutions.
The company already has advanced offerings in this space and we see this as lug11 potential business opportunity.
Videoconferencing
market in India is growing at the rate of 26% year on year. The company is
already a well established system integrator in this market and they will
further strengthen their
position as high end system
integrator for TeIe-presence solutions and
board room integration. A well
spread channel network of loyal partners is one of the biggest strength of the company and we will be
leveraging thus network to introduce more
products and
solutions around SME segment. They also plan to train and enable the partner
network to sell high end UC solutions
to large enterprise. Data networking portfolio, (Enterasys) is as of today
forms a significant portion of the company revenue, they see this as substantial growth
opportunity.
BACKGROUND
Subject was incorporated on January 11, 2007. The Company commenced operations
on 01.08.2007. The company has purchased the Information and communications
(Com EN) division of Siemens Limited with effect from 01.08.2007.
The Company provides convergence communications, video – conferencing,
call centre networking, mobility, teleworking and multimedia solutions for
enterprises.
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U31908MH2007FTC166937 |
|
Name of the
company |
SIEMENS
ENTERPRISES COMMUNICATIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
130, Pandurang Budhkar Marg, Worli, Mumbai - 400018, |
|
Type of charge |
|
|
Particular of
charge holder |
HDFC Bank, Trade House, Kamal Mills, Lower Parel, Mumbai – 400 013, E-Mail: kumar.anshuman@hdfcbank.com |
|
Nature of instrument
creating charge |
Letter of
hypothecation of stocks and book debts dated 30.03.2009 |
|
Date of
instrument Creating the charge |
30.03.2009 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest shall be
charged on all outstanding at such rate as may be determined by the bank. Terms of
repayment The amount of
loan shall be repayable by borrower on demand made by bank Margin The borrower
shall at all times during the continuance of this security keep and maintain
such margin of the security in favour of the bank as may be notified by the
bank from time to time Extent and
operation of the charge First charge on
all stocks and book debts both present and future |
|
Particulars of
the property charged |
First charge on
all stocks and book debts both present and future |
Fixed Assets:
- Goodwill
- Technical
Know-how
- Commercial
rights
- Computers
- Tools and
Test Equipment
- Office
Equipment
TRADE REFERENCE
- Polycom
- Aetra
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.44.59 |
|
|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
4 |
|
--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 |
|
44 |
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.