MIRA INFORM REPORT

 

 

Report Date :

25.03.2011

 

IDENTIFICATION DETAILS

 

Name :

DIEBOLD INDIA PRIVATE LIMITED

 

 

Registered Office :

4th Floor, "C" Wing, Trade Star Building, Andheri Kurla Road, Andheri (East), Mumbai - 400 059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

12.10.2001

 

 

Com. Reg. No.:

11-150281

 

 

CIN No.:

[Company Identification No.]

U72200MH2001PTC150281

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMD09901D

 

 

PAN No.:

[Permanent Account No.]

AABCD6330N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Variety of Self service solutions includes ATM, Check Cashing Machine, Election Systems etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Diebold Incorporated, USA.

 

It is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings with some caution.

 

 

 

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)

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 (GENERAL DETAILS)

 

Name :

Mr. Kemi

Designation :

Finance Manager

Contact No.:

91-22-66774900

Date :

24.03.2011

 

 

LOCATIONS

 

Registered Office /

Corporate Office :

4th Floor, "C" Wing, Trade Star Building, Andheri Kurla Road, Andheri (East), Mumbai - 400 059, Maharashtra, India

Tel. No.:

91-22 - 6677 4900 / 6677 4906

Fax No.:

91-22 - 6677 4901

Email :

contactus@dieboldindia.com

jitendra.aphale@dieboldindia.com

Vishal.madan@dieboldindia.com

Website :

http://www.dieboldindia.com

 

 

Services Centre :

6th Floor, "B" Wing, Trade Star Building, Andheri Kurla Road, Andheri (East), Mumbai - 400 059, Maharashtra, India

 

 

Software Development Centre :

Unit 401, 4th Floor, Bldg. No. 16, Interface IT Park, Malad (West) Mumbai – 400064, Maharashtra, India

Tel. No.:

91-22 – 66497500

Fax No.:

91-22 – 66497600

 

 

Factory  :

45/46, Tivim Industrial Estate, Karaswada, Mapusa, Goa - 403526

Tel. No.:

91-832-6655478

Fax No.:

91-832-2258170

Mobile No. :

91-9370888819

Area :

10000 Sq. ft

Location :

Owned

 

 

Regional Office :

28/3 (Old 54/3) Montieth Road, Egmore, Chennai - 600 008, Tamilnadu, India

Tel. No.:

91-44 - 2855 5196 / 2851 2416

Fax No.:

91-44 - 2855 0577

 

 

Branches :

Located at :

 

  • Ahmedabad
  • Bangalore
  • Baroda
  • Bhubaneswar
  • Calicut
  • Chandigarh
  • Cochin
  • Coimbatore
  • Guwahati
  • Hyderabad
  • Jaipur
  • Kolkata
  • Lucknow
  • Ludhiana
  • Madurai
  • Nagpur
  • New Delhi
  • Pondicherry
  • Pune
  • Salem
  • Srinagar
  • Tirunelveli
  • Trichy
  • Trivandrum

 

 

DIRECTORS

 

AS ON : 28.09.2010

 

Name :

Mr. Naresh Hosangady

Designation :

Director

Address :

B – 2203, Chaitanya Towers, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India 

Naresh.hosangady@dieboldindia.com

Date of Birth/Age :

04.07.1960

Date of Appointment :

14.02.2007

 

 

Name :

Mr. James Chen

Designation :

Director

Address :

1-77 Forest Manor, No 588, Jin Feng Road, M W Hang, Shanghai – 201107, China

Date of Birth/Age :

05.05.1960

Date of Appointment :

30.11.2001

 

 

Name :

Mr. Kevin Ku

Designation :

Director

Address :

398, Xin Bei Road, # Green Villa, Shanghai – 201100, China

Date of Birth/Age :

12.02.1960

Date of Appointment :

31.01.2008

 

 

Name :

Mr. Dettinger Warren

Designation :

Director

Address :

5237 Birkdale St NW, USA

Date of Birth/Age :

13.02.1954

Date of Appointment :

30.11.2001

 

 

Name :

Mr. Arvind Sanjay Dabir

Designation :

Alternate Director

Address :

22/T, 1 Kamat Kinara, P O Caranlaalem Miramar, Panji – 403002, Goa, India

Date of Birth/Age :

30.04.1964

Date of Appointment :

27.11.2009

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON : 28.09.2010

 

Names of Shareholders

 

No. of Shares

Diebold, Incorporated, USA

 

589358

Diebold Holding, USA

 

5000

Diebold Switzerland Holding Company, Switzerland 

 

10667708

 

 

 

TOTAL

 

11262066

 

AS ON : 28.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Variety of Self service solutions includes ATM, Check Cashing Machine, Election Systems etc

 

 

Exports :

 

Products :

Electric Machines

Countries :

Nepal

Russian Countries etc.

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS : 31.03.2010

 

PARTICULARS

INSTALLED CAPACITY

PRODUCTION

 

 

 

Manufacturing of ATM

6400

5697

 

 

 

 

NOTE : * The Installed Capacity is as certified by the management.

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

150 (Approximately)

 

 

Bankers :
  • HDFC Bank, Marol, Branch Mumbai, India
  • ICICI Bank, Chennai

 

 

Facilities :

Particulars

31.03.2010

(Rs. In Millions)

31.03.2009

(Rs. In Millions)

Unsecured Loans

 

 

Short Term Loans

 

 

From Banks

140.000

340.000

 

 

 

Total

140.000

340.000

Note : Short Term Loans is backed by a corporated guarantee from Diebold Incorporation

Amount repayable within one year Rs. 340.000 millions (2008 : Rs. Nil)

           

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B. S. R and Co.

Chartered Accountants

Address :

Lodha Excelus, 1st Floor, Apollo Mills Compund, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India

 

 

Holding Company :
  • Diebold, Incorporated, USA-

 

 

Associates/Subsidiaries :
  • Diebold Software Services Private Limited
  • Diebold Systems Private Limited
  • Diebold Corporation Systems Sdn Bhd
  • Diebold Self Services Solutions. France
  • Diebold Financial Equipments Company Limited, China
  • Shanghai Diebold Security Equipment Company Limited, Shanghai
  • Shanghai Moons
  • Diebold Procomp, Brazil
  • Diebold Hungry Manufacturing
  • Diebold Software Services Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

600000

Equity Shares

Rs.10/- each

Rs.6.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

110000

Equity Shares

Rs.10/- each

Rs. 1.100 Millions

 

 

 

 

 

Note :

 

Of the above 105000 (2009 : 105000) equity shares of Rs. 10 each, fully paid up are held by Diebold incorporated U.S.A. the holding company and 5000 (2009 : 5000) equity shares of Rs. 10 each. Fully paid up are D Diebold Holding Company, Inc. U.S.A.)

 

As on : 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30000000

Equity Shares

Rs.10/- each

Rs.300.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

11262066

Equity Shares

Rs.10/- each

Rs.112.620 Millions

 

 

 

 

 

 

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

1.100

1.100

1.100

2] Share Application Money

4.865

4.865

4.865

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(79.398)

(105.939)

(28.709)

NETWORTH

(73.433)

(99.974)

(22.744)

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

140.000

340.000

0.000

TOTAL BORROWING

140.000

340.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

66.567

240.026

(22.744)

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

78.714

68.736

74.530

Capital work-in-progress

0.575

7.992

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
153.632

170.106

77.742

 

Sundry Debtors
685.100

631.188

243.841

 

Cash & Bank Balances
44.326

12.212

3.659

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
143.296

122.928

228.032

Total Current Assets
1026.354

936.434

553.274

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

1000.781

712.262

611.185

 

Other Current Liabilities
7.197

42.948

23.855

 

Provisions
31.098

17.926

15.508

Total Current Liabilities
1039.076

773.136

650.548

Net Current Assets
(12.722)

163.298

(97.274)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

66.567

240.026

(22.744)

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

Income

1569.255

1231.249

840.808

 

 

Other Income

 

 

 

 

 

TOTAL                                    

1569.255

1231.249

840.808

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

Administrative Expenses

1517.705

1298.948

838.154

 

 

Advertising Expenses

 

 

 

 

 

Interest

 

 

 

 

 

TOTAL                                    

1517.702

1298.948

838.154

 

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

51.553

(67.699)

2.654

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

12.012

9.081

9.073

 

 

 

 

 

 

PROFIT BEFORE TAX

39.541

(76.780)

(4.419)

 

 

 

 

 

Less

TAX                                                                 

13.000

0.450

0.430

 

 

 

 

 

 

PROFIT AFTER TAX

26.541

(77.230)

(6.849)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

0.615

1.363

9.311

 

 

Re-imbursement expenses

0.168

--

0.600

 

TOTAL EARNINGS

0.783

1.363

9.911

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

759.338

774.582

603.123

 

TOTAL IMPORTS

759.338

774.582

603.123

 

 

 

 

 

 

Earnings Per Share (Rs.)

241.27

(702.09)

(62.26)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.69

(6.27)

(0.81)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.51

(6.23)

(0.52)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.57

(7.63)

(0.70)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.53)

(0.73)

(0.19)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(16.05)

(11.13)

(28.60)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.98

1.21

0.85

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Background :

 

Diebold India Private Limited )’the company’). A subsidiary of Diehold Incorporated (the ‘Parent company’) was incorporated on 12 October 2001. the company is primarily engaged in manufacturing (w.e.f. August 2005) of Automated Teller Machines (‘ATMs’) and networked cash dispensers (each including both hardware and software components). Associated components. Software and other IT sector goods and services in India.

 

Sundry Creditors Details :

(Rs. In Millions )

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors

 

 

 

Dues to micro small and Medium enterprises

--

--

--

Dues to small scale industries

--

--

--

Dues to others

1000.781

712.262

611.185

 

 

 

 

Total

1000.781

712.262

611.185

 

 

 

 

 

 

 

Fixed Assets :

 

  • Leasehold Land
  • Building
  • Plant and Machinery
  • Office Equipments
  • Computers
  • Furniture and Fixtures
  • Vehicles
  • Computer Software

 

 

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. 44.77

UK Pound

1

Rs. 72.66

Euro

1

Rs. 63.06

 

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

27

 

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.