MIRA
INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SALCOMP MANUFACTURING INDIA PRIVATE LIMITED |
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Registered
Office : |
Nokia Telecom Sez, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
28.03.2006 |
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Com. Reg. No.: |
18-59330 |
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Capital
Investment / Paid-up Capital : |
Rs.379.000 millions |
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CIN No.: [Company Identification
No.] |
U30007TN2006PTC059330 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES25864G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and
sale of power supplies mainly chargers for mobile phones and other electronic handheld devices and
telecommunication equipment. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 820000 |
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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 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Nokia Telecom Sez, |
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Tel. No.: |
91-44-37177777 |
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Fax No.: |
91-44-37177778 |
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E-Mail : |
DIRECTORS
As on 16.06.2011
|
Name : |
Markku Sakari Hangasjarvi |
|
Designation : |
Director |
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Address : |
Kotiportintie 202330, |
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Date of Birth/Age : |
25.03.1966 |
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Date of Appointment : |
18.06.2009 |
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DIN No. : |
02675086 |
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Name : |
Jari Olavi Sarrinen |
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Designation : |
Director |
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Address : |
Sinipiiankuja 121100 Naantali |
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Date of Birth/Age : |
17.04.1959 |
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Date of Appointment : |
18.06.2009 |
|
DIN No. : |
02651650 |
KEY EXECUTIVES
|
Name : |
Anantha Narayanan Ramanathan |
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Designation : |
Company Secretary |
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Address : |
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Date of Birth/Age : |
24.05.1969 |
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Date of Appointment : |
07.06.2006 |
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PAN No. : |
ACXPA0660M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Salcomp Manufacturing OY, |
|
37899000 |
|
Salcomp PLC, |
|
1000 |
|
Total |
|
37900000 |
As on 16.06.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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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. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, |
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Facilities : |
Note : Loans and advance
from banks with the Kotak Mahindra Bank are secured by an exclusive charge on
specific plant and machinery of the Company and corporate bank guarantee of
Salcomp Plc,
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
BSR And Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-44-39145000 |
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Fax No.: |
91-44-39145999 |
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Pan No. : |
AAAFB9852F |
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Holding Company : |
Salcomp Manufacturing OY, |
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Ultimate Holding Company : |
Salcomp Plc, |
CAPITAL STRUCTURE
As on 31.12.2010
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 equity
shares of Rs.10 each are held by Salcomp Manufacturing OY,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
379.000 |
379.000 |
139.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.354 |
7.213 |
3.856 |
|
|
4] (Accumulated Losses) |
(183.706) |
(358.187) |
(547.867) |
|
|
NETWORTH |
204.648 |
28.026 |
(404.511) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
293.800 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
51.810 |
543.919 |
559.711 |
|
|
TOTAL BORROWING |
345.610 |
543.919 |
559.711 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
550.258 |
571.945 |
155.200 |
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|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
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FIXED ASSETS [Net Block] |
596.111 |
629.643 |
653.094 |
|
|
Capital work-in-progress |
13.833 |
0.140 |
25.430 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
214.860
|
134.892 |
314.247 |
|
|
Sundry Debtors |
234.844
|
175.389 |
238.634 |
|
|
Cash & Bank Balances |
33.679
|
71.753 |
126.583 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
72.678
|
55.478 |
40.773 |
|
Total
Current Assets |
556.061
|
437.512 |
720.237 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
597.780
|
482.174 |
1231.148 |
|
|
Other Current Liabilities |
6.071
|
5.828 |
7.590 |
|
|
Provisions |
11.896
|
7.348 |
4.823 |
|
Total
Current Liabilities |
615.747
|
495.350 |
1243.561 |
|
|
Net Current Assets |
(59.686)
|
(57.838) |
(523.323) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
550.258 |
571.945 |
155.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
3183.203 |
2920.187 |
2134.779 |
|
|
|
Other Income |
47.740 |
16.211 |
6.205 |
|
|
|
TOTAL (A) |
3230.943 |
2936.398 |
2140.984 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials cost |
2523.540 |
2299.194 |
1748.124 |
|
|
|
Administrative, personnel and other expenses |
477.691 |
351.051 |
689.063 |
|
|
|
(Increase)/decrease in finished goods |
(21.562) |
18.649 |
29.392 |
|
|
|
TOTAL (B) |
2979.669 |
2668.894 |
2466.579 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
251.274 |
267.504 |
(325.595) |
|
|
|
|
|
|
|
|
|
Less |
FINANCE CHARGES (D) |
13.809 |
18.214 |
33.957 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
237.465 |
249.290 |
(359.552) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.984 |
59.466 |
55.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
174.481 |
189.824 |
(414.662) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.144 |
0.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-I) (J) |
174.481 |
189.680 |
(415.552) |
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|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(358.187) |
(547.867) |
(132.315) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(183.706) |
(358.187) |
(547.867) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
137.587 |
17.154 |
25.431 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.60 |
7.95 |
(29.79) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
5.40
|
6.46
|
(19.41) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.48
|
6.50
|
(19.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.14
|
17.79
|
(30.19) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.85
|
6.77
|
1.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.70
|
37.08
|
(4.46) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
0.88
|
0.58 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from No 36,
Ceebros, 2nd Floor, Anna Salai, Saidapet, Chennai – 600015,
BACKGROUND
Subject 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 lower
market demand resulting in slower growth in mobile phone industry leading to
drop in volume during first half. The demand during the second half of this
period Increased which helped in meeting the yearly budgeted volume.
The company has sustained Its market share 47% with absolute Increase In
volume by some 10Mpcs, 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 Nordstjeman 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 organization 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 |
Nokia Telecom Sez, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10206519 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Others o
Stocks |
|
Particular of charge holder |
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, |
|
Nature of instrument creating charge |
Deed of hypothecation (For current assets) and Supplemental Deed of
Hypothecation (For movable fixed assets) |
|
Date of instrument Creating the charge |
06.07.2011 |
|
Amount secured by the charge |
Rs.450.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest As per sanction terms Terms of repayment As per sanction terms Margin As per sanction terms Extent and operation of the charge Exclusive hypothecation charge on movable assets and current assets of
the company |
|
Particulars of the property charged |
Exclusive Charge on moveable fixed assets and on the whole of the
current assets of the company. |
|
Particulars of the present modification |
By the present modification, the overall limit of working capital
facilities has been enhanced from Rs.350.000 millions to Rs.450.000 millions
and secured by Exclusive Charge on the moveable fixed assets of the company
and additionally secured by the whole of the current assets of the company. |
FIXED ASSETS
·
·
Building – Factory
·
Building – Non Factory
·
Plant And Machinery
·
Computers
·
Office Equipments
·
Furniture And Fittings
·
Other Machinery
·
Vehicle
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.49.02 |
|
|
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.55 |
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.