MIRA
INFORM REPORT
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Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
ESSEN TELECOMMINICATIONS PRIVATE LIMITED |
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Registered Office : |
B – 404, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.12.1984 |
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Com. Reg. No.: |
04-7533 |
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Capital
Investment/ Paid-up Capital: |
Rs.18.401 Millions |
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CIN No.: [Company
Identification No.] |
U32201GJ1984PTC007533 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMI00588A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Trader and Importer of Barcoading and
Communication Equipments. |
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No. of
Employees: |
350 (approximately) [30 – In Office + 300 – In Factory + 20 – In Branches] |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 230000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There appears
a dip in the turnover and profitability of the company. However trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. 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
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Name : |
Mr. Ashwin Jadav |
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Designation : |
Senior Account Executive |
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Contact No.: |
91-9033880855 |
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Date : |
05.09.2011 |
LOCATIONS
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Registered Office : |
B – 404, |
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Tel. No.: |
91-79-30013333 |
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Mobile No.: |
91-9033880855 (Mr. Ashwin) |
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Fax No.: |
91-79-30013300 |
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E-Mail : |
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Website : |
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Area : |
300 sq.ft |
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Location : |
Rented |
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Corporate Office/ Factory : |
B/20, GIDC Electronic Estate, Sector – 25, Gandhinagar – 382044, |
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Tel. No.: |
91-79-30512000 |
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Fax No.: |
91-79-30512010 |
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E-Mail : |
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Area : |
4000 sq.ft |
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Location : |
Owned |
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Branch Office : |
Located at:
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Sales and Services Offices: |
Located
at:
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DIRECTORS
As On 11.09.2010
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Name : |
Mr. Sameer Shashikant Parekh |
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Designation : |
Managing Director |
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Address : |
111, Rambha, |
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Date of Birth/Age : |
23.11.1963 |
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Qualification : |
M.S. |
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Experience : |
23 Years |
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Date of Appointment : |
28.09.1987 |
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DIN No. : |
00010159 |
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Name : |
Mr. Chetankumar Hasmukh Turakhia |
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Designation : |
Director |
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Address : |
B – 83, Tirthbhumi Apartments, Near Gajjar Hall, Law Garden, Ellisbridge,
Ahmedabad – 380006, Gujarat, India |
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Date of Birth/Age : |
31.12.1965 |
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Qualification : |
B.E. |
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Experience : |
21 Years |
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Date of Appointment : |
16.10.2001 |
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DIN No. : |
00030626 |
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Name : |
Mr. Shashikant Shamjibhai Parekh |
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Designation : |
Director |
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Address : |
66-C, Rambha, |
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Date of Birth/Age : |
13.12.1932 |
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Date of Appointment : |
02.05.1986 |
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DIN No. : |
00030682 |
KEY EXECUTIVES
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Name : |
Mr. Rakesh Shah |
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Designation : |
Accountant |
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Name : |
Mr. Ashwin Jadav |
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Designation : |
Senior Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.09.2008
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Names of Shareholders |
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No. of Shares |
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Equity - A |
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Sameer Parekh |
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42600 |
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Equity - B |
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Aruna S. Parekh |
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183 |
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Shashikant Parekh |
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180 |
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Arusha Stock Holding Private Limited |
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4275 |
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Sameer Parekh |
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720 |
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Total |
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5358 |
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1% Redeemable
Non Cumulative Preference Shares |
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Shashikant Parekh |
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127250 |
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Aruna S. Parekh |
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2750 |
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Total |
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130000 |
Equity Share Breakup (Percentage of Total Equity)
As On 11.09.2010
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Category |
Percentage |
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Bodies corporate |
80.00 |
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Directors or relatives of Directors |
20.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Importer of Barcoading and
Communication Equipments. |
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Products: |
Video Conferencing & AV Integration Solutions
Information Technology
Software Products
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C, Credit (buyer’s Credit) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
350 (approximately) [30 – In Office + 300 – In Factory + 20 – In Branches] |
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Bankers : |
Sector 16, Gandhinagar,
3rd Floor, Rembrandt,
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Facilities : |
Note:
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Shreekant
S Shah and Company Chartered
Accountants |
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Address : |
11, Krishna Apartment, 2nd Floor, Opposite Russian Flats,
Navrangpura, Ahmedabad – 380009, |
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Tel No.: |
91-79-26425541/ 26441102 |
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Fax No.: |
91-79-26430843 |
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Email : |
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Pan No.: |
ACVPS6969C |
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Other Related Parties : |
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Holding Company : |
CIN: U65910GJ1988PTC010378 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares A |
Rs.1/- each |
Rs.0.100 Million |
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6900 |
Equity Shares B |
Rs.1000/- each |
Rs.6.900 Millions |
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Rs.7.000
Millions |
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130000 |
1% Redeemable Non Cumulative Preference Shares |
Rs.100/- each |
Rs.13.000 Millions |
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Total |
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Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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42600 |
Equity Shares A |
Rs.1/- each |
Rs.0.043 Million |
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5358 |
Equity Shares B |
Rs.1000/- each |
Rs.5.358 Millions |
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Rs.5.401
Millions |
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130000 |
1% Redeemable Non Cumulative Preference Shares |
Rs.100/- each |
Rs.13.000 Millions |
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Total |
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Rs.18.401
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
18.401 |
18.401 |
18.401 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.670 |
35.350 |
31.454 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.071 |
53.751 |
49.855 |
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LOAN FUNDS |
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1] Secured Loans |
106.854 |
120.229 |
91.278 |
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2] Unsecured Loans |
51.354 |
49.098 |
52.010 |
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TOTAL BORROWING |
158.208 |
169.327 |
143.288 |
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DEFERRED TAX LIABILITIES |
4.923 |
5.228 |
4.350 |
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TOTAL |
222.202 |
228.306 |
197.493 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.482 |
52.399 |
55.842 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.090 |
1.090 |
1.090 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
74.629
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79.266
|
78.210
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Sundry Debtors |
227.535
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227.879
|
242.076
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Cash & Bank Balances |
7.573
|
5.100
|
10.434
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Other Current Assets |
0.000
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0.000
|
0.000
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Loans & Advances |
32.577
|
25.612
|
20.307
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Total
Current Assets |
342.314
|
337.857
|
351.027
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Less : CURRENT LIABILITIES
& PROVISIONS |
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Sundry Creditors |
126.846 |
124.607 |
162.230
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Current Liabilities |
26.963
|
31.034
|
32.700
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Provisions |
14.131
|
7.917
|
16.077
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Total
Current Liabilities |
167.940
|
163.558
|
211.007
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Net Current Assets |
174.374
|
174.299
|
140.020
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MISCELLANEOUS EXPENSES |
0.256 |
0.518 |
0.541 |
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TOTAL |
222.202 |
228.306 |
197.493 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
541.389 |
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Other Income |
|
0.766 |
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TOTAL (A) |
517.030 |
542.155 |
620.203 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.725 |
34.865 |
42.226 |
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Less |
FINANCIAL
EXPENSES (D) |
18.042 |
18.324 |
12.620 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.683 |
16.541 |
29.606 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.144 |
5.922 |
5.317 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.539 |
10.619 |
24.289 |
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Less |
TAX (I) |
4.804 |
5.307 |
8.417 |
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PROFIT AFTER TAX
(G-I) (J) |
6.735 |
5.312 |
15.872 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
32.725 |
29.364 |
16.508 |
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Less |
APPROPRIATIONS |
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General Reserve |
0.885 |
0.535 |
1.600 |
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Dividend |
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On Equity Shares |
1.080 |
1.080 |
1.080 |
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On Preference Share |
0.130 |
0.130 |
0.130 |
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Tax on Dividend |
0.206 |
0.206 |
0.206 |
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BALANCE CARRIED TO
THE B/S |
37.159 |
32.725 |
29.364 |
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EARNINGS IN
FOREIGN CURRENCY |
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Commission received |
0.185 |
0.267 |
1.087 |
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TOTAL EARNINGS |
0.185 |
0.267 |
1.087 |
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Earnings Per
Share (Rs.) |
1.25 |
0.98 |
-- |
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Expected Sales (2010-2011) : Rs. 700.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.30
|
0.98
|
2.56
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.96
|
3.92
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.97
|
2.72
|
5.97
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.20
|
0.49
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Debt Equity Ratio (Total Liability/Networth) |
|
5.52
|
6.19
|
7.11
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Current Ratio (Current Asset/Current Liability) |
|
2.04
|
2.07
|
1.66
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LOCAL AGENCY FURTHER INFORMATION
DETAILS FOR SUNDRY
CREDITORS
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009
|
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Sundry Creditors for Goods |
118.474 |
116.982 |
154.762 |
|
Sundry Creditors for Expenses |
8.372 |
7.625 |
7.468 |
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Total |
126.846 |
124.607 |
162.230 |
Note: The Registered
Office of the company has been shifted from
Trade References :
- LG
Electronics
- Nokia
- Maruti Suzuki
REVIEW OF OPERATIONS:
In the year the company has shown a negative
growth due to the continued economic slowdown in the country as well as the
national elections which bought about a freeze on government spending during
the first quarter of the year the company showed a higher profitability. This
was mainly due to the robust revenues from the service teams.
The current year saw the company make
important breakthrought in some accounts to boister its sales. Some of these
accounts were pepsico, welspun, zydus to name a few. All of these will have
carry over sales into the future years as they have large expansion plans.
New Initiatives :
Further during the year, the company has tied up with Mitel to offer its
IP communication servers to corporate customers. Additionally the company has
started discussions with a hong based form to lauch its first PDA in the local
market. During the year the company undertook an exercise to restructure its
team and had an independent consultant assess its operations. The study has
evolved a new sales and support structure which will be rolled out in the
ensuing year which will help the company have focused sales and support
functions in an effort to maximize form all aspects of business. There are 6
revenue teams planned and 4 support teams.
FURUTE OUTLOOK:
The company has planned for an ambitious
growth of 60% in the coming year due to the restructure exercise that has been
rolled out. Each division will focus on a specific vertical thereby ensuring we
tap all avenues of prospective sales. The newly launched intelliPDA will
provide to the company opportunities in the SFA market which was thus far
unaddressed by the company. Owing to the cumulative sales of the previous years
the service revenue will also have a major focus in the current year and with
the merging of the service terms will provide a platform for increased customer
satisfaction as well as revenues.
Contingent
Liability not Provided for
|
Particulars |
31.03.2010
(Rs. In Millions) |
|
a)Guarantee given by bank |
|
|
Citi bank N.A. |
1.371 |
|
HDFC Bank Limited – Gandhinagar |
9.273 |
|
Bank of |
1.243 |
|
b) Excise duty demand |
3.929 |
|
c) letter of Credit |
|
|
Citi Bank N.A – Ahmedabad |
-- |
|
HDFC Bank Limited – Gandhinagar |
23.606 |
|
Canara bank – Mumbai |
-- |
|
Union bank of |
16.568 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U32201GJ1984PTC007533 |
|
Name of the
company |
INTELLICON PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B – 404, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited - HDFC Bank Limited, HDFC Bank Limited, Mumbai -
400013, E-mail: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Letter of Hypothecation. |
|
Date of
instrument Creating the charge |
05.01.2011 |
|
Amount secured by
the charge |
Rs. 177.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment
- Working Capital facility shall be payable on demand Term Loan
facility shall be repayable in suitable installments. Margin As may be
stipulated by bank from time to time Extent and
Operation of the charge - Hypothecation by
way of First Charge on Company's Stocks, Book Debts, etc, to secure as a continuing security for the
repayment of Rs.177.500 millions together with interest, costs, charges,
expenses and other moneys due and payable by the Company to the Bank. |
|
Short particulars
of the property charged |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties. All the
debts, that is, all the book debts, outstandings, monies receivables,
claims, bills, invoice documents,
contracts, guarantees, and rights |
|
Date of latest
modification prior to the present modification |
12.03.2010 |
|
Particulars of
the present modification |
The Charge shall
now stand reduced from to Rs.180.000 Millions to Rs.177.500 Millions
(Comprising: Overall facility under the MFA/Addendum of Rs.140.000 Millions,
WCTL of Rs.30.000 Millions, PSR of Rs.7.500 Millions) against the security
of Stocks, Book Debts of the Company. |
Fixed Assets :
- Land Leasehold
- Building
- Plant and
machineries
- Computers
- Office
Equipments
- Furniture and
fittings
- Misc Tools
- Testing
- Vehicles
- Block
equipment on lease (MTNL)
- Electric
Installation
AS PER WEBSITE
DETAILS :
Corporate
In 1992, the formal establishment of Intellicon was effected
through a concerted decision to give a new identity to the flagship company
Essen Telecommunications. The scope of operations could then be redefined and
free the company to advance into new technology products. The legacy of
products being passed on to the new organization were C Dot base EPABX
products. As a market leader in this category, Intellicon successfully
developed and marketed many niche solutions. With the new liberalized economy
gaining momentum in
By 1996, Intellicon had identified a new emergent technology
area, namely automatic data capture solutions as its new area of interest.
Although a fairly mature industry in the west, Automatic Data Capture was still
finding its feet in
Intellicon’s foray in ADC solutions has been highly successful. With a
boisterous economy to help and the growing emphasis on automation ,as well as
the boom in the retail segment Bar Code solutions are fast becoming the order
of the day. Intellicon’s association with some of the world’s leading ADC
solution providers complements its own recognized capability in delivering
solutions which require customization, innovation and creative ingenuity.
Besides a national network of offices gives confidence to large multilocational
customers the confidence to feel the presence of Intellicon. By 2004 Intellicon
had emerged as one of
Then arrived Video Conferencing. It promised to radicalize the very essence of
communication. And true to its ‘Touching Tomorrow Today’ philosophy, Intellicon
visualized Video Conferencing in
Intellicon succeeded....again. It has joined hands with World's leading Visual
Communications Giant to promote Video Conferencing solutions which will cater
to every application required in the field; and also some that were considered
beyond it.
Meanwhile, Intellicon had been making aggressive plans in the Telecom sector
too. In 1999, it was clear that with a large network of offices and a competent
team of telecom marketing professionals and the domination of international
telecom brands in
Both the Telecom and ADC operations required basic software customization in
the initial years. While the software team took on more and more challenges in
the ensuing years, it soon became evident that a full software team made a lot
of sense. This team which now operates as an SBU has acquired the competence
and skills to deliver solutions in ADC, Telecom and embedded applications .
Today more and more projects are being developed and successfully implemented
by this team which is also continually upgrading its skills on latest
platforms.
Intellicon is a 600 million company today. While consolidating its position in
the four key areas, it understands all its business plans need to be aggressive
and keep pace with changing and newer technologies which are sweeping global
economies. This phenomenon has impacted
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.45.94 |
|
|
1 |
Rs.74.28 |
|
Euro |
1 |
Rs.64.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.