MIRA
INFORM REPORT
|
Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
andrew telecommunicationS India private
LIMITED |
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Registered
Office : |
Plot No. N-2, Phase IV, Verna Industrial Estate, Verna Salcette – 403
511, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.10.1997 |
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Com. Reg. No.: |
24-002452 |
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Capital
Investment / Paid-up Capital : |
Rs.49.404 Millions |
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CIN No.: [Company Identification
No.] |
U32204GA1997PTC002452 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA04908B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Trading of Co-Axial Cables, Base Station Antennas, Micro-Wave Antennas and Similar Allied Products for The Telecommunication Industry |
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No. of Employees
: |
1000 [In Office] Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [49] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9730000 |
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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 an established company having Satisfactory track.
Profitability of the company is under pressure. However, Networth appears to
be satisfactory. However, 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 DECLINED BY
Management Non Co-operative (Name not disclose)
LOCATIONS
|
Registered Office/Factory : |
Plot No. N-2, Phase IV, Verna Industrial Estate, Verna Salcette – 403
511, |
|
Tel. No.: |
91-832-6685200 / 201 / 202 / 2407303 |
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Fax No.: |
91-832-6685025 / 6685104 / 6685107 |
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E-Mail : |
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Website : |
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Area : |
Land Area – 50,000 Sq.mt. Built up Area - 19000 Sq.mt. |
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Location : |
Leased |
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Corporate Office : |
Andrew Corporation |
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Tel. No.: |
1-708-349-3300 |
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Overseas Office
: |
Located at · · · · · · · · · HongKong · · · · · · · · · · · · · Switzerkland · · ·
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DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Daniel John Hartnett |
|
Designation : |
Director |
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Address : |
110 South |
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Date of Birth/Age : |
16.10.1955 |
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Date of Appointment : |
10.11.1998 |
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DIN : |
00438363 |
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Name : |
Mr. Antonio Augusto Do Rego |
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Designation : |
Managing Director |
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Address : |
E 626, Natsha Golf View Apartments, Domlur, |
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Date of Birth/Age : |
24.09.1960 |
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Date of Appointment : |
20.11.2007 |
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DIN : |
01895508 |
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Name : |
Mr. Michael David Coppin |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.09.1964 |
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Date of Appointment : |
20.05.2008 |
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DIN : |
02135137 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Haridev Kohli |
|
Designation : |
Secretary |
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Address : |
S2 / 5A, Model Millenium Vista, Caranzalem, Panjim – 403 001, |
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Date of Birth/Age : |
15.02.1960 |
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Date of Appointment : |
02.09.2005 |
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PAN : |
AKUPK0393E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Andrew |
|
4940431 |
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|
1 |
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Total |
|
4940432 |
DEBENTURES AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Commscope Netherlands BV, Netherlands |
|
11992400 |
|
Total |
|
11992400 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie’s Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
And Trading of Co-Axial Cables, Base Station Antennas, Micro-Wave Antennas
and Similar Allied Products for The Telecommunication Industry |
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Products : |
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Brand Names : |
Andrew |
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Exports : |
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Products : |
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Countries : |
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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 : |
Credit |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1000 [In Office] Approximately |
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Bankers : |
Bank of |
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Facilities : |
Footnotes (A) Privately Placed
Debentures11,992,400 (Previous year 11,992,400)12.5% unsecured fully
convertible Debentures of Rs.100 each During the previous year the Company
has issued 11,992,400 numbers of 12.5% unsecured fully convertible Debentures
(FCD) of Rs.100/- each convertible into equity shares of Rs.10 each at a
premium of Rs.90, provided the FCDs shall be compulsorily converted into
Equity Shares at the end of the term of 51 (fifty one) years to be computed
from the date of issue of the FCDs, provided that: (i)If the conversion price
(face value plus premium) is less than the price, as on or around the date of
conversion, as per the minimum pricing guidelines stipulated by the reserve
Bank of India (Regulatory Price), all FCDs shall be converted into such
numbers of Equity Shares as is arrived at by dividing the aggregate value of
FCDs by the Regulatory Price and (2) the Equity Shares to be issued pursuant
to the conversion shall be a round figure.(ii)Conversion Date: The Conversion
Date shall be at the end of the Term, except in the case of an Accelerated
Conversion (as defined below) or a Default. The principal and accrued
interest, if any, will be converted into Equity Shares on the Conversion
Date, subject to regulatory approvals.(iii)Accelerated Conversion: The FCDs
will be converted into Equity Shares, if (i) the Company is insolvent, (ii) a
judgement is issued for the Companys judicial liquidation , (iii) the Company
is otherwise wound up or dissolved, except in connection with a merger or
other reorganisation, provided that the transferee entity in such merger or
reorganisation assumes the obligations resulting from the FCDs , (iv) the law
requires a shorter period of conversion of the FCDs or (v) the Company, at
its sole option, converts the FCDs into Equity Shares in one or more
tranches, but not before June 30, 2015. |
|
Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S R Batliboi and Company Chartered Accountant |
|
Address : |
Jalan Mil Compound, 95, Ganpatrao Kadam Marg, Lower parel,
Mumbai – 400013, |
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Tel. No.: |
91-22-2287 6485 / 6 |
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Fax No.: |
91-22-2287 6401 |
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Parent Company / Holding Company : |
Andrew |
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Ultimate Holding Company: |
CommScope Inc. of North Carolina, U.S.A. |
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Fellow
Subsidiary Companies : |
· Andrew Limited (UK) · Andrew AG (Switzerland) · Andrew Telecommunications (China) Co. Ltd. · Andrew International Corporation, Hong Kong Branch · Andrew Japan (KK) · Andrew LLC, Taiwan Branch · Andrew - Precision Antennas (UK) · Andrew Corporation (Australia) Pty Ltd. · Andrew Corporation, Texas · Andrew Telecommunications S.R.O (Czech Republic) · Andrew Telecommunication Systems (Singapore) Pte Ltd. · Andrew LLC Moscow · Andrew Telecommunication Products S.r.l, Italy · Forem (Shenzhen) Co., Ltd · Andrew Satcom Africa, South Africa · Andrew Wireless Systems GmbH, Germany · Andrew Int'l Services Co, US · Andrew Wireless, Newton · Andrew Corporation Milpitas · Andrew Wireless Systems · CommScope Cabos Do Brasil Ltda · CommScope Solutions India Pvt Ltd · CommScope Asia Suzhou Technologies Co. Ltd, China · CommScope (Suzhou) Trading Co. Ltd, · Commscope Solutions Singapore Pte Ltd · Commscope Maldives · CommScope Mfg Claremont ·
CommScope Netherlands B.V. |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,940,432 |
Equity Shares |
Rs.10/- each |
Rs.49.404
millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
49.404 |
49.404 |
49.404 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2383.096 |
2418.146 |
2528.961 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2432.500 |
2467.550 |
2578.365 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1324.064 |
1324.944 |
0.000 |
|
|
TOTAL BORROWING |
1324.064 |
1324.944 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
5.700 |
|
|
DEFERRED PAYMENT LIABILITIES |
0.000 |
6.750 |
10.126 |
|
|
|
|
|
|
|
|
TOTAL |
3756.564 |
3799.244 |
2594.191 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
914.286 |
1043.579 |
1205.423 |
|
|
Capital work-in-progress |
30.599 |
113.467 |
29.668 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
53.477 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1226.626
|
1428.728
|
1720.797 |
|
|
Sundry Debtors |
1733.172
|
1448.634
|
2072.730 |
|
|
Cash & Bank Balances |
607.855
|
502.379
|
271.366 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
1042.542
|
852.564
|
811.092 |
|
Total
Current Assets |
4610.195
|
4232.305
|
4875.985 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1509.491 |
1495.422 |
3356.336 |
|
|
Other Current Liabilities |
276.370
|
137.804
|
153.286 |
|
|
Provisions |
12.655
|
10.358
|
7.263 |
|
Total
Current Liabilities |
1798.516
|
1643.584
|
3516.885 |
|
|
Net Current Assets |
2811.679
|
2588.721
|
1359.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3756.564 |
3799.244 |
2594.191 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
TOTAL
INCOME
|
5660.543 |
7967.581 |
8340.184 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
5483.116 |
7812.385 |
8037.747 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
5483.116 |
7812.385 |
8037.747 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
177.427 |
155.196 |
302.437 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
177.427 |
142.271 |
107.889 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.000 |
12.925 |
194.548 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ITEM |
[34.190] |
51.151 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
65.561 |
18.314 |
69.802 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
[31.401] |
[19.912] |
124.746 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
938.653 |
958.565 |
833.819 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
907.252 |
938.653 |
958.565 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
1079.282 |
779.449 |
1169.721 |
|
|
|
Agency Commission |
7.305 |
46.801 |
104.130 |
|
|
TOTAL EARNINGS |
1086.587 |
826.250 |
1273.851 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Traded Material and Spares |
NA |
NA |
5643.349 |
|
|
|
Capital Goods |
NA |
NA |
108.833 |
|
|
TOTAL IMPORTS |
NA |
NA |
5752.182 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
[0.55]
|
[0.25]
|
1.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[0.57]
|
[0.72]
|
3.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[0.01]
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.20
|
1.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.57
|
1.39 |
LOCAL AGENCY FURTHER INFORMATION
Note : The Registered
Office of the company has been shifted from Plot No. 76, Pilerne Industrial Estate,
Bardez – 403 511, Goa India to the present address w.e.f. 15.01.2007.
SUNDRY CREDITORS
DETAILS
(Rs.
In millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009
|
|
Dues of Micro and small enterprises |
70.803 |
31.714 |
34.955 |
|
Dues of creditors other than Micro and small enterprises |
1407.457 |
1463.708 |
3321.381 |
|
Total |
1509.491 |
1495.422 |
3356.336 |
Background
Andrew Telecommunications India Private Limited ("the Company" or "Andrew") is registered in India as a wholly-owned subsidiary company of Andrew LLC, U.S.A. (formerly known as Andrew Corporation, U.S.A.); the ultimate holding company being CommScope Holding Co. Inc. (Previous Year: CommScope Inc.). Effective 14 January 2011, the Company's ultimate parent entity is The Carlyle Group. CommScope or formerly Andrew group is engaged in providing telecommunication solutions. CommScope Group is the foremost global supplier of one-stop, end-to-end Radio Frequency subsystem solutions. The group designs, manufactures and delivers complete solutions for wireless infrastructure, including top-of-the-tower base station antennas to cable systems, radio frequency site solutions, signal distribution and network optimization. Andrew Telecommunication India Private Limited is primarily engaged in the business of providing complete solutions to customers in the telecommunication industry. The Company supplies telecommunication products such as co-axial cables, base station antennas micro-wave antennas and similar allied products to its customers as a single complete solution and the solution may include such products which may be manufactured from raw materials or imported as finished goods, depending on the requirement of the end customers.
Fixed Assets
·
· Leasehold Improvements
· Buildings
· Plant and Machinery
· Office Equipments
· Furniture and Fixtures
· Computers
· Vehicles
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.51.04 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.67.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
49 |
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.