MIRA INFORM REPORT
|
Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARROW ELECTRONICS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
909, A-Wing, Sagar Tech Plaza, Andheri Kurla Road, Sakinaka,
Mumbai-400072, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
26.12.2002 |
|
|
|
|
Com. Reg. No.: |
11-138406 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.477 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74140MH2002PTC138406 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the Business of providing Marketing,
Consulting and related services and Rendering Software Development services
and also the Company engaged in Trading of Electronic Components and
Semiconductors. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The
management of the company has not made the financials available from the year
2009. Also the management remains non-cooperative denied to part any
information of the company. Payments are unknown. The company can be considered for business dealing on a secured trade
terms and condition |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. RJS Gopal |
|
Designation : |
Receptionist |
|
Contact No.: |
91-80-41353800 |
|
Date : |
13.12.2012 |
LOCATIONS
|
Registered Office / Sales Office : |
909, A-Wing, Sagar Tech Plaza, Andheri Kurla Road, Sakinaka,
Mumbai-400072, Maharashtra, India |
|
Tel. No.: |
91- 22-40912400
/ 40912406 / 40912400 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Head Office : |
26, 4th Floor, Akshaya Commercial Coplex, Victoria Road,
Bangalore-560047, Karnataka, India |
|
Tel. No.: |
91-80-41353800 |
|
Fax No.: |
91-80-41127784 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Natarajan Manickavasagam Manalore |
|
Designation : |
Additional director |
|
Address : |
No. 192, Andalnagar, Chennai MGR District, Balchettychatram-631551
Tamilnadu, India |
|
Date of Birth/Age : |
25.06.1967 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
05151492 |
|
|
|
|
Name : |
Mr. Paul Joseph Reilly |
|
Designation : |
Director |
|
Address : |
21, Osborne Road, Garden City New York 11530 |
|
Date of Birth/Age : |
13.01.1957 |
|
Date of Appointment : |
26.12.2002 |
|
DIN No.: |
01623542 |
|
|
|
|
Name : |
Mr. Peter Stewart Brown |
|
Designation : |
Director |
|
Address : |
808, Court North Drive, Melville, New York, Andaman and Nicobar,
Islands 11747 |
|
Date of Birth/Age : |
08.01.1951 |
|
Date of Appointment : |
26.12.2002 |
|
DIN No.: |
01623567 |
|
|
|
|
Name : |
Mr. Sunil Kumar Singh Balaji |
|
Designation : |
Managing director |
|
Address : |
No. 141/1, 5th Main, 5TH, Cross, Poorna Pragna,
Layout, Kathri Guppe Main Road, BSK III Stage, Bangalore-560085, Karnataka,
India |
|
Date of Birth/Age : |
22.06.1965 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
03639104 |
KEY EXECUTIVES
|
Name : |
Mr. RJS Gopal |
|
Designation : |
Receptionist |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Components Agent Asia Holdings Limited, Port
Louis |
|
5483481 |
|
Arrow Electronics Asia(s) Pte Limited,
Singapore |
|
1 |
|
Total |
|
5483482 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the Business of providing Marketing,
Consulting and related services and Rendering Software Development services and
also the Company engaged in Trading of Electronic Components and
Semiconductors. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not divulged |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
UB City, Canberra Block, 12th and 13th Floor,
No.24, Vittal Mallya Road, Bangalore- 560001, Karnataka, India |
|
PAN No.: |
AABFS3421N |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
747670 |
Equity Shares |
Rs.10/- each |
Rs. 7.477 Millions |
|
|
|
|
|
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5483482 |
Equity Shares |
Rs.10/- each |
Rs. 54.835 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 (15 Months) |
31.12.2007 (12 Months) |
31.12.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.477 |
7.477 |
7.477 |
|
|
2] Share Application Money |
136.533 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.381 |
9.453 |
6.898 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
147.391 |
16.930 |
14.375 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
147.391 |
16.930 |
14.375 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19.918 |
11.799 |
7.050 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
9.221 |
6.407 |
2.301 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
43.908
|
3.671 |
9.499 |
|
|
Sundry Debtors |
330.899
|
128.353 |
95.625 |
|
|
Cash & Bank Balances |
79.668
|
6.616 |
6.830 |
|
|
Other Current Assets |
50.475
|
5.632 |
0.000 |
|
|
Loans & Advances |
192.987
|
26.807 |
18.314 |
|
Total
Current Assets |
697.937
|
171.079 |
130.268 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.766
|
9.524 |
9.165 |
|
|
Other Current Liabilities |
23.487
|
5.273 |
3.027 |
|
|
Provisions |
543.432
|
157.558 |
113.052 |
|
Total
Current Liabilities |
579.685
|
172.355 |
125.244 |
|
|
Net Current Assets |
118.252
|
(1.276) |
5.024 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
147.391 |
16.930 |
14.375 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 (15 Months) |
31.12.2007 (12 Months) |
31.12.2006 |
|
|
|
|
|
|
|
|
|
|
|
Income |
597.580 |
179.070 |
157.883 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
597.580 |
179.070 |
157.883 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
551.458 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
551.458 |
167.065 |
149.515 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
46.122 |
12.005 |
8.368 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.595 |
4.606 |
5.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
32.527 |
7.399 |
2.690 |
|
|
|
|
|
|
|
|
|
|
TAX |
38.600 |
4.844 |
2.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(6.073) |
2.556 |
0.080 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Income |
276.234 |
106.764 |
NA |
|
|
TOTAL EARNINGS |
276.234 |
106.764 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
343.242 |
56.359 |
NA |
|
|
TOTAL IMPORTS |
343.242 |
56.359 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNING /
(LOSS) Per Share (Rs.) |
(8.12) |
3.42 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 (15 Months) |
31.12.2007 (12 Months) |
31.12.2006 |
|
PAT / Total Income |
(%) |
1.02
|
1.43 |
0.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.53
|
4.05 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.44 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.93
|
10.18 |
8.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
0.99 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2009 (15 Months) |
31.12.2007 (12 Months) |
31.12.2006 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditor for goods, services and expenses |
12.766
|
9.524 |
9.165 |
|
|
|
|
|
|
Total |
12.766
|
9.524 |
9.165 |
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
The registered office of the company has been shifted from 301, Jehangir
Building, 133, Mahatma Gandhi Road, Fort, Mumbai-400023, Maharashtra, India to
the present address w.e.f. 12.01.2009
Background
Arrow Electronics India Private Limited (‘Arrow India’ of ‘the Company’)
was incorporated in India with limited liability on December 26, 2002.
The Company is engaged in the business of providing marketing, consulting and related services to
Arrow Electronics Asia (S) Pte Limited, Singapore (‘Arrow Singapore’),
rendering software development services to Arrow Asia Pac Limited, Hong Kong
(‘Arrow Hong Kong’) and providing IT enabled services to Arrow Electronics
Inc., USA (‘Arrow USA’). The Company is also engaged in trading of electronic
components and semiconductors.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2009 |
|
Bank guarantee issued to customs |
7.000 |
|
Value added tax/sales tax matter, under
appeal |
2.116 |
FIXED ASSETS:
- Leasehold
Improvement
- Computer
Equipments
- Furniture and
Fixture
- Office
Equipment
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 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.54.39 |
|
|
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.