MIRA
INFORM REPORT
|
Report Date : |
15.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
ELCOTEQ ELECTRONICS ( |
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Registered
Office : |
Block No. VIII, Velankani Information System Campus, Electronic City Phase 2, Hosur Road, Bangalore-560100, Karnataka. |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.06.2004 |
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Com. Reg. No.: |
08-034202 |
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Capital
Investment / Paid-up Capital : |
Rs. 1774.931 Millions |
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CIN No.: [Company Identification
No.] |
U32309KA2004PTC034202 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRE03879B |
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PAN No.: [Permanent Account No.] |
AABCE3729J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electronic and Allied Products, Systems, Equipments, Accessories and Components etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
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 3800000 |
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Status : |
Moderate |
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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 moderate track record. There
appears some accumulated losses and also sales appears to be dip recorded by 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 for business dealing at safe and secured
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 |
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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/ Factory : |
Block No. VIII, Velankani Information System Campus,
Electronic City Phase 2, Hosur Road, Bangalore-560100, |
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Tel. No.: |
91-80-25017101 / 25017000 |
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Mobile No.: |
91-80-25017200 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Sukhvinder Kumar |
|
Designation : |
Director |
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Address : |
Flat No.402, Block PA Purva, Panorama Apartment, Near Meenakshi
Temple, Bangalore-560076, Karnataka, India |
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Date of Birth/Age : |
06.01.1972 |
|
Date of Appointment : |
15.09.2010 |
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DIN No.: |
03259117 |
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Name : |
Mr. Prabhakaran Sunil |
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Designation : |
Director |
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Address : |
No.201 DSR Divine Apartments, No.258, Rama Temple Road, New
Thippasandra, Bangalore-560075, Karnataka, India |
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Date of Birth/Age : |
07.04.1971 |
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Date of Appointment : |
29.07.2011 |
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DIN No.: |
03585866 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Elcoteq SE, Finland |
177493099 |
|
Elcoteq Finland OY, Finland |
1 |
|
TOTAL |
177493100 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic and Allied Products, Systems, Equipments, Accessories and Components etc. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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EMS* |
Numbers |
444400 |
40148 |
The above data is
for the installed capacity of surface moulding technology based on components per
hour
*EMS - Electronic
Manufacturing service
**Installed
capacities are as certified by the Management and have not been verified by the
auditors as this is a technical matter.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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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 : |
Maruthi Info-Tech Centre, 11-12/1 inner Ring Road, Koramangala, |
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Tel. No.: |
91-80-22276000 |
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Fax No.: |
91-80-22273000 |
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Pan No: |
AAAFB9852F |
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Holding Company : |
v Elcoteq SE,
Finland (Elcoteq SE) |
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Subsidiaries : |
v Elcoteq USA,
Inc. (Elcoteq USA) |
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Entities under common
control and with whom transactions have taken place during the year : |
v Elcoteq Asia
Limited., Hong Kong, China (Elcoteq Hong Kong) v Dongguan Elcoteq
Electronics Company Limited., Dongguan, China (Elcoteq Dongguan) v Beijing GKI Electronics
Company Limited., Beijing, China (Elcoteq Beijing) v AS Elcoteq
Tallinn, Tallinn, Estonia (Elcoteq Tallinn) v Elcoteq Finland
Oy, Lohja, Finland (Elcoteq Finland Oy) v Elcoteq Network
SA, Switzerland (Elcoteq Network SA) v Elcoteq INC, USA
(Elcoteq INC) v Elcoteq Romania
SRL, Romania (Elcoteq Romania) v Elcoteq Hungary
Limited, Hungary (Elcoteq Hungary) v Elcoteq Asia
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs. 1800.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177493100 |
Equity Shares |
Rs.10/- each |
Rs. 1774.931
Millions |
|
|
|
|
|
Note:
[Of the above,
177,493,099 (previous year: 177,493,099) equity shares of Rs 10 each are held
by Elcoteq SE, Finland, the holding company]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1774.931 |
1774.931 |
1774.931 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(820.371) |
(724.433) |
(1366.758) |
|
|
NETWORTH |
954.560 |
1050.498 |
408.173 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
598.453 |
946.055 |
|
|
TOTAL BORROWING |
0.000 |
598.453 |
946.055 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
954.560 |
1648.951 |
1354.228 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.365 |
65.506 |
399.144 |
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Capital work-in-progress |
1.362 |
12.392 |
0.000 |
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INVESTMENT |
206.550 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
68.355
|
64.815 |
430.522
|
|
|
Sundry Debtors |
38.762
|
162.670 |
1106.855
|
|
|
Cash & Bank Balances |
566.660
|
1616.435 |
249.840
|
|
|
Other Current Assets |
4.176
|
1.133 |
14.850
|
|
|
Loans & Advances |
128.967
|
71.346 |
67.952
|
|
Total
Current Assets |
806.920
|
1916.399 |
1870.019 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
112.791
|
126.974 |
861.022 |
|
|
Other Current Liabilities |
119.056
|
138.639 |
46.770
|
|
|
Provisions |
8.581
|
206.707 |
7.143
|
|
Total
Current Liabilities |
127.637
|
345.346 |
914.935 |
|
|
Net Current Assets |
679.283
|
1571.053 |
955.084
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
954.560 |
1648.951 |
1354.228 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
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|
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|
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Income |
363.070 |
4755.730 |
4689.130 |
|
|
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Other Income |
41.060 |
97.160 |
18.700 |
|
|
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TOTAL |
404.130 |
4852.890 |
4707.830 |
|
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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 |
437.600 |
3863.520 |
4767.500 |
|
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|
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(33.470) |
989.370 |
(59.670) |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
62.470 |
147.250 |
195.510 |
|
|
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|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(95.940) |
842.120 |
(255.180) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
54.430 |
2.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(95.940) |
787.690 |
(257.420) |
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales |
165.973 |
642.943 |
969.147 |
|
|
|
Service Income |
58.932 |
397.237 |
41.816 |
|
|
|
Sale of Fixed Assets |
1.370 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
226.275 |
1040.180 |
1010.963 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
109.794 |
2925.675 |
4104.816 |
|
|
|
Stores & Spares |
0.557 |
5.358 |
21.799 |
|
|
|
Capital Goods |
48.055 |
15.280 |
221.268 |
|
|
TOTAL IMPORTS |
158.406 |
2946.313 |
4347.883 |
|
|
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|
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|
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|
Earnings /
(Loss) Per Share (Rs.) |
(0.54) |
4.44 |
(2.51) |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(23.74)
|
16.23 |
(5.47) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(26.42)
|
17.71 |
(5.44) |
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.97)
|
42.49 |
(11.25) |
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10)
|
0.80 |
(0.63) |
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|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.13
|
0.90 |
4.56 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
6.32
|
5.55 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
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6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------ |
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14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
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 |
Yes |
|
30. Major Shareholders, if available |
Yes |
BACKGROUND
Subject is a subsidiary
of Elcoteq SE, Finland. The Company was incorporated on 24 June 2004 as a
private limited company. Elcoteq SE holds 99.99 % of the paid-up equity share
capital. The Company has been incorporated with an objective to manufacture and
service communication network equipments and terminal products.
STATE OF AFFAIRS
Subject was
incorporated as a private limited company under the companies act 1956 on 24th
June, 2004 and is a 100% subsidiary of Elcoteq SE, Finland.
The Company has no
long term borrowings and has accumulated losses of 820.37 MINR.
The Directors do
not recommend any dividend.
There have been no
material changes or commitments which have occurred between the end of the
financial year of the Company to which the balance sheet relates and the date
of this report
FINANCIAL
PERFORMANCE
The manufacturing
and services facility was formally inaugurated on 11th April, 2005.
Elcoteq SE is a
European company which leading electronics manufacturing services (EMS) company
with original design manufacturing (ODM) capabilities in the communications
technology field. Subject provides globally end-to-end solutions consisting of
design, NPI, manufacturing, supply chain management and after-sales services
for the whole lifecycle of its customers' products. Elcoteq SE is listed on the
Helsinki Exchanges.
FIXED ASSETS
·
Leasehold Improvements
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
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. 55.79 |
|
|
1 |
Rs. 86.37 |
|
Euro |
1 |
Rs. 70.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.