MIRA
INFORM REPORT
|
Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
FLEXTRONICS TECHNOLOGIES ( GLOBAL SHARED SERVICE CENTRE UNIT OF FLEXTRONICS TECHNOLOGIES ( |
|
|
|
|
Registered
Office : |
Plot No 3, Phase II, Sipcot Industrial Park, Sriperumbudur Taluk, Sandavellure
C Village, Kancheepuram, Cheenai - 602106 Tamil Nadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.01.2001 |
|
|
|
|
Com. Reg. No.: |
18-070708 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1659.145 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909TN2001PTC070708 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF5248E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of mobile phones and Printed Circuit Board Assemblies and Outdoor Cabinet Assembly |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There
appears huge accumulated losses recorded by the company. However, networth on
the company appears to be strong. Trade relations are reported to be fair.
Business is active. Payment are reported to be slow but correct The company can be considered for business dealing with some caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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. Prasanna |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-44-6105000 |
|
Date : |
28.09.2012 |
LOCATIONS
|
Registered Office : |
Plot No 3, Phase II, Sipcot Industrial Park, Sriperumbudur Taluk,
Sandavellure C Village, Kancheepuram, Cheenai - 602106 Tamil Nadu, India |
|
Tel. No.: |
91-44-67105000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Showroom : |
C/o RMZ Millennia Business Park, 7th Floor, Campus II, No 143, Dr. MGR
Road, Kandanchavati, Chennai 600 096, Tamilnadu, India |
DIRECTORS
As on: 15.12.2011
|
Name : |
Manny Marimuthu |
|
Designation : |
Director |
|
Address : |
No.5, Lot No.32, Periaran Kudalari, Country Heights, Kajang, Selangor, Darul, Ehsan, Kuala Lumper, Malaysia -
43000 |
|
Date of Birth/Age : |
11.10.1961 |
|
Date of Appointment : |
12.01.2001 |
|
DIN No. |
00867715 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U31909TN2001PTC070708 |
FLEXTRONICS
TECHNOLOGIES (INDIA) PRIVATE LIMITED |
Director |
12/01/2001 |
12/01/2001 |
- |
Active |
NO |
|
2 |
U30006KA2006PTC040491 |
SOLECTRON
INDIA PRIVATE LIMITED |
Director |
25/09/2008 |
01/10/2007 |
- |
Amalgamated |
NO |
|
3 |
U85110KA1994PTC015357 |
FLEXTRONICS
DESIGN PRIVATE LIMITED |
Director |
28/11/2007 |
09/11/2007 |
- |
Active |
NO |
|
4 |
U72200KA2003PTC031806 |
FLEXTRONICS
DESIGN CONSUMER ELECTRONICS (INDIA) PRIVATE LIMITED |
Director |
30/09/2008 |
27/11/2007 |
- |
Amalgamated |
NO |
|
5 |
L32109KA2006PLC040641 |
SOLECTRON
EMS INDIA LIMITED |
Director |
24/03/2008 |
28/11/2007 |
- |
Amalgamated |
NO |
|
6 |
U51505TN2007FTC065546 |
FLEXPOWER
INDIA PRIVATE LIMITED |
Director |
21/04/2008 |
21/04/2008 |
- |
Active |
NO |
|
7 |
U72900KA2004PTC034404 |
COLDWATT
INDIA PRIVATE LIMITED |
Director |
25/09/2008 |
25/06/2008 |
- |
Amalgamated |
NO |
|
8 |
L85110KA1993PLC013869 |
CENTUM
ELECTRONICS LIMITED |
Director |
28/09/2010 |
09/08/2010 |
16/08/2012 |
Active |
NO |
|
Name : |
Mr. Ashok Dhawan |
|
Designation : |
Managing director |
|
Address : |
43B, Raheja park Plaza, Panch marg, New Yari Road, Versova, Andheri
(West), Mumbai – 400061, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1964 |
|
Qualification : |
Diploma in Hotel Management and MBA - Finance |
|
Experience : |
22 Years |
|
Date of Appointment : |
15.11.2007 |
|
DIN No.: |
00798959 |
|
|
|
|
Name : |
Bernard Jin Yang Liew |
|
Designation : |
Director |
|
Address : |
23 Palm Drive, Singapore - 456507 |
|
Date of Birth/Age : |
02713564 |
|
Date of Appointment : |
29.07.2009 |
|
DIN No.: |
02713564 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U30006KA2006PTC040491 |
SOLECTRON
INDIA PRIVATE LIMITED |
Director |
29/09/2009 |
29/07/2009 |
- |
Amalgamated |
NO |
|
2 |
U72900KA2004PTC034404 |
COLDWATT
INDIA PRIVATE LIMITED |
Director |
30/09/2009 |
29/07/2009 |
- |
Amalgamated |
NO |
|
3 |
U31909TN2001PTC070708 |
FLEXTRONICS
TECHNOLOGIES (INDIA) PRIVATE LIMITED |
Director |
29/09/2009 |
29/07/2009 |
- |
Active |
NO |
|
4 |
U51505TN2007FTC065546 |
FLEXPOWER
INDIA PRIVATE LIMITED |
Director |
27/08/2010 |
01/02/2010 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Prasanna |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 15.12.2011
|
Names of Shareholders |
|
No. of Equity
Shares |
|
|
|
|
|
Flextronics International Asia pacific Limited, Mauritius |
|
58541911 |
|
Flextronics Telecom Systems Limited, Mauritius |
|
1401914 |
|
Flextronics Mauritius Limited, Mauritius |
|
302558 |
|
Coldwatt Inc., USA |
|
1 |
|
Total
|
|
60246384 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
|
|
|
|
Flextronics International Asia pacific Limited, Mauritius |
|
105668199 |
Equity Share Break up (Percentage of Total Equity)
As on: 15.12.2011
|
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 : |
Manufacturer of mobile phones and Printed Circuit Board
Assemblies and Outdoor Cabinet Assembly |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
|
|
|
Installed
Capacity (Units) |
|
Printed circuit boards |
|
|
|
2,500,000 |
|
Mobile phones |
|
|
|
1,440,000 |
|
Server |
|
|
|
75,000 |
|
Set top boxes |
|
|
|
1,000,000 |
|
Xerox copier |
|
|
|
733,650 |
|
Base Stations |
|
|
|
100,000 |
|
Particulars |
|
|
|
Actual
Production (Units) |
|
Printed circuit boards |
|
|
|
6,563 |
|
Network transmission system |
|
|
|
2,120 |
|
Antennae |
|
|
|
1 |
|
Base stations |
|
|
|
23,846 |
|
Base station components |
|
|
|
2,217 |
|
Base station assembly |
|
|
|
113,936 |
|
Base station door |
|
|
|
2 |
|
Cabinet door |
|
|
|
650 |
|
Copier |
|
|
|
119,678 |
|
Copier components |
|
|
|
62 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain Christopher Srikanth and Srikanth Chartered Accountants |
|
|
2nd Floor, Uniworth Plaza, No. 20, Sankey Road, Banglore -
560020 |
|
PAN No.: |
AADFJ0586H |
|
|
|
|
Holding Company : |
·
Flextronics International Asia Pacific Limited |
|
|
|
|
Associates Enterprise : |
·
Flextronics Manufacturing (Zhuhai) Company Limited · Flextronics Manufacturing (Zhuhai) Company Limited · Flextronics International Poland SP · Flextronics Manufacturing Zhuhai ( Mauritius ) Company Limited · Flextronics International USA, Inc · Flextronics Manufacturing (HK) Limited · Flextronics International Japan Co Limited · Flextronics Manufacturing ( Singapore ) Private Limited · Flextronics International Norway AS · Flextronics Manufacturing Mexico (GDL) · Flextronics International Sweden AB · Flextronics Manufacturing ST ETIENNE · Flextronics International Latin America, Limited · Flextronics Manufacturing AGUASCALIENTES SA DE CV · Flextronics International KFT · Flextronics Enclosure (Zhuhai) Company Limited · Flextronics International Limited · Flextronics Enclosure Systems ( Changzhou ) Limited · Flextronics International USA Limited · Flextronics Enclosures ( Hong Kong ) Limited · Flextronics International Singapore Pte. Limited · Flextronics Industrial (Zhuhai) Company Limited · Flextronics International Technologies Limited · Flextronics Industrial Zone · Flextronics International ( Taiwan ) Limited · Flextronics Industrial (Shenzhen) Limited · Flextronics International Europe B.V. · Flextronics Industries (HK) Limited · Flextronics International Management Services Limited · Flextronics Industries Marketing (L) Limited · Flextronics International AGUASCALIENTES (L) Limited · Flextronics Plastics Singapore Private Limited · Flextronics International -PIC Stock Locations · Flextronics Plastics ( Malaysia ) SDN BHD · Flextronics International EQTOS SERV Limited · Solectron Hungary Electronics KFT · Flextronics Mechanical Marketing(L)Limited · Flextronics Marketing (L) Limited · Solectron USA LLC · Flextronics Sales & Marketing (A-P) Limited · Flextronics Metal Specialties Inc · Flextronics Sales & Marketing North Asia Limited · Flextronics Design Private Limited CIN No : U85110KA1994PTC015357 · Flextronics Technology ( Malaysia ) SDN BHD · Flextronics Canada Design Services Inc · Flextronics Technology ( Shanghai ) Company Limited · Flextronics Logistics B.V. · Flextronics Technology (Shah Alam) SDN BHD · Flex Consumer - Digital Multimedia · Flextronics Technology Singapore Private Limited · Flexpower India Private Limited CIN No : U51505TN2007FTC065546 · Flextronics Technology ( Penang) SDN BHD · Flextronics ( Canada ) Inc · Flextronics Technology Zhuhai Company Limited · PCBA TCZEW Poland · Flextronics Shenzhen Technology Company Limited · Flextronics America LLC · Multek Technologies Limited · Flextronics CHATEAUDUNSNC · Vista Point Technologies ( Malaysia ) SDN BHD · Flextronics Cork Flextronics Nanjing · Flextronics USA INC · Express Cargo Forwarding Limited · Flextronics Holding GMBH |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
129500000 |
Equity Shares |
Rs.10/- each |
Rs1295.000 Millions |
|
115000000 |
Preference Shares |
Rs.10/- each |
Rs.1150.000 Millions |
|
|
Total |
|
Rs.2445.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60246384 |
Equity Shares |
Rs.10/- each |
Rs 602.464 Millions |
|
105668199 |
Preference Shares |
Rs.10/- each |
Rs.1056.681
Millions |
|
|
Total |
|
Rs.1659.145 Millions |
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 |
1659.146 |
1659.146 |
1403.338 |
|
|
2] Share Application Money |
0.000 |
0.000 |
716.288 |
|
|
3] Reserves & Surplus |
2885.986 |
2885.986 |
2316.688 |
|
|
4] (Accumulated Losses) |
(2452.209) |
(2221.205) |
(2139.613) |
|
|
NETWORTH |
2092.923 |
2323.927 |
2296.701 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
14.978 |
14.978 |
0.000 |
|
|
TOTAL BORROWING |
14.978 |
14.978 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2107.901 |
2338.905 |
2296.701 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1554.851 |
1830.735 |
2144.636 |
|
|
Capital work-in-progress |
69.070 |
0.000 |
1.270 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
767.393
|
236.659 |
229.024 |
|
|
Sundry Debtors |
1101.460
|
406.164 |
652.185 |
|
|
Cash & Bank Balances |
415.577
|
307.432 |
700.962 |
|
|
Other Current Assets |
17.728
|
13.417 |
0.000 |
|
|
Loans & Advances |
436.632
|
485.006 |
642.327 |
|
Total
Current Assets |
2738.790
|
1448.678 |
2224.498 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1899.145
|
671.125 |
1563.184 |
|
|
Other Current Liabilities |
268.261
|
205.327 |
454.495 |
|
|
Provisions |
87.404
|
64.056 |
56.024 |
|
Total
Current Liabilities |
2254.810
|
940.508 |
2073.703 |
|
|
Net Current Assets |
483.980
|
508.170 |
150.795 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
PROFIT AND LOSS DEBIT BALANCE |
|
|
|
|
|
TOTAL |
2107.901 |
2338.905 |
2296.701 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3541.938 |
2131.751 |
5749.111 |
|
|
|
Other Income |
|
267.189 |
266.707 |
|
|
|
TOTAL (A) |
3541.938 |
2398.940 |
6015.818 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel expenses |
|
742.781 |
833.545 |
|
|
|
Manufacturing expenses |
|
822.198 |
4375.947 |
|
|
|
Operating and other expenses |
|
435.110 |
1152.864 |
|
|
|
Selling and marketing expenses |
|
8.134 |
23.801 |
|
|
|
Increase/(Decrease) in inventories |
|
(36.477) |
(3.880) |
|
|
|
Extra ordinary Items |
|
0.000 |
(0.331) |
|
|
|
Prior Period adjustment |
|
8.742 |
7.893 |
|
|
|
TOTAL (B) |
3772.942 (Including
Depreciation) |
1980.488 |
6389.839 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
418.452 |
(374.021) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
418.294 |
417.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(231.004) |
0.158 |
(791.122) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
10.721 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(231.004) |
0.158 |
(801.843) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2221.204) |
(2139.612) |
(1337.769) |
|
|
|
|
|
|
|
|
|
\ |
BALANCE CARRIED
TO THE B/S |
(2452.209) |
(2139.454) |
(2139.612) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
` |
Export Earnings |
|
257.506 |
1585.559 |
|
|
|
Service income |
|
975.795 |
1086.876 |
|
|
|
Reimbursement |
|
90.433 |
60.90 |
|
|
|
Interest on Deposits |
|
0.000 |
0.077 |
|
|
TOTAL EARNINGS |
NA |
1323.734 |
2733.412 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
356.482 |
3336.903 |
|
|
|
Capital Goods |
NA |
36.719 |
89.257 |
|
|
TOTAL IMPORTS |
NA |
393.201 |
3426.160 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.83) |
0.00 |
(27.63) |
|
%20PRIVATE%20LIMITED%20-%20195130%202%20(REVISED%20REPORT)%2005-Nov-2012_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20195130%202%20(REVISED%20REPORT)%2005-Nov-2012_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(6.52) |
0.01 |
(13.33) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
0.01 |
(13.76) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.38) |
0.00 |
(18.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11) |
0.00 |
(0.34) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.08 |
0.41 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.54 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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 |
|
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 “88A, Electronic City, Hosur Road, Bangalore - 560100 Karnataka, India to present address w.e.f. 12.11.2008.
MERGER AND AMALGAMATION
The Board of Directors of the Company vide its Circular resolution No. 10 dated 11 th January 2010 approved a Scheme of Arrangement of the Company with Flextronics Design Consumer Electronics (India) Private Limited (hereinafter referred to as the “FDCE”), Solectron India Private Limited (hereinafter referred to as the “SIPL”) and Coldwatt India Private Limited (hereinafter referred to as the “CIPL”) be amalgamated with the Company with effect from the Appointed Date,
i.e. 1 st day of April, 2009.
The said Scheme of Arrangement was approved by the High Court of Bangalore, vide its Order dated 15 th July 2010. Pursuant to the Order of the High Court of Bangalore, the application for approval to the Scheme of Arrangement has been filed with the High Court of Chennai for which the scheme has been approved vides its order dated 16 th December 2010.
BACKGROUND
Subject was incorporated on January 12, 2001 as a private company in India under the Companies Act 1956. Subject is a subsidiary of Flextronics International Asia Pacific Limited, Mauritius.
Subject is engaged in the manufacture of mobile phones and Printed Circuit Board Assemblies (‘PCBA’) which have applications in Telecom, Industrial Electronics and Consumer Products on behalf of its customers globally. The Company is also engaged in manufacture of Outdoor Cabinet Assembly (‘ODC’) for various mobile service providers.
Subject established a Global Shared Services Center (‘GSSC’) in 2004 at Bangalore. Subsequently, GSSC shifted its operations to Chennai in the year 2005. GSSC is registered as a separate Software Technology Park (‘STPI’) Unit under the Software Technology Parks of India Scheme. GSSC provides back office services relating to accounts payable processing, remote server access, maintenance and management services, payroll processing, credit analysis, general ledger maintenance etc. for its affiliates worldwide.
Subject has a manufacturing facility at a Special Economic Zone (‘SEZ’) in Sriperumbudur Taluk, Kanchipuram District in the State of Tamilnadu . Subject received a formal approval from the Government of India by a letter dated April 7, 2006 to develop, operate and maintain a SEZ Unit for Electronics Hardware and related services sector. Subject commenced operations as an SEZ Unit in the fiscal year 2006-07.
Subject has a stand-alone, dedicated service centre in Bangalore , which provides component level repair and replacement services, software upgrades, engineering support services in respect of electronic products. It has been established as a Domestic Tariff Area Unit (‘DTA’).
CONTINGENT LIABILITY
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
A) CONTINGENT
LIABILITY |
|
|
|
Guarantees issued by Banks |
2.256 |
1.090 |
|
Letters of credit outstanding |
23.980 |
72.607 |
|
Advance licenses |
6.783 |
6.783 |
|
Income Tax demand for the assessment year 2006-07 and 2007-08 Rs.27.803 Millions Declaration forms for sales made at concessional rates |
5.966 |
6.425 |
|
B) CLAIMS AGAINST THE
COMPANY NOT ACKNOWLEDGED AS DEBTS |
|
|
|
i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) |
37.125 |
2.525 |
|
ii) Claims from customer upon termination of contract |
**49.958 |
49.958 |
NOTES:
** In the year 2008-09, the company terminated contract with one of its customers due to non-performance of contractual terms by the customer. Consequently all the receivables from the said customer were adjusted against the payables to that customer resulting in a net receivable amounting to Rs.20.216 Millions were provided for in the books of accounts during that financial year. During the year 2009-10, the company has been served with the legal notice from the customer claiming an amount of Rs.49.958 Millions as receivable from the company. The company has submitted a response and the matter is pending settlement as on date. No provision has been made in the books for the year ended March 31, 2011.
FIXED ASSETS:
· Freehold and Leasehold Land
· Buildings
· Plant and Machinery
· Electrical Installation
· Furniture and Fixtures
· Office Equipments
· Computer
· 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 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.53.66 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.