MIRA INFORM REPORT
|
Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
NOKIA INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat No. 1204, 12th
Floor, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.05.1995 |
|
|
|
|
Com. Reg. No.: |
55-068904 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 356.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PTC068904 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELN05529G DELN06295C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN2170R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the
business of assembling , manufacturing, marketing, distributing, buying,
selling, importing, exporting, repairing of cellular mobile telephone and
development of software related to cellular mobile phones. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 240000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of worldwide nokia group. It is well established company having a good track record. There
appears slight dip in its sales during 2011-2012. However, general financial position seem to be strong. Performance
capability is high. Liquidity position is good. There appears no external
borrowing. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. In view of experience promoters the company can be considered for
normal business dealings at usual 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.
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 |
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.
LOCATIONS
|
Registered
Office : |
Flat No. 1204, 12th
Floor, |
|
Tel. No.: |
91-11-26779191/
43215330 |
|
Fax No.: |
91-11-26779090 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
1st and 2nd Floor, ‘A’ SP Infocity, Industrial
Plot No. 243, Udyog Vihar, Phase 1, Dundahera, Guregaon-122016, |
|
Tel. No.: |
91-124-4833000 |
|
Fax No.: |
91-124-4833099 |
|
|
|
|
Corporate
Office : |
4th Floor,
Commercial Plaza, Radisson Complex, National Highway No. 8, Mahipalpur, New
Delhi – 110032, Delhi, India Tel. No.: 91-11-26784100/ 51779000 Fax No.: 91-11-26779149 / 52227420/ 51779145/
42999050 E-Mail :pv.subba
rao@nokia.com Website :http://www.nokia.co.in Location : Commercial
Nokia Corporate Office –
Tel. No.: +1 914 368 0400 Nokia Latin
Nokia South
Nokia
|
|
|
|
|
Nokia
Networks: |
701,
Broadway Business Center, Ellisbridge, Law Garden Ahmedabad – 380 006,
Gujarat, India 2B, Mercury Block, Prestige Tech Park, Sarjapur, Marathalli
Ring Road, Kadabeesanahalli, Varthur Hobli, Bangalore -560103, Karnataka,
India Fax No.: 91-80-4015 9999
Tel. No.: 91-80-40159000 Fax No.: 91-80-40159999
Tel. No.: 91-80-66656800
Tel. No.: 91-674-3018120 Fax No.: 91-674-3018108
Industrial plot #243, Udyog Vihar, Dundahera, Gurgaon
- 122016,
3F, Tower II, Millennium City, IT Park, Plot no 62, Block DN, Sec V, Bidhan Nagar, Salt Lake, Kolkata -700091, West Bengal, India Tel. No.: 91 33 4006 2264 Fax No.: 91 33 4006 2260
Tel. No.: 91-22-67769000 Fax No.: 91-22-67769009
Vatika Business Centre, Suite No.6, Level 5, C Wing, Tel. No.: 91-20-40111195 Fax No.: 91-20-40111045 RMZ Millenia Business Park, Campus-5, 2nd Floor, No. 143, M.G.R. Road, North Veeranam Salai, Perungudi, Chennai – 600 096, Tamil Nadu, India Tel No.: 91-44-66530100 Fax No.: 91-44-66530301 SP Infocity, Plot #243, Udyog Vihar Phase-I, Dundahera, Gurgaon Haryana- 122016 Gurgaon, India Tel No.: 91-012-44833000 Fax no.: 91-012-44833098 Kailash Building, Flat no 1204, 12th Floor, Kasturba Gandhi Marg, New Delhi – 110 001, India A SEZ Unit Bldg 2c, Ground Floor Vrindhavan Techvillage Sarjahpur Outer Ring Road, Bangalore – 560087, Karnataka, India A SEZ Unit Bldg 2A, 5th and 6th Floor Vrindhavan Techvillage Sarjahpur Outer Ring Road, Bangalore – 560087, Karnataka, India |
|
|
|
|
Regional Offices: |
Located at: North Regional Office: · Haryana ·
West Regional Offices: · Andheri, Mumbai · Mhape, Navi Mumbai · Ahmedabad · Pune East Regional Offices: · Kolkata ·
South Regional Offices: ·
·
· Chennai · Tamilnadu |
|
|
|
|
Overseas
Office: |
Located at: ·
·
·
·
·
·
·
·
·
·
|
|
|
|
|
Branches : |
Nokia Telecom Sez, Phase III, A1, National Highway 4, Sriperumbudur,
Chennai – 602105, Tamilnadu, India Also Located at ·
·
Ahmedabad ·
Mumbai
(Tel No.:91-22-33286000) ·
Bangalore |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Shivakumar
Pullaya Dega |
|
Designation : |
Managing Director |
|
Address : |
LTH – 304, B Laburnum,
Condominium Complex, Sector – 28, Gurgaon-122002, Haryana, India |
|
Date of
Birth/Age : |
22.09.1959 |
|
Date of
Appointment : |
01.07.2006 |
|
DIN No. : |
00364444 |
|
PAN No.: |
AHBPD5002D |
|
|
|
|
Name : |
Mr. Nikhil Mathur |
|
Designation : |
Director |
|
Address : |
N-214, First Floor, Greater Kailash-I, New Delhi-110048, |
|
Date of Birth/Age : |
25.03.1967 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No. : |
02333709 |
|
PAN No.: |
ADYPM2063N |
|
|
|
|
Name : |
Mr. Prakash Katma |
|
Designation : |
Director |
|
Address : |
10A/16, V G M Street, Nungambakkam Chennai-600034, |
|
Date of Birth/Age : |
21.10.1976 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No. : |
03268635 |
|
PAN No.: |
ARGPK1228H |
|
|
|
|
Name : |
Mr. Ramkrishna Subbaraman |
|
Designation : |
Director |
|
Address : |
A-103, Belvedere Towers, DLF City Phase – 2, Gurgaon – 122002,
Haryana, India |
|
Date of Birth/Age : |
01.12.1955 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No. : |
02091639 |
|
PAN No.: |
ABBPS3826N |
|
|
|
|
Name : |
Mr. Arja Liisa Inkeri Bjorklund |
|
Designation : |
Director |
|
Address : |
A 9A/5, Vasant Vihar, New Delhi – 110057, India |
|
Date of Birth/Age : |
02.12.1958 |
|
Date of Appointment : |
20.03.2012 |
|
DIN No. : |
05232464 |
|
PAN No.: |
AYHPB2472N |
KEY EXECUTIVES
|
Name : |
Mr. Pardeep Kumar Dhaka |
|
Designation : |
Secretary |
|
Address : |
104, Sector -9A, Gurgaon, Haryana, India |
|
Date of Birth/Age : |
11.01.1979 |
|
Date of Appointment : |
08.08.2011 |
|
PAN No.: |
APDPK1141A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Nokia
Corporation, Finland |
|
35579299 |
|
Nokia Pte
Limited, Singapore |
|
1 |
|
|
|
|
|
Total |
|
35579300 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
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 : |
Subject is engaged in the business
of assembling , manufacturing, marketing, distributing, buying, selling,
importing, exporting, repairing of cellular mobile telephone and development
of software related to cellular mobile phones. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity* |
Actual Production |
|
|
|
|
|
|
|
Mobiles |
No. |
NA |
250000000 |
125633289 |
* As certified by the management and relied upon
by the auditors, being a technical matter.
Licensed capacity not applicable
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
The Hong Kong and Shanghai Banking Corporation Limited |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered
Accountants |
|
Address : |
Building No.8, Tower B, 7th & 8th Floor, DLF Cyber
City, Gurgaon - 122002, Haryana, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Holding Company: |
Nokia Corporation, Finland |
|
|
|
|
Subsidiary Company: |
Nokia Mobile Payment Services India Private Limited |
|
|
|
|
Fellow Subsidiaries: |
·
Nokia Pte Limited, Singapore ·
Intellsync Corporation, United States ·
Navteq India Private Limited, China ·
Navteq India Private Limited, India (CIN: U72900MH2008FTC178295) ·
Nokia (China) Investment Private Limited, India (CIN: U72900MH2008FTC178295) ·
Nokia (H.K.) Limited, Hong Kong ·
Nokia Asset Management Oy, Finland ·
Nokia Australia Pty Limited, Australia ·
Nokia Danmark A/S, Denmark ·
Nokia Do BrasilTechnologia LTDA, Brazil ·
Nokia Gate5 Gmbh, Germany ·
Nokia Gmbh, Germany ·
Nokia HCL Mobile Internet Services Limited, India
(CIN: U74900DL2009PLC188379) ·
Nokia Inc., United States ·
Nokia India Sales Private Limited, India (CIN: U51101DL2008PTC185863) ·
Nokia International Mozambique, Mozambique ·
Nokia International OY, Finland ·
Nokia Japan Company Limited, Japan ·
Nokia Komarom KFT, Hungary ·
Nokia Maroc S.A.R.L., Morocco ·
Nokia Pakistan Mobile Private Limited, Pakistan ·
Nokia Products Limited, Canada ·
Nokia Romania S.R.L., Romania ·
Nokia Siemens Tietollikente Oyj., Finland ·
Nokia Siemens Networks Oy, Finland ·
Nokia Telecommunications Limited, China ·
Nokia TMC Limited, Korea , Republic of ·
Nokia UK Limited, United Kingdom ·
Nokia West Africa (Nigera) Limited, Nigeria ·
NSN Private Limited. ·
PT Nokia Siemens Networks, Indonesia ·
Nokia Mexico, Mexico ·
Nokia Siemens Networks Sp z.o.o., Poland ·
Nokia Malaysia, Malaysia ·
Symbian Software India Private Limited, India (CIN: U64202KA2004FTC035097) ·
Symbian Software Limited, United Kingdom ThumspeedIndia Private Limited, India ·
(CIN:
U72200MH2005FTC150620) ·
Nokia Siemens Networks Private Limited, India (CIN: U72900DL2006PTC155149) |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36000000 |
Equity Shares |
Rs.10/- each |
Rs.360.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35579300 |
Equity Share |
Rs.10/- each |
Rs.355.793
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36000000 |
Equity Shares |
Rs.10/- each |
Rs.360.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35600000 |
Equity Share |
Rs.10/- each |
Rs.356.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
356.000 |
356.000 |
355.793 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
60222.000 |
52081.000 |
43872.311 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
60578.000 |
52437.000 |
44228.104 |
|
|
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 |
60578.000 |
52437.000 |
44228.104 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5464.000 |
6232.000 |
7051.387 |
|
|
Capital work-in-progress |
399.000 |
312.000 |
249.590 |
|
|
|
|
|
|
|
|
INVESTMENT |
268.000 |
10.000 |
0.100 |
|
|
DEFERRED TAX ASSETS |
1182.000 |
1394.000 |
1087.776 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9286.000
|
11533.000 |
11144.737
|
|
|
Sundry Debtors |
65922.000
|
74775.000 |
52416.641
|
|
|
Cash & Bank Balances |
16422.000
|
11149.000 |
15007.108
|
|
|
Other Current Assets |
36.000
|
4.000 |
0.000 |
|
|
Loans & Advances |
6826.000
|
5710.000 |
20952.937
|
|
Total
Current Assets |
98492.000
|
103171.000 |
99521.423 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
42269.000
|
55820.000 |
28560.306
|
|
|
Other Current Liabilities |
1323.000
|
1126.000 |
19825.840
|
|
|
Provisions |
1635.000
|
1736.000 |
15296.026
|
|
Total
Current Liabilities |
45227.000
|
58682.000 |
63682.172 |
|
|
Net Current Assets |
53265.000
|
44489.000 |
35839.251 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60578.000 |
52437.000 |
44228.104 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
245034.000 |
278525.000 |
262564.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
231159.000 |
264682.000 |
245702.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13875.000 |
13843.000 |
16861.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.000 |
19.000 |
12.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13845.000 |
13824.000 |
16849.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2391.000 |
3098.000 |
3172.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11454.000 |
10726.000 |
13676.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3313.000 |
2517.000 |
378.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8141.000 |
8209.000 |
13297.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
115902.000 |
143333.000 |
126574.124 |
|
|
|
Service Income |
6883.000 |
5811.000 |
5832.966 |
|
|
TOTAL EARNINGS |
122785.000 |
149144.000 |
132407.090 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
134958.000 |
172087.000 |
159469.815 |
|
|
|
Stores & Accessories |
1390.000 |
1886.000 |
1962.508 |
|
|
|
Capital Goods |
887.000 |
1394.000 |
42328.947 |
|
|
TOTAL IMPORTS |
137235.000 |
175367.000 |
203761.270 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
229.000 |
231.000 |
373.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.32
|
2.95 |
5.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.63
|
10.40 |
13.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.20 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
1.76 |
1.56 |
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 |
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% |
-- |
|
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
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
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 |
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 |
Yes |
|
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 Radisson Complex, Commercial Plaza,
2nd Floor, National Highway No. 8, Mahipalpur, New Delhi - 110 032,
India to present address w.e.f. 01.11.2010
GENERAL
INFORMATION
Nokia India Private Limited is engaged in the business of assembling ,
manufacturing, marketing, distributing, buying, selling, importing, exporting,
repairing of cellular mobile telephone and development of software related to
cellular mobile phones. The Company has developed a SEZ in Chennai in the name
of Nokia Special Economic Zone for assembling and manufacturing of cellular
mobile phones. The key business segments of the Company are:
Mobile Phone: Mobile phone division is involved in trading and manufacture
of mobile phones, accessories and spares, etc.
Research and Development (R and D) unit: This comprises of R and D unit
at Bangalore. This unit is engaged in research and software development work
relating to mobile phones.
PERFORMANCE OF THE
COMPANY:
The performance of the Company during the financial year 2011-12 was
satisfactory. The revenues of the Company decreased marginally by 12%
(approximately) due to constraining market forces. The Net profit before taxes
has increased by 7% (approximately) as compared to previous year. But despite
of a fall in turnover, as compared to the previous year, the directors of the
Company are very optimistic and confident of an up beating and sustained
operational performance of the Company in the upcoming financial years.
FUTURE PROSPECTS:
The future prospects of the Company seem to be quite promising. The
Company has launched various new models of Mobile phones catering the specific
needs of various sections of consumers into the market. Some of the new entrants
(Nokia Asha series and Nokia Lumia series) among them are already a big hit
throughout the nation. The Company is confident of other models also, along
with those which are yet to be launched into the market.
The Company is planning to launch various smart phones under its
flagship Lumia Series with Windows 8 platform under partnership with Microsoft
and is confident of gaining large market share in smart phone segment.
Besides the bright potential of mobile handset market, the performance
of the services business of the Company is also very encouraging. The internet
services provided by the Company under Ovi Store have successfully established
itself into the market and are growing at tremendous pace. Accordingly, the
Company is planning to enter into few more diversified services sector in its
future years
CONTINGENT
LIABILITIES: (AS on 31.03.2012)
a.
Outstandingbank
guarantees Rs.94.000 Millions (March 31, 2011: Rs 81.000 Millions).
b.
Customs Duty, Income Tax,
FEMA, Sales Tax and Service Tax demands of Rs.5259.000 Millions (March 31,
2011: Rs 3511.000 Millions). Against this, the Company has deposited a sum of
Rs.611.000 Millions (March 31, 2011:Rs. 654.000 Millions).
c.
The estimated amount of
contracts
d.
Remaining to be executed
on capita laccount and not provided for
as on March 31, 2012 are Rs.79.000 Millions (March 31, 2011:Rs. 351.000
Millions).
FIXED ASSETS
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
PRESS RELEASE
DELHI HIGH COURT TO HEAR NOKIA'S PLEA AGAINST TAX DEMAND ON APR 17
APRIL 10, 2013
New Delhi: The Delhi High Court today posted on April 17 the hearing on a plea of mobile phone maker Nokia India Private Limited against a demand notice of over Rs. 20000.000 Millions served on it by the income tax department for alleged evasion of taxes in its transactions here.
A bench of justices Badar Durrez Ahmed and R V Easwar, which had earlier stayed
the operation of the notice till April 19, today deferred the hearing to April
17.
The Indian subsidiary of the Finnish mobile phone maker, on March 21, was
served with the income tax notice asking it to pay over 20000.000 Millions for
alleged evasion of taxes in its business transactions in the country.
The company then moved the court which had on March 22 granted the interim stay
on the operation of the demand notice and asked the tax department to file its
reply.
The alleged tax evasion pertains to royalty payment made against supply of
software by the company's parent company which attracts a 10 per cent tax
deduction under the Tax Deducted at Source (TDS) category, sources at income
tax department had said.
The department has analysed the company's business statements since 2006, they
said.
INCOME TAX GETS FORENSIC EXPERTS TO CHECK NOKIA'S COMPUTERS
7 FEBRUARY 2013
CHENNAI, INDIA: Two computer experts from the Central Forensic Science Laboratory (CFSL) are checking the computer systems of Nokia India's plant near here to ascertain the phone maker's mode of downloading software from its Finnish parent company, said a senior Income Tax department official.
"We want to be doubly sure about our case that Nokia India has been evading tax to the tune of around Rs.30000.000 Millions," the official told IANS on the condition of anonymity.
The IT department has charged the company of not deducting tax at source on the payments made to its parent company and also violating the transfer pricing norms to the tune of around Rs. 100000.000 Millions.
The two-member team from the Hyderabad-based CFSL checked the computer sytems at Nokia India's factory for nearly seven hours. "Earlier when questioned separately, Nokia officials gave differing views on the mode of software download and other aspects. Hence we decided to bring in experts from outside," the IT official said.
Confirming the development, Poonam Kaul, director-communications at Nokia India, told IANS over phone from New Delhi: "We are cooperating with the officials. "Early last month, a team from IT department's tax evasion wing "surveyed" Nokia India's plant and corporate office in Haryana and submitted a 150-page interim report.
In IT parlance, "search" and "survey" are different. In a search, the business and residential premises are searched and the officials have the power to seize documents, while a survey is done only in the business premises when there is a suspicion of tax evasion. The IT department charged Nokia with changing its accounting model and reorganising its existing business model to avoid direct and indirect taxes.
The department said that it has a strong prima facie case of tax avoidanc e against Nokia's Indian subsidiary. For the past six years, the company has paid around Rs.300000.000 Millions to its Finnish parent without deducting tax at source at 10 percent.
According to the department, Nokia India has been downloading software from its parent company to make the handsets here. Nokia's Indian plant near here makes over 20 different models and is one of its largest global facilities involving an outlay of around $300 million.
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.55.03 |
|
|
1 |
Rs.83.60 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
78 |
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.