MIRA INFORM REPORT
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Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TE CONNECTIVITY INDIA PRIVATE LIMITED (w.e.f. 29.08.2012) |
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Formerly Known
As : |
TYCO ELECTRONICS CORPORATION INDIA PRIVATE LIMITED TYCO ELECTRONIC CORPORATION LIMITED (w.e.f 24.02.2000) AMP INDIA LIMITED (w.e.f 30.06.1998) AMP INDIA PRIVATE LIMITED |
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Registered
Office : |
“TE Park”, Site No.22B, Doddenakundi Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.12.1993 |
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Com. Reg. No.: |
08-015007 |
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Capital
Investment / Paid-up Capital : |
Rs.720.817 Millions |
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CIN No.: [Company Identification
No.] |
U31909KA1993PTC015007 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRT02262B |
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PAN No.: [Permanent Account No.] |
AABCT7374C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electronic and Electrical Parts and Components |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (55) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 20000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Tyco Electronics Singapore Pte Limited’. It is a well established company having a good track record. The financial position of the company is sound and healthy. Directors are well-experienced and knowledgeable businessmen. Trade relations are decent. Business is active. Payment terms are regular and as per commitment. The company can be considered good for business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
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
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Registered /Head Office : |
“TE Park”, Site No.22B, Doddenakundi Industrial Area, |
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Tel. No.: |
91-80-40115000/ 401/ 28540800/ 28412433/ 28540800/ 24163745 |
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Fax No.: |
91-80-40115001/ 401/ 28540820 |
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Email : |
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Website : |
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Area : |
3000 Sq. ft |
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Location : |
Leased |
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Factory 1 : |
No. 4, Maruthi Industrial Estate, Hoody Rajapalya, |
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Tel. No.: |
91-80-26453014 / 28410200 |
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Fax No.: |
91-80-28453038 / 28410210 |
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Factory 2 : |
Gat No.1122, 1129, 1140, 1295, Village – Shirwal, Taluka – Khandala, Satara- 412801, Maharashtra, India |
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Tel No.: |
91-2169-246000 |
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Branch Office 1 : |
1st Floor, No-5, Shalimar House Comm, Center Saket-110017, |
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Tel. No.: |
91-11-26864107 |
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Branch Office 2: |
Cochin Special Economic Zone Plot No. 44, Cochin-Kakkanad-682037,
Kerala India |
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Regional Office
: |
Located At
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DIRECTORS
As on 28.09.2012
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Name : |
Mr. Srinivasan Varadarajan |
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Designation : |
Director |
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Address : |
40, Kuppu, 14th cross, Vignana Nagar, New Thippasandra Bangalore –
560075, Karnataka, India |
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Date of Birth/Age : |
01.07.1958 |
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Date of Appointment : |
11.05.2006 |
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DIN No.: |
00337041 |
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Name : |
Mr. Juerg Frischknecht |
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Designation : |
Director |
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Address : |
W. Wolfensberger Stresses 14, 9424, |
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Date of Birth/Age : |
09.06.1959 |
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Date of Appointment : |
06.08.2003 |
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DIN No.: |
02406047 |
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Name : |
Mr. Raja Venkataraman |
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Designation : |
Managing Director |
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Address : |
Flat No.218, Royal Heritage Apartment, Benninganahalli East Range,
Bangalore – 560016, Karnataka, India
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Date of Birth/Age : |
08.12.1956 |
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Date of Appointment : |
28.09.2012 |
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DIN No.: |
00669376 |
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KEY EXECUTIVES
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Name : |
Ms. Anushree Keshav |
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Designation : |
Secretary |
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Address : |
No.20, S-2, 1st Main Vinayaka Laypout, Vijaynagar,
Bangalore -560040, Karnataka, India |
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Date of Birth/Age : |
27.11.1984 |
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Date of Appointment : |
22.03.2011 |
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PAN No.: |
AUEPA5737C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names
of Shareholders (Equity Shares) |
No. of Shares |
|
Tyco Electronics Singapore Pte
Limited, Singapore |
44742393 |
|
Tyco Electronics
Netherlands India Cooperatief U A, The Netherlands |
1 |
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Total |
44742394 |
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Names
of Shareholders (Preference Shares) |
No. of Shares |
|
Tyco Electronics
Singapore Pte Limited, Singapore |
273393065 |
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Total |
273393065 |
As on 28.09.2012
Equity Share Break up (Percentage
of Total Equity)
|
Category |
Percentage |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic and Electrical Parts and
Components |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
The Hongkong and
Shanghai Banking Corporation Limited, Bangalore Branch, Manipal centre,
Dickenson Road, Bangalore- 560042, Karnataka, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore -
560025, Karnataka, India |
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Tel. No.: |
91-80-55276000 |
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Fax No.: |
91-80-55276011 |
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PAN No.: |
AACFD3771D |
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Holding Company : |
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Ultimate Holding
Company : |
TE Connectivity Limited, Switzerland (formerly known as Tyco Electronics Limited, Switzerland) |
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Associates : |
Tyco Electronics Systems India Private Limited |
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Subsidiary Company
: |
XOL Technologies Private Limited |
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Fellow Subsidiaries
: |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
|
280000000 |
Preference Shares |
Rs.1/- each |
Rs.280.000 Millions |
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Total |
|
Rs.730.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
44742394 |
Equity Shares |
Rs.10/- each |
Rs.447.424 millions |
|
273393065 |
Preference Shares |
Rs.1/- each |
Rs.273.393 millions |
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Total |
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Rs.720.817 millions |
Reconciliation of the
shares outstanding at the beginning and at the end of the year Equity Shares
|
Particular |
No. of share |
Rs. In Millions |
|
Equity Shares |
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At the beginning of the year |
4474239 |
447.420 |
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Outstanding at the end of the year |
4474239 |
447.420 |
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Preference Shares |
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At the beginning of the year |
273393065 |
273.400 |
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Outstanding at the end of the year |
273393065 |
273.400 |
Terms/ rights
attached to each class of shares
The Company has only one class of Equity Shares having a par value of Rs.10 per share and only one class of Preference Shares of Re 1/ per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees.
The dividend is proposed by the Board of Directors and the same is approved at the annual general meeting. In the event of liquidation of the Company, the holders of equity shares are entitled to receive only the residual assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held. The preference share capital of Rs. 273,393,065 consisting of 273,393,065 shares of Re.1/- each has a zero coupon rate, with a tenor of 10 years. The date of allotment of the said preference shares is March 30, 2007.
Details of
shareholders holding more than 5% shares in the company
|
Particular |
No. of share |
% holding in that class |
|
Equity shares of
Rs.10 each fully paid |
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Tyco Electronics Singapore Pte Limited |
44742393 |
99.99% |
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Preference shares
of Re.1 each fully paid |
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Tyco Electronics Singapore Pte Limited |
273393065 |
100% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
720.820 |
720.820 |
720.817 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4476.350 |
3901.370 |
3406.113 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5197.170 |
4622.190 |
4126.930 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5197.170 |
4622.190 |
4126.930 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1333.860 |
845.240 |
840.870 |
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Capital work-in-progress |
35.740 |
54.990 |
46.817 |
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INVESTMENT |
608.420 |
0.000 |
0.002 |
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DEFERREX TAX ASSETS |
244.740 |
236.730 |
160.043 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
1277.280
|
1490.380 |
1293.545
|
|
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Sundry Debtors |
1313.890
|
1516.350 |
1057.264
|
|
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Cash & Bank Balances |
1035.200
|
1414.580 |
911.290
|
|
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Other Current Assets |
28.550
|
62.160 |
80.000
|
|
|
Loans & Advances |
734.810
|
674.160 |
1099.078
|
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Total
Current Assets |
4389.730
|
5157.630 |
4441.177 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
1224.710
|
1427.690 |
1211.161
|
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Other Current Liabilities |
60.610
|
61.760 |
43.656
|
|
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Provisions |
130.000
|
182.950 |
107.162
|
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Total
Current Liabilities |
1415.320
|
1672.400 |
1361.979 |
|
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Net Current Assets |
2974.410
|
3485.230 |
3079.198
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
5197.170 |
4622.190 |
4126.930 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
|
|
|
|
|
|
|
|
8980.920 |
8320.780 |
6330.000 |
|
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Other Income |
|
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TOTAL |
8980.920 |
8320.780 |
6330.000 |
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Less |
EXPENSES |
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Administrative Expenses |
7921.540 |
7355.690 |
5678000 |
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Advertising Expenses |
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TOTAL |
7921.540 |
7355.690 |
5678.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1059.380 |
965.090 |
652.000 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
202.400 |
196.530 |
228.000 |
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PROFIT BEFORE
TAX |
856.980 |
768.560 |
424.000 |
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|
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Less |
TAX |
282.000 |
273.300 |
212.000 |
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PROFIT AFTER TAX |
574.980 |
495.260 |
212.000 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
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Export Earnings |
NA |
NA |
2890.946 |
|
|
|
Commission Earnings |
NA |
NA |
324.904 |
|
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TOTAL EARNINGS |
NA |
NA |
3215.850 |
|
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|
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IMPORTS |
|
|
|
|
|
|
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Raw Materials |
NA |
NA |
1843.773 |
|
|
|
Purchase for Resale |
NA |
NA |
782.432 |
|
|
|
Capital Goods |
NA |
NA |
83.210 |
|
|
|
Others |
NA |
NA |
0.999 |
|
|
TOTAL IMPORTS |
NA |
NA |
2710.414 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.81 |
1.56 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.40
|
5.95 |
3.34
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.97
|
12.80 |
8.01
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.17 |
0.10
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.10
|
3.08 |
3.26
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
FIXED ASSETS
· Leasehold Improvements
· Plant and Machinery
· Office Equipments
· Data Processing Equipments
· Furniture and Fixture
· Motor Vehicles
· Building
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.56.24 |
|
|
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.