MIRA INFORM REPORT
|
Report Date : |
21.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
INGRAM MICRO INDIA LIMITED (w.e.f. 13.05.2009) |
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Formerly Known
As : |
Tech pacific ( |
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Registered
Office : |
5th Floor, Block B, Godrej IT Park, 02 Godrej Business
District, Pirojshanagar, Vikhroli (West), Mumbai – 400 079, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.03.1996 |
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Com. Reg. No.: |
11-136340 |
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Capital
Investment / Paid-up Capital : |
Rs.184.928 millions |
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CIN No.: [Company Identification
No.] |
u72900mh1996plc136340 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
mumt06887G |
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PAN No.: [Permanent Account No.] |
aabct1296R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of distribution of Information
Technology Hardware, Software, Mobility, Networking and Security Products. |
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No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 35238000 |
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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 “Ingram Micro Inc., USA”. It is a
well-established company having good track record. The company has seen a better growth in its turnover and net profits
during 2013. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment
terms are regular and as per commitments. The company can be considered good for normal 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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. Kolanji |
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Designation : |
Treasury Manager |
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Contact No.: |
91-22-30561142 |
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Date : |
10.06.2014 |
LOCATIONS
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Registered Office : |
5th Floor, Block B, Godrej IT Park, 02 Godrej Business
District, Pirojshanagar, Vikhroli (West), Mumbai – 400 079, Maharashtra,
India |
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Tel. No.: |
91-22-67960101/ 67960149/ 39894645/ 67960247 |
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Fax No.: |
91-22-67960102/ 67960103/ 39891000/ 30561100/ 39894645/ 30561000 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Southern
Branches : |
Located at: ·
Bangalore ·
Chennai ·
Cochin ·
Coimbatore ·
Hubli ·
Hyderabad ·
Madurai ·
Pudhucherry ·
Trivandrum · Vizag |
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Western
Branches : |
Located at: ·
Ahmedabad ·
Vadodara · Bhopal ·
Indore ·
Surat ·
Mumbai ·
Nagpur ·
Pune ·
Raipur ·
Goa |
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Northern
Branches : |
Located at: ·
Chandigarh ·
NCR - New
Delhi ·
New Delhi ·
Dehradun ·
Jaipur ·
Lucknow ·
Ghaziabad (NCR) ·
Gurgoan (NCR) ·
Jammu ·
Parwanoo · Ludhiana |
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Eastern Branches
: |
Located at: ·
Bhubaneshwar ·
Kolkata ·
Ranchi ·
Guwahati · Patna |
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Overseas Branch
Office : |
Located at: · Singapore |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Mr. Jaishankar Vaidyanathan Krishnan |
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Designation : |
Senior Vice
President and Managing Director |
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Address : |
Flat No.1201, Somerset Hiranandani Gardens, Powai, Mumbai – 400 076,
Maharashtra, India |
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Date of Birth/Age : |
20.07.1957 |
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Qualification : |
MMM, BE (E&C) |
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Experience : |
36 Years |
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Date of Appointment : |
01.01.2014 |
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PAN No.: |
AAMPK4962B |
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DIN No.: |
00101652 |
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Other Directorship :
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Name : |
Mr. Stephen John Paine |
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Designation : |
Director |
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Address : |
Le Grove serviced apartments, M – 206, 32 Orange Grove Road, Singapore
– 258354 |
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Date of Birth/Age : |
17.01.1958 |
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Qualification : |
Member of Institute
of Chartered Accountant and Foundation in Accountancy Qualification from
University of Kingston, England |
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Date of Appointment : |
28.12.2007 |
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DIN No.: |
01025188 |
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Other Directorship :
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Name : |
Mr. Prabhakar Venkatakrishnan Iyer |
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Designation : |
Executive
Director and Chief Financial Officer |
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Address : |
Flat No.902, Octavius, Hiranandani Garden, Powai, Mumbai – 400 076,
Maharashtra, India |
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Date of Birth/Age : |
09.07.1964 |
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Qualification : |
B. Com, FCA, LLB
(Gen) |
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Experience : |
27 Years |
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Date of Appointment : |
01.12.2011 |
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PAN No.: |
AAAPI2265H |
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DIN No.: |
00116774 |
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E-Mail: |
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Other Directorship :
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Name : |
Mr. John Nicholas Soumbasakis |
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Designation : |
Additional Director |
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Address : |
15, Ardmore Park, #26-04 Ardmore Park, Singapore 259959 |
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Date of Birth/Age : |
10.01.1970 |
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Date of Appointment : |
09.12.2013 |
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DIN No.: |
06744864 |
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E-Mail: |
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KEY EXECUTIVES
|
Name : |
Mr. Sunil Gajanan Joglekar |
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Designation : |
Company Secretary |
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Address : |
F 105, Sumer Castle, LBS Road, Thane (West), Mumbai – 400 601,
Maharashtra, India |
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Date of Birth/Age : |
18.12.1964 |
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Date of Appointment : |
13.04.2009 |
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PAN No.: |
ACNPJ2440C |
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Name : |
Mr. Sanjay
Achawal |
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Designation : |
Senior Director - Sales |
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Date of Birth/Age : |
49 Years |
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Qualification : |
MMS (Marketing),
BE (Electronics) |
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Experience : |
24 Years |
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Date of Appointment : |
04.06.1990 |
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Name : |
Mr. Atul Gaur |
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Designation : |
Senior Director -
Product Management |
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Date of Birth/Age : |
44 Years |
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Qualification : |
BE (Electronics
and Telecommunication Engineering) |
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Experience : |
22 Years |
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Date of Appointment : |
16.07.1992 |
MAJOR SHAREHOLDERS
AS ON 27.09.2013
|
Names of Shareholders |
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No. of Shares |
|
Shailendra Gupta |
|
1 |
|
Jaishankar Krishnan |
|
1 |
|
Sanjay Achawal |
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1 |
|
Ingram Micro Asia Limited, Singapore |
|
18492710 |
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Ingram Micro Americas Inc., USA (Earlier known as Ingram Micro Asia
Holdings, Inc.) |
|
100 |
|
Prabhakar V. Iyer |
|
1 |
|
Atul Gaur |
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1 |
|
Blasé Martin D’Souza |
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1 |
|
Navneet Singh Bindra |
|
1 |
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Total
|
|
18492817 |
AS ON 27.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
**100.00 |
** Seven shares are held by individuals which is negligible in terms of
percentage.
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of distribution of Information
Technology Hardware, Software, Mobility, Networking and Security Products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
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Bankers : |
Central Bank of
India, Corporate Finance Branch, 1st Floor, M.S. Road, Fort,
Mumbai – 400 023, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Lovelock and Lewes, 252, Veer Savarkar Marg, Shivaji Park, Dadar,
Mumbai – 400 028, Maharashtra, India |
|
PAN No.: |
AAEFP5579P |
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Holding Companies : |
· Ingram Micro Inc., United States · Ingram Micro Asia Limited, Singapore · Ingram Micro Americas Inc., USA (Earlier known as Ingram Micro Asia Holdings, Inc.) |
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Subsidiary Company
: |
Ingram Micro (India) Exports Pte. Limited, Singapore |
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Fellow Subsidiary Company : |
·
Ingram Micro Pty. Limited ·
Ingram Micro Australia Pty Limited, Australia ·
Ingram Micro NZ Limited, New Zealand ·
Ingram Micro Singapore (South Asia) Pte. Limited,
Singapore ·
Ingram Micro Asia Pacific Pte. Limited, Singapore ·
Ingram Micro Malaysia SDN BHD., Malaysia ·
Ingram Micro (Thailand) Limited, Thailand ·
Ingram Micro Lanka (Private) Limited, Sri Lanka ·
Bright Point India Private Limited, India (CIN
No.: U74899DL1998PTC094807) |
CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32000000 |
Equity Shares |
Rs.10/- each |
Rs.320.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18492817 |
Equity Shares |
Rs.10/- each |
Rs.184.928 millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs.190.000 millions |
|
1300000 |
Preference Shares |
Rs.100/- each |
Rs.130.000 millions |
|
|
Total |
|
Rs.320.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18492817 |
Equity Shares |
Rs.10/- each |
Rs.184.928 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
184.928 |
184.928 |
184.928 |
|
(b) Reserves & Surplus |
8624.609 |
7450.327 |
6415.505 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8809.537 |
7635.255 |
6600.433 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
135.169 |
84.036 |
69.520 |
|
Total Non-current
Liabilities (3) |
135.169 |
84.036 |
69.520 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3456.668 |
2425.296 |
2758.398 |
|
(b) Trade
payables |
13432.582 |
12355.214 |
9322.969 |
|
(c) Other
current liabilities |
944.084 |
725.121 |
772.743 |
|
(d) Short-term
provisions |
170.938 |
27.591 |
14.542 |
|
Total Current
Liabilities (4) |
18004.272 |
15533.222 |
12868.652 |
|
|
|
|
|
|
TOTAL |
26948.978 |
23252.513 |
19538.605 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
83.455 |
84.367 |
29.970 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.286 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.168 |
1.168 |
1.168 |
|
(c) Deferred tax assets (net) |
254.151 |
187.384 |
181.348 |
|
(d) Long-term Loan and Advances |
297.382 |
241.829 |
153.213 |
|
(e) Other
Non-current assets |
48.839 |
2.608 |
0.000 |
|
Total Non-Current
Assets |
685.281 |
517.356 |
365.699 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
10142.946 |
8339.576 |
7056.269 |
|
(c) Trade
receivables |
12267.958 |
10867.600 |
9149.195 |
|
(d) Cash
and cash equivalents |
1078.456 |
812.065 |
522.522 |
|
(e)
Short-term loans and advances |
1733.351 |
1610.545 |
1270.187 |
|
(f) Other
current assets |
1040.986 |
1105.371 |
1174.733 |
|
Total
Current Assets |
26263.697 |
22735.157 |
19172.906 |
|
|
|
|
|
|
TOTAL |
26948.978 |
23252.513 |
19538.605 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
121083.755 |
95451.008 |
83846.236 |
|
|
|
Other Income |
405.801 |
299.793 |
272.270 |
|
|
|
TOTAL (A) |
121489.556 |
95750.801 |
84118.506 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
118178.423 |
92812.455 |
82014.695 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(1803.369) |
(1283.307) |
(1418.783) |
|
|
|
Employee benefit expense |
926.890 |
740.338 |
637.829 |
|
|
|
Other expenses |
2072.867 |
1617.182 |
1241.826 |
|
|
|
TOTAL (B) |
119374.811 |
93886.668 |
82475.567 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2114.745 |
1864.133 |
1642.939 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
368.128 |
294.066 |
291.444 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
1746.617 |
1570.067 |
1351.495 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
34.102 |
21.281 |
18.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1712.515 |
1548.786 |
1333.155 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
538.233 |
513.964 |
480.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1174.282 |
1034.822 |
852.938 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
0.000 |
21.137 |
24.462 |
|
|
|
Sales - Overseas Branch |
10648.919 |
5606.681 |
1386.953 |
|
|
|
Rebate (Netted off against Cost of Sales) |
393.261 |
368.811 |
386.483 |
|
|
|
IT Charges |
145.465 |
75.239 |
24.047 |
|
|
|
Service Fees and
Expenses charged to Wholly Owned Subsidiary |
0.000 |
0.000 |
44.005 |
|
|
TOTAL EARNINGS |
11187.645 |
6071.868 |
1865.950 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods
(Excluding import of Overseas Branch) |
15139.302 |
20305.282 |
23200.777 |
|
|
TOTAL IMPORTS |
15139.302 |
20305.282 |
23200.777 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
63.50 |
55.96 |
46.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.97 |
1.08
|
1.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.41 |
1.62
|
1.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.45 |
6.72
|
6.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.20
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.39 |
0.32
|
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46 |
1.46
|
1.49 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
184.928 |
184.928 |
184.928 |
|
Reserves & Surplus |
6415.505 |
7450.327 |
8624.609 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6600.433 |
7635.255 |
8809.537 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
2758.398 |
2425.296 |
3456.668 |
|
Total borrowings |
2758.398 |
2425.296 |
3456.668 |
|
Debt/Equity ratio |
0.418 |
0.318 |
0.392 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
83846.236 |
95451.008 |
121083.755 |
|
|
|
13.841 |
26.854 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
83846.236 |
95451.008 |
121083.755 |
|
Profit |
852.938 |
1034.822 |
1174.282 |
|
|
1.02% |
1.08% |
0.97% |
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 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Working capital loans from banks |
3456.668 |
2425.296 |
|
Total
|
3456.668 |
2425.296 |
Notes:
·
The registered office of the company has been
shifted from Gate No.1A, Godrej Industries Complex, Pirojshangar, Eastern
Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra, India to the
present address w.e.f. 01.02.2012.
·
No Charges Exist for Company.
CORPORATE INFORMATION:
Subject is engaged
in the business of distribution of Information Technology hardware, software,
mobility, networking and security products. The Company is a public limited
company having it’s registered office in Mumbai with branches across the
country and an overseas branch in Singapore.
FUTURE OUTLOOK:
The business and
economic environment in the country continues to be a cause of some concern for
their business. Manufacturing growth has slowed considerably and inflation and
the current account deficit have adversely affected the Indian Rupee as well as
the investment climate in the country. Considering the state of the economy
they expect the demand for the products distributed by the company, to be
subdued, in the Corporate, Enterprise and Government sectors. The consumer
market has, however, demonstrated remarkable resilience and the demand for
smartphones and consumer PCs continues to grow. This trend is further aided by
the fact that the brands distributed by the company are gaining share in the
market. They expect this demand to continue.
WHOLLY OWNED SUBSIDIARY:
During the year,
Ingram Micro (India) Exports Pte. Limited, the wholly owned subsidiary company
is non-functional since most of the business is conducted by Ingram Micro India
Limited Singapore Branch. During the year, the Company has formed wholly owned
subsidiary in the name of Ingram Micro Mobility Solutions Limited (IMMSL). The
said IMMSL was formed on November 8, 2012 and Certificate of Commencement of
Business was received on January 3, 2013.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Claims against the Company not acknowledged as debt * |
48.985 |
53.483 |
|
Guarantees given by the Company’s Bankers |
43.787 |
13.944 |
|
Guarantee issued to Bank |
35.458 |
29.922 |
|
Sales tax demands disputed by the Company * |
684.761 |
522.791 |
|
Custom duty tax matters disputed by the Company * |
70.188 |
13.557 |
|
Service tax matters disputed by Company * |
4.734 |
0.000 |
|
Income and Wealth Tax demands disputed by the Company * |
24.411 |
24.441 |
|
Total |
912.324 |
658.138 |
*The timing and
amount of cash flows, if any that may arise from the above matters will be
determined only on settlement of the cases.
FIXED ASSETS:
Tangible Assets
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Leasehold Improvements
Intangible Assets
· Goodwill
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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] 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.60.28 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.