MIRA INFORM REPORT
|
Report No. : |
305478 |
|
Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ECI TELECOM INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
302, B Wing, Times
Square, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.12.2003 |
|
|
|
|
Com. Reg. No.: |
11-193807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64202MH2003PTC193807 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE2707J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Telecom Services. |
|
|
|
|
No. of Employees
: |
45 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Management of the company has not filed its latest financial i.e. 2014
with the Government Department. As per available financial of 2013, overall financial position of the
company seems to be decent. Company is operating on its owned funds. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Pankaj Singh |
|
Designation : |
Admin Executive |
|
Contact No.: |
91-124-4417900 |
|
Date : |
27.01.2015 |
LOCATIONS
|
Registered Office : |
302, B Wing,
Times Square, Andheri Kurla Road, Andheri (East), Mumbai – 400 059,
Maharashtra, India |
|
Tel. No.: |
91-22-67155555 |
|
Fax No.: |
91-22-66758973/
67155526 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
MVL I-Park, 3rd
Floor, Wing – B, Chandan Nagar, Sector-15 (II), Gurgaon – 122 001, Haryana,
India |
|
Tel. No.: |
91-124-4417900 |
|
Fax No.: |
91-124-4001799 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Eyal Tzvi Cohen |
|
Designation : |
Director |
|
Address : |
50 Hapisga Street, Ganei Tikava, Israel 55900 |
|
Date of Birth/Age : |
06.10.1963 |
|
Date of Appointment : |
28.02.2006 |
|
DIN No.: |
00319415 |
|
|
|
|
Name : |
Mr. Arnold Sal Taragin |
|
Designation : |
Director |
|
Address : |
33 Ravutzky St., Raanana, Israel 43220 |
|
Date of Birth/Age : |
08.06.1956 |
|
Date of Appointment : |
30.09.2008 |
|
DIN No.: |
02297014 |
|
|
|
|
Name : |
Mr. Sorin Joseph Lupu |
|
Designation : |
Director |
|
Address : |
Hanami Yosef St. 14, Petach Tikva, Israel 49771 |
|
Date of Birth/Age : |
08.08.1959 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06618142 |
|
|
|
|
Name : |
Mr. Sreekumar Damodaran |
|
Designation : |
Director |
|
Address : |
B-201, Green Ash, Vasant Garden, Mulund (West), Mumbai –
400 080, Maharashtra, India |
|
Date of Appointment : |
30.09.2014 |
|
DIN No.: |
06848057 |
|
|
|
|
Name : |
Mr. Sajeet Shivashankaran |
|
Designation : |
Director |
|
Address : |
C-1001 Runwal Heights LBS
Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India |
|
Date of Appointment : |
30.09.2014 |
|
DIN No.: |
06848072 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
ECI Telecom Limited, Israel |
|
9999 |
|
ECI Telecom Holdings B.V., Israel |
|
1 |
|
Total
|
|
10000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Telecom Services. |
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Products/ Services : |
|
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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|
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Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
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No. of Employees : |
45 (Approximately) |
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Bankers : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.S.R. and Company Chartered Accountants |
|
Address : |
KPMG House, Kamla Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai, Maharashtra, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding Company : |
ECI Telecom Limited, Israel |
|
|
|
|
Fellow Subsidiary Company : |
ECI Telecom Inc., United States |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each
|
Rs.0.100
million |
|
|
|
|
|
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 |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
410.839 |
322.773 |
271.136 |
|
(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) |
410.939 |
322.873 |
271.236 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
86.696 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
28.110 |
39.760 |
54.024 |
|
(d) Long-term
provisions |
48.962 |
24.602 |
18.106 |
|
Total Non-current Liabilities
(3) |
77.072 |
64.362 |
158.826 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
622.454 |
916.105 |
909.343 |
|
(c) Other
current liabilities |
76.409 |
225.672 |
110.887 |
|
(d) Short-term
provisions |
217.969 |
169.069 |
17.551 |
|
Total Current
Liabilities (4) |
916.832 |
1310.846 |
1037.781 |
|
|
|
|
|
|
TOTAL |
1404.843 |
1698.081 |
1467.843 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
224.361 |
194.235 |
142.425 |
|
(ii)
Intangible Assets |
0.502 |
0.079 |
0.240 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
53.722 |
39.505 |
32.832 |
|
(d) Long-term Loan and Advances |
262.628 |
238.568 |
57.213 |
|
(e) Other
Non-current assets |
2.502 |
1.827 |
38.661 |
|
Total Non-Current
Assets |
543.715 |
474.214 |
271.371 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
52.449 |
104.012 |
117.974 |
|
(c) Trade
receivables |
643.743 |
968.935 |
954.339 |
|
(d) Cash
and cash equivalents |
35.587 |
53.695 |
62.253 |
|
(e) Short-term
loans and advances |
71.488 |
38.023 |
24.188 |
|
(f) Other
current assets |
57.861 |
59.202 |
37.718 |
|
Total
Current Assets |
861.128 |
1223.867 |
1196.472 |
|
|
|
|
|
|
TOTAL |
1404.843 |
1698.081 |
1467.843 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
TURNOVER |
1563.944 |
1832.091 |
1460.696 |
|
|
|
|
|
|
|
|
NET PROFIT /
(LOSS) |
88.066 |
51.638 |
82.111 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
562.908 |
505.784 |
331.722 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94
|
0.93 |
1.15 |
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 |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
271.136 |
322.773 |
410.839 |
|
Net
worth |
271.236 |
322.873 |
410.939 |
|
|
|
|
|
|
long-term borrowings |
86.696 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
86.696 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.320 |
0.000 |
0.000 |
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) |
|
Turnover |
1460.696 |
1832.091 |
1563.944 |
|
|
|
25.426 |
(14.636) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Turnover |
1460.696 |
1832.091 |
1563.944 |
|
Profit |
82.111 |
51.638 |
88.066 |
|
|
5.62% |
2.82% |
5.63% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current
maturities of long-term debt:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
|
Current maturities of long-term debt |
0.000 |
98.231 |
0.000 |
|
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 |
Yes |
|
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
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 |
Notes:
· The registered office of the company has been shifted from 5th Floor, B Wing, Universal Business Park, Chandivali Farm Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra to the present address w.e.f. 01.08.2013
· No Charges Exist for Company.
BACKGROUND:
The Company was
incorporated as a private limited company on 23 December 2003. Subject is a
wholly owned subsidiary of ECI Telecom, Israel (‘the parent company’ or ‘the
holding company’). The Company is in the business of installation,
commissioning and maintenance of telecom equipment supplied by the parent
company to basic wired and wireless telecommunication operators in India, and
supply of the telecom equipment accessories. The Company also provides
marketing and customer support services to the parent company. The Company has
set up a software research and development unit in 2005, which is registered
under the Software Technology Parks of India, Mumbai. In addition, on 14
October 2009, the Company registered its software research and development unit
in Bangalore under the Software Technology Parks of India, Bangalore which
would be eligible for deduction under Section 10B of the Income Tax Act, 1961.
Through these units, the Company is providing software research and development
services to its parent company in Israel.
BUSINESS OPERATIONS:
During the year
the company has witnessed slowdown and decline in terms of its activities and
turnover. Company’s turnover has decreased by 14% during the year from
Rs.1832.091 millions in 2012 to Rs.1563.944 millions. However, during the year
the Company made higher net profit of Rs.88.066 millions as against net profit
of Rs.51.638 millions during the previous year.
COMMITMENTS AND
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Bank guarantee given to custom authorities |
2.647 |
1.827 |
|
The Company is
in receipt of notice of demand from Assistant Commissioner of Service Tax
Division V for FY 2008-09 towards short payment of service tax. However, the Company
has appealed against the said demand. Till the time the matter is pending
with the forum the said amount is considered to be contingent in nature. |
0.541 |
0.541 |
|
The Company had
received of notice of demand from Income tax department u/s 144C(1) of the
Income Tax Act 1961 for the purpose of adjustment to be made to the Arms’
Length Price in relation to the international transactions entered during the
financial year ended 31 March 2008. The Company has paid the entire amount in
March 2013. |
6.959 |
6.959 |
|
Total
|
10.147 |
9.327 |
FIXED ASSETS:
Tangible Assets
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Leasehold Improvements
Intangible Assets
·
Computer Software
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.61.41 |
|
|
1 |
Rs.93.18 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.