MIRA
INFORM REPORT
|
Report No. : |
305641 |
|
Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
JABIL CIRCUIT INDIA PRIVATE LIMITED (w.e.f. 27.08.2007) |
|
|
|
|
Formerly Known
As : |
PCB CONTRACT MANUFACTURING SERVICES ( |
|
|
|
|
Registered
Office : |
17th Floor, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.08.2013 |
|
|
|
|
Date of
Incorporation : |
27.08.2002 |
|
|
|
|
Com. Reg. No.: |
11-136997 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4002.661
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109MH2002PTC136997 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEJ04704A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCP7114K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of all type of Electric Products, etc. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Jabli (Mauritius) Holding Limited,
Mauritius. It is a well-established and reputed company having satisfactory
track record. The company possesses a favourable financial profile marked by
adequate networth base albeit modest position of reserves along with
improvement in the credit profile and liquidity position owing to increase in
cash balance at the FY August 2013. Management has reported a decleidn in its sales volume as well as net
profitability mainly because the subject has to adapt its processes according
to the changed products specifications of its key customers which cater to
the 90% of the firm’s revenue, while facing customer concentration risks as
well. The ratings also take into consideration the strong legal, operational
and strategic linkages with its holding company. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of strong parentage and its experienced directors, the subject
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
India Rating and Research |
|
Rating |
Fund based limits: AA+ (Structured Obligation) |
|
Rating Explanation |
High degree safety and low credit risk |
|
Date |
05.09.2014 |
|
Rating Agency Name |
India Rating and Research |
|
Rating |
Non fund based limits: A1+(Structured
Obligation) |
|
Rating Explanation |
Very strong degree of safety and low credit
risk. |
|
Date |
. |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE (91-22-66559701)
LOCATIONS
|
Registered Office : |
17th Floor, |
|
Tel. No.: |
91-22-66425687/66559701/2/3/4 / 66370031/32/ 66425706 |
|
Fax No.: |
91-22-66559705 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
5th and 17th Floor, World Trade Centre
І, Cuffe Parade, Mumbai – 400
005, |
|
E-Mail : |
|
|
|
|
|
Factory : |
B-26, MIDC, Ranjangaon, Taluka Sirur, District Pune – 412 220, |
|
Tel. No.: |
91-2138-562025/662109 |
|
Fax No.: |
91-2138-560759/660759 |
|
Area : |
(Land) 79786 Sq. fts |
|
|
|
|
World H.Q.: |
10560, |
|
Tel. No.: |
7275779749 |
DIRECTORS
As on 28.02.2014
|
Name : |
Mr. Forbes Ian James Alexander |
|
Designation : |
Director |
|
Address : |
1604, Country
Trails Drive, Safety Harbor, FL 34695, U.S.A. |
|
Date of Appointment : |
Appointed as Additional Director on January 31, 2003.
Confirmed as Director in the AGM of February 25, 2004. |
|
DIN No.: |
00195042 |
|
|
|
|
Name : |
Mr. Meheryar
Kakhushard Dastoor |
|
Designation : |
Director |
|
Address : |
1918, Lago Vista Boulevard,
Parlm Harbor Florida-346885, US |
|
Date of Birth/Age : |
20.10.1965 |
|
Date of Appointment : |
Appointed as Additional Director on September 28, 2006.
Confirmed in the AGM of May 31, 2007. |
|
DIN No.: |
00614734 |
|
|
|
|
Name : |
Mrs. Manishi Virendra
Pathak |
|
Designation : |
Alternate
Director (Alternate to Mr. Forbes Ian James Alexdander) |
|
Address : |
C-27, Rashmi Apartments, Harsh Vihar, Pitampura, New Delhi – 110 034,
India |
|
Date of Birth/Age : |
23.02.1969 |
|
Date of Appointment : |
01.03.2004 |
|
DIN No.: |
00074992 |
|
|
|
|
Name : |
Mr. Anoop Kumar
Mehrotra |
|
Designation : |
Director |
|
Address : |
10-B, Tower D,
Viceroy Park, Thakur Village, Kandivali (East), Mumbai - 400 101,
Maharashtra, India |
|
Qualification: |
BSC, FCA |
|
Date of Appointment : |
Appointed as Additional Director on October 10, 2008.
Confirmed as a Director on February 28, 2009. |
|
DIN No.: |
02353302 |
|
|
|
|
Name : |
Mr. Otto
Johannnes Theodorus Maria Bik (Dutch) |
|
Designation : |
Director |
|
Address : |
Tweeriten 30,
5673 TV Nuenen, The Netherlands 5673TV
|
|
Date of Appointment : |
Appointed as Additional Director on January 2, 2009.
Confirmed as a Director on February 28, 2009. |
|
DIN No.: |
02373775 |
|
|
|
|
Name : |
Mr. Sergio Alonso
Cadavid |
|
Designation : |
Director |
|
Address : |
14749, Waterchase
Boulevard, Tampa, Florida, USA.- 33626 |
|
Date of Appointment : |
Appointed as Additional Director on December 12, 2006.
Confirmed as a Director on February 10, 2007. |
|
DIN No.: |
01052401 |
KEY EXECUTIVES
|
Name : |
Ms. Hansa Vaidya |
|
Designation : |
Company Secretary |
|
Address : |
507/B Ashoka Apartments, |
|
Date of Appointment : |
07.01.2008 |
|
PAN No.: |
ADTPV7733M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.02.2014
|
Names of Shareholders |
No. of Shares |
|
Jabil ( |
334264181 |
|
Jabil Circuit Limited, |
1931 |
|
|
|
|
Total |
334266112 |
As on 28.02.2014
|
Names of
Shareholders (Preference Shares) |
No. of Shares |
|
Jabil ( |
66000000 |
|
|
|
|
Total
|
66000000 |
As on 28.02.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of all type of Electric Products, etc. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.08.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
ICs (DTA) |
Nos. |
11343 |
|
ICs (EHTP) |
Nos. |
3320206 |
|
Particulars |
Unit |
Actual
Production |
|
ICs (DTA) |
Nos. |
4540 |
|
ICs (EHTP) |
Nos. |
2489704 |
*Installed capacity is as certified by the management and
has not been verified by the auditor as this is a technical matter.
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Customers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name: |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don Boscoschool)
Pune-411 006, Maharashtra, India |
|
PAN No.: |
ACHFS9180N |
|
|
|
|
Holding Company: |
¨ Jabil
(Mauritius) Holdings Limited, Mauritius |
|
|
¨ |
|
Ultimate Holding Company: |
¨ Jabil Circuit Inc.,
USA |
|
|
¨ |
|
Fellow subsidiaries: |
¨
Jabil Circuit Inc. - Corporate ¨
Jabil Circuit Inc. - US-St. Petersburg, FL
(Florida) ¨
Jabil Circuit SDN BHD (Malaysia-Penang) ¨
Jabil Circuit Inc. - US-Auburn Hills, MI
(Michigan) ¨
Jabil Circuit (Guangzhou) v. - (China Huangpu) ¨
Jabil Circuit Technology India Private Limited ¨
Jabil Circuit Inc. - US-San Jose, CA (California) ¨
Jabil Circuit (Singapore) Pte. Limited. fka(CMS
Singapore) ¨
Jabil Circuit Hungary Limited. (Tiszaujavaros) ¨
Celetronix India Private Ltd (CIPL-Mumbai) ¨
Jabil Circuit Italia, S.r.l. (Marcianise/Caserta) ¨
Jabil Circuit (Wuxi) Limited ¨
Green Point (Suzhou) Technology Company Limited -
GPS ¨
Taiwan Green Point Enterprises Company Limited
(TGP) ¨
Jabil Circuit Austria GmbH (Vienna) ¨
Jabil Circuit Ukraine Limited. (Ukraine-Uzhgorod) ¨
Jabil Circuit Belgium N.V. - (Hasselt) ¨
Jabil Global Services - St. Petersburg, FL ¨
Jabil Circuit of Texas, LP (India Pune HUB) ¨
Jabil Sdn Bhd. (Malaysia - Penang IT) ¨
Jabil Circuit Belgium N.V. - (Hasselt) France ¨
Jabil Circuit Hong Kong Limited.- (HongKong) ¨
Jabil Circuit Inc. - US-Billerica, MS
(Massachusetts) ¨
Jabil Circuit Inc. - Mexico-(Guadalajara) ¨
Jabil Luxembourg Mfg Sarl - (Guadalajara) ¨
Jabil do Brasil Industria Electroelectronica (
Belo) ¨
Jabil DO Brasil Ind.Ltda (Brasil) ¨
Jabil DO Brasil (Brasil) ¨
Jabil Industrial do Brasil LTDA (Brasil) ¨
Jabil Hungary LP Services LLC ¨
Jabil Circuit (Beijing) Limited ¨ Jabil Global
Services (Shanghai) ¨
Jabil Circuit Austria GmbH (Vienna) ¨
Jabil do Brasil Industria Electroelectronica
(Manaus) ¨
Jabil Circuit Inc. - Aerospace Services
LLC-(MILSAP) ¨
Jabil Global Services Szombathely (Hungary) ¨
Jabil Circuit Hungary Limited. (Szombathely) ¨
Jabil Circuit Inc. - Mexico-(Chihuahua) ¨
Jabil Cirucit China Limited ¨
Jabil Circuit Inc. - Tempe, AZ (Tempe) ¨
Jabil Circuit (Singapore) Pte. Limited - IMAC ¨
Jabil Vietnam Company Limited ¨
Jabil Circuit Limited (Scotland-Livingston and
Ayr) ¨
Jabil Circuit (Shanghai) Co Company Limited. ¨
Jabil Circuit Hungary Gyarto ¨
Jabil Circuit Inc. - (JTS) ¨ Jabil Circuit
Inc. - US-Auburn Hills, MI (Michigan) |
CAPITAL STRUCTURE
As on 28.02.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
434050000 |
Equity Shares |
Rs.10/- each |
Rs.4340.500 Millions |
|
66000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.660.000 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.5000.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
334266112 |
Equity Shares |
Rs.10/- each |
Rs.3342.661
Millions |
|
6109000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.61.090
Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.3403.751 Millions |
As on 31.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
434000000 |
Equity Shares |
Rs.10/- each |
Rs.4340.000 Millions |
|
66000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.660.000 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.5000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
334266112 |
Equity Shares |
Rs.10/- each |
Rs.3342.661
Millions |
|
66000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.660.000
Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.4002.661 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.08.2012 |
31.08.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
4002.661 |
4002.661 |
4002.661 |
|
(b) Reserves & Surplus |
1882.417 |
873.864 |
(494.308) |
|
(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) |
5885.078 |
4876.525 |
3508.353 |
|
|
|
|
|
|
(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 |
20.791 |
22.526 |
25.867 |
|
Total Non-current Liabilities (3) |
20.791 |
22.526 |
25.867 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
431.323 |
408.654 |
580.500 |
|
(b) Trade payables |
4751.624 |
4176.753 |
4263.781 |
|
(c) Other current
liabilities |
129.119 |
194.278 |
239.457 |
|
(d) Short-term provisions |
336.627 |
151.836 |
113.362 |
|
Total Current Liabilities (4) |
5648.693 |
4931.521 |
5197.100 |
|
|
|
|
|
|
TOTAL |
11554.562 |
9830.572 |
8731.320 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1554.879 |
1833.878 |
2009.045 |
|
(ii) Intangible Assets |
0.825 |
2.556 |
4.538 |
|
(iii) Capital
work-in-progress |
23.313 |
20.912 |
16.601 |
|
(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) |
205.757 |
76.656 |
0.000 |
|
(d) Long-term Loan and Advances |
285.882 |
353.095 |
438.837 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2070.656 |
2287.097 |
2469.021 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2227.241 |
1846.189 |
2079.970 |
|
(c) Trade receivables |
4619.065 |
3818.650 |
2969.112 |
|
(d) Cash and cash
equivalents |
2301.222 |
1851.353 |
875.459 |
|
(e) Short-term loans and
advances |
332.724 |
27.236 |
337.730 |
|
(f) Other current assets |
3.654 |
0.047 |
0.028 |
|
Total Current Assets |
9483.906 |
7543.475 |
6262.299 |
|
|
|
|
|
|
TOTAL |
11554.562 |
9830.572 |
8731.320 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.08.2012 |
31.08.2011 |
|
|
|
|
|
|
|
|
|
|
Net Sales |
18622.660 |
20486.974 |
14901.204 |
|
|
|
|
|
|
|
|
|
|
Expenditure Including Depreciation and Financial
Charges |
17455.643 |
18611.526 |
14076.645 |
|
|
|
|
|
|
|
|
|
|
Profit
/ (Loss) Before Taxation |
1568.028 |
1941.516 |
938.764 |
|
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization |
372.904 |
427.886 |
403.197 |
|
|
|
|
|
|
|
|
|
|
Interest
on Term Loans |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Other Interest |
29.271 |
25.925 |
39.260 |
|
|
|
|
|
|
|
|
|
|
Profit/(Loss)
After Taxation |
1008.553 |
1368.172 |
938.764 |
|
|
|
|
|
|
|
|
|
|
Profit/(Loss)
Carried to Balance Sheet |
1882.417 |
873.864 |
(494.308) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
|
|
14.848 |
|
|
|
Support and Traveling Costs Recovered |
|
|
0.055 |
|
|
|
Total |
NA |
NA |
14.903 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
|
0.308 |
|
|
|
Stores & Spares |
|
|
0.059 |
|
|
|
Raw Materials |
|
|
10.319 |
|
|
|
Total |
NA |
NA |
10.686 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.25 |
0.34 |
2.35 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.08.2012 |
31.08.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.42 |
6.68 |
6.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.85 |
19.95 |
10.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.40 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.07 |
0.08 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68 |
1.53 |
1.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.08.2011 |
31.08.2012 |
31.08.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4002.661 |
4002.661 |
4002.661 |
|
Reserves & Surplus |
(494.308) |
873.864 |
1882.417 |
|
Net
worth |
3508.353 |
4876.525 |
5885.078 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
580.500 |
408.654 |
431.323 |
|
Total
borrowings |
580.500 |
408.654 |
431.323 |
|
Debt/Equity
ratio |
0.165 |
0.084 |
0.073 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.08.2011 |
31.08.2012 |
31.08.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
14901.204 |
20486.974 |
18622.660 |
|
|
|
37.485 |
(9.100) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.08.2011 |
31.08.2012 |
31.08.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
14901.204 |
20486.974 |
18622.660 |
|
Profit |
938.764 |
1368.172 |
1008.553 |
|
|
6.30% |
6.68% |
5.42% |
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 |
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 |
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 |
Yes |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.08.2013 (Rs.
In Millions) |
31.083.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans and advance |
431.323 |
408.654 |
|
|
|
|
|
Total |
431.323 |
408.654 |
CORPORATE INFORMATION
Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956 on August 27, 2002 as PCB Contract Manufacturing Services (India) Private Limited, which was a subsidiary of Koninklijke Phillips Electronics N.V., Netherlands (‘KPENV’).
The Company acquired the business involving assembly and customization of all types, varieties and specifications of printed circuit boards from Phillips India Limited (‘Phillips’) with effect from November 23, 2002 in accordance with the terms of the Business transfer agreement.
On January 28, 2003, Jabil (Mauritius) Holdings Limited (‘the holding company’) and Jabil Circuit UK acquired the shareholding of PCB Contract Manufacturing Services (India) Private Limited from KPENV. Consequently, the name of the Company was changed to its present name. The principle shareholders are group companies of Jabil Circuit Inc (‘the ultimate holding company’).
The Company has sub leased factory premises from Phillips India Limited at M.I.D.C Bhosari Industrial Estate, Pimpri, Pune from where the business was carried on till July 2005, subsequent to which the entire operations were relocated to its own premises at Ranjangaon near Pune. The Company’s principle activities at Ranjangaon comprise of assembling printed circuit boards for Set Top boxes.
The Company has registered a part of its Ranjangaon factory under the Electronics and Hardware Technology Parks (‘EHTP’) scheme in June 2007. Commercial production under the EHTP scheme had commenced in October 2007 and is catering to overseas customers as well as customers within the country having an export setup.
The Company had commenced commercial production of cell phone accessories at its Chennai unit (‘SEZ’) situated in Nokia Telecom SEZ Sriperumbudur, Tamilnadu in October 2007, however the unit has discontinued operations from March 2009.
FIXED ASSETS
œ Land
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ Office Equipment
œ Computer Equipments
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.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.