MIRA INFORM REPORT

 

 

 

 

Report No. :

328634.2

Report Date :

28.07.2015

 

IDENTIFICATION DETAILS

 

Name :

BENQ INDIA PRIVATE LIMITED (w.e.f.15.03.2002)

 

 

Formerly Known As :

ACER COMMUNICATIONS MULTIMEDIA INDIA PRIVATE LIMITED (w.e.f.12.04.2001)

 

ACER PERIPHERALS INDIA PRIVATE LIMITED

 

 

Registered Office :

3rd Floor, 9B Building, DLF Cyber City, DLF Phase 3, Gurgaon - 122002, Haryana

Tel. No.:

91-124-4501400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

29.02.2000

 

 

Com. Reg. No.:

05-039358

 

 

Capital Investment / Paid-up Capital :

Rs. 43.000 Million

 

 

CIN No.:

[Company Identification No.]

U30007HR2000PTC039358

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCA6005C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Supplier of LED Monitors and Displays.

 

 

No. of Employees :

60 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The company possesses weak financial risk profile and it has incurred huge accumulated losses which has eroded net worth of the company.

 

Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on safe and secured 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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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) DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Rajiv Pal

Designation :

Finance Manager

Contact No.:

91-9654943690

Date :

27.07.2015

 

 

LOCATIONS

 

Registered/ Corporate Office :

3rd Floor, 9B Building, DLF Cyber City, DLF Phase 3, Gurgaon - 122002, Haryana, India

Tel. No.:

91-124-4501400

Mobile No.:

91-9654943690 (Mr. Rajeev Pal)

Fax No.:

91-124-4501440

E-Mail :

sales.enquiryin@benq.com

service-in@benq.com   

rajeev.pal@benq.com

Website :

http://www.benq.co.in

 

 

Warehouse :

C/o Proconnect Supply Chain Solution, Khasra No. 357, Opposite T/317, Village Chhajarsi, Sector – 63, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

 

 

Branch Office :

302, Omega Main Street, Hiranandini Gardens, Powai, Mumbai – 400076, Maharashtra, India

Tel No.:

91-22-25708490/ 91/ 92

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Chin Hsiung Yen

Designation :

Director

Address :

7F, No.26, Alley 8, Lane 578, Bei-an Road., Jhongshan District, Taipei, 104, Taiwan, Province of China

Date of Birth/Age :

01.07.1958

Date of Appointment :

05.02.2008

DIN No.:

02039959

 

 

Name :

Mr. Rajeev Singh

Designation :

Director

Address :

W-216, Regency Park-11, DLF Phase-IV, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

02.10.1969

Date of Appointment :

29.09.2011

PAN No.:

ADXPS0535Q

DIN No.:

03371508

 

 

Name :

Mr. Lee Duen Horng

Designation :

Additional director

Address :

10F, No. 313, Daguan Road, Sanxia District 237, New Taipei City, 237, Taiwan, Province of China

Date of Appointment :

06.12.2014

DIN No. :

07030371

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajiv Pal

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Rajeev Singh S/o Vikram Singh Jointly with BenQ Corporation, Taiwan (Formerly known as BenQ Asia Pacific Corporation)

20

BenQ Corporation, Taiwan (Formerly known as BenQ Asia Pacific Corporation)

42999980

 

 

Total

 

43000000

 

 

AS ON 30.09.2014

 

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 :

Trader and Supplier of LED Monitors and Displays.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

 

Products :

LED Monitors and Displays

Countries :

Taiwan

 

 

Terms :

 

Selling :

Cash and Credit (30 Days, 60 Days and 90 Days)

 

 

Purchasing :

Cash and Credit (30 Days, 60 Days and 90 Days)

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

End Users and OEMs

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         Neoteric Infomatique Limited, Mumbai

·         Iris Computers Limited, Delhi

 

 

No. of Employees :

60 (Approximately)

 

 

Bankers :

Banker Name

ICICI Bank Limited

Branch Address

Connaught Place, Delhi, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

No Facilities

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

·         Standard Chartered Bank

 

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Tower 3, 27th-32nd Floor, Indiabulls Mill Compound, Senapati Bapat Marg, Elphistone (West), Mumbai, Maharashtra, India

Tel No.:

91-22-61854000

Fax No.:

91-22-61854501/ 4601

Income-tax PAN of auditor or auditor's firm :

AACFD4815A

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Ultimate Holding Company :

Qisda Corporation

 

 

Holding Company :

BenQ Asia Pacific Corporation

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

43,000,000

Equity Shares

Re. 1/- each

Rs. 43.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

43,000,000

Equity Shares

Re. 1/- each

Rs. 43.000 Million

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

43.000

43.000

43.000

(b) Reserves & Surplus

(379.716)

(177.649)

(90.812)

(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)

(336.716)

(134.649)

(47.812)

 

 

 

 

(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

43.752

25.789

8.698

Total Non-current Liabilities (3)

43.752

25.789

8.698

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

1286.547

1031.477

697.717

(c) Other current liabilities

39.110

39.398

13.816

(d) Short-term provisions

0.076

0.070

0.069

Total Current Liabilities (4)

1325.733

1070.945

711.602

 

 

 

 

TOTAL

1032.769

962.085

672.488

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3.723

3.477

4.741

(ii) Intangible Assets

0.000

0.000

0.000

(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)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

5.942

5.804

5.856

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

9.665

9.281

10.597

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

242.574

197.797

116.493

(c) Trade receivables

703.635

712.967

484.426

(d) Cash and cash equivalents

71.648

29.161

49.085

(e) Short-term loans and advances

5.247

12.879

11.887

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

1023.104

952.804

661.891

 

 

 

 

TOTAL

1032.769

962.085

672.488

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

TOTAL INCOME

1332.040

1079.775

557.577

 

 

 

 

 

Less

TOTAL EXPENSES

1533.574

1165.923

593.921

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(201.534)

(86.148)

(36.344)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

0.532

0.689

1.942

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(202.066)

(86.837)

(38.286)

 

 

 

 

 

Less

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(202.066)

(86.837)

(38.286)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(177.649)

(90.812)

(52.526)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(379.715)

(177.649)

(90.812)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

5.494

17.640

39.029

 

 

 

 

 

 

IMPORTS

1067.093

935.529

518.188

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(4.70)

(2.02)

(0.89)

 

 

PARTICULARS

 

 

31.03.2016

31.03.2015

Sales Turnover (Approximately)

 

2500.000

2250.000

 

 

 

 

 

The above information has been parted by Mr. Rajeev Pal (Finance Manager)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net cash flows from (used in) operations

42.628

(21.966)

0.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(19.57)

(9.03)

(5.69)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.60

0.64

0.80

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.77

0.89

0.93

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

43.000

43.000

43.000

Reserves & Surplus

(90.812)

(177.649)

(379.716)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

(47.812)

(134.649)

(336.716)

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

557.577

1079.775

1332.040

 

 

93.655

23.363

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

557.577

1079.775

1332.040

Profit/ (Loss)

(38.286)

(86.837)

(202.066)

 

(6.87%)

(8.04%)

(15.17%)

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY 

 

 

CHANGE OF ADDRESS

 

The Registered Office of the company has been shifted from Unit No. 216, Raheja Chambers Museum Road, Bangalore – 560001, Karnataka, India to the present address w.e.f. 31.07.2009

 

 

FINANCIAL PERFORMANCE:

 

The Company generated a total revenue of Rs. 1332.040 Million during the year as against a total revenue of Rs. 1079.775 Million in the previous year. The Company has incurred a loss of Rs. 202.067 Million as against loss of Rs. 86.837 Million of previous year.

 

 

PRODUCTS AND BUSINESS:

 

The Company’s main product lines ‘LCD Monitors and Projectors’ is now in high growth trajectory. The company has been able to achieve and sustain reasonable market share during the current year and becomes number one in PRJ business across the Competition.

 

Considering the increasing awareness about BenQ brand in Indian market and the potential scope for the projectors in the education segments, management has focused in education segment targeting almost all education SI. Further it has successfully launched Digital Still Cameras, LCD TV and new range of LCD monitors and Projectors in Indian market earlier years.

 

The management intends to initiate the presence of BenQ brand in long form retail in Indian markets and hence it is planning to tie up with some major IT retail stores.

 

 

FIXED ASSETS

 

  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipments
  • Other equipments
  • Leasehold improvements

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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]         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. 64.00

UK Pound

1

Rs. 99.43

Euro

1

Rs. 70.61

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

1

--RESERVES

1~10

--

--CREDIT LINES

1~10

--

--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

 

11

 

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.