MIRA INFORM REPORT
|
Report No. : |
319608 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ELCOME TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
9th Floor, Great Eastern Summit
“A”, Plot No.56, Sector-15, CBD Belapur, Navi Mumbai – 400614,
Maharashtra |
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Tel. No.: |
91-124-4122222 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.07.1998 |
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Com. Reg. No.: |
11-115600 |
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Capital
Investment / Paid-up Capital : |
Rs. 60.000 Million |
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CIN No.: [Company Identification
No.] |
U32200MH1998PTC115600 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE7023Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provide Surveying and Measuring Solutions. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1422000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “LEICA GEOSYSTEMS AG”, Switzerland. It is
an established company having satisfactory track record. Company has incurred loss from its operational activities during 2014. However, the rating takes into consideration strong financial and
managerial support that company receives from its parent company and sound
liquidity profile of the company. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of strong parent company support, the company can be
considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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) 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.
LOCATIONS
|
Registered Office : |
9th Floor, Great Eastern Summit
“A”, Plot No.56, Sector-15, CBD Belapur, Navi Mumbai – 400614,
Maharashtra |
|
Tel. No. : |
91-124-4122222 |
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Fax No. : |
91-22-67124694 |
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E-Mail : |
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Website : |
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Area : |
15000 Sq. ft. |
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Location : |
Rented |
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Head Office/ Service Center/ Factory : |
“Elcome House”, A-6, Infocity, Sector – 34, Gurgaon - 122002, Haryana,
India |
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Tel. No.: |
91-124-4122222 |
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Fax No.: |
91-124-4122200 |
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Email : |
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Location : |
Rented |
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Godown : |
A-9,
1st Floor, Sector-65, Noida - 201301, Uttar Pradesh, India |
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Email : |
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3-12-76/1, Ground Floor, Madhura Arcade, Mansurabad L B Nagar Ring Road,
Hyderabad – 500068, Andhra Pradesh, India |
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Tel. No.: |
91-40-24222305/06 |
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Fax No.: |
91-40-24222307 |
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S-7, Water Tank Road, MMDA Colony, Arumbakkam, Chennai – 600106,
Tamilnadu, India |
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Tel. No.: |
91-44-23630143 |
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Fax No.: |
91-44-23630144 |
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Branch Offices : |
Located at: ·
Hyderabad
·
Chennai
·
Moga ·
Kolkata ·
Mumbai ·
Navi
Mumbai ·
Ahmedabad ·
Dehradun ·
Bangalore ·
Trivendrum ·
Bilaspur
·
Baroda
·
Bhopal
·
Noida
· Patna |
DIRECTORS
As on 30.09.2014
|
Name : |
Jurgen Hermann Dr Dold |
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Designation : |
Director |
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Address : |
Hubelrain 9, Sempach, 6204, Switzerland |
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Date of Appointment : |
30.09.2011 |
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DIN No. : |
03503100 |
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Other Directorship :
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Name : |
Norbert Hermann Hanke |
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Designation : |
Director |
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Address : |
Braunfels, Gerichtsstrasse 35a, Braunfels, 35619, Germany |
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Date of Birth/Age : |
13.01.1962 |
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Date of Appointment : |
30.09.2008 |
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DIN No. : |
01805786 |
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Other Directorship :
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Name : |
Ajay Kumar Seth |
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Designation : |
Director |
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Address : |
31, Palm Wood, Malibu Town, Gurgaon - 122002, Haryana, India |
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Date of Birth/ Age ; |
28.05.1952 |
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Date of Appointment : |
01.01.2014 |
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DIN No. : |
01852371 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Rashmi Singh |
|
Designation : |
Secretary |
|
Address : |
H-890,Sector-31, Gurgaon - 122002, Haryana, India |
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Date of Appointment : |
14.11.2012 |
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PAN No.: |
CMKPS7222L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
AG Geosystem Leica, Switzerland |
5999999 |
|
Holdings BV Geosystem Leica, Netherland |
1 |
|
Total |
6000000 |
As on 30.09.2014
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 : |
Provide Surveying and Measuring Solutions. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
ABN Amro Bank N. V., 7th Floor,
Sakhar Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Address : |
Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon - 122002, Haryana, India |
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Income-tax
PAN of auditor or auditor's firm : |
ACHFS9180N |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Leica Geosystem AG, Switzerland |
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Fellow
Subsidiaries: |
· LGGI India Private Limited · Cable Detection Limited · GeoMax International Gmbh · Mikrofyn A/S · Leica Geosystem Pty Limited · Novatel Inc. · Hexagon Metrology India Private Limited CIN No.: U51909DL2005PTC138973 · Hexagon AB · Hexagon Metrology SRO · AGL Corporation · Micro Survey Software Inc. · NovAtel Inc · Geomax Positioning System Private Limited |
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Enterprises over which
above have significant influence : |
· Elcome Properties Private Limited CIN No.: U45203MH2007PTC175179 · Plant Engineering and Geomatic Services Private Limited CIN No.: U74210MH2006PTC161891 · Intergraph SG&I India Private Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 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 |
60.000 |
60.000 |
60.000 |
|
(b) Reserves & Surplus |
437.583 |
450.469 |
323.134 |
|
(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) |
497.583 |
510.469 |
383.134 |
|
|
|
|
|
|
(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 |
0.331 |
0.000 |
0.000 |
|
(d) long-term
provisions |
18.835 |
13.835 |
17.685 |
|
Total Non-current
Liabilities (3) |
19.166 |
13.835 |
17.685 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
479.983 |
172.732 |
0.000 |
|
(b) Trade
payables |
415.975 |
506.638 |
749.478 |
|
(c) Other
current liabilities |
30.607 |
47.432 |
88.622 |
|
(d) Short-term
provisions |
3.959 |
35.237 |
17.093 |
|
Total Current
Liabilities (4) |
930.524 |
762.039 |
855.193 |
|
|
|
|
|
|
TOTAL |
1447.273 |
1286.343 |
1256.012 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
18.315 |
19.199 |
16.262 |
|
(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) |
18.621 |
10.611 |
7.055 |
|
(d) Long-term Loan and Advances |
56.209 |
35.639 |
29.579 |
|
(e) Other
Non-current assets |
40.523 |
80.675 |
0.000 |
|
Total Non-Current
Assets |
133.668 |
146.124 |
52.896 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1.237 |
1.237 |
1.237 |
|
(b)
Inventories |
362.884 |
261.337 |
229.886 |
|
(c) Trade
receivables |
757.454 |
747.266 |
705.905 |
|
(d) Cash
and cash equivalents |
74.834 |
74.743 |
230.137 |
|
(e)
Short-term loans and advances |
42.655 |
18.768 |
35.951 |
|
(f) Other
current assets |
74.541 |
36.868 |
0.000 |
|
Total
Current Assets |
1313.605 |
1140.219 |
1203.116 |
|
|
|
|
|
|
TOTAL |
1447.273 |
1286.343 |
1256.012 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
GROSS INCOME |
NA |
1289.380 |
1436.460 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
NA |
207.880 |
148.780 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
13.130 |
12.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
194.750 |
135.960 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
4.370 |
4.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
190.380 |
131.650 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
63.044 |
44.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(12.887) |
127.336 |
86.792 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Agency commission |
2.716 |
1.155 |
NA |
|
|
TOTAL EARNINGS |
2.716 |
1.155 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded goods |
901.704 |
710.332 |
NA |
|
|
TOTAL IMPORTS |
901.704 |
710.332 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.15) |
21.22 |
14.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
14.92 |
10.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.37 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.96 |
0.34 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.50 |
1.41 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
60.000 |
60.000 |
60.000 |
|
Reserves & Surplus |
323.134 |
450.469 |
437.583 |
|
Net
worth |
383.134 |
510.469 |
497.583 |
|
|
|
|
|
|
Long-term Borrowings |
0.000 |
0.000 |
0.000 |
|
Short term Borrowings |
0.000 |
172.732 |
479.983 |
|
Total
borrowings |
0.000 |
172.732 |
479.983 |
|
Debt/Equity
ratio |
0.000 |
0.338 |
0.965 |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two 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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
NATURE OF OPERATIONS
The Company is the subsidiary of Leica Geosystems AG Switzerland and provide Surveying and measuring solutions in India.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the company not acknowledged as debts* |
1.007 |
0.000 |
|
Income-tax demand** |
21.446 |
0.000 |
*Claims against the Company represent claims made by a supplier of services alleging that the Company has not paid for services rendered by it. The management is of the view that this supplier has not fulfilled its obligation and therefore it is unlikely that any liability will materialise in this matter.
**During the year, the Company has received a draft assessment order for financial year 2009-10 wherein the assessing officer has made an adjustment of 63,093,901 contending that the transactions entered into by the company with its associated enterprises are not at arm’s length price. The tax impact of the same is 21,445,617. The Company has preferred an appeal with Dispute Resolution Panel against such order. The management, based on internal evaluation and advice of tax consultant, is confident of a favourable decision in the matter and believes that no liability is expected to arise from this matter.
FIXED ASSETS
Tangible Assets
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer Equipment’s
· Other Equipment’s
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. 63.58 |
|
|
1 |
Rs. 97.99 |
|
Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
42 |
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.