MIRA
INFORM REPORT
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Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
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Name : |
EPCOS INDIA
PRIVATE LIMITED |
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Formerly Known
As : |
EPCOS FERRITES PRIVATE LIMITED |
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Registered
Office : |
Plot No.
E-22/25, MIDC, Satpur, Nashik - 422 007, |
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Country : |
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Financials (as
on) : |
30.09.2006 |
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Date of
Incorporation : |
09.01.1996 |
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Com. Reg. No.: |
11-96078 |
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CIN No.: [Company
Identification No.] |
U99999MH1996PTC096078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKE00321G |
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Legal Form : |
Private
Limited Liability Company |
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Line of
Business : |
Manufacturers
of Capacitors, Solar Modules, Metallised Film Capacitors, etc. |
RATING & COMMENTS
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MIRA’s Rating
: |
B |
RATING |
STATUS |
PROPOSED
CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar
weight in credit consideration. Capability to overcome financial difficulties
seems comparatively below average/normal. |
Small |
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Maximum Credit
Limit : |
USD 2085124 |
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Status : |
Improving |
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Payment
Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company of EPCOS AG, The
company’s financial position is improving.
Its' payments are however reported as slow. The company
can be considered for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
Plot
No. E-22/25, MIDC, Satpur, Nashik - 422 007, |
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Tel. No. |
91-253-2205103/2353756
– 60 |
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Cell. |
91-9822018259 |
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Fax No. |
91-253-2353761 |
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E-Mail |
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Website |
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Area : |
800 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Plot
No. E-22/25, MIDC Industrial Area, Satpur, |
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Area : |
24000 sq. mtrs. |
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Location : |
Owned |
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Branches : |
Located
at : Ř
Ř
Kolkata, Ř
Mumbai, Ř
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DIRECTORS
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Name : |
Mr.
T. K. Misra |
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Designation : |
Whole-TimeDirector
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Address |
217-A, |
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Date
of Birth |
25.09.1936 |
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Name : |
Mr.
Gerhard Pegam |
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Designation : |
Director |
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Address |
Care : |
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Date
of Birth |
31.01.1962 |
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Name : |
Mr.
H. S. Banerjee |
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Designation : |
Director |
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Address |
Plot No. 18-19, Survey No. 48/2/2 at Anandwali,
Near Pai Colony, |
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Date
of Birth |
05.07.1958 |
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Name : |
Mr.
Jayesh Thakkar |
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Designation : |
Manager (Accounts
and Finance) |
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Name : |
Mr. Natrajan Balakrishnan |
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Designation : |
Whole-Time
Director |
KEY EXECUTIVES
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Name : |
Mr.
Aniruddh Patil |
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Designation : |
Company Secretary
and Manager Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names
of Shareholders |
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No. of Shares |
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EPCOS
AG, |
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39999965 |
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S.
A., |
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35 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturers
of Capacitors, Solar Modules, Metallised Film Capacitors, etc. |
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Products : |
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Exports to : |
(Metallised
Film Capacitors) |
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Imports from : |
(Plain
Polypropylene Films and Plastic Boxes) |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed Capacity |
Actual Production |
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AC Capacitors |
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Nos. |
1,04,20,000 |
89,30,000 |
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DC
Capacitors |
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Nos. |
18,00,00,000 |
12,73,59,000 |
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Metallised
Film |
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Kgs. |
9,00,000 |
6,17,000 |
GENERAL INFORMATION
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Suppliers : |
Ř
Aee Polybond Private Limited Ř
Akik Insupack Ř
Anmol Package Private Limited Ř
Anu Enterprises Ř
Bharat Products Ř
Bijutkar Plastomould Ř
Cermet Resistronis Private Limited Ř
D.D.Packers private Limited Ř
Desai Packwell Private Limited Ř
Electro Crimp Contact private Limited Ř
Electro Lead Ř
Icon Industries Ř
Impact Packaging Ř
Khosla Engineers Private Limited Ř
Linko Servo System Private Limited Ř
Mallya Enterprises Ř
Patil Engineering Works |
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No. of Employees : |
660 |
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Bankers : |
Deutsche Bank Hazarimal Somani Marg, Near Sterling Cinema, Fort, Mumbai – 400 001, (The company enjoys Credit Limits facility of Rs. 800.000 millions
from its’ bankers) Citi Bank 2413, Kumar Capital, Camp, Pune – 411 001, (The company enjoys Credit Limits facility of Rs. 600.000 millions
from its’ bankers) |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Bharat
S. Raut & Company Chartered
Accountants |
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Address: |
KMPG
House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai –
400 013, |
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Tel. No.: |
91-22-24913132/2491
3030 |
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Fax No.: |
91-22-24913132 |
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Associates/Subsidiaries
: |
Ř
Siemens Limited Address: Mumbai, Ř
EPCOS
Electronic Components. Ř
EPCOS
Private Limited Ř
EPCOS
Inc Ř
EPCOS
AG Ř
EPCOS
Do Brasil Limited Ř
EPCOS
Limited, Ř
EPCOS
(ZUHAI) FTZ limited, china |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 900.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10976400 |
Equity Shares |
Rs. 10/- each |
Rs. 109.764 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
30.09.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
109.764 |
433.553 |
400.000 |
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2] Share Application Money |
480.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.577 |
2.805 |
68.044 |
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4] (Accumulated Losses) |
(71.060) |
(322.669) |
0.000 |
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NETWORTH |
521.281 |
113.689 |
468.044 |
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LOAN FUNDS |
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1] Secured Loans |
632.837 |
52.392 |
50.000 |
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2] Unsecured Loans |
1572.737 |
1221.116 |
567.318 |
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TOTAL BORROWING |
2205.574 |
1273.508 |
617.318 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
46.428 |
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TOTAL |
2726.855 |
1387.197 |
1131.790 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1722.636 |
1084.934 |
681.863 |
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Capital work-in-progress |
144.979 |
86.654 |
186.900 |
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INVESTMENT |
0.010 |
0.000 |
2.483 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
463.082
|
201.418 |
210.859
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Sundry Debtors |
528.703
|
98.718 |
285.242
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Cash & Bank Balances |
81.933
|
66.079 |
32.908
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
425.250
|
122.134 |
156.388
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Total
Current Assets |
1498.968
|
488.349 |
685.397 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
(591.093)
|
(261.125) |
398.985
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Provisions |
(48.645)
|
(11.588) |
25.868
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Total
Current Liabilities |
(639.738)
|
(272.740) |
424.853 |
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Net Current Assets |
859.230
|
215.609 |
260.544 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2726.855 |
1387.197 |
1131.790 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
30.09.2004 |
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Sales Turnover |
2344.216 |
658.694 |
1387.751 |
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Other Income |
95.452 |
12.780 |
0.000 |
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Total Income |
2439.668 |
671.474 |
1387.751 |
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Profit/(Loss) Before Tax |
(86.718) |
(164.159) |
76.340 |
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Provision for Taxation |
(33.957) |
0.000 |
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Profit/(Loss) After Tax |
(52.761) |
(164.159) |
41.947 |
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Earnings in Foreign Currency : |
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Total Earnings |
0.000 |
0.000 |
779.603 |
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Imports : |
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Total Imports |
0.000 |
0.000 |
502.888 |
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Expenditures : |
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Cost of Material Consumed |
1156.942 |
246.504 |
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Manufacturing Expenses |
679.903 |
314.887 |
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Personnel Expenses |
240.379 |
97.059 |
1311.411 |
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Transfer from capital reserve |
309.666 |
91.915 |
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Interest |
139.496 |
85.268 |
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Total Expenditure |
2526.413 |
835.633 |
1311.411 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
30.09.2004 |
|
PAT / Total Income |
(%) |
(2.16)
|
(24.44) |
3.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
(3.69)
|
(24.92) |
5.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.69)
|
(10.43) |
5.58 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.16)
|
(1.44) |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.00
|
8.80 |
2.22 |
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Current Ratio (Current Asset/Current Liability) |
|
(2.34)
|
(1.79) |
1.61 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject
was incorporated on 09.01.1996 at Mumbai in
Subsequently,
the Registered Office of the company was shifted from Mumbai to
From February,
2001 the name and style of the company was changed to present.
The
company was promoted by Siemens
BUSINESS:
The
company is engaged in manufacturing and exporting of AC Capacitors, DC
Capacitors, Power Factor Correction, KVAR, Solar Modules, Metallised Film
Capacitors, etc.
The
company sells its’ products under the brand name “EPCOS”.
The
company has joint venture with :-
Ř
Siemens Matsushita Components GmbH & Company KG.,
Ř
Asian Electronics Limited, Mumbai,
Ř
Siemens Matsushita Components S. A.,
Ř
Siemens Solar Industries,
Ř
Siemens Limited, Mumbai,
The company is in trade terms
with:-
Ř
EPCOS AG,
Ř
EPCOS Electronics Components, S. A.
Ř
EPCOS Pte Limited
Ř
EPCOS Limited
Ř
Tibrewala Electronics Limited
6-56/2/40,
Tel. 91-40-23775351
Contact Person – Mr. B. Mitra
Ř
Adtec Electronics Private Limited
No. 113, 3rd Cross, 1st
Phase,
Mico Arakere Layout,
Contact Person – Mr. H. K.
Sharma
Ř
Bollore
31-32, Quai De
Dion-Bouton-92811,
Ř
Steiner GmbH Company KG
Industriegebiet Jagersgrund
Postfatch 70,
D-57335,
Ř
Trespaphan GmbH
Bergstrasse, D-66539,
Fixed Assets:
Ř
Land
Ř
Building
Ř
Plant And Machinery
Ř
Computers
Ř
Telex
Ř
Fax Machine
Ř
Telephone
Ř
Xerox Machine
Ř
Airconditioner
Ř
Office Equipment
Ř
Vehicles
Ř
Furniture & Fixtures.
Parent
Company:
EPCOS
AG,
Summary of significant accounting policies
EPCOS India Private Limited (“the company”) was incorporated
on
The company manufactures metallised plastic film capacitors and metallised plastic film at its manufacturing facilities at Nashik near Mumbai. The company has two Domestic Tariff Units and also a 100% Export Oriented Unit for manufacturing capacitors. The company sells metallised plastic film capacitors and metallised plastic film both in the domestic and export markets.
Use of estimates
The preparation of financial statements in accordance with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements. Actual results may differ from those estimates. Any revisions to accounting estimates are recognized prospectively in current and future periods.
Fixed Assets and Depreciation
Fixed Assets are stated at cost less accumulated depreciation. Cost includes inward freight, duties, taxes and incidental expenses related to the acquisition, construction and installation of the fixed assets. Cost of acquisition includes exchange differences (favorable as well as unfavorable) arising on restatement of foreign exchange payables specifically for acquiring imported fixed assets.
Land has been acquired on lease for a period of 99 years and is not depreciated as this is deemed ownership. Depreciation on fixed assets is provide on the straight-line method of depreciation pro-data to the period of use, at the rates which are higher than the corresponding rates prescribed in schedule XIV to the Companies Act, 1956.
Primary segment reporting
The company’s business segments are organized around product lines as under:
DC capacitors are capacitors made with metalized plastic film. Plastic film is the dielectric. These are of various capacitance values with different voltage rationg and sizes. These are generally smaller in size and mostly used in DC circuits but could also be used in various different applications
Power capacitors and film segment consists of capacitors again with metallized plastic film mostly polypropylene with self-healing properties. These are comparatively large in size and have higher capacitance values and voltages. This segment also includes power factor correction products.
The company also sells the products of its group company in
Website Details:
Company Profile
Wherever there's
electronics, there's Company
Did you know that one single notebook, for example, contains some 200 passive
electronic components, and another 200 are found in a state-of-the-art mobile
phone? Conventional color TV sets are equipped with some 400 passive components
and up to 10,000 are installed in a luxury car.
Inconspicuous but indispensable, they store electrical energy, select
frequecies, and protect against over voltage and over current in countless
applications – from rail traction to automotive ignition systems, from
electric light and power supplies to voice and data transmission. Almost imperceptibly,
you encounter them tens of thousands of times a day, both at home and at work.
Company develops, manufactures and markets electronic components, and
focuses on leading-edge technology markets: automotive, industrial and consumer
electronics as well as information and communications. These industries present
sound prospects for medium to long-term growth.
About Company
Company emerged from Siemens Matsushita Components, a joint venture
founded in 1989 by Siemens and Matsushita. Since COMPANY went public on
Product range
Company manufactures over 40,000 products, comprising a range of
passive electronic components whose extent is unique on the market. It can thus
offer its customers products and solutions from a single source. Whether
surface acoustic wave components, capacitors, ceramic components, or inductors
and ferrites – COMPANY offers unrivaled performance for electronics
applications.
Profit-oriented growth strategy
Their goal is to earn sustained profits and
keep enhancing shareholder value. To do this, they intend to occupy a leading
position in all their fields of business and to grow faster than their
competitors.
To this end, Company is pursuing a strategy of profitable growth. It is
based on competence in technology and driven by permanent optimization of
quality, of innovation, and of the costs of their products and services. They
are focusing on fast-growing, innovative sectors of their markets. They are
therefore stepping up their presence, primarily in Asia and especially in
They are open to cooperation with partners. They want
their customers to see them as their most reliable and innovative partner for
development of their new products.
Business Segments
Capacitors
Capacitors store electric
charges to filter or regulate current and voltage in electronic circuitry.
SAW Components
Surface acoustic wave (SAW) components
are key components of modern information and communications. Company SAW
Components segment is the undisputed world market leader.
Ceramic Components
Ceramic components are indispensable in automotive and
entertainment electronics as well as in domestic appliances and
telecommunications.
Inductors and Ferrites
Inductors are indispensable components in nearly all
electronic equipment and systems.
They focus on leading-edge technology
markets: automotive, industrial and consumer electronics as well as information
and communications. These industries present sound prospects for medium to
long-term growth.
Industries once as separate and distinct as telecommunications,
entertainment electronics and computers are converging relentlessly. This
convergence is giving rise to a constant stream of innovative products, such as
mobile phones with integrated cameras and Internet access.
In their traditional target markets, the proliferation and complexity
of electronic control systems are fueling an insatiable demand for components.
In domestic appliances, for example, conventional electromechanical systems are
being progressively replaced by electronics. Electronics drives nine out of ten
innovations in the automobile industry today. And these innovations in turn
drive the technologies of other industries.
Quality
No compromises
With its quality management (QM) system and a company-wide zero-defect
campaign based on Six Sigma methodology, Company is consistently improving the
quality of its processes and process mastery - and thus the quality of its
products. Numerous awards presented to COMPANY testify to customers'
satisfaction with this rigorous approach to quality.
Tougher demands for
quality are today being passed along the entire production chain. The toughest
are made by the automobile industry. But higher quality standards also apply in
the other key markets served by company, such as information and
communications, industrial and consumer electronics.
Automotive electronics manufacturers and vehicle manufacturers in
particular insist that their suppliers have comprehensive QM systems in place
that are geared to total process mastery. These demands are reflected in
international quality assurance standards such as ISO 9001 and the ISO TS 16949
standard derived from it with specific requirements of the automobile industry.
It is a principle of the company' quality policy that the QM system
must satisfy the most demanding international standard applicable.
Certification of the entire COMPANY Group was therefore tackled on the basis of
ISO/TS 16949 in 2003 and completed in February 2004. The COMPANY QM system is
constantly being reviewed and systematically refined within the company,
because uncompromising quality means a never-ending process of improvement.
Six Sigma at Company
Six Sigma methodology is being introduced throughout the COMPANY Group
as part of its COMPETE program (cost management, process excellence, time
efficiency). Six Sigma aims to make processes more reproducible, reduce
variation, cut costs and ensure quality. Mastery of processes is the key to
economic success. It is the only way to provide products and services that
deliver the highest quality and total customer satisfaction.
How To Find Them
Ceramic Components, Surface Acoustic Wave Components
Film Capacitors, Capacitors
Surface Acoustic Wave Components
Surge Arresters
Inductors
Film Capacitors, Ceramic Components
Ferrites, Ceramic Components
Surge Arresters
Sensor Systems
Capacitors, Film Capacitors, Inductors
Management, Central Departments, Sales
Surface Acoustic Wave Components, Inductors,
Ferrites
EMC Laboratory
Capacitors, Inductors
Ferrites
Film Capacitors
Vertrieb
Surge Arresters
Capacitors
Surface Acoustic Wave Components, Sales &
Marketing Asean, Central Departments
Film Capacitors
Sales
Corporate Headquarters Crystal Technology,
Inc.: Sales, Research and Development, Manufacturing
News
Products and Technologies
SAW filters: New
filters for digital satellite radio
Thermistors: UL
approval for PTC-based motor protection sensors
Piezo actuators:
COMPANY supplies winners of German Future Prize 2005
Data Sheets
Varistors: New
miniaturized SHCV series SR6
CeraDiodes: New high-speed
CeraDiode for 1:1 drop-in replacement
Power factor
correction: New capacitor of PhaseCap HD series (MKK440-D-56-01)
Publications
MKV Power
Electronic Capacitor
TOPcap Innovations
for Low-ESR Applications
Corporate
Sale of COMPANY’
Tantalum Capacitor Business Unit: COMPANY and KEMET sign contract
Q4 2005: Sales
increased in all industries and regions
Presence in China
stepped up: COMPANY sets up joint venture with Beijing Jones
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.40.33 |
|
|
1 |
Rs.82.63 |
|
Euro |
1 |
Rs.55.65 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|