MIRA
INFORM REPORT
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Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEMCO ELECTRIC PRIVATE LIMITED |
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Formerly Known As : |
SAGE ELECTRICAL MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered Office : |
Gate No.154/1 Mahalinge
Village, Post Chakan, Pune - 410501, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.08.1996 |
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Com. Reg. No.: |
101929 |
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CIN No.: [Company
Identification No.] |
U31909MH1996PTC101929 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES09380A |
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PAN No.: [Permanent
Account No.] |
AADC39493H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of all types, grades and varieties of electrical components devices, appliances, fittings, accessories, equipments, industrial castings, other casting and electrical hardware. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 790000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced, respectable and resourceful
industrialise. Trade relations are fair. Financial position is good. Payments
are correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. The company can be recorded as a promising business partner in a
medium to long-run. |
LOCATIONS
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Registered Office : |
Gate No.154/1 Mahalinge
Village, Post Chakan, Pune - 410501, Maharashtra, India |
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Tel. No.: |
91-20-24104501 |
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Fax No.: |
91-20-24104509 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plant II, Plot No. A-2, MIDC, Chakan, Pune – 410501, Maharashtra,
India |
DIRECTORS
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Name : |
Mr. Sajjan Kumar O Agarwal |
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Designation : |
Director |
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Address : |
Flat No.2, Ashok Park, Opposite Koti Bagi Hospital, Pune – 411 007, Maharashtra, India |
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Date of Birth/Age : |
12.12.1953 |
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Date of Appointment : |
19.06.1996 |
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Email : |
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Name : |
Mr. Ashok Mittal |
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Designation : |
Director |
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Address : |
202 – F, Mittal Colony, Sodala, Jaipur – 302 019, Rajasthan, India |
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Date of Birth/Age : |
05.03.1959 |
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Date of Appointment : |
15.10.1996 |
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Name : |
Mr. Rajendra Raina |
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Designation : |
Director |
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Address : |
No. R4, S. No. 75/2, Wanawadi, Pune – 411 040, Maharashtra, India |
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Date of Birth/Age : |
24.03.1959 |
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Date of Appointment : |
12.05.1998 |
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Name : |
Mr. Praveen Agarwal |
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Designation : |
Director |
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Address : |
H-6/B, Hauz Khas, New Delhi – 110016, India |
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Date of Appointment : |
15.10.1996 |
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Name : |
Mr. Ganesh K. Ranganathan |
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Designation : |
Director |
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Address : |
B-602, Ramayan, Kandarpada, Dahisar, Mumbai – 400 068, Maharashtra, India |
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Date of Appointment : |
19.08.1996 |
KEY EXECUTIVES
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Name : |
Mr. Rajangam Swaminathan Balasubramanyam |
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Designation : |
Company Secretary |
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Address : |
Flat No.302, Vijaya Apartments, Near Ramaswamy Compound, Kavadiguda, Secunderabad – 500380, Andhra Pradesh, India |
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Date of Birth/Age : |
07.02.1965 |
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Date of Appointment : |
22.02.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 01.09.2006)
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Names of Shareholders |
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No. of Shares |
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Mr. Sajan Kumar O Agarwal |
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1492823 |
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Mrs. Ashakumar S. Agarwal |
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756279 |
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Mr. Rajendra Raina |
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60698 |
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Mrs. Richa A Mittal |
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87197 |
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Mrs. Anjana R. Raina |
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60697 |
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Mr. Ashok Mittal |
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60698 |
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Ms. Abha Mittal |
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27500 |
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Mr. Rajnarayan Mittal |
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53000 |
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Ms. Sarla Mittal |
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53000 |
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Mr. Ranganathan K. Ganesh |
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10 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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93.85 |
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Other top fifty shareholders (other than listed above) |
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6.15 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of all types, grades and varieties of electrical components devices, appliances, fittings, accessories, equipments, industrial castings, other casting and electrical hardware. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
· ICICI Bank Limited – A Wing Shangrilla Gardens, Bund Garden Road, Pune – 411001, Maharashtra, India (The company enjoys Export Credit facilities of Rs.215.000 millions from it’s banker, its outstanding amount of Rs.105.529 millions up to 31.03.2002) · State Bank of India Tara Chambers, Wakdewadi, Pune – 411003, Maharashtra, India (The company enjoys Export Credit facilities of Rs.120.000 millions from it’s banker, its outstanding amount of Rs.70.141 millions up to 31.03.2002) · Corporation Bank Aditi Commerce Center H 2406, Gen Thimmayya Road, East Street, Camp Pune – 411001, Maharashtra, India · Axis Bank Limited Stealing Plaza, Plot No.126/B Jangali Maharaj Road, Near Deccan Gymkhana Pune – 411004, Maharashtra, India · IDBI Bank IDBI House, Dnyneshwar Paduka Chowk, Fergusson Collage Road, Pune – 411004, Maharashtra, India · ICICI Bank Landmark, Race Course Circle, Vodadara – 390007, Gujarat, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Kirtane and Pandit Chartered Accountants |
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Address : |
72/2/2, Bhakti Marg, Off Law College Road, Pune – 411 004, Maharashtra, India |
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Tel No.: |
91-20-5433104 / 5438764 |
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Fax No.: |
91-20-5447603 |
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Email : |
ivn_kpca@vsnl.com |
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Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
305-311, Century Arcade, 243-244, B/2 Narangi Baug Road, Off Boat Club Road, Pune – 411001, Maharashtra, India |
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Associates/Subsidiaries : |
120 Sigma Drive, Garner, NC 27529, United States Website : http://www.sigmaelectric.com
Gat No. 154/1, Mahalunge, Chakan, Pune – 410 501, Maharashtra, India Tel No.: 91-2135-307100 Fax No.:91-2135-307111 Email: business@semco.co.in
A-134, Road No. 12, VKI Area, Jaipur - 302013 (Rajasthan), India Tel No.: 91-141-2332833 Fax No.:91-141-2331408 Email: business@semco.co.in |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1843427 |
Equity Shares |
Rs.10/- each |
Rs.18.434
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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18.434 |
18.434 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
1950.159 |
1483.493 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1968.593 |
1501.927 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
425.384 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
425.384 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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1968.593 |
1927.311 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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484.626 |
575.094 |
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Capital work-in-progress |
|
82.083 |
48.233 |
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INVESTMENT |
|
0.604 |
0.572 |
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DEFERREX TAX ASSETS |
|
38.890 |
10.980 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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484.894 |
410.638 |
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Sundry Debtors |
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559.010 |
692.355 |
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Cash & Bank Balances |
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197.738 |
191.120 |
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Other Current Assets |
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0.621 |
1.003 |
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Loans & Advances |
|
221.545 |
120.768 |
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Total
Current Assets |
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1463.808 |
1415.884 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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93.464 |
113.946 |
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Provisions |
|
7.954 |
9.506 |
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Total
Current Liabilities |
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101.418 |
123.452 |
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Net Current Assets |
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1362.390 |
1292.432 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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1968.593 |
1927.311 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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2821.403 |
2425.300 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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2821.403 |
2425.300 |
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Profit/(Loss) Before Tax |
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440.308 |
415.900 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
440.308 |
415.900 |
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Total Expenditure |
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2381.095 |
2009.400 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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15.61 |
17.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
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15.61 |
17.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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21.27 |
50.58 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.22 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.05 |
0.36 |
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Current Ratio (Current Asset/Current Liability) |
|
|
14.43 |
11.47 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate identity
number (CIN) Foreign company registration number |
U31909MH1996PTC101929 |
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Name of the
Company |
SEMCO ELECTRIC PRIVATE LIMITED |
|
Address |
Gate No.154/1 Mahalinge
Village, Post Chakan, Pune - 410501, Maharashtra, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
ICICI Bank
Limited Landmark, Race Cource Circle, Alkapuri, Baroda –
390015, Gujarat, India L65190GJ1994PLC021012 |
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Nature or
description of the instrument(s) creating or modifying the charge |
Working Capital
Consortium Agreement Joint Deed of
Hypothecation Both are dated 31st
August, 2006. Both Constitute a single charge. |
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Date of the instrument
creating or modifying the charge |
31.08.2006 |
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Amount secured by
the charge |
Rs.1010.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
ICICI Bank is designated
as the lead bank of the ICICI Bank Consortium Consisting of ICICI Bank, State
Bank of India, Corporation Bank, IDBI Bank and the HSBC Limited Interests shall
be charged on the outstanding in the accounts at such rate of interests as
may be determined by the said banks from time to time. All Monies draw
from the said banks shall be used fro working capital purpose only and all
such advances made are balance due to the said banks, repayable on demand. |
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Short particulars
of the property charged (including location of the property) |
· Stock in trade · Plant and Machinery · Furniture and fixture · Book Debts · Fixed deposits · Vehicles The Whole of the
movable fixed assets including plant and machinery and all movable current
namely stock of raw materials, stock in process, semi finished and finished
goods, bill receivable and book debts, both present and future, during the
continuance of the security of these presents, lying at Gat No.154/1 155
Mahalunge, Chakan, Pune and Plot No.A2, MIDC Chakan Pune and Plot No.B27,
MIDC Chakan, Pune and Survey No.276/1, Village Mann, Taluka Mulshi, Pune,
Maharashtra, India |
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Name of the company |
SEMCO ELECTRIC PRIVATE LIMITED |
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Presented By |
Mr. Rajinder
Raina, Director |
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1) Date and description of instrument creating the change |
Working Capital
Consortium Agreement Joint Deed of
Hypothecation Both are dated 31st
August, 2006. Both Constitute a
single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.810.000
Millions Details of
facilities provided are as under:
The amount of
facilities aggregating Rs.5.000 Millions represents facilities yet to be sanctioned
within the overall assessed limit. On sanction of the said facilities to the
company (either by the present ICICI Bank Consortium or the reconstituted
consortium) and on execution of the appropriate supplemental documents, the
above schedule shall stand substituted as per the revised sharing pattern as
may be agreed From time to
time. Interchangeable
to export packing credit subject to maximum of Rs.50.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the
current and fixed assets of the company namely stocks of raw materials,
Stock in process and finished goods,
consumables now being or hereafter during the continuance of this agreement
brought into or upon or now or hereafter in course of transit and all other movable both present and
future (excluding such as are permitted by the ICICI Bank consortium from
time to time) whether Movable machinery of the company including all stocks
and spare parts both present and future belonging to the company being and
lying in the company’s premises rented by the company or otherwise used in
connected with the business of the company, as security for the due repayment
of the loan by the company Stocks of raw materials, work in process and
finished goods, consumables now being or hereafter during the continuance of
this agreement brought into or upon or now or hereafter in course of transit
to any Godown at Chennai or other places of whatsoever and whosesoever in the
procession or occupation of the company howsoever and whosoever in the
possession of the borrower and either by way of substitution or addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ICICI Bank is
designated as the lead Bank of the ICICI Bank consortium consisting of ICICI
Bank, State Bank of India, Corporation Bank, Axis Bank and IDBI Bank. Interests shall
be charged on the outstanding in the said account at such rate of interests
as may be determined by the said bank from time to time and if such rate or
rates is or are linked to the commercial banks advance rate, then the
effective rate of interests on such account (s) shall correspondingly stand
changed on account of any revision therein from the date of any such
revision. All moneys draw
from the said banks and created in the said account(s) shall be solely
applied for the working capital of the borrower in its usual ordinary course
of business and for no other purpose. All advances made
by the said banks under the said account (s) are the balance due to the said
banks hereunder shall be repayable to the said Banks on demand. |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited – A Wing Shangrilla Gardens, Bund Garden Road, Pune – 411001 Maharashtra,
India State Bank of
India – Tara Chambers, Wakdewadi, Pune – 411003, Maharashtra, India Corporation Bank
– Aditi Commerce Center H 2406, Gen Thimmayya Road, East Street, Camp Pune –
411001, Maharashtra, India Axis Bank Limited
– Stealing Plaza, Plot No.126/B Jangali Maharaj Road, Near Deccan Gymkhana
Pune – 411004, Maharashtra, India IDBI Bank – IDBI
House, Dnyneshwar Paduka Chowk, Fergusson Collage Road, Pune – 411004,
Maharashtra, India |
WEBSITE DETAILS:
The company provides a wide range of conduit fittings, cable connectors
and fasteners, outlet boxes, power line hardware and custom components for industrial,
commercial, residential and utility markets around the world.
Over the last 20 years they have acquired proficiency in management of concept-to-product life cycle in the
casting/foundry industry. Their global team of 1500 motivated and
skilled members engages in
· Design Engineering
· Tool Making
· Metal Casting
· Machining and Assembly
· Finishing, Painting, Plating
· Packaging
Their Manufacturing plants in India have consistently provided international quality products to world
markets specially the USA and other western geographies.
This off-shore business model has contributed to low cost, high quality on-time
delivery of goods and services.
Their global Supply Chain System extends from material sourcing to finished goods
distribution network.
All of their business and manufacturing processes are integrated through
state-of-the-art technologies such as ERP systems, corporate wide IT network
infrastructure, and project management. Leading-edge digital techniques are
leveraged for design and process simulations.
Their ISO, UL and CSA certified
quality systems ensure reliable and best-of-breed products.
Adoption of Lean Sigma, Kanban and Kaizen practices
drive their efforts to continuously improve processes, performance and
strengthen their customer relations.
These functions are adequately supported by
· Business Development
· Project Management
· Stringent Quality Systems
· Efficient Supply Chain
· Information Technology
CMT REPORT
(Corruption, Money Laundering and 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 records 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.39.94 |
|
UK Pound |
1 |
Rs.79.03 |
|
Euro |
1 |
Rs.63.39 |
SCORE and 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 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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 and 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 and favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|