MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AMERICAN POWER
CONVERSION INDIA PRIVATE LIMITED |
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Registered Office : |
Survey No.187/3 and
188/3, Jigani Village, Jigani Hobli, Anekal Taluk, Bangalore – 562106,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.03.1997 |
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Com. Reg. No.: |
08-29635 |
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CIN No.: [Company
Identification No.] |
U32109KA2001PTC029635 U30007TN1997PTC037679 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA03081B BLRA01711D |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Suppliers of UPS and Power Protection Equipments |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 16000000 |
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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 part
of American Power Conversion, USA, a multi-national organisation. Available
information indicates high financial responsibility of the company. Trade relations
are fair. Payments are usually correct and as per commitments. The proposed
business dealings of the company can be considered against normal trade terms
and conditions. |
LOCATIONS
|
Registered Office/ Head Office : |
Survey No.187/3
and 188/3, Jigani Village, Jigani Hobli, Anekal Taluk, Bangalore – 562106,
Karnataka, India |
|
Tel. No.: |
91-80-27826025 – 32 / 27826151 – 58/ 7812070 |
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Mobile No.: |
91-9739903909 |
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Fax No.: |
91-80-27826022 / 23 / 24 |
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E-Mail : |
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Website : |
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Area : |
3 acres |
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Location : |
Leased |
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Marketing Head
Office / Software
Division : |
27, Lavelle Road,
Bangalore – 560 001, Karnataka, India |
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Tel. No.: |
91-80-22997511 /
12 /14 /15 |
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Fax No.: |
91-80-22213816 |
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E-Mail : |
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Website: |
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Area : |
5000 sq. ft. |
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Location : |
Leased |
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Corporate
Office : |
5A Century Plaza,
560 Anna Salai, Chennai – 600018, Tamilnadu, India |
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Factory : |
187/3 & 189/3,
Jigini Village, Jigini Hobli, Anekal Taluk, Bangalore – 562 106, Karnataka |
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Tel. No.: |
91-80-27826025 –
32 / 27826151 – 58 |
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Fax No.: |
91-80-27826022 /
23 / 24 |
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E-Mail : |
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Website: |
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Other Offices: |
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B- 229,Greater Kailash- I, New Delhi – 110
048 |
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Tel No.: |
91-11-26216298/
26436890/2 6430888/ 26436887/ 26436879 |
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Fax No.: |
91-11-26436888 |
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B-207, Floral
Deck Plaza, MIDC, Andheri (East), Mumbai – 400 093. |
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Tel No.: |
91-22-28203859/2
8302300 |
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Fax No.: |
91-22-28238079 |
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Apeejay Business
Center – 8th Floor, Apeejay House, Block – A, 15 Park Street,
Kolkata – 700 016. |
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Tel No.: |
91-33-22171721/
22171136/ 22170283/ 22170308 |
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Fax No.: |
91-33-22171137 |
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“Rolex”, 3-41-66,
Sri Laxmi Nilayam, West Marredpally, (Behind Police Station ), Secunderabad –
500 026. |
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Tel No.: |
91-40-27717626/
27807974 |
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Fax No.: |
91-40-27807974 |
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MB House- 3rd
Floor, 51 Chandroday Society, Ahmedabad – 380 014. |
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Tel No.: |
91-79-26407001/
26593159/ 26405892 |
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Fax No.: |
91-79-26568433 |
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Branches : |
Located at :
·
Chennai
·
Kolkata
·
Bangalore
·
New Delhi
·
Mumbai
·
Lucknow
·
Secunderabad ·
Cochin
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DIRECTORS
|
Name : |
MR. Javed Ahmad |
|
Designation : |
Managing Director and General Manager Manufacturing |
|
Address : |
3B Regency Heights,
Cleveland Road, Fraser Town, Bangalore – 560005, Karnataka, India |
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Date of Birth/Age : |
11.05.1967 |
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Qualification : |
MBA |
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Experience : |
16 Years |
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Date of Appointment : |
08.01.2007 |
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Name : |
Mr. Anand Iyer |
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Designation : |
Director –Marketing and Country Manger |
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Date of Birth/Age : |
40 Years |
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Name : |
Mr. J. Jeffrey
(USA) |
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Designation : |
Director |
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Date of Birth/Age : |
12.06.1960 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. J. Michael
(USA) |
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Designation : |
Director |
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Date of Birth/Age : |
16.08.1962 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. Donald M Muir
(USA) |
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Designation : |
Director |
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Address : |
132, Fair Grounds
Road, West Kighston, R I 02892, USA |
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Date of Appointment : |
29.07.2005 |
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|
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|
Name : |
Mr. Pankaj Sharma |
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Designation : |
Director |
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Name : |
Mr. R Thompson
(USA) |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2006)
|
Names of Shareholders |
|
No. of Shares |
|
American Power
Conversion Corporation, USA |
|
3353560 |
|
American Power
Conversion B. V. Ireland |
|
2 |
|
Total |
|
3353562 |
(As on 30.09.2006)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Suppliers of UPS and Power Protection Equipments |
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Exports : |
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Countries : |
·
Ireland ·
USA ·
Europe ·
Australia ·
Uruguay · Singapore |
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Imports : |
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Countries : |
·
Japan ·
USA ·
Taiwan ·
China ·
Singapore · Korea |
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Terms : |
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Selling : |
L/C and Advance
Payment, Credit (30 – 45 Days) |
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Purchasing : |
Credit (30 Days) |
GENERAL
INFORMATION
|
Suppliers : |
·
Exide
Industries Limited, Kolkata ·
Panasonic,
Singapore and China ·
Elcomponics Private
Limited, India ·
Essem
Technology Private Limited, India ·
Image Labels
Private Limited, India |
|
|
|
|
Customers : |
·
IBM India
Limited, India ·
Dell
Computers, India ·
Infosys
Technologies,India ·
Retailers,
End Users and others |
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|
|
|
No. of Employees : |
2400 |
|
|
|
|
Bankers : |
·
ICICI Bank,
1, Cenotaph Lane, Chennai - 600 018, Tamilnadu ·
ABN Amro
Bank, Chennai, Tamilnadu ·
Citi Bank
NA, M. G. Road, Bangalore –560001, Karnataka |
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
|
Name : |
Bharat S. Raut
and Company Chartered
Accountants |
|
Address : |
Maruthi Infotech
Centre 11-12/1 Inner Ring Road, Kormangala, Bangalore – 560071, Karnataka,
India |
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|
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|
Parent Company: |
·
American Power
Conversion Corporation, USA ·
American
Power Conversion B. V. Ireland |
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|
Subsidiaries : |
American Power
Conversion (Phil.) Inc. American Power
Conversion B V , Ireland American Power
Conversion Denmark AS American Power Conversion
Suzhou UPS Company Limited American Power
Conversion Singapore Pte. Limited American Power
Conversion Australia American Power
Conversion Holding Inc.,Taiwan |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity shares |
Rs. 10 each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3353562 |
Equity shares |
Rs. 10 each |
Rs. 33.536 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
33.540 |
33.540 |
33.536 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3943.750 |
2818.900 |
2238.149 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3977.290 |
2852.440 |
2271.685 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
2.790 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3980.080 |
2852.440 |
2271.685 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
973.260 |
767.380 |
803.017 |
|
|
Capital work-in-progress |
0.000 |
8.900 |
3.233 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
8.630 |
9.120 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2608.680
|
1782.870 |
1354.744 |
|
|
Sundry Debtors |
4625.290
|
2161.170 |
1785.863 |
|
|
Cash & Bank Balances |
226.460
|
112.620 |
193.594 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
539.610
|
212.820 |
190.170 |
|
Total
Current Assets |
8000.040
|
4269.480 |
3524.371 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4738.890
|
2045.760 |
1964.559 |
|
|
Provisions |
254.330
|
156.190 |
103.497 |
|
Total
Current Liabilities |
4993.220
|
2201.950 |
2068.056 |
|
|
Net Current Assets |
3006.820
|
2067.530 |
1456.315 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3980.080 |
2852.440 |
2271.685 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
15599.450 |
7911.280 |
6684.925 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1231.270 |
625.740 |
654.230 |
|
Provision for Taxation |
106.420 |
44.990 |
21.806 |
|
Profit/(Loss) After Tax |
1124.850 |
580.750 |
632.424 |
|
|
|
|
|
|
Export Value |
13520.970 |
6483.780 |
5726.295 |
|
|
|
|
|
|
Import Value |
10607.280 |
4561.100 |
3866.848 |
|
|
|
|
|
|
Total Expenditure |
14368.180 |
7285.540 |
6030.695 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
7.21
|
7.34 |
9.46
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.89
|
7.91 |
9.79
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.72
|
12.42 |
15.08
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
4.56 |
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.26
|
0.77 |
0.91
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.94 |
1.70
|
LOCAL AGENCY
FURTHER INFORMATION
Note:
The SC has shifted their Registered Office from the State of Tamilnadu
to Karnataka.
HISTORY
The Company was originally
incorporated on 10th March, 1997 at Chennai in Tamilnadu having
Company Registration Number 18-37679.
Its registered
office was shifted to Bangalore in Karnataka state on 9th October,
2001 and obtained a fresh certificate of incorporation Number 29635.
The company became
43A company w.e.f. 1st July 2000 and again converted as Private
Limited company w.e.f. 13th December 2000.
The Registered
Office of the company has been changed to Karnataka, as per the CLB/SRB order
dated 7th September 2001 and the change has been registered by the
ROC/Karnataka, assigning New Company Number 29635 dated 9th October
2001.
The company
incorporated in March 1981, was founded by three electronic power engineers
from the Massachusetts Institute of Technology. At the time, the research and development efforts of these three
men were focused on solar electricity.
Over the next few years, Government funding and incentives in the solar
arena began to dry up. In response,
APC shifted its focus to power protection, introducing its fist UPS in 1984,
the 750. The need for capital to
support this growing business was satisfied in July 1988 when APC became a
publicly traded company. The stock
trading under the symbol “APCC” was priced at $ 125 per share when adjusted for
stock splits.
It was well known
that computer systems required back-up power solutions. It was quite common for
a mainframe computer to have a large uninterruptible power supply (UPS) and
generator installed in tandem. It came at the market from a different
perspective. Industry trends involving the personal computer made it management
realise that smaller UPSs were necessary for the market that included personal
computer, PC servers and their networks.
Over the years, it
has developed a global, end-to-end, product offering targeted at four strategic
application area: Home/Small offices,
Business Net Works, Access Providers and Data Centres & Facilities.
Internal product development has been augmented with strategic acquisitions to
form an industry leading product portfolio.
Throughout the world, the APC brand has become synonymous with quality
power back-up and management solutions.
It is a leader in
its industry, employing over 5000 people worldwide, and is listed among the
prestigious Fortune 1000, Forbes 500, Nasdaq 100 and S & P 500 rankings.
AMERICAN POWER
CONVERSION REPORTS FIRST QUARTER 2006 FINANCIAL RESULTS
India, Bangalore -- April 27, 2006 -- American Power Conversion Corporation (Nasdaq: APCC) (APC) today reported financial results for the first quarter ended March 26, 2006.
Revenue for the first quarter 2006 was $478.8 million, up 17 percent from $408.0 million in the first quarter 2005. On a constant currency basis, total company revenue in the first quarter increased 20 percent year-over-year. Net income for the first quarter 2006 was $14.5 million or $0.07 per diluted share, down 60 percent from $36.0 million or $0.18 per diluted share in the first quarter 2005.
“We are strategically investing in the areas where APC solutions are
delivering substantial benefits to IT and data center managers, particularly
related to the power, thermal and network-critical physical infrastructure
(NCPI) demands of server and data center implementation. Our strong top
line performance illustrates that our solutions and message are on target with
the challenges customers are addressing while implementing new data centers in
an always on, high-density world,” said Rodger B. Dowdell, Jr., APC’s president
and chief executive officer. “The end result of these investments was
very strong performance across our principal operating segments and solid
growth in all major geographies as the company extended its quarterly
double-digit year-over-year revenue growth streak to eleven consecutive
quarters. Additionally, InfraStruXure® sales continue to provide a growth
engine for the company, increasing more than 50 percent year-over-year.
However, net income in the quarter declined 60 percent year-over-year primarily
due to a year-over-year decrease in gross margin of 7.3 percentage points and a
20 percent increase in operating expenses.”
At 33 percent, gross margin in the first quarter stabilized and increased
slightly from the fourth quarter, while year-over-year gross margin declined
approximately 7.3 percentage points. Nearly 3 percentage points of the
year-over-year decline are associated with price actions and the change in
currency. Additionally, 4 percentage points are attributable to higher
operational costs, primarily freight and logistics costs resulting from
production shifts to lower cost locations and distribution center
transitions.
“Despite the typical seasonal sequential decline in revenue and volume,
gross margins stabilized and even increased slightly from the fourth
quarter. Operationally, the work on our supply chain and its supporting
processes is ongoing, delivering early customer benefits in our order
fulfillment process and the reduction of extraordinary airfreight. As we
develop into a lean, customer-centric, ambidextrous organization, there is
more work ahead to reach optimal efficiencies in our processes and our freight
and logistics costs remain at higher levels than normal,” continued
Dowdell. “Additionally, we were pleased to return nearly $90 million to
shareholders during the quarter, including approximately $70 million on the
repurchase of 3.4 million shares in addition to our regular cash dividend
program.”
Segment Review
For the first quarter 2006, revenue in APC’s Large Systems segment, consisting primarily of 3-phase uninterruptible power supplies (UPSs), APC Global Services, precision cooling and ancillary products for data centers, facilities and communication applications, increased 33 percent year-over-year to $107.1 million.
The Small Systems segment, which provides power protection, UPS and management products for the PC, server and networking markets, recorded first quarter revenue of $350.9 million, an increase of 14 percent year-over-year.
About American Power
Conversion [Parent Company]
Founded in 1981, American Power Conversion (Nasdaq: APCC) (APC) is a leading provider of global, end-to-end solutions for real-time infrastructure. APC’s comprehensive products and services for home and corporate environments improve the availability, manageability and performance of sensitive electronic, network, communication and industrial equipment of all sizes. APC offers a wide variety of products for network-critical physical infrastructure including InfraStruXure®, its revolutionary architecture for on-demand data centers, as well as physical threat management products through the company’s NetBotzâ division. These products and services help companies increase the availability and reliability of their IT systems. Headquartered in West Kingston, Rhode Island, APC reported sales of $2.0 billion for the year ended December 31, 2005, and is a Fortune 1000, Nasdaq 100 and S&P 500 Company. All trademarks are the property of their owners.
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 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.42.63 |
|
UK Pound |
1 |
Rs.83.40 |
|
Euro |
1 |
Rs.65.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
Unfavourable & 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 |
|