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MIRA
INFORM REPORT
|
Report Date : |
20.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
LEGRAND ( |
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Registered
Office : |
61/62, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
18.12.1961 |
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Com. Reg. No.: |
11-012219 |
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Capital
Investment / Paid-up Capital : |
Rs.36.000
millions |
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|
|
CIN No.: [Company Identification
No.] |
U99999MH1961PTC012219 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04734C NSKL00602A |
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PAN No.: [Permanent Account No.] |
AAACM5009Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Circuit Breakers and Distributor
Boards. |
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No. of Employees
: |
900 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5183000 |
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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 a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal 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.
INFORMATION PARTED BY
|
Name : |
Mr. Manohar Shetty |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9819162458 |
|
Date : |
18.08.2011 |
LOCATIONS
|
Registered Office : |
61/62, |
|
Tel. No.: |
91-22-30416200 |
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Mobile No: |
91-9819162458 (Mr. Manohar Shetty) |
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Fax No.: |
91-22-30416201 |
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E-Mail : |
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Website: |
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Location : |
Owned |
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Factory 1 : |
C D-4, MIDC Area, |
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Factory 2 : |
C A-2, MIDC Industrial Area, |
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Office North: |
501-502, Som Datt Chambers II,
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Tel. No.: |
91-11-26175211 / 26170264 |
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Fax No.: |
91-11-26194830 |
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Office West: |
1/110 Anand Nivas, |
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Tel. No.: |
91-22-24914745 / 24927945 |
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Fax No.: |
91-22-24974020 |
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Offices – South |
Located at: v
Chennai v
v
Secunderabad v
v
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Branch Office : |
Located at: v Mumbai v Kolkata v Chennai v
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DIRECTORS
As on 29.09.2010
|
Name : |
Mrs. Urvashi Dipak Morarji |
|
Designation : |
Director |
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Address : |
Vasant Vihar 8, |
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Date of Birth/Age : |
08.10.1926 |
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Date of Appointment : |
14.08.1988 |
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DIN No : |
00922217 |
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Name : |
Mr. Olivier Marie Henri Gaston Bazil |
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Designation : |
Director |
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Address : |
07 Rue Massenet, Paris 16, France
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|
Date of Birth/Age : |
22.09.1946 |
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Date of Appointment : |
14.11.1996 |
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DIN No : |
01353301 |
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Name : |
Mr. Yves Daniel Raymond Martinez |
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Designation : |
Managing Director |
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Address : |
52, Rue Du Faubourg, Saint Martin, Sanlis-60300, |
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Date of Birth/Age : |
11.12.1948 |
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Date of Appointment : |
15.06.2009 |
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DIN No : |
02694951 |
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Name : |
Mr. Mukesh Chawla |
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Designation : |
Additional Director |
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Address : |
401-A, Rupal Height, Marian Colony, Boriwali (West), Mumbai - 400 103,
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|
Date of Birth/Age : |
13.03.1959 |
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Date of Appointment : |
24.03.2009 |
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DIN No : |
02698963 |
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Name : |
Mr. Antoine Didier Marie Burel |
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Designation : |
Director |
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Address : |
12, Allee De La Grange, Pissy Poville, Pissy Poville-76360, |
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Date of Birth/Age : |
22.12.1962 |
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Date of Appointment : |
29.09.2010 |
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DIN No : |
02935400 |
KEY EXECUTIVES
|
Name : |
Mr. Manohar Shetty |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
B. Ticino SPA, |
|
3599999 |
|
Legrand Nederland B.V., The |
|
1 |
|
Total |
|
3600000 |
As on 29.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Circuit Breakers and Distributor
Boards. |
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Products : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30/ 60 days) |
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Purchasing : |
L/C, Cash and Credit (30/ 60 days) |
PRODUCTION STATUS (As On 31.12.2009)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Circuit Breakers |
Poles |
NA |
17796000 |
9962524 |
|
Wiring Accessories |
Nos. |
NA |
30000000 |
24177373 |
|
Distribution Boards |
Nos. |
NA |
Not
ascertainable |
13643 |
|
Time Switches |
Nos. |
NA |
Not
ascertainable |
667 |
GENERAL INFORMATION
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Customers : |
Industries |
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No. of Employees : |
900 (Approximately) |
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Bankers : |
v Union Bank of India, Industrial Finance Branch, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India v
Canara
Bank, 84, v
BNP
Paribas French Bank, Building, 62, v
Bank
of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
Veer Savarkar Marg, |
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Income-tax
PAN of auditor or auditor's firm : |
AABSL5878L |
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Holding Company : |
B Ticino SPA, |
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Ultimate Holding Company : |
Legrand SA, France |
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Subsidiaries : |
Dipareena Electrical Private Limited CIN No.: U65990MH1971PTC015413 |
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Fellow Subsidiaries : |
v Anam Legrand Company v v Baco Constructions, v Legrand
Elektrik Bufer Sanayi A S, v
Legrand - v Legrand ( v Legrand (S)
Private Limited, v Legrand ( v Legrand Electric
SA, v Legrand Fael v v Legrand
Australia PTY Limited, v
Legrand SNC v Legrand v Legrand SNC v
Legrand Isere v Legrand v Legrand Bticino v Legrand Electric
Limited, v B Ticina Chille v Rocom v Legrand Pyrenees v
Legland Polska v v v Shenzhen Shidean
Legrand Electric Production Company
Limited, v Legrand SNC,
France v v Pass and v
Zucchini SPA, v Cablofil (I.C.
M. Group), France v B Ticino Thailand Limited, v HPM |
CAPITAL STRUCTURE
As on 31.12.2009
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 |
|
3600000 |
Equity Shares |
Rs.10/- each |
Rs.36.000
millions |
|
|
|
|
|
Note:
Of the above
a) 3295000 shares were allotted as fully paid
up bonus shares by capitalization of reserves.
b) 3599999 shares are held by B Ticino SPA,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
36.000 |
36.000 |
36.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1259.817 |
1437.146 |
1417.911 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1295.817 |
1473.146 |
1453.911 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
135.298 |
135.298 |
130.913 |
|
|
TOTAL BORROWING |
135.298 |
135.298 |
130.913 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1431.115 |
1608.444 |
1584.824 |
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APPLICATION OF FUNDS |
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|
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|
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|
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|
FIXED ASSETS [Net Block] |
417.688 |
260.232 |
250.575 |
|
|
Capital work-in-progress |
51.442 |
248.317 |
48.112 |
|
|
|
|
|
|
|
|
INVESTMENT |
79.408 |
79.408 |
79.408 |
|
|
DEFERREX TAX ASSETS |
17.195 |
34.942 |
3.442 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
426.320
|
567.319
|
395.512
|
|
|
Sundry Debtors |
1157.990
|
1160.809
|
1039.788
|
|
|
Cash & Bank Balances |
272.436
|
141.602
|
485.192
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
191.547
|
149.250
|
114.619
|
|
Total
Current Assets |
2048.293
|
2018.980 |
2035.111 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
808.195
|
745.164
|
623.216 |
|
|
Other Current Liabilities |
154.890
|
162.554
|
133.743
|
|
|
Provisions |
219.826
|
125.717
|
74.865
|
|
Total
Current Liabilities |
1182.911
|
1033.435 |
831.824 |
|
|
Net Current Assets |
865.382
|
985.545
|
1203.287
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1431.115 |
1608.444 |
1584.824 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4185.427 |
3775.264 |
3118.857 |
|
|
|
Other Income |
133.197 |
113.380 |
106.788 |
|
|
|
TOTAL (A) |
4318.624 |
3888.644 |
3225.645 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
2625.591 |
2576.313 |
2012.415 |
|
|
|
Operating and Other Expenses |
820.163 |
984.345 |
704.903 |
|
|
|
TOTAL (B) |
3445.754 |
3560.658 |
2717.318 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
872.870 |
327.986 |
508.327 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
5.419 |
1.007 |
0.947 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
867.451 |
326.979 |
507.380 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
107.414 |
75.429 |
64.914 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
760.037 |
251.550 |
442.466 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
270.495 |
91.921 |
157.571 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
489.542 |
159.629 |
284.895 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1296.509 |
1293.237 |
1008.342 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
570.000 |
120.000 |
0.000 |
|
|
|
Tax on interim Dividend |
96.871 |
20.394 |
0.000 |
|
|
|
Transfer to General Reserve |
48.954 |
15.963 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1070.226 |
1296.509 |
1293.237 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
71.225 |
37.887 |
33.297 |
|
|
|
Freight, etc. |
3.549 |
1.236 |
2.344 |
|
|
TOTAL EARNINGS |
74.774 |
39.123 |
35.641 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
391.751 |
531.436 |
413.786 |
|
|
|
Stores & Spare Parts |
2.105 |
0.853 |
2.052 |
|
|
|
Goods for Resale |
296.026 |
358.749 |
201.469 |
|
|
|
Capital Goods |
15.676 |
33.023 |
16.141 |
|
|
TOTAL IMPORTS |
705.558 |
924.061 |
633.448 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
135.98 |
44.34 |
79.14 |
|
|
Particulars |
|
|
31.12.2010 |
|
Sales Turnover (Approximately) |
|
|
4540.000 |
|
|
|
|
|
Expected Sales (2011): Rs.6150.000 millions
The above information has been parted by Mr. Manohar Shetty (Accounts
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
11.33
|
4.11
|
8.83
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.16
|
6.66
|
14.19
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.61
|
11.04
|
19.29
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.17
|
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.02
|
0.79
|
0.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.95
|
2.45
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.12.2009 (Rs. in millions) |
31.12.2008 (Rs. in millions) |
31.12.2007 (Rs. in millions) |
|
Sundry Creditors |
808.195
|
745.164
|
623.216 |
|
|
|
|
|
FINANCIAL RESULTS
During the year, the income of the Company stood at Rs.4318.625
millions. Profit before tax is Rs.760.037 millions as compared to Rs.251.550
millions for the previous year. Profit after tax during the year is Rs.489.542
millions as against the figure of Rs.159.629 millions for the previous year.
CONTINGENT
LIABILITIES
|
PARTICULAR |
As
on 31.12.2009 (Rs.
In Millions) |
|
(a)
Claims against the company not acknowledged as
debts : |
|
|
Sales Tax |
319.281 |
|
Customs Duty |
4.452 |
|
Excise Duty – Cases pending at factory |
20.989 |
|
Customs Duty – Show cause cum demand for imported goods not intended
fro retails |
31.231 |
|
(b)
Claims, if any, by Custom Authorities on final
assessments towards SVB Deposits |
Not
Ascertainable |
|
(c)
Bank Guarantees |
1538 |
FORM NO. 8
|
Name of the company |
LEGRAND ( |
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|
Presented By |
Shri KVS Shyam
Sunder, Asst. General Manager, Union Bank of India, Industrial Finance
Branch, 239, Vidhan Bhavan Marg, Mumbai – 400 021 |
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|
1) Date and description of instrument creating the change |
15.04.1993 ·
Hypothecation
(Goods) Agreement ·
Agreement
for Book Debts ·
Packing
Credit Agreement (All the above
documents constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.000 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 |
·
Hypothecation
of raw materials, stock in process and finished goods lying at 1/110, Anand
Niwas, ·
All
the present and future book debts, outstanding moneys receivable claims bills
contracts, securities, investment rights and assets. ·
All
the goods meant for export as per confirmed sale contracts approved by the
bank and / or Letters of Credit opened in favour of the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The terms and
conditions under Working Capital limits are as :
|
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of Industrial
Finance Branch, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, |
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|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
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|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
FIXED ASSETS
v Land
v Buildings
v Leasehold Improvements
v Plant and Machinery
v Press Tools and Moulds
v Electrical Fittings
v Furniture and Fittings
v Office Equipment
v Vehicles
v Computers
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 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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.