MIRA
INFORM REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDO ASIAN FUSEGEAR LIMITED |
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Formerly Known
As : |
INDO KOPP LIMITED |
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Registered
Office : |
51 Kms., |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.11.1989 |
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Com. Reg. No.: |
05-35580 |
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CIN No.: [Company Identification
No.] |
L31200HR1989PLC035580 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELI03989G |
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|
Legal Form : |
Public Limited Liability Company. Company’s Shares are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturers and Sellers of Miniature Circuit Breakers, High
Rupturing Capacity Fuses and Compact Fluorescent Lamps. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4881200 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
51 Kms., |
|
Tel. No.: |
91-130-3058101 |
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Fax No.: |
91-130-2482422 |
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E-Mail : |
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Website : |
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Corporate Office : |
B 88, Sector – 83, Noida – 201 305, |
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Tel. No.: |
91-120-3096825/ 3096700/ 701 |
|
Fax No.: |
91-120-3096800 |
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Factory : |
Switchgear • • By-Lane, • B-200, Phase
-11, Noida, District Gautam Budh Nagar - 201 305, • Plot No.
21-23, Sector No. 5, Parwanoo, District Solan - 173 220, • Plot No. 2,
Sector 2, SIDCUL, Haridwar– 249402, CFL Lighting • A-39, Hosiery
Complex, Phase-II Extension, Noida, Dist. Gautam Budh Nagar – 201 305, • Plot No. 10,
Sector 4, SIDCUL, Haridwar, Uttarakhand – 249 402, Wires and Cables • Plot No. 2
(Block A), Sector 2, SIDCUL, Haridwar, Uttarakhand – 249 402, |
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Overseas Offices : |
Located
at: ·
·
·
·
·
·
UAE ·
·
·
·
·
·
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DIRECTORS
As on : 31.03.2010
|
Name : |
Mr. V.P. Mahendru |
|
Designation : |
Chairman-cum-Managing Director |
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|
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|
Name : |
Mr. R.C. Bansal |
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Designation : |
Non-Executive Director |
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|
Name : |
Dr. Sal Ramachandran |
|
Designation : |
Non-Executive Director |
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Name : |
Mr. A.K. Ghosh |
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Designation : |
Non-Executive Director |
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Name : |
Mr. P.K. Renade |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Vinay Mahendru |
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Designation : |
Executive Director |
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Name : |
Mr. N.L Jain |
|
Designation : |
Director Finance |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Dhody |
|
Designation : |
AVP (Legal) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.07.2010
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2289817 |
13.51 |
|
|
4893373 |
28.87 |
|
|
7183190 |
42.37 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
7183190 |
42.37 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2000923 |
11.80 |
|
|
2000923 |
11.80 |
|
|
|
|
|
|
1778072 |
10.49 |
|
|
|
|
|
|
3542853 |
20.90 |
|
|
2267497 |
13.38 |
|
|
179093 |
1.06 |
|
|
178893 |
1.06 |
|
Trusts |
200 |
-- |
|
|
7767515 |
45.82 |
|
Total Public
shareholding (B) |
9768438 |
57.63 |
|
Total (A)+(B) |
16951628 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
Total
(A)+(B)+(C) |
16951628 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturers and Sellers of Miniature Circuit Breakers, High
Rupturing Capacity Fuses and Compact Fluorescent Lamps. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2009)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
MCBs |
Poles |
|
15,500,000 |
9,822,522 |
|
Compact Fluorescent |
|
|
|
|
|
Lamps |
Nos. |
|
4,800,000 |
3,117,960 |
|
Fluorescent Tube Lights |
Nos. |
|
800,000 |
1,759,190 |
|
HRC Fuses |
Nos. |
|
N.A. |
2,883,920 |
|
Feeder Pillars |
Nos. |
|
N.A. |
3,718 |
|
RCCBs |
Nos. |
|
N.A. |
132,715 |
|
Distribution |
|
|
|
|
|
Boards |
Nos. |
|
N.A. |
136,924 |
|
Switches |
Nos. |
|
N.A. |
34,259 |
|
Cutouts |
Nos. |
|
N.A. |
21,056 |
|
Wires |
Coils |
|
N.A. |
229,105 |
GENERAL INFORMATION
|
Customers : |
>
Hindustan Lever Limited >
Tata Honeywell Limited >
Bajaj Auto Limited >
Ashok Leyland Limited >
MRF Limited >
Blue Star Limited >
Oil and Natural Gas Corporation Limited >
Reliance Industries Limited >
Indian Oil Corporation Limited >
Electricity Boards >
Asea Brown Boveri Limited >
Engineers India Limited >
Tata Consultancy Services Limited >
NGEF |
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No. of Employees : |
1227 |
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Bankers : |
☻
State Bank of ☻
Canara Bank, ☻
State Bank of India, Civil Line,
Jalandhar-144001, Punjab India ☻
Standard Chartered Bank ☻
Karnataka Bank Limited ☻
Punjab National Bank |
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Facilities : |
Notes : a) Cash Credit
facility from Banks is secured primarily against hypothecation by way of
pari-passu charge on entire present and future current assets of the Company
and collaterally by second pari-passu charge over Company's immovable
properties situated at Murthal, Noida, Jalandhar, Parwanoo and Haridwar
together with all buildings and structure thereon and all plant and machinery
therein or to be therein and personally guaranteed by three Directors of the
Company. b) Term Loan
from State Bank of c) Term Loan
from Punjab National Bank is secured by pari-passu first charge over the
Company's immovable properties situated at Murthal, Noida, Jalandhar,
Parwanoo and Haridwar together with all buildings and structure thereon and
or to be thereon and all Plant and Machinery attached to the earth or any
thing permanently fastened to any thing attached to the earth and personally
guaranteed by three Directors of the Company. d) Term Loans
from Other Banks are secured by pari-passu first charge over the Company's
immovable properties situated at Murthal, Noida, Jalandhar, Parwanoo and
Haridwar together with all buildings and structure thereon and or to be
thereon and all Plant and Machinery attached to the earth or any thing
permanently fastened to any thing attached to the earth. e) Vehicle Loans
from Banks and Others are secured by way of hypothecation of vehicles. f) Short Term
Loan from Banks was secured by subservient charge over the current assets and
movable fixed assets of the Company. g) Secured loans falling due for repayment within one year Rs.135.413
millions.
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
J. C. Bhalla and Company Chartered Accountants |
|
Address : |
Noida |
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|
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Memberships : |
Confederation of Indian Industry |
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|
|
|
Associates/Subsidiaries : |
v Indo Asian Power
Distribution and Infrastructure Private Limited v Indo Asian
Cables Limited v Indo Kopp
Private Limited v Indo Asian
Marketing Limited v
Indo Techno Electric (Private) Limited |
CAPITAL STRUCTURE
After 30.09.2009
Authorised Capital :
Rs.250.000 millions
Issued, Subscribed & Paid-up Capital : Rs.171.066
millions
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs.190.000 millions |
|
6000000 |
Preference Shares |
Rs.10/- each |
Rs.60.000 millions |
|
|
Total
|
|
Rs.250.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15306628 |
Equity Shares Of the above Shares
14,276,100 shares are allotted as fully paid up under the Scheme of
Arrangement without payments being received in cash. Of the above
Shares 280,528 Shares are allotted as fully paid up upon the conversion of 8%
Convertible Preference Shares allotted to the Equity Shareholders of
erstwhile Indo Kopp Limited under the Scheme of Arrangement. |
Rs.10/- each |
Rs.153.066
millions |
|
1000000 |
10% Cumulative
Redeemable Preference Shares |
Rs.10/- each |
Rs.10.000
millions |
|
|
Total
|
|
Rs.163.066 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
171.110 |
163.066 |
163.066 |
|
|
2] Share Warrants |
10.600 |
24.700 |
0.000 |
|
|
3] Reserves & Surplus |
1038.600 |
956.755 |
910.121 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1220.300 |
1144.521 |
1073.187 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1203.300 |
1263.386 |
843.076 |
|
|
2] Unsecured Loans |
20.200 |
17.844 |
200.516 |
|
|
TOTAL BORROWING |
1223.500 |
1281.230 |
1043.592 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
1.176 |
2.876 |
|
|
|
|
|
|
|
|
TOTAL |
2443.800 |
2426.927 |
2119.655 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
614.800 |
644.907 |
657.244 |
|
|
Capital work-in-progress |
108.400 |
136.228 |
28.799 |
|
|
Pre-operative Expenditure Pending Allocation |
|
21.241 |
11.848 |
|
|
|
|
|
|
|
|
INVESTMENT |
118.700 |
69.782 |
54.783 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
636.200
|
589.106
|
619.537 |
|
|
Sundry Debtors |
1209.700
|
1246.296
|
1096.866 |
|
|
Cash & Bank Balances |
67.000
|
131.935
|
65.381 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
401.600
|
354.920
|
244.066 |
|
Total
Current Assets |
2314.500
|
2322.257
|
2025.850 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
581.600
|
430.225
|
366.323 |
|
|
Other Current Liabilities |
0.000
|
193.684
|
225.837 |
|
|
Provisions |
131.000
|
143.579
|
140.486 |
|
Total
Current Liabilities |
712.600
|
767.488
|
658.869 |
|
|
Net Current Assets |
1601.900
|
1554.769
|
1366.981 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2443.800 |
2426.927 |
2119.655 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales and Operating Revenues |
2301.330 |
2606.445 |
2643.313 |
|
|
|
Other Income |
113.710 |
21.745 |
7.357 |
|
|
|
TOTAL (A) |
2415.040 |
2628.190 |
2650.670 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Material Cost |
|
1326.581 |
1488.039 |
|
|
|
Manufacturing Expenses |
|
220.383 |
247.985 |
|
|
|
Administration & Other Expenses |
2124.310 |
446.074 |
382.825 |
|
|
|
Selling & Distribution Expenses |
|
321.404 |
363.694 |
|
|
|
(Increase)/Decrease
in Finished Goods and Work-in-Progress |
|
13.265 |
(179.476) |
|
|
|
TOTAL (B) |
2124.310 |
2327.707 |
2303.067 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
290.730 |
300.483 |
347.603 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
181.500 |
160.805 |
120.887 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
109.230 |
139.678 |
226.716 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.020 |
66.079 |
63.334 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
39.210 |
73.599 |
163.382 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.690 |
17.270 |
28.161 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
28.520 |
56.329 |
135.221 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
59.380 |
138.055 |
174.004 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Arrears of Preference Dividend paid & Income Tax thereon |
-- |
-- |
1.170 |
|
|
|
General Reserve |
-- |
135.000 |
170.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
59.384 |
138.055 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
693.209 |
587.384 |
|
|
TOTAL EARNINGS |
NA |
693.209 |
587.384 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material (including components stores & spares) |
NA |
160.766 |
213.907 |
|
|
|
Finished Goods |
NA |
9.482 |
12.396 |
|
|
|
Capital Goods |
NA |
36.824 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
207.072 |
226.303 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.77 |
3.60 |
9.06 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
539.860 |
457.380 |
|
Total Expenditure |
|
554.430 |
800.670 |
|
PBIDT (Excl
OI) |
|
(14.570) |
(343.290) |
|
Other Income |
|
6.550 |
11.740 |
|
Operating
Profit |
|
(8.020) |
(331.550) |
|
Interest |
|
40.930 |
33.360 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
(48.950) |
(364.910) |
|
Depreciation |
|
16.370 |
15.640 |
|
Profit
Before Tax |
|
(65.320) |
(380.560) |
|
Tax |
|
(0.730) |
(3.32) |
|
Reported PAT |
|
(64.580) |
(377.240) |
|
Extraordinary Items |
|
0.000 |
3135.310 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(64.580) |
2758.080 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.18 |
2.14
|
5.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.70 |
2.82
|
6.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.33 |
2.48
|
6.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.06
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.58 |
1.79
|
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.24 |
3.03
|
3.07 |
LOCAL AGENCY FURTHER INFORMATION
Financial Performance
The Company achieved a turnover and other income of Rs. 2461.900 millions for the year ended March 31, 2010 as against Rs. 2711.700 millions in the previous financial year.
Managements
Discussion and Analysis Report
Management Discussion and Analysis Report for the year under review as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges is presented in a separate section forming part of the Annual Report.
FIXED ASSETS:
·
Computer Software
·
Land – Leasehold
·
Land – Freehold
·
Building
·
Leasehold Improvement
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Fans Coolers and A.C.
·
Vehicles
·
Computers
·
Electrical Fittings
WEBSITE DETAILS:
HISTORY:
The world is at a turning point. There is a virtual explosion in terms of human population, industrial production technology changes and-communication pathways. Geographical barriers are breaking down, giving way to the creation of a gigantic global village.
In this scenario, one will have to learn to work along with others in the
larger interest of mankind rather than individual or limited, national
interests. This is a commitment that is imperative."
"At Indo Asian, their single-minded dedication towards building better
electrical control and protection equipment, is a vindication of this
commitment. By providing technologically better and environment-friendlier
products they contribute their mite to build a prosperous and productive human
society; safe and secure in its highly protective use of electrical power for
betterment of lives."
"Power, whether nuclear, petroleum-based or electrical, is means to
prosperity. Its per capita consumption in any human society being a direct
indicator of the standard of living. In such a situation, providing the means
to safely and securely utilise electrical power is undoubtedly an endeavour to
improve standards of living."
And, Indo Asian is proud to be one of it's global contributors."
Preface
Electricity has become an inseparable part of their daily lifestyle. In homes,
offices, industries and hospitals, there are myriad systems, equipment and
sophisticated appliances that depend on electrical energy. Yet, uncontrolled
electrical power can be extremely dangerous. Overloads, crowded wiring,
short-circuits and all kinds of interruptions in supply can lead to devastating
losses, least of them being financial.
Under these circumstances, we, at Indo Asian are proud to be known and
respected the world over for their range of superior quality, electrical
control and safety devices. Through them, they speak of their abiding concern
for safety, security and productivity of their customers.
Protection of the environment and conservation of plant life have acquired a
vital place in today's industrialized society. Continuous efforts have been
made by Indo Asian to plant trees and shrubs for harmonious co-existence. The
process of maintaining the balance of nature together with industrial growth is
ongoing at Indo Asian, which looks forward to the future with an indomitable
spirit.
The Indo Asian Story
From an enterprise formed in 1958 by a young group of technocrats, Indo Asian
has grown into a multi-product, group of companies, manufacturing and marketing
a wide range of electrical control and protection equipment. The superior
quality of these products has earned them the respect of the Indian market and
the world over where they are popular under the brand names : Indo Kopp MCBs,
Stopshock RCCBs, Indo Asian HRC Fuselinks, Indo Asian Industrial Plugs and
Sockets and Contactors and Relays.
The group's annual turnover, which grew from Rs.10 million in 1986, to Rs.600
million last year, is slated to reach Rs. 2500 million by the year 2006. Its
modern manufacturing units at Sonepat, Noida, Parwanoo and Jalandhar, are being
further augmented. Once achieved, this would be largest production base in
The group's pursuit of excellence is backed by extensive in-house R and D,
technical and commercial collaborations with world leaders, Heinrich Kopp AG,
with over 150 highly qualified, technical Managers and a 1050-strong workforce
of quality conscious, superbly trained personnel, Indo Asian is all set to
scale new heights of growth, excellence and worldwide acceptance.
The companies presently comprising the group, are: Indo Asian Fusegear Limited,
Indo Kopp Private Limited, Indo Asian Marketing Limited
Almost 50 years back, on 8th August, 1958, a young group of
technocrats indigenously developed
PRESS RELEASES:
LEGRAND MAKES AN
OFFER TO INDO ASIAN FUSEGEAR FORTHE ACQUISITION OF ITS SWITCHGEAR BUSINESS
Electrical equipment
majors, Indo Asian Fusegear and Legrand today announced that the latter had
made an offer to buy the Switchgear division of Indo Asian Fusegear. The
association which is subject to statutory and regulatory approvals has already
been recommended unanimously by the Board of Directors of Indo Asian Fusegear.
Ambit Corporate
Finance acted as the exclusive investment bankers, and J Sagar and Associates
are the legal advisors to Indo Asian Fusegear Limited Amarchand Mangaldas are
the legal advisors to Legrand.
Commenting on the
association, Mr. V P Mahendru, Chairman and Managing Director, Indo Asian
Fusegear Limited, said,
“The board of
Directors has approved Legrand’s offer for the purchase of the switchgear
division of Indo Asian Fusegear. The company will continue to operate its other
existing business in the areas of lighting, wires and cables. Further, the
company plans to pursue opportunities in the areas of advance lighting systems
(including the
most efficient
lighting source – LED), products for energy management and conservation.”
“The board will be
recommending a Special Dividend to the shareholders out of the proceeds of the
sale of the switchgear business”, added Mr. Mahendru.
Commenting on the
association with Legrand, Mr. P K Ranade, Joint Managing Director, Indo Asian
Fusegear Limited, said,
“Legrand is a well
known name in the Indian market, known for its high quality products. I am
extremely happy to note that we have a partner who shares our values and our
commitment to our global consumers”.
Speaking of this
offer, Mr. Yves Martinez, Managing Director, Legrand
“It is our
objective that Indo Asian switchgear division and Legrand will keep their
current network, product catalogue, teams, commercial terms, and continue to
develop fast on their own. We intend to accelerate the growth rate of both
companies, by continuing sustained growth investments – such as the launch of
new products, the addition of commercial manpower, etc. “.
The two groups are
highly complementary, with Indo Asian Switchgear being a major player in the
retail market for protection devices (miniature and residual current circuit
breakers, distribution boards, relays, etc.) whilst Legrand holds strong
positions in both high value-added protection systems--mostly used in project
business--and in premium wiring devices.
About Indo Asian
Fusegear Limited:-
Indo Asian
Fusegear Limited (IAFL) is one of the leading manufacturers of switchgears,
lighting products, wires, cables in
About Legrand:-
Legrand is the
global specialist in electrical and digital building infrastructures. Its
comprehensive offering of solutions for use in commercial, industrial and
residential markets makes it a benchmark for suppliers worldwide. Innovation
for a steady flow of new products with high added value is a prime vector for growth.
Legrand reported sales of €3.6 billion in 2009. The company is listed on
Euronext and is a component stock of indexes including the SBF120. FTSE4Good,
MSCI World and ASPI (ISIN code FR0010307819)
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. 45.30 |
|
|
1 |
Rs. 71.73 |
|
Euro |
1 |
Rs. 54.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.