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MIRA
INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
EMERSON NETWORK POWER ( |
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|
Formerly Known As : |
LIEBERT SYSTEM SUPPORT EQUIPMENTS LIMITED |
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Registered Office : |
Plot No.C-20, Road No.19, Wagle Industrial Estate, Thane – 400604, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.03.1993 |
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Com. Reg. No.: |
11-071079 |
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CIN No.: [Company
Identification No.] |
U74999MH1993PTC071079 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML01804F |
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PAN No.: [Permanent
Account No.] |
AAACT4033H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufactures of Uninterruptible Power Supply (UPS) Systems,
Climate and Environmental Systems, DC power systems, Automatic Transfer
Switches (ATS), Racks, Monitoring Solutions and Enclosures for IT Server
protection |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 25000000 |
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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 subsidiary of Emerson Electric, USA. It is a well
established company having fine track. General financial position is good.
Trade relations are reported as fair. Payments are reported to be regular and
as per commitments. The company can be considered good for normal 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Head Office/ Factory : |
Plot No.C-20, Road No.19, Wagle Industrial Estate, Thane – 400604, |
|
Tel. No.: |
91-22-67208000/ 001/ 25802388/ 25807000 |
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Fax No.: |
91-22-25828358/ 25800829 |
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Email : |
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Website : |
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Zonal Offices : |
Mumbai B 414-424, Bhaveshwar Arcade, L.B.S. Marg,
Ghatkopar (West), Mumbai 400086. Phone : 91-22-67208800/ 09000, Fax : 91-2- 25002415
Phone : 91-11-28754206/ 28750774/
28757706/ 28753214/28755071/28756038 Fax : 91-11-28751601 Customer Care No: 91- 9810091400 Kolkata Phone : 91-33 - 40023100/22890490/93 Fax : 91-33 - 2289049 Emergency Service No : 40023190 Sales/ Service Fax No : 40023101 General Inquiry No : 40023100
Phone : 91-80-41135670/ 41135870/ 5635401/2/3/5/6 Fax : 91-80-41135570 |
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Branch Office: |
Pune Office No. 7, IInd Floor, Pratibha Towers, Opp Jog Center, Pune-Mumbai Road, Wakdewadi Pune-411 003, India E-Mail : Pune@EmersonNetwork.co.in Phone : 91-20-66235050/ 66235000/ 25670709/ 25676975 Fax : 91-20-24004020
E-Mail : nagpur@emersonnetwork.co.in rajendra.sabre@emersonnetwork.co.in Phone : 91-712- 5634997 39/2, Arunodaya Society, Alkapuri, E-Mail : Baroda@EmersonNetwork.co.in Phone : 91-265-2330383/ 6598400 Fax : 91-265-2343937 205,Sukhsagar Complex, Beside Fortune Landmark Hotel, Usmanpura,
Ashram Road, Ahmadabad. E-Mail : tll_ahm@yahoo.co.in Phone : 91-79-27560230/ 27560240 Fax : 91-79 - 26441739 Dheeraj Kawal, 1st
flr, Near Vkl Stn, L.B.S. Marg, Vikhroli(W), 109, Ratnamani Complex, 7/1, New Palasia, E-Mail : Indore@EmersonNetwork.co.in Phone : 91-731-4023806 Fax : 91-731-2554824 Kashi Kunj , Road No. 2, Ground Floor,
Contractors Area ,Bistupur, E-Mail : Jamshedpur@EmersonNetwork.co.in Phone : 91-657-2227678, Fax : 91-657-2227678 No. 1, E-Mail : Chennai@EmersonNetwork.co.in Phone : 91-44-228151063/69 Fax : 91-44-228151442 Secunderabad E-Mail : Hyderabad@EmersonNetwork.co.in Devendra.Mansabdar@Emersonnetwork.co.in Phone : 91-40-27806771/2/5/6 Fax : 91-40-27806777 34/B-17, SVP Complex, 2nd Floor, No.7, Visakha Executiva Centre, 47-11-1/5, 1st Floor,
EswarArcade, Dwarakanagar, No.40/9338( New No. 59/4517), 4th Floor, E-Mail : Cochin@EmersonNetwork.co.in Phone : 91-484-2341986 86 Fax : 91-484- 2341985 Plot no. C-11, Sector-A, Zone-A,
Mancheswar industrial Estate, Bhubaneswar-751010 E-Mail : Bhubaneshwar@EmersonNetwork.co.in
Phone : 91-674-2586003 |
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DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Kersi M. Gherda |
|
Designation : |
Director |
|
Address : |
9A Sterling Apartment, |
|
Date of Birth/Age : |
16.08.1928 |
|
Date of Appointment : |
10.03.1993 |
|
DIN No : |
00237125 |
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|
Name : |
Mr. Pradipta Tirthapati Sen |
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Designation : |
Director |
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Address : |
A1-61 Safdurjung Enclave, |
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Date of Birth/Age : |
07.10.1958 |
|
Date of Appointment : |
11.06.2001 |
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DIN No : |
00051758 |
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Name : |
Mr. Gene C. Hayden |
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Designation : |
Director |
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Address : |
501 Thw |
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Date of Birth/Age : |
08.12.1953 |
|
Date of Appointment : |
16.03.1995 |
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|
|
|
Name : |
Mr. Dara Phirozeshaw Mehta |
|
Designation : |
Director |
|
Address : |
|
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Date of Birth/Age : |
13.07.1933 |
|
Date of Appointment : |
16.03.1995 |
|
DIN No : |
00041164 |
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|
|
|
Name : |
Mr. Sandeep Sankarankutty Nair |
|
Designation : |
Director |
|
Address : |
103 Parijat Sunder Van Park, Ram Chandra Nagar – 3 Thane West, Thane –
400604, |
|
Date of Birth/Age : |
17.07.1967 |
|
Date of Appointment : |
01.04.2003 |
|
DIN No : |
02491830 |
|
|
|
|
Name : |
Mr. Peter John Baptista |
|
Designation : |
Director |
|
Address : |
5-G Grenville House, 1 Magazine Gap REoad, Hong Kong |
|
Date of Birth/Age : |
08.11.1943 |
|
Date of Appointment : |
26.05.2003 |
|
|
|
|
Name : |
Mr. Stephen John Shelly |
|
Designation : |
Additional Director |
|
Address : |
6, Copeland St. Richmond NSW-2753. |
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Date of Birth/Age : |
02.07.1960 |
|
Date of Appointment : |
19.12.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Liebert Corporation, USA |
|
4500000 |
|
Emerson Electric (Mauritus) Limited, Mauritious |
|
4500000 |
|
|
|
|
|
Total |
|
9000000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.000 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of Uninterruptible Power Supply (UPS) Systems,
Climate and Environmental Systems, DC power systems, Automatic Transfer
Switches (ATS), Racks, Monitoring Solutions and Enclosures for IT Server
protection |
||||||||
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|
||||||||
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Products : |
·
Air and Power ·
Liebert ·
ASCO ·
Emerson Energy Systems
|
GENERAL INFORMATION
|
Bankers : |
Not Divulged |
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
KPMG House, 448 Kamala Mills Compound, Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, Maharashtra, India |
|
|
|
|
Subsidiaries : |
Leroy Somer and Controls ( U31200DL1991PTC043306 |
|
|
|
|
Holding Company : |
Emerson Electric Company. |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 millions |
|
3000000 |
Preference Shares |
Rs. 10/- each |
Rs. 30.000 millions |
|
|
|
|
Rs. 120.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000
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 |
90.000 |
90.000 |
90.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6273.465 |
4960.731 |
3741.548 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6363.465 |
5050.731 |
3831.548 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
25.958 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
25.958 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6363.465 |
5050.731 |
3857.506 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
391.092 |
215.222 |
171.407 |
|
|
Capital work-in-progress |
10.567 |
116.513 |
0.668 |
|
|
|
|
|
|
|
|
INVESTMENT |
1785.376 |
1785.376 |
281.063 |
|
|
DEFERREX TAX ASSETS |
75.800 |
84.982 |
55.652 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
682.503
|
738.220 |
585.430 |
|
|
Sundry Debtors |
2159.767
|
2192.101 |
1728.558 |
|
|
Cash & Bank Balances |
3378.220
|
222.779 |
2694.821 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
571.565
|
618.113 |
517.781 |
|
Total
Current Assets |
6792.055
|
3771.213 |
5526.590 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2340.283
|
2650.281 |
1954.888 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
351.142
|
272.294 |
222.986 |
|
Total
Current Liabilities |
2691.425
|
2922.575 |
2177.874 |
|
|
Net Current Assets |
4100.630
|
848.638 |
3348.716 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6363.465 |
3050.731 |
3857.506 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
INCOME |
9769.320 |
1059.827 |
8978.480 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2005.910 |
1865.460 |
1867.580 |
|
|
|
|
|
|
|
Less |
TAX |
693.180 |
646.280 |
656.580 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1312.730 |
1219.180 |
1211.000 |
|
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.63
|
45.82 |
32.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.37 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.58 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
4.44 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS:
The Directors are pleased to state that the new products introduced in the
market during the year have been well received by users. As on March 31, 2010,
the order book stood at Rs. 1658.470 millions against Rs.1389.050 millions for
the previous year ending March 31, 2009.
The company expects growth, despite challenging market conditions, in
UPS, Air Conditioning, DC and other Telecom equipment business. The
restructuring of sales organization under vertical segments, previous year,
continue to give sales growth. Due to slow in Telecom and IT segments, the
Company has suffered a slight decline in its sales over the previous year.
WEB SIDE DETAILS
HISTORY
Regardless
of your size, you can’t afford for your vital business systems to go down. At
Emerson Network Power, we’ve built our capabilities on delivering reliable
power, precision cooling, connectivity and embedded solutions that assure Business-Critical Continuity™ for your
technology investments.
Their
ability to keep the network infrastructure up and running, regardless of
whether the content is voice, data or multimedia, comes from a time-tested
grid-to-chip portfolio of products, services and systems that can maintain a
wide range of computing, telecom, healthcare and industrial applications. These
technology offerings and deep expertise, complemented by in-depth industry
knowledge support a full spectrum of enterprise-wide solutions for today’s
vital business needs.
They
deliver innovative solutions through 12 Centers of Expertise, distinct areas of
breakthrough products and services that help you determine what you need
Depending
on the application. Supported by a global network spread over 150 countries,
backed by local service and support from more than 2,000 certified
professionals, we are uniquely positioned to provide systems and integrated
solutions wherever their customers are located.
Emerson
Network Power’s proven management model and track record of growth have
extended the company’s legacy through the years with an ongoing commitment to
invest in new technologies. For businesses around the world, the Emerson® brand
stands for the ability to get big things done, through global engineering,
technology, industry expertise and customer focus. Whatever their challenge,
they know that with Emerson by their side, they can "Consider It
Solved."
NEWS RELEASE
Emerson Network
Power Debuts Four New Industrial Control Product Catalogs
Catalog Sheets Include the ASCO 911 Remote Control Switch,
642 Lighting Control Panel, 641 Lighting Contactor Panel and 175 Remote Control
Switch
Florham Park, N.J. February 24, 2011 — Emerson Network
Power, a business of Emerson (NYSE: EMR) and the global leader in enabling Business-Critical Continuity ™,
released four new catalog sheets that illustrate and describe new ASCO
Industrial Control Products.
One catalog sheet features the ASCO 911 Remote Control
Switch. The product provides switching solutions for remotely controlling
feeder disconnect applications. It details eight features and benefits, nine
optional accessories and ordering information. Charts illustrate withstand
current rating, transfer switch terminals for power conductors, enclosure
dimensions and other product features.
A four-page catalog describes the ASCO 642 Lighting Control
Panel, which offers contractors a complete, single-enclosure solution for
large-scale garage, stadium, exterior security and timed-lighting
applications. The catalog highlights such key points as product features
and custom configurations that will make the product the lighting control panel
of choice for contractors. Product images and charts illustrate the system, its
components and their capabilities. The ASCO 642 Lighting Control Panel’s most
significant feature is that it can house up to four ASCO 920 Lighting
Contactors.
For smaller stadium and garage lighting control
applications, a four-page catalog explains how the ASCO 641 Lighting Contactor
Panel will satisfy requirements for those applications. Seven charts show such
features and components as standard lighting control units, timers and ordering
information. Electrical, construction and performance features provide the
reader with a better understanding of the product’s quality.
A catalog sheet on the ASCO 175 Remote Control Switch
describes the product’s double-throw, mechanically held design for applications
requiring one or another load to be supplied from a common source. This product
is perfect for use in school exteriors and ballpark type applications. Detailed
features, benefits and optional accessories showcase this product’s customizable
capabilities.
About Emerson Network Power
Emerson Network Power, a business of Emerson (NYSE:EMR), is the global leader in enabling Business-Critical Continuity™ from grid to chip for telecommunication networks, data centers, health care and industrial facilities. Emerson Network Power provides innovative solutions and expertise in areas including AC and DC power and precision cooling systems, embedded computing and power, integrated racks and enclosures, power switching and controls, infrastructure management, and connectivity. All solutions are supported globally by local Emerson Network Power service technicians. For more information on Emerson Network Power’s ASCO emergency or standby power switching and controls designed to safeguard data and telecommunications networks, industrial processes and critical installations,
Emerson (NYSE: EMR), based in St. Louis, Missouri (USA), is
a global leader in bringing technology and engineering together to provide
innovative solutions for customers in industrial, commercial, and consumer
markets through its network power, process management, industrial automation,
climate technologies, and tools and storage businesses. Sales in fiscal 2010
were $21 billion.
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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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.