MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
EPCOS INDIA
PRIVATE LIMITED |
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Formerly Known
As : |
EPCOS FERRITES PRIVATE LIMITED |
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Registered
Office : |
Kulia Kancharapara, P. O. Netaji Subhash Sanatorium, Kalyani,
Nadia-741251, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.11.1976 |
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Com. Reg. No.: |
21-30763 |
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Capital
Investment/ Paid-up Capital: |
Rs.886.014
millions |
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CIN No.: [Company
Identification No.] |
U92131WB1976PTC030763
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKE00321G |
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Legal Form : |
Private Limited
Liability Company |
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Line of
Business : |
Manufacturers of
Capacitors, Solar Modules, Metallised Film Capacitors, etc. |
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No. of
Employees: |
700 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7800000 |
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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 a 100%
subsidiary of EPCOS AG, It 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. In view of strong
parent company, the subject can be considered 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ghoshroi |
|
Designation : |
Finance Manager |
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Date : |
03.05.2011 |
LOCATIONS
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Registered
Office : |
Kulia Kancharapara, P. O. Netaji Subhash Sanatorium, Kalyani,
Nadia-741251, West |
|
Tel. No. |
91-253-2205103 /
2353756 – 60 / 33-25891410 |
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Fax No. |
91-253-2353761 /
33-25891418 |
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E-Mail |
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|
Website |
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Area : |
1000 sq. ft.
(Owned) |
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Factory/
Godown : |
Plot No. E-22/25,
MIDC Industrial Area, Satpur, Nasik-422007, |
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Tel. No. |
91-253-2353756 |
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Fax No. |
91-253-2353761 |
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Area : |
24000 sq. mtrs.
(Owned) |
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Branches : |
Located at :
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DIRECTORS
As on 04.08.2010
|
Name : |
Mr. Tushar Kanta
Mishra |
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Designation : |
Director |
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Address |
217-A, |
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Date of Birth |
25.09.1936 |
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Date of
Appointment : |
30.09.2002 |
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Name : |
Mr. Hari Shankar
Banerjee |
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Designation : |
Managing Director
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|
Address |
G 18 and 19, Serene Meadows, |
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Date of Birth |
05.07.1958 |
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Date of
Appointment : |
22.02.2001 |
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Name : |
Mr. Nagesh Vishnu
Nadig |
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Designation : |
Director |
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Address : |
3rd
Floor, Adimay 55, Navshya Ganpati, Sector B, |
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Date of Birth
: |
23.06.1962 |
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Date of Appointment
: |
17.09.2008 |
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Name : |
Mr. Earner Faber |
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Designation : |
Director |
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Address : |
Ganghoferstr 19,
Brannenburg, Germany-83098 |
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Date of Birth
: |
24.09.1948 |
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Date of
Appointment : |
25.01.2010 |
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Name : |
Mr. N. Balakrishnan
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Designation : |
Director |
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Date of Birth/
Age : |
55 Years |
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Name : |
Mr. B.B. Das |
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Designation : |
Director |
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Date of Birth/
Age : |
55 Years |
KEY EXECUTIVES
|
Name : |
Mr. Jayesh Kumar Thakkar |
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Designation : |
Secretary |
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Address : |
D – 1, Atharva
Bungalows, Kale Nagar, |
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Date of Birth |
23.09.1977 |
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Date of
Appointment : |
09.12.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
EPCOS AG, |
|
88601337 |
|
EPCOS AG Jointly with EPCOS Electronic Components S.
A., |
|
42 |
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Total |
|
88601379 |
As on 04.08.2010
|
Equity Share
Breakup |
Percentage of
Holding |
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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
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Line of Business : |
Manufacturers
of Capacitors, Solar Modules, Metallised Film Capacitors, etc. |
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Products : |
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Brand Names : |
“EPCOS” |
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Exports : |
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Products : |
Capacitors |
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Countries : |
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Imports : |
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Products : |
Raw
Material |
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Countries : |
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PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
|
Unit |
Installed Capacity* |
Actual Production |
|
AC Capacitors and Sprayed
Coils |
|
Nos. |
11000000 |
18539000 |
|
DC
Capacitors |
|
Nos. |
190068000 |
226671000 |
|
Metallised
Film |
|
Kgs. |
1900000 |
1458000 |
|
Soft
Ferities Components |
|
Kgs. |
4400000 |
2858000 |
* Installed capacities have been given based on
annual period 12 months.
GENERAL INFORMATION
|
Suppliers : |
·
Aee Polybond Private Limited ·
Akik Insupack ·
Anmol Package Private Limited ·
Anu Enterprises ·
Bharat Products ·
Bijutkar Plastomould ·
Cermet Resistronis Private Limited ·
D.D.Packers private Limited ·
Desai ackwell Private Limited ·
Electro Crimp Contact private Limited ·
Electro Lead ·
Icon Industries ·
Impact Packaging ·
Khosla Engineers Private Limited ·
Linko Servo System Private Limited ·
Mallya Enterprises ·
Patil Engineering Works |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
·
Deutsche Bank, Hazarimal Somani Marg, Near
Sterling Cinema, Fort, Mumbai – 400 001, ·
Citi Bank, 2413, Kumar Capital, ·
Citi Bank N.A., 41, |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution: |
The Hongkong and Shanghai Banking Corporation Limited, ‘Hongkong Bank’, 31 B B D Bag, Kolkata-700001, West Bengal, India |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
C-401, 4th Floor, Panchshil Tech park, Yerwada, Pune-411
006, |
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Holding
Company : |
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Ultimate
Holding : |
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Associates/Subsidiaries
: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
88601379 |
Equity Shares |
Rs.10/- each |
Rs.886.014 millions |
Note: Of the above
88601337 equity shares of Rs. 10 /- each fully paid are held by EPCOS AG,
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 |
886.014 |
886.014 |
886.014 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
269.606 |
60.943 |
27.569 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1155.620 |
946.957 |
913.583 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
698.020 |
724.380 |
856.219 |
|
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2] Unsecured Loans |
840.516 |
1142.519 |
1061.646 |
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TOTAL BORROWING |
1538.536 |
1866.899 |
1917.865 |
|
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DEFERRED TAX LIABILITIES |
6.658 |
0.000 |
0.000 |
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TOTAL |
2700.814 |
2813.856 |
2831.448 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1394.300 |
1553.435 |
1599.867 |
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Capital work-in-progress |
179.231 |
139.227 |
109.092 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
683.083
|
662.755
|
665.095
|
|
|
Sundry Debtors |
1061.696
|
773.515
|
890.740
|
|
|
Cash & Bank Balances |
66.774
|
76.654
|
128.715
|
|
|
Other Current Assets |
0.000
|
84.299
|
68.076
|
|
|
Loans & Advances |
262.395
|
249.343
|
320.608
|
|
Total
Current Assets |
2073.948
|
1846.566
|
2073.234
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
634.199
|
574.227 |
|
|
|
Other Current Liabilities |
277.165
|
87.158
|
905.249
|
|
|
Provisions |
35.301
|
63.987
|
45.496
|
|
Total
Current Liabilities |
946.665
|
725.372
|
950.745
|
|
|
Net Current Assets |
1127.283
|
1121.194
|
1122.489
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
2700.814 |
2813.856 |
2831.448 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
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SALES |
|
|
|
|
|
|
|
Sales and Other Income |
4537.200 |
3782.357 |
3422.547 |
|
|
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TOTAL |
4537.200 |
3782.357 |
3422.547 |
|
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|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3825.371 |
3327.213 |
2982.541 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
711.829 |
455.144 |
440.006 |
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
443.508 |
430.332 |
381.329 |
|
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PROFIT BEFORE
TAX |
268.321 |
24.812 |
58.677 |
|
|
|
|
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|
|
|
|
Less |
TAX |
59.658 |
(8.562) |
10.633 |
|
|
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PROFIT AFTER TAX
|
208.663 |
33.374 |
48.044 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2224.089 |
2261.788 |
1952.613 |
|
|
|
Commission Earnings |
27.967 |
29.110 |
31.612 |
|
|
|
|
1.743 |
0.000 |
0.000 |
|
|
|
Other Earnings |
2.911 |
3.068 |
1.782 |
|
|
TOTAL EARNINGS |
2256.71 |
2293.966 |
1986.007 |
|
|
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1021.382 |
944.193 |
939.531 |
|
|
|
Stores & Spares |
191.109 |
55.743 |
53.945 |
|
|
|
Capital Goods |
142.243 |
157.711 |
120.712 |
|
|
|
Others |
50.837 |
119.973 |
26.672 |
|
|
TOTAL IMPORTS |
1405.571 |
1277.620 |
1140.860 |
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|
Earnings Per
Share (Rs.) |
2.36 |
0.38 |
0.54 |
|
Expected Sales
(2010-11): Rs.5000.000 Millions.
The above information has been parted by Mr. Ghoshroi
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.60
|
0.88 |
1.40
|
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.91
|
0.66 |
1.71
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.94
|
0.73 |
1.60
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.03 |
0.06
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
2.74 |
3.15
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
2.55 |
2.18
|
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF BUSINESS
OPERATIONS:
The division wise performance is as follows:
i) Film Capacitors
Division
The Film
Capacitors division at Nashik continued to maintain its trend of growth inspite
of the economic meltdown triggered off by the global financial crisis in the
first quarter of the financial year. At Rs 3,462 Millions, the turnover
increased by 25% over the previous year (Rs.2,779 Millions). Correspondingly,
the profit before tax (PBT) registered an increase of 69% at Rs.591 Millions as
compared to Rs.350 Millions in the previous year. The PBT to Sales ratio also
increased from 13% in last year to 17% in the current year due to growth in
sales.
ii) Ferrites
Division
Ferrites Division
achieved a turnover of Rs.Rs.923 Millions (including trading sales of filter
business) in the current year as compared to Rs. 878 Millions for the last
year, registering a marginal increase of 5%. The growth in sales has been
mainly attributed to change of product mix with more sales coming from larger
cores. A Provision of Rs.156 million has been made towards impairment of assets
as per AS - 28 resulting in a loss of Rs.Rs.323 million.
FUTURE OUTLOOK
Central government
has announced high infrastructure spending budget which is expected to induce
demand and accelerate growth to around 8-9 % in the next year. The company
therefore expects to grow in all product segments. The company’s initiative to
set up a separate division for medium voltage capacitors has helped in making
substantial inroads for the supply to the electricity transmission and distribution
sector. The company expects substantial growth in this segment pursuant to the
budgetary support from the central government The Company will continue its
focus on new product developments in AC and PFC capacitors in order to provide
comprehensive range cater to additional segments and cost effective products.
Market situation apart, the Company is continuously focusing on productivity
improvement, effective cost control and efficient management of resources for
achieving profitable growth.
FORM NO. 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U92131WB1976PTC030763 |
|
Name of the
company |
EPCOS INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Kulia Kancharapara, P. O. Netaji Subhash Sanatorium, Kalyani, Nadia –
741 251, West |
|
Type of charge |
Book Debts Floating Charge |
|
Particular of
charge holder |
Citi Bank N.A. 41, |
|
Nature of
description of the instrument creating or modifying the charge |
Goods security
Agreement for Loan and cash credit facilities |
|
Date of
instrument Creating the charge |
13.03.2008 |
|
Amount secured by
the charge |
Rs. 605.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.50% p.a. Terms of
Repayment On demand Margin 25% Extent and
Operation of the charge The whole of
stocks and book debts Others Nil. |
|
Short particulars
of the property charged |
All the borrowers
stocks of raw materials, semi finished and finished goods, stores, in the borrowers
premises or godowns situated at E – 22-25, MIDC, Satpur, Nashik – 422007 or
at Kulia
Kancharapara, P. O. Netaji Subhash Sanatorium, Kalyani, Nadia – 741 251, West
Bengal |
FIXED ASSETS
·
·
Buildings
·
Plant and Machinery
·
Computers
·
Vehicles
·
Furniture and Fixtures
·
Software
·
Technical Know-how
AS PER WEBSITE DETAILS:
PROFILE:
Subject received the supplier award from LG Electronics
India as the Best Vendor in the electrical and electronics category for the year
2002. This award was assigned to us due to continuous quality performance with
an error rate of better than 100 ppm as well as for excellence in logistics and
overall performance.
LG Electronics is a major OEM customer for EPCOS India, as they enjoy a 100% share in AC capacitors for air-conditioners and a major share in components for washing machines. LG Electronics is one of the world’s largest manufacturers of consumer, household and computer peripheral electronics.
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.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
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 |
NO |
|
--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.