MIRA
INFORM REPORT
|
Report Date : |
11.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
EON ELECTRIC LIMITED (w.e.f.
18.08.2011) |
|
|
|
|
Formerly Known
As : |
INDO ASIAN FUSEGEAR LIMITED |
|
|
|
|
Registered
Office : |
House No. 1048, Sector-14, Sonepat-131001, Haryana |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
06.11.1989 |
|
|
|
|
Com. Reg. No.: |
05-35580 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.169.516
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31200HR1989PLC035580 |
|
|
|
|
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. |
|
|
|
|
No. of Employees
: |
1000 Approximately |
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 14700000 |
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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 : |
House No. 1048, Sector-14, Sonepat-131001, Haryana, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
eonsales@indoasian.com
(Sales Enquiry) ibd@indoasian.com (For export
Enquiry) |
|
Website : |
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|
Corporate Office : |
B 88, Sector – 83, Noida – 201 305, |
|
Tel. No.: |
91-120-3096825/ 3096700/ 701 |
|
Fax No.: |
91-120-3096800 |
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|
|
|
Factory 1 : |
51 Kms., |
|
Tel. No.: |
91-130-3058101 |
|
Fax No.: |
91-130-2482422 |
|
E-Mail : |
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|
|
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|
Factory 2 : |
Lighting Plot No. 10, Sector 4, SIDCUL, Haridwar, Uttarakhand-249402, India |
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|
|
|
Factory 3 : |
Cable and Wires Plot No. 10, Sector 4, SIDCUL, Haridwar, Uttarakhand-249402, India |
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Factory 4 : |
Energy Meters B-62, Sector-83, Noida-201305, Uttar Pradesh, India |
DIRECTORS
As on : 31.03.2011
|
Name : |
Mr. V.P. Mahendru |
|
Designation : |
Chairman-cum-Managing Director |
|
|
|
|
Name : |
Mr. R.C. Bansal |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Dr. Sal Ramachandran |
|
Designation : |
Non-Executive Director |
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|
|
|
Name : |
Mr. A.K. Ghosh |
|
Designation : |
Non-Executive Director |
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|
|
Name : |
Mr. P.K. Renade |
|
Designation : |
Joint Managing Director |
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|
|
|
Name : |
Mr. Vinay Mahendru |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. K B Satija Kumar Indramani |
|
Designation : |
Assistant Vice President (Corporate Office)/ Manager (Legal) and
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
3,129,939 |
17.54 |
|
|
4,893,373 |
27.43 |
|
|
8,023,312 |
44.97 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
8,023,312 |
44.97 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2,730,624 |
15.30 |
|
|
2,730,624 |
15.30 |
|
|
|
|
|
|
1,185,482 |
6.64 |
|
|
|
|
|
|
3,561,179 |
19.96 |
|
|
2,155,176 |
12.08 |
|
|
185,855 |
1.04 |
|
|
183,952 |
1.03 |
|
|
300 |
- |
|
|
1,603 |
0.01 |
|
|
7,087,692 |
39.73 |
|
Total Public shareholding (B) |
9,818,316 |
55.03 |
|
Total (A)+(B) |
17,841,628 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
17,841,628 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Sellers of Miniature Circuit Breakers, High
Rupturing Capacity Fuses and Compact Fluorescent Lamps. |
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Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
MCBs |
Poles |
|
NA |
4,428,163 |
|
Compact Fluorescent Lamps |
Nos. |
|
4,800,000 |
610,664 |
|
Fluorescent Tube Lights |
Nos. |
|
NA(**) |
4,620 |
|
HRC Fuses |
Nos. |
|
NA |
611,744 |
|
Feeder Pillars |
Nos. |
|
NA |
-- |
|
RCCBs |
Nos. |
|
NA |
88,262 |
|
Adaptors |
|
|
NA |
-- |
|
Distribution Boards |
Nos. |
|
NA |
61,154 |
|
Switches |
Nos. |
|
NA |
7,184 |
|
Energy Meters |
Nos. |
|
NA |
17,186 |
|
Wires |
Coils |
|
NA |
177,172 |
** The company has since sold the plant and machinery for manufacture of
Fluorescent Tube Lights.
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 : |
1000 Approximately |
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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 was 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 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 Loans from Punjab National Bank and State Bank of India -II were secured
by pari-passu first charge over the Company’s immovable properties situated
at Murthal, Noida, Jalandhar 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. c)
Term Loans from Other Banks were secured by pari-passu first charge over the Company’s
immovable properties situated at Murthal, Noida, Jalandhar 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. d)
During the year the Company has repaid the entire amount of Cash Credit
facility and Term Loans availed by it from Banks out of the proceeds received
on Slump Sale of Switchgear Business. The charge of respective Banks over the
assets hypothecated to them has also been released. e)
Vehicle Loans from Banks and Others are secured by way of hypothecation of
vehicles. f)
Secured loans falling due for repayment within one year Rs.2.310 Millions
(Previous year Rs.126.137 Millions
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
J. C. Bhalla and Company Chartered Accountants |
|
Address : |
Noida, Uttar Pradesh, India |
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|
|
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Memberships : |
Confederation of Indian Industry |
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|
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Subsidiary Company: |
IAFL Cables Limited (Formerly Indo Asian Cables Limited) |
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|
|
|
Investing Parties with whom the company is a Joint Venture Partner: |
·
Indo Simon Electric Private Limited (Formerly Indo
Asian Simon Private Limited) ·
Saudi National Lamps and Electricals Company
Limited |
|
|
|
|
Group Company: |
IAFL Power Distribution and Infrastructure Private Limited (Formerly
Indo Asian Power Distribution and Infrastructure Private Limited) |
CAPITAL STRUCTURE
AS on 30.06.2011
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 |
|
17841628 |
Equity Shares |
Rs.10/- each |
Rs.
178.416 Millions |
As on 31.03.2011
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 |
|
16951628 |
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.169.516
millions |
|
|
Total
|
|
Rs.169.516 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
169.516 |
171.066 |
163.066 |
|
|
2] Share Warrants |
15.575 |
10.563 |
24.700 |
|
|
3] Reserves & Surplus |
3501.734 |
1038.564 |
956.755 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3686.825 |
1220.193 |
1144.521 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.921 |
1203.297 |
1263.386 |
|
|
2] Unsecured Loans |
0.000 |
20.227 |
17.844 |
|
|
TOTAL BORROWING |
3.921 |
1223.524 |
1281.230 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
4.050 |
1.176 |
|
|
|
|
|
|
|
|
TOTAL |
3690.746 |
2447.767 |
2426.927 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
336.278 |
614.878 |
644.907 |
|
|
Capital work-in-progress |
34.801 |
108.441 |
136.228 |
|
|
Pre-operative Expenditure Pending Allocation |
0.000 |
0.000 |
21.241 |
|
|
|
|
|
|
|
|
INVESTMENT |
2964.009 |
118.662 |
69.782 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
126.170
|
636.161
|
589.106
|
|
|
Sundry Debtors |
155.733
|
1209.693
|
1246.296
|
|
|
Cash & Bank Balances |
118.935
|
89.555
|
131.935
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
901.251
|
367.827
|
354.920
|
|
Total
Current Assets |
1302.089
|
2303.236
|
2322.257
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
46.697
|
421.317
|
430.225
|
|
|
Other Current Liabilities |
44.214
|
145.090
|
193.684
|
|
|
Provisions |
855.520
|
131.043
|
143.579
|
|
Total
Current Liabilities |
946.431
|
697.450
|
767.488
|
|
|
Net Current Assets |
355.658
|
1605.786
|
1554.769
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3690.746 |
2447.767 |
2426.927 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales and Operating Revenues |
1206.089 |
2301.334 |
2606.445 |
|
|
|
Other Income |
112.393 |
111.360 |
21.745 |
|
|
|
TOTAL (A) |
1318.482 |
2412.694 |
2628.190 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
771.339 |
1277.445 |
1326.581 |
|
|
|
Manufacturing Expenses |
104.105 |
189.863 |
220.383 |
|
|
|
Administration & Other Expenses |
557.648 |
487.144 |
446.074 |
|
|
|
Selling & Distribution Expenses |
207.791 |
181.467 |
321.404 |
|
|
|
(Increase)/Decrease
in Finished Goods and Work-in-Progress |
71.911 |
(11.606) |
13.265 |
|
|
|
Extraordinary
Item |
(3951.312) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
(2238.518) |
2124.313 |
2327.707 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3557.000 |
288.381 |
300.483 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
73.118 |
179.154 |
160.805 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3483.882 |
109.227 |
139.678 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52.581 |
70.021 |
66.079 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3431.301 |
39.206 |
73.599 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
796.462 |
10.690 |
17.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2634.839 |
28.516 |
56.329 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
32.900 |
59.384 |
138.055 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Arrears of Preference Dividend paid & Income Tax thereon |
28.985 |
0.000 |
-- |
|
|
|
General Reserve |
2000.000 |
55.000 |
135.000 |
|
|
|
Special Interim Dividend on Equity Shares |
169.516 |
0.000 |
0.000 |
|
|
|
Preference Dividend Paid |
1.000 |
0.000 |
|
|
|
|
Tax on Dividend |
4.000 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
464.238 |
32.900 |
59.384 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
197.447 |
416.211 |
693.209 |
|
|
|
Sale of Plant and Machinery |
30.957 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
228.404 |
416.211 |
693.209 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material (including components stores & spares) |
131.926 |
180.959 |
160.766 |
|
|
|
Finished Goods |
0.000 |
1.674 |
9.482 |
|
|
|
Capital Goods |
3.319 |
1.744 |
36.824 |
|
|
TOTAL IMPORTS |
135.245 |
184.377 |
207.072 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
3.60 |
|
|
|
Basic |
159.16 |
1.79 |
|
|
|
|
Diluted |
157.43 |
1.78 |
|
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
121.820 |
|
Total Expenditure |
|
|
187.190 |
|
PBIDT (Excl OI) |
|
|
[65.370] |
|
Other Income |
|
|
22.190 |
|
Operating Profit |
|
|
[43.180] |
|
Interest |
|
|
0.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
[43.180] |
|
Depreciation |
|
|
10.280 |
|
Profit Before Tax |
|
|
[53.460] |
|
Tax |
|
|
0.00 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
[53.460] |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
[53.460] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
199.84 |
1.18
|
2.14
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
284.45 |
1.70
|
2.82
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
209.43 |
1.34
|
2.48
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.93 |
0.03
|
0.06
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26 |
1.57
|
1.79
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
3.30
|
3.03
|
LOCAL AGENCY FURTHER INFORMATION
Financial Performance:
The company achieved a turnover and other
income of Rs. 1342.300 Millions for the year ended March 31, 2011 as against
Rs. 2461.900 Millions in the previous year.
TRANSFER OF BUSINESS
Pursuant
to the decision in the meeting of the Board of Directors of the Company held on
22nd July, 2010 and the approval of the Shareholders of the Company through
Postal Ballot, the Company has transferred the entire business of developing,
manufacturing and selling Low Voltage Miniature Circuit Breakers, Residual
Current Circuit Breakers, Air Circuit Breakers, Moulded Case Circuit Breakers,
Distribution Boards, Fuses, Fuse Bases, Switches, Feeder Pillars, Contractors,
Thermal Overload Relays("Switchgear Business"), which is a separate
segment as per AS 17, Segment Reporting, to a wholly owned subsidiary of
Legrand France SA by way of Slump Sale as defined under Section 2(42C) of the
Income Tax Act, 1961 on a going concern basis w.e.f. 9th September, 2010 for a
total value of Rs.5300.000 Millions on a Cash and Debt free basis.
Consequent
upon the Slump Sale of the Switchgear Business, the current year financial
results include the performance of the Switchgear Business Segment upto 8th
September, 2010. Accordingly the
operating results for the year ended 31st March, 2011 are not comparable with
those forthe preceding year.
Management Discussion and Analysis Report
Industry
Structure and Development and Future Outlook
Indo
Asian Fusegear Limited has been one of the leading manufacturers of
Switchgears, Lighting products, Wires and Cables and Energy Meters in India.
The Switchgear Business was transferred to wholly owned subsidiary of Legrand
France, S.A on a slump sale basis. Upto 8th September, 2010, the Company had
operated these businesses, the results of which form part of this report.
The
Government is giving continuous thrust on housing and infrastructure sector.
With
general improvement in the power condition in urban as well as rural sectors,
increase in spending on infrastructure development and increased emphasis on
energy conservation, the demand for the Company’s products including Energy
Efficient Compact Fluorescent Lamps, LEDs, Wires and Cables and Energy Meters
etc is growing fast.
Apart
from this, Union Government’s planned power generation initiatives which,
inter- alia, include ambitious Schemes such as the Bachat Lamp Yojna(BLY) and
Rajiv Gandhi Grameen Vidyutikaran Yojna(RGGVY) which aims to provide
electrification to all towns and villages would trigger sizeable demand for the
company’s products. This will also ensure improvement in quality of power and
its wider use even in far off villages.
Well
defined strategies are being implemented in order to cater to the gradual increase
in demand of these products and enhance the product share in market.
The
company continues to be committed towards making best of quality products at
affordable prices through technology upgradation, value proposition, deep
concern for customer satisfaction, at the same time ensuring human as well as
environmental safety, thus enhance value addition for the investors and for the
society as a whole. No doubt, they will establish the capabilities beyond the
Indian borders and enable our clients enjoy the value of the products and
services globally.
Consequent
upon the Slump Sale of the Switchgear Business, the Company has got adequate
funds available at its disposal, which it has planned to utilise for growth of
its other businesses which have great future but hither to could not be
exploited to its full potential. The company has identified business
opportunities which are futuristic in technology and have substantial growth
prospects.The Company has accordingly constituted a Special Committee for the
above objectives which after an indepth analysis and considerable planning has
considered it prudent and appropriate that in the interest of all stakeholders
for higher growth of the Company’s business, the businesses of the Company
should be restructured by way of merger and demerger through appropriate Scheme
of Arrangement. The available funds would be deployed accordingly.
All
these measures would help in increasing the sales and profitability of the
Company. In view of the above, the long term outlook of the Company remains
positive.
Financial
Performance
Financial
performance of the Company for the year 2010-11 as compared to the previous
year is furnished in detail in Directors’ Report.
Segment-
wise performance
Switchgear
Division
The
Switchgear Division recorded turnover of Rs. 841.300 Millions in the financial
year 2010-11 i.e prior to sale of Switchgear Business to wholly owned
subsidiary of Legrand France as on 8th September, 2010 against the turnover of
Rs. 1952.200 Millions for the year 2009 - 10.
Lighting
Division
The
Lighting Division recorded a turnover of Rs. 90.800 Millions for the financial
year ended 31st March 2011 as against Rs. 106.200 Millions for the year ended
31st March 2010.
Cable
and Wires Division
Cable
and Wires Division recorded a turnover of Rs. 285.600 Millions for the
financial year ended 31st March, 2011 as against Rs.292.200 Millions for the
financial year ended 31st March 2010.
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
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER
ENDED JUNE 30, 2011
(Rs. In Millions)
|
Particulars |
Quarter Ended 30.06.2011 (Unaudited) |
|
1. a) Sales/
Income from operations (*) |
122.069 |
|
Less: Excise
Duty |
0.250 |
|
Net Sales/
Income from Operations |
121.819 |
|
|
|
|
b) Other
Operating Income |
-- |
|
|
|
|
Total Revenue |
121.819 |
|
|
|
|
2. Expenditures |
|
|
|
|
|
a) Increase/
Decrease in Stock in trade and work in progress |
8.173 |
|
b) Consumption
of Raw Material |
95.498 |
|
c) Purchase of
Traded Goods |
4.138 |
|
d) Employee Cost |
29.476 |
|
e) Depreciation |
10.281 |
|
f) Other Expenditure |
49.907 |
|
Total |
197.473 |
|
|
|
|
3. Profit form
operation before other income,
Interest and Exceptional Item (1-2) |
(75.654) |
|
|
|
|
4. Other Income |
22.021 |
|
|
|
|
5. Profit before
Interest and Exceptional Item (3+4) |
(53.633) |
|
|
|
|
6. Interest |
(0.165) |
|
|
|
|
7. Profit/ Loss
after interest but before Exceptional Item (5-6) |
(53.468) |
|
|
|
|
8. Exceptional
Item |
-- |
|
|
|
|
9. Profit/ Loss
from Ordinary Activities before tax (7+8) |
(53.468) |
|
|
|
|
10. Tax Expenses |
-- |
|
|
|
|
11. Net Profit /
Loss form Ordinary Activities after tax (9-10) |
(53.468) |
|
|
|
|
12.
Extraordinary items (Net of Tax Expenses) |
-- |
|
|
|
|
13. Net Profit/
Loss for the period (11+12) |
(53.468) |
|
|
|
|
14. Paid up Equity
Share Capital (Face Value Rs. 10/- per Equity Share) |
178.416 |
|
|
|
|
15. Reserves
excluding revaluation reserve as per balance sheet of previous accounting
year |
-- |
|
|
|
|
16. Earning per
share (Not Annualised) |
|
|
a) Basic and Diluted
EPS before extraordinary items |
|
|
- Basic |
(3.13) |
|
- Diluted |
(3.13) |
|
|
|
|
b) Basic and
Diluted EPS after Extraordinary Items |
|
|
- Basic |
(3.13) |
|
- Diluted |
(3.13) |
|
|
|
|
17. Public
Shareholding |
|
|
- Number of
Shares |
9818316 |
|
- Percentage of
Shareholding |
55.03% |
|
|
|
|
18. Promoters
and promoter group shareholding |
|
|
a) Pledged/
Encumbered |
|
|
- No. of Shares |
Nil |
|
- Percentage of
Share (As a % of the total shareholding of promoter and promoter group) |
Nil |
|
- Percentage of
Share (As a % of the total shareholding of the company) |
Nil |
|
|
|
|
b)
Non-Encumbered |
|
|
- No. of Shares |
8023312 |
|
- Percentage of
Share (As a % of the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of
Share (As a % of the total shareholding of the company) |
44.97% |
Notes:
1.
The above results were reviewed by the Audit Committee
and approved by the Board of Directors at its meeting held on 12th
August 2011 and have undergone “Limited Review” by the Statutory Auditors of
the Company.
2.
Consequent upon the transfer of the Switchgear
Business, which was a separate as per AS-17, Segment Reporting, by way of Slump
Sales as defined under Section 2(42c) of the income tax Act 1961 on a going
concern basis to a wholly owned subsidiary of Legrand France SA w.e.f. 9th
September, 2010, the results for the quarter ended 30th June, 2011 are
not comparable with the results for the corresponding quarter during previous
year.
3.
During the quarter 30th June, 2011, the
company has converted 890000 Zero Coupon Convertible Warrants issued by private
placement on preferential basis to the promoters of the company into 890000
Fully paid Equity Shares of Rs. 10/- each at a price of Rs. 70/- per warrants.
The difference between the conversion price and the face value of the equity
shares has been credited to Securities premium account.
4.
The company has not recognized Deferred Tax Assets
on a prudent and conservative basis.
5.
Information on investors grievances of the quarter:
(In Nos): Opening balnce-3, New-11, Disposal-12, Balance-2
REPORTING A
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE
LISTING AGREEMENT
(Rs. In Millions)
|
Particulars |
Quarter Ended 30.06.2011 (Unaudited) |
|
1. Segment Revenue (Including other operating
income) |
|
|
a) Switchgear |
-- |
|
b) Lighting |
15.243 |
|
c) Cable and
Wires |
104.132 |
|
d) Unallocated |
2.694 |
|
Total |
122.069 |
|
Less: Inter
Segment Revenue |
-- |
|
Income from
Operations |
122.069 |
|
Less: Excise
Duty |
0.250 |
|
Net Income from Operations |
121.819 |
|
|
|
|
2. Segment Results (Profit / Loss Before Tax and Interest
from each segment) |
|
|
a) Switchgear |
-- |
|
b) Lighting |
(26.271) |
|
c) Cable and
Wires |
(5.636) |
|
d) Unallocated |
(18.640) |
|
Total |
(50.547) |
|
Less: i)
Interest |
(0.165) |
|
ii) Other
un-allocable expenditure net of Un-allocable income |
3.086 |
|
|
|
|
Total Profit/ Loss Before Tax |
(53.468) |
|
|
|
|
3. Capital Employed (Segment Assets- Segment
Liabilities) |
|
|
a) Switchgear |
-- |
|
b) Lighting |
182.151 |
|
c) Cable and
Wires |
241.021 |
|
d) Unallocated |
3256.698 |
|
Total |
3679.870 |
BUSINESS
DESCRIPTION:
Subject is an India-based company. The Company operates in three
segments: switchgears include miniature circuit breaker (MCBs), high rupture capacity
(HRC) fuses, feeder pillars, residual current circuit breaker (RCCBs),
distribution boards, and switches; lighting includes compact fluorescent lamps,
fluorescent tubelights and luminaries, and cable and wires includes wires and
cables. Its products include miniature circuit breakers, earth leakage circuit
breakers and compact fluorescent lamps
Indo Asian Fusegear Limited's Board Approves
Buy-Back Of Equity Shares
Jul 11, 2011
Indo Asian Fusegear Limited announced that the Board of Directors of the
Company at its meeting held on July 09, 2011 have approved the Buy-Back of the
Company's fully paid up equity shares of INR10 each from the existing
shareholders other than the promoters of the Company from the open market using
the electronic trading facilities of the stock exchanges in accordance with the
provisions of Sections 77A, 77AA and 77B of the Companies Act, 1956 read with
Article 5A of the Articles of Association of the Company and the SEBI (Buy-Back
of Securities) Regulations 1998, as amended from time to time, at a price not
exceeding INR130 per Equity share payable in cash for an aggregate amount not
exceeding INR231.9 million, the maximum number of shares that can be bought
back would be 17,84,162 Equity shares. The offer size represents 6.45% of the
aggregate of the Company's paid up equity capital and free reserves as on March
31, 2011.
Indo Asian Fusegear Limited Announces Name
Change
Jul 06, 2011
Indo Asian Fusegear Limited announced that pursuant to the provisions of
Section 21 of the Companies Act, 1956, the name of the Company 'Indo Asian
Fusegear Limited' has been changed to 'Eon Electric Limited'. The address of
the Registered and Corporate Offices remain unchanged.
Indo Asian Fusegear Limited Announces Payment
Of Dividend On Preference Shares
Mar 18, 2011
Indo Asian Fusegear Limited announced that the Board of Directors of the
Company at its meeting held on March 17, 2011, inter alia, has approved the
payment of dividend at 10% on 10,00,000 Preference Shares for the Financial
Year 2010-2011.
Indo Asian Fusegear Limited Approves Name
Change
Feb 14, 2011
Indo Asian Fusegear Limited announced that Board of Directors of the Company at
its meeting held on February 11, 2011, inter alia, has approved the proposal to
change the name of the Company from 'Indo Asian Fusegear Limited' to 'IAFL
Electricals Limited'. In this regard , an Extra Ordinary General Meeting of
members of the Company will be held on March 08, 2011.
Indo Asian Fusegear Limited Fixes Record Date
For Special Interim Dividend
Oct 12, 2010
Indo Asian Fusegear Limited announced that October 21, 2010, has been fixed as
the record date for the purpose of payment of special interim dividend.
Indo Asian Fusegear Limited Declares Dividend
Oct 11, 2010
Indo Asian Fusegear Limited announced that the Board of Directors of the
Company at its meeting inter alia, has approved the payment of dividend at 10%
to the preference shareholder of the Company on 10,00,000 preference shares of
INR10 each for the financial year ended March 31, 2007, to March 31, 2010. The
Company also declared payment of special interim dividend at 100% amounting to
INR10 each to equity shareholders of the Company on 1,69,51,628 fully paid up
equity share of INR10 each.
Accord Fintech (India)
04 October 2011
[What follows is the full text of the news
story.]
India,
Oct. 04 -- D and A Financial Services Private Limited ("Manager to the
Buyback") on behalf of Eon Electric Limited ("Target Company")
has informed this Public ("PA") to the Equity Shareholders /
Beneficial Owners of the equity shares of the Target Company, pursuant to the
provisions of Regulations 8(1) read with Regulation 15(c) of the Securities and
Exchange Board of India (Buy-back of Securities) Regulations, 1998 for the time
being in force including any statutory modifications and amendments from time
to time ("Buy-back Regulations") and contains the disclosures as
specified in Schedule II to the Buy-back Regulations. Target Company published
a Public Notice dated July 09, 2011 in compliance with Regulation 5A of the
Buy-back Regulations ('Notice") published on July 11, 2011. Details of Buy
back Offer and Offer Price: The Board of Directors of the Company ("Board
of Directors"), in accordance with the authorization by the Article 5A of
the Articles of Association of the Company ("AoA') and pursuant to the
resolution passed by it ("Board Resolution") at its meeting held on
July 09, 2011 ("Board Meeting"), approved the Buy-back of its fully
paid-up equity shares ("Buy-back") of the face value of Rs.10 each
("Equity Shares") from the existing owners of Equity Shares other
than the promoters, promoter group and persons who are in control of the
Company ("Persons in Control") up to 6.45% of the paid up capital and
free reserves, at a price not exceeding Rs. 130/- per Equity Share
("Maximum Buy Back price ") payable in cash, for an aggregate amount
not exceeding Rs. 231.900 Millions ("Maximum Buy-Back Size"). The
Maximum Buy Back Price per Equity Share does not include brokerage costs,
Securities and Exchange Board of India ("SEBI") turnover charges,
taxes such as Securities Transaction Tax, Service Tax and relevant stamp duty
("Transaction Costs"). The Maximum Buy-back Size represents 6.45% of
the aggregate of the Company's total paid-up equity capital and free reserves
as on March 31, 2011 (the date of the latest standalone audited accounts).
which is in compliance with the maximum permissible limit of "10% of the
paid-up equity capital and free reserves in accordance with Section 77A(2) of
the Companies Act, 1956 (the "Act"). The aggregate paid up capital
and free reserves of the Company as at March 31, 2011 is Rs. 3594.700 Millions.
The Buy-back will be implemented by the Company through the methodology of
"Open market purchases through Stock Exchanges" using the electronic
trading facilities of the Bombay Stock Exchange Limited ("BSE") and
the National Stock Exchange of India Limited ("NSE") ("Stock
Exchanges") in accordance with the provisions of Sections 77A, 77AA, 77B
of the Act and other applicable provisions of the Act read with Article 5A of
AoA and the Buy back Regulations and subject to approvals as may be necessary,
from time to time, from statutory authorities including but not limited to,
SEBI, Stock Exchanges, Reserve Bank of India .("RBI") etc. as may be
required and further subject to such conditions as may be prescribed while
granting such approval/s, which may be agreed to by the Board of Directors. The
Maximum Buy-Back Price has been arrived at after taking into consideration,
factors such as the trends in the market price of the Equity Shares during the
last 6 (six) months prior to the date of the Board Meeting, the book value of
Equity Shares, price to earnings ratio and impact on other financial parameters
and the possible impact of the Buy-back on the Company's Earnings per Equity
Share. The maximum Buy Back Price offers a premium of 64.66% and 64.25% over
the closing prices of the Equity Shares on the Bombay Stock Exchange Limited
(BSE) and National Stock Exchange of India Limited (NSE) respectively, as on
July 08, 2011 i.e the day prior to the Board Meeting. The maximum number of
Equity Shares bought back shall be subject to (i) the Buy-back not causing the
Company to be in violation of the conditions for continuous listing prescribed
in terms of Clause 40A of the Listing Agreement between the Company and the
Stock Exchanges, i.e., maintaining the public shareholding at 25%, (ii) such
Equity Shares that may be bought back not exceeding the Maximum Buy-Back
Shares; and (iii) the aggregate consideration payable pursuant to the Buy-back
not exceeding the Maximum Buy-Back Size. It is being clarified that the fact
that the resolution provides for the Maximum Buy-Back Price does not Indicate
that the Company will or is obliged to buy or continue to buy Equity Shares so
long as the price is below the maximum price. Similarly, the fact that the
resolution indicates the Maximum Buy-Back Size and the maximum aggregate number
of Equity Shares that may be bought back at Rs.130/- does not indicate that the
Company will utilize or is obliged to utilize, the entire amount of Rs.231.900
Millions (being the Maximum Buy-Back Size) in the Buy-back or that the Company
will buy or is obliged to buy all the Maximum Buy-Back Shares. The company
proposes to buy back a minimum of 4,50,000 equity shares. Proposed Time Table:
Date of Commencement of Buy Back - October 10, 2011, Last date for the Buy Back
- 8th July, 2012. Published by HT Syndication with permission from Accord
Fintech.
Accord Fintech (India)
30 September 2011
[What follows is the full text of the news
story.]
India,
Sept. 30 -- D and A Financial Services Private Limited ("Manager to the
Buyback") on behalf of Eon Electric Limited ("Target Company")
has informed this Public Announcement ("PA") to the Equity
Shareholders / Beneficial Owners of the equity shares of the Target Company,
pursuant to the provisions of Regulations 8(1) read with Regulation 15(c) of
the Securities and Exchange Board of India (Buy-back of Securities)
Regulations, 1998 for the time being in force including any statutory
modifications and amendments from time to time ("Buy-back
Regulations") and contains the disclosures as specified in Schedule II to
the Buy-back Regulations.Target Company published a Public Notice dated July
09, 2011 in compliance with Regulation 5A of the Buy-back Regulations
(Notice") published on July 11, 2011.Details of Buy back Offer and Offer
Price:The Board of Directors of the Company ("Board of Directors"),
in accordance with the authorization by the Article 5A of the Articles of
Association of the Company ("AoA) and pursuant to the resolution passed by
it ("Board Resolution") at its meeting held on July 09, 2011
("Board Meeting"), approved the Buy-back of its fully paid-up equity
shares ("Buy-back") of the face value of Rs.10 each ("Equity
Shares") from the existing owners of Equity Shares other than the
promoters, promoter group and persons who are in control of the Company
("Persons in Control") up to 6.45% of the paid up capital and free
reserves, at a price not exceeding Rs. 130/- per Equity Share ("Maximum
Buy Back price ") payable in cash, for an aggregate amount not exceeding
Rs. 231.900 Millions ("Maximum Buy-Back Size"). The Maximum Buy Back
Price per Equity Share does not include brokerage costs, Securities and
Exchange Board of India ("SEBI") turnover charges, taxes such as
Securities Transaction Tax, Service Tax and relevant stamp duty ("Transaction
Costs"). The Maximum Buy-back Size represents 6.45% of the aggregate of
the Companys total paid-up equity capital and free reserves as on March 31,
2011 (the date of the latest standalone audited accounts). which is in
compliance with the maximum permissible limit of "10% of the paid-up
equity capital and free reserves in accordance with Section 77A(2) of the
Companies Act, 1956 (the "Act"). The aggregate paid up capital and
free reserves of the Company as at March 31, 2011 is Rs. 3594.700 Millions.The
Buy-back will be implemented by the Company through the methodology of
"Open market purchases through Stock Exchanges" using the electronic
trading facilities of the Bombay Stock Exchange Limited ("BSE") and
the National Stock Exchange of India Limited ("NSE") ("Stock
Exchanges") in accordance with the provisions of Sections 77A, 77AA, 77B
of the Act and other applicable provisions of the Act read with Article 5A of
AoA and the Buy back Regulations and subject to approvals as may be necessary,
from time to time, from statutory authorities including but not limited to,
SEBI, Stock Exchanges, Reserve Bank of India .("RBI") etc. as may be
required and further subject to such conditions as may be prescribed while
granting such approval/s, which may be agreed to by the Board of Directors.The
Maximum Buy-Back Price has been arrived at after taking into consideration,
factors such as the trends in the market price of the Equity Shares during the
last 6 (six) months prior to the date of the Board Meeting, the book value of
Equity Shares, price to earnings ratio and impact on other financial parameters
and the possible impact of the Buy-back on the Companys Earnings per Equity
Share. The maximum Buy Back Price offers a premium of 64.66% and 64.25% over
the closing prices of the Equity Shares on the Bombay Stock Exchange Limited
(BSE) and National Stock Exchange of India Limited (NSE) respectively, as on
July 08, 2011 i.e the day prior to the Board Meeting.The maximum number of
Equity Shares bought back shall be subject to (i) the Buy-back not causing the
Company to be in violation of the conditions for continuous listing prescribed
in terms of Clause 40A of the Listing Agreement between the Company and the
Stock Exchanges, i.e., maintaining the public shareholding at 25%, (ii) such
Equity Shares that may be bought back not exceeding the Maximum Buy-Back
Shares; and (iii) the aggregate consideration payable pursuant to the Buy-back
not exceeding the Maximum Buy-Back Size. It is being clarified that the fact
that the resolution provides for the Maximum Buy-Back Price does not Indicate
that the Company will or is obliged to buy or continue to buy Equity Shares so
long as the price is below the maximum price. Similarly, the fact that the
resolution indicates the Maximum Buy-Back Size and the maximum aggregate number
of Equity Shares that may be bought back at Rs.130/- does not indicate that the
Company will utilize or is obliged to utilize, the entire amount of Rs.231.900
Millions (being the Maximum Buy-Back Size) in the Buy-back or that the Company
will buy or is obliged to buy all the Maximum Buy-Back Shares. The company
proposes to buy back a minimum of 4,50,000 equity shares.Proposed Time
Table:Board Meeting approving Buy Back - July 09, 2011Date of Public Notice in
Compliance with Regulation 5A of the Buy Back Regulations - July 11, 2011Date
of Public Announcement - September 28, 2011Date of Commencement of Buy Back -
October 10, 2011Acceptance of Shares - Within 15 days of the relevant pay out
dates of the Stock Exchanges Extinguishment of Shares - Within 15 days of
acceptance of equity shares as mentioned above provided that the company shall
ensure that all the equity shares bought back are extinguished within 7 days
from the last date of completion of the Buy Back.Last date for the Buy Back -
8th July, 2012 (i.e 12 months from the date of the resolution passed by the
Board of Directors of the company at its meeting held on 9th July, 2011) or in
case Maximum offer shares have been bought back or the Maximum Offer size has
been exhausted, whichever is earlier. However, the Board of Directors reserves
the right to close the buy back at an earlier date in the event the company has
bought back the Minimum Offer Shares, even if the maximum offer size has not
been exhausted or Maximum Offer shares have not been bought back, by giving an
appropriate notice for such earlier date and completing all formalities in this
regard as per the relevant laws and regulations. All payment obligations in
respect of the Buy Back shall be completed prior to the last date of the Buy
Back. Published by HT Syndication with permission from ACCORD FINTECH BSE.
Accord Fintech (India)
11 August 2011
[What follows is
the full text of the news story.]
India, Aug. 11 -- Members of the Exchange are hereby informed that the
name of Indo Asian Fusegear Limited shall be changed to Eon Electric Limited
and the trading symbol of the Company be changed from INDOASIFU to EONELECT
w.e.f. August 18, 2011. Published by HT Syndication with permission from Accord
Fintech.
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. 49.07 |
|
|
1 |
Rs. 76.65 |
|
Euro |
1 |
Rs. 66.17 |
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.