MIRA
INFORM REPORT
|
Report Date : |
20.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
COOPER BUSSMANN INDIA PRIVATE LIMITED (22.11.2000) |
|
|
|
|
Formerly Known
As : |
SSP INDUSTRIAL INVESTMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 2 EVR Street, Sedarpet Industrial Estate, Pondicherry 605111 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.09.1992 |
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|
Com. Reg. No.: |
001760 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.113.351
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909PY1992PTC001760 |
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|
|
|
Legal Form : |
Private Limited Liability Company
|
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|
|
|
Line of Business
: |
Manufacture and sale of fuse and fuse fittings to cater |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 5018016 |
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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 an established company having good track record.
Financially company is performing well. Trade relation are reported to be
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
No. 2 EVR Street, Sedarpet Industrial Estate, Pondicherry 605111,
India |
|
Tel. No.: |
91-413-2672000 |
|
Fax No.: |
91-413-2677010 |
|
E-Mail : |
DIRECTORS
AS ON 26.09.2011
|
Name : |
Mr. Syed Sajjadh Ali |
|
Designation : |
Director |
|
Address : |
1 2nd Main Road, Natesan Nagar West, Ellaipillaichavady,
Pondicherry 605005, India |
|
Date of Birth/Age : |
15.06.1959 |
|
Date of Appointment : |
10.09.2008 |
|
DIN No.: |
02335078 |
OTHER DIRECTORSHIP
|
S.No. |
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company/ LLP
Status |
Defaulting
status |
|
1 |
U31909PY1992PTC001760
|
Cooper Bussmann India
Private Limited |
Managing director |
25/09/2008 |
10/09/2008 |
- |
Active |
NO |
|
2 |
U31401HR2007PTC040889
|
Cooper India
Private Limited |
Director |
27/09/2011 |
16/12/2010 |
- |
Active |
NO |
|
Name : |
Mr. Enzo Strappazzon |
|
Designation : |
Director |
|
Address : |
Bergstr 32, Aurachtl Falkendrof, Italy 91086 |
|
Date of Birth/Age : |
29.04.1965 |
|
Date of Appointment : |
10.09.2008 |
|
DIN No.: |
02349809 |
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|
|
|
Name : |
Mr. Sunjay Manian |
|
Designation : |
Director |
|
Address : |
30 Dean Road, Wilford Place, Wilford Nottingham NG117DQ |
|
Date of Birth/Age : |
25.01.1976 |
|
Date of Appointment : |
12.05.2011 |
|
DIN No.: |
03549846 |
KEY EXECUTIVES
|
Name : |
Ms. Indra Harikrishnan |
|
Designation : |
Secretary |
|
Address : |
19 Canon Street, Priyadarshini Nagar, Gorimedu, Pondicherry 605006,
India |
|
Date of Birth/Age : |
06.03.1964 |
|
Date of Appointment : |
01.12.2006 |
|
PAN No.: |
ACFPH3581G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2011
|
Names of Shareholders |
No. of Shares |
|
Cooper Bussmann LLC, USA |
10609575 |
|
Cooper Securities INC, USA |
1 |
|
Total |
10609576 |
AS ON 26.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and sale of fuse and fuse fittings to cater |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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|
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Facilities : |
-- |
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|
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Banking
Relations : |
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|
|
Auditors : |
|
|
Name : |
S R Batiboi and Associates Chartered Accountant |
|
Address : |
TPL House Second Floor, 3 Cenatoph Road, Chennai 600018, Tamilnadu,
India |
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|
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|
Parent / Holding Company : |
Cooper Bussmann LLC, USA |
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|
|
|
Entities Under
Common Control: |
·
Bussmann Do Brazil LTDA ·
Bussmann International Inc, Denmark ·
Bussmann International Inc, Singapore ·
Cooper Bussmann - Ellisville - DC ·
Cooper Bussmann - Juarez ·
Cooper Bussmann (U.K) Limited, UK ·
Cooper Bussmann Hungaria KFT ·
Cooper Electrical Australia, Australia ·
Cooper India Private Limited ·
Cooper Tools GmbH, Germany ·
Cooper Xian Fusegear Company Limited, China |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17200000 |
Equity Shares |
Rs.10/- each |
Rs.172.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11335131 |
Equity Shares |
Rs.10/- each |
Rs.113.351
Millions |
Out of the above
11,335,130 equity shares are held by Cooper Bussmann LLC, USA. During the financial
year, the Company bought back and extinguished 1,221,621 equity shares from
Cooper Bussmann LLC, USA.
AS ON 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17200000 |
Equity Shares |
Rs.10/- each |
Rs.172.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10609576 |
Equity Shares |
Rs.10/- each |
Rs.106.095
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 |
113.351 |
113.351 |
125.567 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1141.153 |
839.185 |
850.801 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1254.504 |
952.536 |
976.368 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
8.817 |
9.170 |
9.168 |
|
|
|
|
|
|
|
|
TOTAL |
1263.321 |
961.706 |
985.536 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
125.228 |
123.807 |
122.966 |
|
|
Capital work-in-progress |
5.782 |
0.328 |
4.966 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
146.046
|
133.525 |
118.565 |
|
|
Sundry Debtors |
362.748
|
264.348 |
138.368 |
|
|
Cash & Bank Balances |
637.836
|
419.772 |
544.042 |
|
|
Other Current Assets |
43.282
|
24.004 |
59.050 |
|
|
Loans & Advances |
172.499
|
163.334 |
200.937 |
|
Total
Current Assets |
1362.411
|
1004.983 |
1060.962 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
223.105
|
154.680 |
0.000 |
|
|
Other Current Liabilities |
0.214
|
0.000 |
191.208 |
|
|
Provisions |
6.781
|
12.732 |
12.150 |
|
Total
Current Liabilities |
230.100
|
167.412 |
203.358 |
|
|
Net Current Assets |
1132.311
|
837.571 |
857.604 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1263.321 |
961.706 |
985.536 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income and Other Income |
1694.620 |
1041.810 |
1173.430 |
|
|
|
TOTAL (A) |
1694.620 |
1041.810 |
1173.430 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
|
|
|
|
|
Manufacturing Expenses |
|
|
|
|
|
|
Employees Remuneration |
1286.530 |
732.910 |
904.880 |
|
|
|
Selling and Distribution Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
TOTAL (B) |
1286.530 |
732.910 |
904.880 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
408.090 |
308.900 |
268.550 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.890 |
0.970 |
0.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
407.200 |
307.930 |
267.680 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.740 |
19.170 |
15.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
387.460 |
288.760 |
251.710 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
85.490 |
68.490 |
53.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
301.970 |
220.270 |
197.830 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.64 |
18.53 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
17.81
|
21.14 |
16.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.86
|
27.71 |
21.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.04
|
25.58 |
21.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.30 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.18 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.92
|
6.00 |
5.21 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
PERFORMANCE
The turnover for the
year ended 31.03.2011 was Rs. 1694.62 millions (Sales and other income) against
the previous years turnover of Rs.1041.81 millions. This represents an increase
of 63% as against the turnover of the previous period.
During the year
ended 31.03.2011 the Company has taken all efforts after the global recession
to improve both in Export market and Local Markets and in bringing down the
input and operational costs.
During the year
the Company introduced new products in the field of renewable energy such as
fuses for windmill and solar applications. Many process improvements have been
implemented in assembly lines to satisfy customer expectations and to increase
productivity and make the process robust.
Their performance
towards meeting customer demands have remarkably increased in the last couple
of months by clear focus and managing the customer expectations on a daily
basis. Inventory turns have improved by various actions initiated.
BACKGROUND
The company was
incorporated on September 24, 1992 as SSP Industrial Investments Limited, a
private limited company and a wholly owned subsidiary of S&S Power
Switchgear Limited. The Company acquired the manufacturing facilities for low
tension (LT) fuses situated at Pondicherry in South India from S and S Power Switchgear
Limited as a going concern with effect from August 31, 1999. Subsequently, the
shareholding in the Company was transferred to Cooper Bussmann LLC, USA
(formerly Cooper Bussmann Inc., USA) under a share purchase agreement dated
January 20, 2000. The Company is presently a 99.9% subsidiary of Cooper
Bussmann LLC, USA and the balance share is held by Cooper Securities Inc., USA.
The Company carries out manufacture and sale of fuse and fuse fittings to cater
to both the export and domestic requirements and is engaged in trading
activities as well.
Note:
Registered office of the company has been shifted from 3A EVR Street, Sedarpet, Pondicherry 605111, India to the present address w.e.f. 12.06.2008
CONTINGENT LIABILITIES
(Rs. In Millions)
|
|
31.03.2011 |
31.03.2010 |
|
Income Tax
Related Matters (Management
contends that the Company has sufficient grounds to defend its position.) |
36.554 |
25.801 |
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes
/ No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
--- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
--- |
|
22] |
Litigations that the firm / promoter
involved in |
--- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
--- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
32] |
Passport No of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Office Equipment
·
Tooling and Fixture
·
Computer Equipment
·
Furniture and Fittings
·
Vehicle
·
Goodwill
·
Software
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 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.55.70 |
|
|
1 |
Rs.87.54 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.