MIRA
INFORM REPORT
|
Report Date : |
08.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SCHNIEDER ELECTRIC IT BUSINESS
INDIA PRIVATE LIMITED |
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Formerly Known
As : |
AMERICAN POWER
CONVERSION ( |
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Registered
Office : |
Survey No.187/3
and 188/3, Jigani Village, Jigani Hobli, Anekal Taluk, Bangalore – 562106,
Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.03.1997 |
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Com. Reg. No.: |
08-29635 |
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Capital
Investment/ Paid-up Capital: |
Rs.34.702 Millions |
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CIN No.: [Company Identification
No.] |
U32109KA2001PTC029635 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA03081B BLRA01711D |
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PAN No.: [Permanent Account No.] |
AACCA6398Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Suppliers
of UPS and Power Protection Equipments |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 51100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of American
Power Conversion, It is a well established
company having fine track. Available information indicated high financial
responsibility of the company. Directors are reported to be experienced and
respectable businessmen. Trade relations are fair. Business is active.
Payments are usually correct and as per commitments. The company can
be considered good for normal business dealing 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) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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/ Head Office/ Factory : |
Survey No.187/3
and 188/3, Jigani Village, Jigani Hobli, Anekal Taluk, Bangalore – 562106,
Karnataka, India |
|
Tel. No.: |
91-80-27826025 – 32 / 27826151 – 58/ 7812070 |
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Fax No.: |
91-80-27826022 / 23 / 24/ 2213816 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Javed Ahmad |
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Designation : |
Managing Director and General Manager Manufacturing |
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Address : |
3B |
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Date of Birth/Age : |
29.01.1967 |
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Qualification : |
MBA |
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Date of Appointment : |
08.01.2007 |
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DIN No.: |
01705373 |
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Other Directorship:
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Name : |
Mr. Pankaj Sharma |
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Designation : |
Director |
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Address : |
1, RHU cross,
#08-08, |
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Date of Birth/Age : |
19.02.1973 |
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Date of Appointment : |
22.06.2009 |
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DIN No.: |
02669725 |
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Other
Directorship:
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Name : |
Mr. Charles Dean Watanabe |
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Designation : |
Director |
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Address : |
Block 708, |
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Date of Birth/Age : |
21.07.1964 |
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Date of Appointment : |
22.06.2009 |
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DIN No.: |
02634059 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2011)
|
Names of Shareholders |
No. of Preference Shares |
No. of Equity Shares |
|
American Power
Conversion Corporation, |
0.000 |
3353560 |
|
American Power
Conversion Corporation (A.P.C) B. V. Ireland, Netherland |
0.000 |
2 |
|
MGE UPS Systems
SA France, France |
53546 |
63125 |
|
Schneider
Electric IT |
0.000 |
1 |
|
Total |
53546 |
3416688 |
As on 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Suppliers of UPS and Power Protection Equipments |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
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|
Installed
Capacity |
Actual
Production |
|
UPS and Power Protection Systems |
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|
4100000 |
1670777 |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
ICICI
Bank, 1, ·
ABN Amro Bank, Chennai,
Tamilnadu ·
Citi Bank NA, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi
and Associates Chartered
Accountant |
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Address : |
12th
and 13th Floor, “UB CITY,” |
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Tel. No.: |
91-80-40275000 |
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Fax No.: |
91-80-22106000 |
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Pan No. : |
AALFS0506L |
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Holding Company: |
American Power Conversion Corporation, |
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Ultimate Holding Company: |
Schneider Electric SA, France |
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Related Party: |
·
American Power Conversion B.V., ·
American Power Conversion Brazil Limited, ·
American Power Conversion Holding Inc, ·
American Power Conversion Holdings, ·
American Power Conversion Inc, ·
American Power Conversion Japan, Inc. , ·
American Power Conversion Pty Limited, ·
American Power Conversion SA, ·
American Power Conversion Singapore Pte
Limited, ·
American Power Conversion, ·
American Power Conversion ( ·
Supply Co. Limited, ·
American Power Conversion ( ·
Limited, ·
American Power Conversion International Trade
( ·
Limited, ·
Gutor Electronic |
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|
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Fellow Subsidiaries : |
·
MGE Asia Pte Limited, ·
MGE ·
MGE China Limited, ·
MGE UPS Systems Australia Pty Limited, ·
MGE UPS Systems S.A. ( · MGE UPS Systems SAS , France ·
MGE UPS Systems ·
MGE UPS Systems, · Netbotz Inc.USA ·
Schneider Electric Inc, ·
Schneider Electric India Private Limited, CIN No.: U74899DL1995PTC065815 · Schneider Electric IT, UAE ·
Schneider Electric Taiwan Company Limited, ·
Schneider Electric, ·
Schneider Electric, ·
Xantrex Technologies, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity shares |
Rs.10 each |
Rs.50.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3416688 |
Equity shares |
Rs.10 each |
Rs.34.167 Millions |
|
53546* |
Preference Shares |
Rs.10/- each |
Rs.0.535 Million |
|
|
Total |
|
Rs.34.702 Millions |
*(Held by MGE UPS Systems SA, France, allotted as fully paid up, pursuant to a scheme of merger, without payment being received in ash)
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 |
35.000 |
34.000 |
34.000 |
|
|
2] Share Application Money |
0.000 |
1.000 |
0.000 |
|
|
3] Reserves & Surplus |
12731.000 |
11102.000 |
8816.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12766.000 |
11137.000 |
8850.000 |
|
|
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 |
0.000 |
3.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
12766.000 |
11140.000 |
8850.000 |
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|
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
2009.000 |
1997.000 |
1411.000 |
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|
Capital work-in-progress |
373.000 |
41.000 |
135.000 |
|
|
|
|
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|
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INVESTMENT |
0.0000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
8.000 |
0.000 |
56.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3135.000
|
2996.000
|
2169.000
|
|
|
Sundry Debtors |
7842.000
|
7801.000
|
7209.000
|
|
|
Cash & Bank Balances |
414.000
|
431.000
|
767.000
|
|
|
Other Current Assets |
936.000
|
9.000
|
92.000
|
|
|
Loans & Advances |
3373.000
|
2279.000
|
1619.000
|
|
Total
Current Assets |
15700.000
|
13516.000 |
11856.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
4103.000
|
3316.000 |
3815.000
|
|
|
Other Current Liabilities |
437.000
|
310.000 |
106.000
|
|
|
Provisions |
784.000
|
788.000 |
687.000
|
|
Total
Current Liabilities |
5324.000
|
4414.000 |
4608.000 |
|
|
Net Current Assets |
10376.000
|
9102.000 |
7248.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12766.000 |
11140.000 |
8850.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
20852.000 |
17321.000 |
|
|
|
|
Other Income |
189.000 |
1489.000 |
|
|
|
|
21041.000 |
18810.000 |
20201.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
19320.000 |
16579.000 |
20623.000 |
|
|
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|
|
|
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|
PROFIT BEFORE
TAX |
NA |
NA |
2348.000 |
|
|
|
|
|
|
|
|
|
|
TAX |
NA |
NA |
231.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1629.000 |
2084.000 |
2117.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10952.000 |
8868.000 |
6751.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
12581.000 |
10952.000 |
8868.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export Earnings |
|
13882.000 |
16784.000 |
|
|
|
Miscellaneous Income |
|
20.000 |
0.000 |
|
|
|
Software Development and design services |
|
463.000 |
247.000 |
|
|
|
Sales of Fixed Assets |
|
41.000 |
0.000 |
|
|
TOTAL EARNINGS |
17341.000 |
14406.000 |
17031.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Materials |
|
8046.000 |
11070.000 |
|
|
|
Capital Goods |
|
247.000 |
164.000 |
|
|
TOTAL IMPORTS |
9681.000 |
8293.000 |
11234.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.74
|
11.07 |
10.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
17.69
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.40 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.95
|
306 |
2.58 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report [Yes/No] |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the firm |
Yes |
|
Premises details |
No
|
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters background |
Yes
|
|
No. of Employees |
Yes |
|
Name of Person Contacted |
No
|
|
Designation of contact
person |
No
|
|
Turnover of firm for last
three years |
Yes |
|
Profitability for last
three years |
Yes
|
|
Reasons for variation
<> 20% |
- |
|
Estimation for coming
financial year |
- |
|
Capital the business |
Yes |
|
Details of sister
concerns |
Yes
|
|
Major Suppliers |
No |
|
Major Customers |
No
|
|
Payment Terms |
No
|
|
Export / Import Details
[If Applicable] |
No
|
|
Market Information |
- |
|
Litigations that the firm
/ promoter involved in |
- |
|
Banking Details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the banking
account |
- |
|
Buyer visit details |
- |
|
Financials, if provided |
Yes
|
|
Incorporation details, if
applicable |
Yes
|
|
Last accounts filed at
ROC |
No
|
|
Major Shareholders, if
applicable |
Yes
|
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes
|
|
PAN of
Proprietor/Partner/Director, if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
External Agency Rating,
if available |
No |
FINANCIAL RESULTS:
The company was able to make satisfactory performance during the year ended on 31.03.2011. The total income for the year has been Rs.21041.000 million which was mainly generated from sale of products of the company .The company was able to generate other income for an amount of Rs.189.000 million during the year. The total expenditure for the period has been Rs.19320.000 million. The net profit of the company for the year ended on 31.03.2011 has been Rs.1629.000 million. The total Profit carried to balance sheet as on 31.03.2011 is Rs12581.000 million.
Background
American Power Conversion (India) Private Limited ("the
Company") was incorporated on March 10, 1997 as a private limited company under the
Companies Act, 1956 ("the Act"). The Company is a wholly owned subsidiary of American Power Conversion
Corporation,
The Company is principally engaged in the Manufacturer and trading of UPS systems and other power protection equipments. The Company comment & its trading operations on September 1, 1997 and its manufacturing operations on June 28, 1999 at Bangalore and subsequently obtained Electronic Hardware Technology Park (EHTP) license. The Company's software technology park (STP) unit commenced operations on June 1,2000.
CONTINGENT LIABILITY
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 770.000
Rs. in Millions
|
Particular |
31.03.2011 |
|
a) Claims not acknowledged as debts 101 |
101.000 |
|
Provident fund on leave encashment for the period March 1997 to March 2005, pending final decision by appropriate authorities |
1.000 |
|
Income Tax, Service tax, VAT and other matters |
210.000 |
|
Excise & Customs |
2214.000 |
|
Dispute between Employees and Management has been referred
by the Government of Karnataka under section 10(1) (d) of the Industrial
Disputes Act 1947 to Industrial Tribunal, |
|
FIXED ASSETS:
- Leasehold Improvements
- Plant and
Machinery
- Computer
equipment
- Office
equipments
- Furniture and
fittings
- Vehicles
- Computer
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.54.20 |
|
|
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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.