MIRA
INFORM REPORT
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Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SCHNEIDER ELECTRIC INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.B-12, Ground Floor, Rewari Line, Mayapuri Industrial Area, Phase
I, New Delhi – 110 064 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.02.1995 |
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Com. Reg. No.: |
55-65815 |
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Capital
Investment / Paid-up Capital : |
Rs. 3682.862 millions |
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CIN No.: [Company Identification
No.] |
U74899DL1995PTC065815 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS22760D |
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PAN No.: [Permanent Account No.] |
AABCS1624G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Industrial, Electrical and Electronic
Items. |
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No. of Employees
: |
6000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1110000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
Plot No.B-12, Ground Floor, Rewari Line, Mayapuri Industrial Area,
Phase I, New Delhi – 110 064, India |
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Tel. No.: |
91-11-30189530 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office
/Corporate office: |
9th Floor, |
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Tel. No.: |
91-124-3940400 |
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Fax No.: |
91-124-4222036 |
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Factory : |
16(K), Attibele Industrial Area, Neraur, |
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Tel. No.: |
91-80-27820211 |
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Fax No.: |
91-80-27820236 |
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Branch Office: |
328/23 and 24, Rasulabad Road, Village Jarod, Taluka – Waghodia,
Vadodara - 391510, Gujarat, India |
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Service Centers : |
Located at:
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DIRECTORS
As on 29.09.2011
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Name : |
Mr. Olivier Pascal Marius Blum |
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Designation : |
Managing Director |
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Address : |
3/ 35, Shanti
Niketan, |
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Date of Birth/Age : |
13.10.1970 |
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Qualification : |
P.G. (qualified in business, administration and financial studies from
Ecole De Management, |
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Date of Appointment : |
01.01.2008 |
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DIN No.: |
02075443 |
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Other
directorship :
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Name : |
Mr. Zeljko Kosanovic |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.09.1970 |
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Date of Appointment : |
02.04.2007 |
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DIN No.: |
01469848 |
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Other
directorship :
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Name : |
Rajani Parvatesam Kesari |
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Designation : |
Whole Time Director |
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Address : |
35/ A, Vengal Rao Nagar, |
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Date of Birth/Age : |
02.07.1971 |
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Qualification : |
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Date of Appointment : |
13.10.2008 |
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DIN No.: |
02384170 |
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Other
directorship :
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KEY EXECUTIVES
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Name : |
Mr. Faizur Rehman |
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Designation : |
Secretary |
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Address : |
A–13, Pocket – A, DDA Flat, Sukhdev Vihar, |
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Date of Birth/Age : |
05.03.1978 |
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Date of Appointment : |
30.07.2009 |
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PAN No : |
AHJPR025N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
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Names of Shareholders |
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No. of Shares |
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Schneider Electric Industries S.A.S., |
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365435465 |
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Societe Rhodanienne D’Etudeset De Participations, |
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1 |
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M/S Schender Electric Denmark A/S , Denmark |
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2850760 |
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Electro Procelaine Socirte Par Actions Simplifiee |
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29432862 |
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Total
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397719088 |
As on 29.09.2011
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Industrial, Electrical and Electronic
Items. |
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PRODUCTION STATUS (As on 31.03.2011)
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Particulars |
Unit |
Installed
Capacity * |
Actual
Production *** |
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Industrial, Electrical and Electronic Item |
Nos. |
48573262 |
41373820 |
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Note:
License capacity is not applicable for Baroda plant and PFC plant at Bangalore. License capacity for other plants is 30,915,500 nos.
* As certified by the management.
** Includes normal shortages/excesses, samples, warranty issues, etc.
*** The production quantity is not comparable with installed capacity because of difference in unit of Measurement.
GENERAL INFORMATION
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No. of Employees : |
6000 (Approximately) |
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Bankers : |
Not Available |
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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 Company Chartered Accountants |
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Address : |
Golf View Corporate Tower – B, Sector – 42, |
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PAN.: |
AALFS0506L |
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Holding Company:
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Schneider Electric Industries S.A.S, |
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Subsidiaries :
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Schneider
Electric (Lanka) Private Limited ( Schneider
Electric Conzerv India Private Limited (w.e.f. June 8, 2010) CIN No.: U03312DL1988PTC208639 |
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Fellow
Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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404000000 |
Equity Shares |
Rs.10/- each |
Rs.4040.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
397719088 |
Equity Shares |
Rs.10/- each |
Rs.3977.191
millions |
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As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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404000000 |
Equity Shares |
Rs.10/- each |
Rs.4040.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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368286226 |
Equity Shares |
Rs.10/- each |
Rs.3682.862
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3682.862 |
3654.355 |
1701.183 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.273 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3417.579) |
(856.741) |
(554.027) |
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NETWORTH |
277.556 |
2797.614 |
1147.156 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
10047.548 |
4898.648 |
3326.923 |
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TOTAL BORROWING |
10047.548 |
4898.648 |
3326.923 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10325.104 |
7697.262 |
4474.079 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3728.799 |
2385.135 |
1152.658 |
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Capital work-in-progress |
424.270 |
84.858 |
197.457 |
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INVESTMENT |
40.147 |
1871.679 |
61.385 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3960.687
|
2246.012
|
1831.376 |
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Sundry Debtors |
6267.117
|
4218.586
|
3503.522 |
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Cash & Bank Balances |
1725.878
|
334.597
|
67.344 |
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Other Current Assets |
208.695
|
63.250
|
0.000 |
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Loans & Advances |
2157.275
|
1069.643
|
948.986 |
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Total
Current Assets |
14319.652
|
7932.088
|
6351.228 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6682.203
|
3744.762 |
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Other Current Liabilities |
1179.232
|
596.859 |
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Provisions |
326.329
|
235.877 |
170.576
|
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Total
Current Liabilities |
8187.764
|
4577.498
|
3288.649 |
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Net Current Assets |
6131.888
|
3354.590
|
3062.579 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10325.104 |
7696.262 |
4474.079 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales (net) and Other Income |
20572.321 |
14120.884 |
13051.108 |
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Expenses
|
NA |
NA |
NA |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(185.714) |
377.846 |
(106.643) |
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PROFIT AFTER TAX
|
(1142.528) |
(302.714) |
(716.564) |
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EARNINGS IN
FOREIGN CURRENCY |
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Exports at F.O.B. Value |
3631.500 |
1463.027 |
1011.829 |
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Others – Services |
2016.504 |
1193.294 |
893.321 |
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TOTAL EARNINGS |
5648.004 |
2656.321 |
1905.150 |
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IMPORTS |
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Industrial
Electrical, Electronic Items and Raw Material - Goods purchase for resale |
4150.304 |
2830.142 |
2993.467 |
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|
- Raw Materials |
4475.025 |
2606.654 |
1807.553 |
|
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Stores & Spares |
5.337 |
2.429 |
0.802 |
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|
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Capital Goods |
94.537 |
91.355 |
136.475 |
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TOTAL IMPORTS |
8725.203 |
5530.580 |
4938.297 |
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Earnings Per
Share (Rs.) |
2.87 |
(0.83) |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(5.55)
|
(2.14)
|
(5.49) |
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Debt Equity Ratio (Total Liability/Networth) |
|
65.70
|
3.39
|
5.77 |
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Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.73
|
1.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
No |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Note:
The Registered Office of the company has been shifted from A-29, Mohan
Co Operative Industrial Estate, Mathura Road, New Delhi – 110044, India to the
present address w.e.f. 26.02.2010.
Performance during
the year
During the year, Company’s has achieved growth of more than 46% in its Turnover from Rs. 14120.884 millions to Rs. 20572.321 millions. However, the losses after tax have also increased from Rs. 302.714 millions to Rs. 1142.528 millions. These increases in losses are mainly because of impairment of Goodwill.
Merger of M/s LK
India Private Limited and M/s Schneider Electric Conzerv India Private Limited
with the Company.
During the year under review, Hon’ble High Court of Delhi vide its Order dated February 17, 2011 (“Order”) approved the Scheme of Amalgamation (“Scheme”) for amalgamation of M/s LK India Private Limited and M/s Schneider Electric Conzerv India Private Limited with Schneider Electric India Private Limited. The said Order was filed with the Registrar of Companies, NCT of Delhi and Haryana on February 18, 2011. The Effective date of merger is February 18, 2011 and the appointed date of the said merger is April 01, 2010. Accordingly, Balance Sheet as on 31st March, 2011 and the Profit and Loss Account for the Financial Year ended on 31st March, 2011 have been prepared in accordance with the above said Order of the Hon’ble High Court of Delhi.
CONTINGENT
LIABILITY NOT PROVIDED FOR:
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
Demand from income tax authority disputed by the company * |
378.194 |
|
Demand from sales tax authority disputed by the company * |
126.663 |
|
Demand from excise authority disputed by the company * |
6.003 |
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FIXED ASSETS
·
Land – Leasehold
·
Leasehold Improvements
·
Building
·
Plant and machinery
·
Furniture and Fixture
·
Office Equipment
·
Data Processing
Equipments
·
Vehicles
·
Goodwill
·
Trade Mark
·
Software
WEB DETAILS
HISTORY
The history of Schneider Electric
From 1836 to today,
Schneider Electric has transformed itself into the global specialist in energy
management. Starting from its roots in the iron and steel industry, heavy
machinery, and ship building, it moved into electricity and automation management.
After 170 years of history, Schneider Electric has become today the solution
provider that will help you make the most of your energy. Discover its
transformation below.
19th century
1836: The Schneider brothers took over the Creusot foundries. Two years
later, they created Schneider and Cie.
1891: Having become an armaments specialist, Schneider innovated by launching
itself into the emerging electricity market.
First half of the 20th century
1919: Installation of Schneider in
In the years that followed, Schneider associated with Westinghouse, a major
international electrical group. The Group enlarged its activity to
manufacturing electrical motors, electrical equipment for power stations and
electric locomotives.
Post war: Schneider gradually abandoned armaments and turned to construction,
iron and steel works and electricity. The company was completely
reorganised in order to diversify and open up to new markets.
Late 20th century
1981-1997: Schneider Group continued to focus on the electrical industry by
separating from its non-strategic activities. This policy was given
concrete form through strategic acquisitions by Schneider Group: Telemecanique in
1988, Square D in 1991 and Merlin Gerin in 1992.
1999: Development of Installation, Systems and Control with the acquisition
of Lexel,
2000-2009: Period of organic growth, positioning itself in new market segments:
UPS (uninterruptible power supply), movement control, building automation and
security through acquisitions of APC, Clipsal, TAC, Pelco, Xantrex, and more.
The history of Schneider Electric in India
2010 -
Acquisition of Zicom's electronic security systems integration business
2009 - Launch of Bip Bop Sustainable Development
Programme
Acquisition of Conzerv (leader in Metering and Energy audits)
Acquisition of Meher Capacitors (leader in Power Factor Correction)
2007 -
Introduction of APC and Pelco
2006 -
Establishing Projects and Services, for turnkey solution,
2005 -
Introduction of TAC and VDI
2004 -
Integration of Clipsal business
2003 -
Inauguration of
2002 -
Establishment of Solution and Application Centre for Automation Projects
2000 -
S and S Switchgear and CGLV acquisition
1995 -
Schneider Electric: 100% subsidiary
1984 -
J V with TMC
1963 -
J V with Tata MG
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.56.42 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
|
|
|
|
|
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.