MIRA
INFORM REPORT
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Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
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Name : |
SEMCO ELECTRIC PRIVATE LIMITED |
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Formerly Known As : |
SAGE ELECTRICAL MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered Office : |
Gate No.154/1 |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
19.08.1996 |
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Com. Reg. No.: |
11-101929 |
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Capital
Investment / Paid-up Capital : |
Rs.18.434
Millions |
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CIN No.: [Company
Identification No.] |
U31909PN1996PTC101929 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES09380A |
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PAN No.: [Permanent
Account No.] |
AADC39493H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter Electrical Components and Equipments |
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No. of Employees : |
1500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 12000000 |
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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 well – established and a reputed company having fine
track. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are
reported as fair. Payments are reported to be regular 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 – 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/ Factory 1 : |
Gate No.154/1 |
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Tel. No.: |
91-2135-307100 |
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Fax No.: |
91-2135-307111 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2 : |
Plant II, Plot No. A-2, MIDC, Chakan, |
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Office Locations
: |
Jaipur Ultratech Metals India Private Limited A-134, Road No.12, V.K. Industrial Area, Jaipur – 302 013, Tel No: 91-141-2332833 Fax No: 91-141-2331408 E-Mail: business@semco.co.in USA Sigma Electric Mfg. Corp. Tel No: + 1 919 7730011 Fax No: + 1 919 773038 E-Mail: business@semco.co.in UNITED KINGDOM Liaison Office Worldwide Materials Limited Tel No: + 44 (0) 121 308 6983 Mobile No: + 44 07940 808412 E-Mail: nh@worldwidematerials.co.uk |
DIRECTORS
(AS ON 19.07.2011)
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Name : |
Mr. Rajindra Jawaharlal Raina |
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Designation : |
Director |
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Address : |
R-4, Sacred Heart Town, Wanowarie, Pune – 411040, Maharashtra, India |
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Date of Birth/Age : |
24.03.1959 |
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Qualification: |
B.E. |
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Date of Appointment : |
12.01.2008 |
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DIN : |
00122857 |
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Name : |
Mr. Shreekant Vinayak Rohankhedkar |
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Designation : |
Director |
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Address : |
D/2, Madhuban |
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Date of Birth/Age : |
02.03.1948 |
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Qualification: |
B.E |
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Date of Appointment : |
12.01.2008 |
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DIN : |
02031477 |
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Name : |
Mr. Vishal Kamalnain Bakshi |
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Designation : |
Director |
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Address : |
504 B, Bakhtavar Building, Opposite Colaba P. O., Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
12.08.1971 |
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Date of Appointment : |
25.06.2008 |
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DIN : |
02203108 |
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Name : |
Mr. Shantanu Bhalchandra Gote |
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Designation : |
Director |
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Address : |
Flat B-16, SN 362 (Part), Rohan Parthana Kothrud, Pune-411029, |
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Date of Birth/Age : |
05.07.1966 |
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Date of Appointment : |
28.07.2010 |
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DIN : |
02858070 |
KEY EXECUTIVES
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Name : |
Mr. |
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Designation : |
Company Secretary |
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Address : |
Plot No. 163, Ring Road 2, Manohar Nagar Talegaon,
Pune-410507, |
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Date of Birth/Age : |
07.02.1965 |
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Date of Appointment : |
15.07.2010 |
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PAN : |
AGVPB9341A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.07.2011
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Names of Shareholders |
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No. of Shares |
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GSCP Sigma (LUX) S.A.R.L., Luxembourg Nominee of Sigma Electric
Holding Formerly Known as Semco Holding INC. |
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1 |
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Sigma Electric Holding Formerly Known as Semco Holding
INC. |
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1843426 |
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Total |
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1843427 |
AS ON 30.09.2011
Equity Share Breakup (Percentage of Total Equity)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter Electrical Components and Equipments |
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Products : |
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PRODUCTION STATUS:- [As on 31.03.2011]
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Particulars |
31.03.2011 |
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Installed Capacity* |
26100 |
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Actual Production |
16011 |
* As certified by the Management and accepted by
the auditors, this being a technical matter.
GENERAL INFORMATION
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
· ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda – 390 015, Gujarat, India. ·
State Bank of Tara Chambers, Wakdewadi, Pune – 411003, · Corporation Bank Aditi Commerce Center H 2406, · Axis Bank Limited Stealing Plaza, · IDBI Bank IDBI House, Dnyneshwar Paduka Chowk, · ICICI Bank Landmark, |
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Facilities : |
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Banking Relations
: |
Good |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
‘ |
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Pan No : |
AADFP9359C |
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Holding Company
: |
Sigma Electric Holdings (Formerly Semco Holding Inc.) |
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Fellow Subsidiaries: |
Sigma Electric Corporation, |
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Associates/Subsidiaries : |
·
Sigma
Electric Manufacturing Corporation 120 Sigma Drive, Garner, NC 27529, United States Website : http://www.sigmaelectric.com ·
Ultratech
Metals India Private Limited (Formerly Ultrateh Metals ( A-134, Road No. 12, VKI Area, Jaipur - 302013 (Rajasthan),
Tel No.: 91-141-2332833 Fax No.:91-141-2331408 Email: business@semco.co.in CIN No: U27320RJ1989PTC004961 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1843427 |
Equity Shares |
Rs.10/- each |
Rs.18.434
Millions |
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Notes:
1843427 Equity Shares of Rs.10/- each fully
paid up. All the above shares are held by Sigma Electric Holdings, Mauritius
and It’s nominee.
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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|
|
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1] Share Capital |
18.434 |
18.434 |
18.434 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2889.581 |
2239.906 |
1857.056 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2908.015 |
2258.340 |
1875.490 |
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LOAN FUNDS |
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|
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1] Secured Loans |
185.776 |
195.391 |
578.707 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
185.776 |
195.391 |
578.707 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
7.430 |
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TOTAL |
3093.791 |
2453.731 |
2461.627 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
805.668 |
762.070 |
771.230 |
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Capital work-in-progress |
190.628 |
95.704 |
134.396 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
59.739 |
52.271 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
515.620
|
456.567
|
411.862
|
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Sundry Debtors |
1447.605
|
984.057
|
1041.598
|
|
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Cash & Bank Balances |
291.779
|
177.001
|
279.859
|
|
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Other Current Assets |
0.572
|
1.656
|
2.360
|
|
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Loans & Advances |
258.671
|
241.062
|
266.080
|
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Total
Current Assets |
2514.247
|
1860.343
|
2001.759
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
300.097
|
195.914
|
64.373
|
|
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Current Liabilities |
141.933
|
93.537
|
348.862
|
|
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Provisions |
34.461
|
27.206
|
32.523
|
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Total
Current Liabilities |
476.491
|
316.657
|
445.758
|
|
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Net Current Assets |
2037.756
|
1543.686
|
1556.001
|
|
|
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|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3093.791 |
2453.731 |
2461.627 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2751.227 |
3549.709 |
|
|
|
Other Income |
|
19.960 |
1.289 |
|
|
|
TOTAL
(A) |
4608.758 |
2771.187 |
3550.998 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
|
1663.709 |
2102.651 |
|
|
|
Operating and other Expenses |
|
771.317 |
959.741 |
|
|
|
Prior Period Expenses |
|
0.000 |
18.561 |
|
|
|
TOTAL (B) |
3772.231 |
2435.026 |
3080.953 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including Depreciation and Financial Expenses) |
336.161 |
470.045 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
6.071 |
26.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
330.090 |
443.915 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
180.872 |
146.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
836.527 |
149.218 |
297.672 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
170.269 |
23.628 |
73.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
666.258 |
125.590 |
224.186 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2214.593 |
2089.003 |
2079.817 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
-- |
215.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2880.851 |
2214.593 |
2089.003 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
2641.251 |
3448.518 |
|
|
TOTAL EARNINGS |
NA |
2641.251 |
3448.518 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
1888.492 |
1181.675 |
1278.034 |
|
|
|
Capital Goods |
71.251 |
15.593 |
84.243 |
|
|
TOTAL IMPORTS |
1959.743 |
1197.268 |
1362.277 |
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted Earnings Per Share (Rs.) |
361.43 |
68.13 |
121.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.46 |
4.53
|
6.31
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
5.42
|
8.39
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.20 |
5.69
|
10.74
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.07
|
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.23 |
0.23
|
0.55
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.28 |
5.87
|
4.49
|
LOCAL AGENCY FURTHER INFORMATION
operation:-
During the year, the sales in terms of volume and revenue have growth
over last year due to improvement in the US economy. The top-line during the year
stood at Rs.4187.200 Millions, representing a growth of 52% as compares to the
previous year. During the year the company has earned 316.200 Millions (Post
tax) from sale of its idle land in Pune. The profit after tax stood at
Rs.666.300 millions as against Rs.125.600 Millions in previous year, represents
an increase of 430% compared to the previous year.
CONTINGENT
LIABILITIES
Contingent
Liabilities not provided for:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Income tax matters in respect of which of the company is in Appeal |
18.366 |
79.442 |
62.757 |
|
Excise and Customs matters in respect of which the company is in
appeal |
5.762 |
3.914 |
3.914 |
|
Other matters in respect of which
the company is in appeal |
3.964 |
3.319 |
2.302 |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10018049 |
|
Corporate
identity number of the company |
U31909MH1996PTC101929 |
|
Name of the
company |
SEMCO ELECTRIC PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gate No.154/1 |
|
Type of charge |
Immovable
property Movable Property |
|
Particular of
charge holder |
ICICI Bank
Limited Landmark, CIN
No.:L65190GJ1994PLC021012 Email : shanthi.venkatesan@icicibank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Joint Mortgage by
deposit of title deed in respect of immovable properties dated 12.06.2009 Hypothecation of
Movable properties vide first supplemental Joint Deed of Hypothecation dated
12.06.2009 |
|
Date of
instrument Creating the charge |
12.06.2009 |
|
Amount secured by
the charge |
Rs.1010.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per First
Supplemental Working Capital Consortium Agreement dated 12.06.2009 Terms of
Repayment As per First
Supplemental Working Capital Consortium Agreement dated 12.06.2009 Margin As per First
Supplemental Working Capital Consortium Agreement dated 12.06.2009 Extent and
Operation of the charge First Charge on
movable and immovable properties Others ICIC Bank is designated
as the lead bank of the ICICI Bank consortium consisting of ICICI Bank, State
Bank of India, IDBI Bank and the HSBC Limited |
|
Short particulars
of the property charged |
All the piece and
parcel of the land being, Gate No.154/1, 155/1, Plot No. A2 and B-27 at
Chakan Pune and S. No. 276, H. N. 1 at Hinjewadi Pune. The whole of current
assets of the borrower namely, Stock of Raw Materials, Stocks in process,
semi-finished and finished goods, stores spares not relating to Plant and
Machinery (Consumable stores and spares) and BR and Book Debts and all other
movable related to current assets. The whole of Fixed Assets of the borrower
including, plant and Machinery and all other movable fixed assets. |
|
Date of latest
modification prior to the present modification |
29.05.2008 |
|
Particulars of
the present modification |
The above
mentioned immovable/ movable properties mortgaged / Hypothecated for increase
in limit from Rs.845.000 Millions to Rs.1010.000 Millions |
FIXED ASSETS:-
·
Plant and Machinery
·
·
·
·
Other Building
·
Dies
·
Office Equipment
·
Furniture and Fittings
·
Vehicles
·
Computer Software
WEBSITE DETAILS:
The company provides a wide range of conduit fittings, cable connectors
and fasteners, outlet boxes, power line hardware and custom components for
industrial, commercial, residential and utility markets around the world.
Over the last 20 years they have acquired proficiency in management of concept-to-product life cycle in the casting/foundry
industry. Their global team of 1500 motivated and skilled members
engages in
· Design Engineering
· Tool Making
· Metal Casting
· Machining and Assembly
· Finishing, Painting, Plating
· Packaging
Their Manufacturing plants in
This off-shore business model has contributed to low cost, high quality on-time
delivery of goods and services.
Their global Supply Chain System extends from material sourcing to finished
goods distribution network.
All of their business and manufacturing processes are integrated through
state-of-the-art technologies such as ERP systems, corporate wide IT network infrastructure,
and project management. Leading-edge digital techniques are leveraged for
design and process simulations.
Their ISO, UL and CSA certified quality systems ensure reliable
and best-of-breed products.
Adoption of Lean
Sigma, Kanban and Kaizen practices drive their efforts to
continuously improve processes, performance and strengthen their customer
relations.
These functions are adequately supported by
· Business Development
· Project Management
· Stringent Quality Systems
· Efficient Supply Chain
· Information Technology
CMT REPORT (Corruption, Money Laundering and 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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.