|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
NOVATEUR ELECTRICAL AND DIGITAL SYSTEMS PRIVATE LIMITED [w.e.f.
21.03.2012] |
|
|
|
|
Formerly Known
As : |
INDO ASIAN ELECTRIC PRIVATE LIMITED [w.e.f. 14.04.2011] ERA ELECTRICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
61/62, 6th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.08.2010 |
|
|
|
|
Com. Reg. No.: |
11-206487 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 720.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909MH2010PTC206487 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCE4671N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
and Selling of various switchgear products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 960000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Legrand Nederland B.V. It is an established
company having moderate track. The company has incurred heavy loss during 2011. Liquidity position
appears to be under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
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.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
|
Registered Office : |
61/62, 6th Floor, Kalpataru Square, Kondivita Road, Off Andheri-Kurla
Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 05.12.2011
|
Name : |
Mr. Yves Daniel Raymond Martinez |
|
Designation : |
Chairman |
|
Address : |
Flat No. 852 and 654, 6th Floor, Nargis Dutt Road, Pali
Hill, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
11.12.1948 |
|
Date of Appointment : |
01.09.2010 |
|
DIN No.: |
02694951 |
|
|
|
|
Name : |
Mr. Ved Prakash Mahendru |
|
Designation : |
Additional director |
|
Address : |
BB – 38, Nehru Enclave, Kalkaji, New Delhi – 110019, India |
|
Date of Birth/Age : |
18.02.1933 |
|
Date of Appointment : |
21.10.2010 |
|
DIN No.: |
00005338 |
|
|
|
|
Name : |
Mr. Pranav Kumar Ranade |
|
Designation : |
Additional director |
|
Address : |
11 Ishwar Nagar, Mathura Road, New Delhi – 110055, India |
|
Date of Birth/Age : |
10.11.1947 |
|
Date of Appointment : |
21.10.2010 |
|
DIN No.: |
00005359 |
|
|
|
|
Name : |
Nemmara Ganapathy Krishnan |
|
Designation : |
Additional director |
|
Address : |
Flat No. 2701, 27th Floor, C Wing, Oberoi Spring, Oshiwara,
Andgheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
25.07.1966 |
|
Date of Appointment : |
21.10.2010 |
|
DIN No.: |
03184144 |
|
|
|
|
Name : |
Olivier Rene Le Floch |
|
Designation : |
Additional director |
|
Address : |
N-105, Panchshilla Park, New Delhi -110017, India |
|
Date of Birth/Age : |
19.02.1971 |
|
Qualification : |
Master in Management |
|
Date of Appointment : |
10.01.2011 |
|
DIN No.: |
03391960 |
|
PAN No.: |
AHBPL4735D |
KEY EXECUTIVES
|
Name : |
Mr. Ranjeet Kaur |
|
Designation : |
Secretary |
|
Address : |
B – 67/ 3, Second Floor, Fateh Nagar, New Delhi – 110018, India |
|
Date of Birth/Age : |
02.01.1979 |
|
Date of Appointment : |
24.02.2011 |
|
PAN No.: |
ARLPK1888L |
|
|
|
|
Name : |
Mr. Darminder
Singh Tiwana |
|
Designation : |
Chief Financial
Officer |
|
Date of Birth/Age : |
35 Years |
|
Qualification : |
ACMA |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.12.2011
|
Names of Shareholders |
|
No. of Shares |
|
Legrand France S.A., Limoges |
|
9999 |
|
Legrand India Private Limited, India |
|
32000001 |
|
Legrand Nederland BV, Netherland |
|
40000000 |
|
Total |
|
72010000 |
AS ON 05.12.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
55.56 |
|
Other
top fifty shareholders |
|
44.44 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Selling of various switchgear products. |
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
|
Licensed
Capacity |
Installed
Capacity** |
Actual
Production |
|
MCB |
|
N.A |
14,500,000 |
8,084,242 |
|
RCCB |
|
N.A |
N.A |
105,916 |
|
DB |
|
N.A |
300,000 |
129,423 |
|
MCCB |
|
N.A |
N.A |
36,066 |
|
HRC Fuses |
|
N.A |
2,500,000 |
1,117,219 |
|
Others |
|
N.A |
48,000 |
36,580 |
* Licensed capacity is not applicable
**Installed Capacity is as certified by the management and relied upon
by the auditors, being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP5579P |
|
|
|
|
Holding Company : |
Legrand Nederland B.V. |
|
|
|
|
Ultimate Holding
Company : |
Legrand France S.A. |
|
|
|
|
Fellow
Subsidiary : |
Legrand ( India ) Private Limited [U99999MH1961PTC012219] |
CAPITAL STRUCTURE
AFTER 05.12.2011
Authorised Capital : Rs. 25000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 720.100 Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72,010,000 |
Equity Share |
Rs.10/- each |
Rs. 720.100
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
720.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
180.000 |
|
|
4] (Accumulated Losses) |
|
|
(659.465) |
|
|
NETWORTH |
|
|
240.635 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
5500.000 |
|
|
TOTAL BORROWING |
|
|
5500.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
3.382 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5744.017 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5152.137 |
|
|
Capital work-in-progress |
|
|
2.247 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
275.656 |
|
|
Sundry Debtors |
|
|
431.216 |
|
|
Cash & Bank Balances |
|
|
450.067 |
|
|
Other Current Assets |
|
|
4.161 |
|
|
Loans & Advances |
|
|
40.248 |
|
Total
Current Assets |
|
|
1201.348 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
507.591 |
|
|
Other Current Liabilities |
|
|
57.284 |
|
|
Provisions |
|
|
46.840 |
|
Total
Current Liabilities |
|
|
611.715 |
|
|
Net Current Assets |
|
|
589.633 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5744.017 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
GROSS REVENUE |
|
|
1244.938 |
|
|
|
|
|
|
|
|
|
Less |
GROSS EXPENSES |
|
|
1901.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
(656.082) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
3.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
(659.465) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
(659.465) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
213.887 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
95.854 |
|
|
|
Finished Goods |
|
|
5.472 |
|
|
TOTAL IMPORTS |
|
|
101.326 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(54.68) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
(52.97) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(10.38) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(2.74) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
25.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.96 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
|
|
31.03.2011 |
|
|
|
|
(Rs. In Millions) |
|
Creditors due small micro enterprises |
|
|
0.000 |
|
Creditors due others |
|
|
507.591 |
|
Sundry
creditors |
|
|
507.591 |
|
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 |
No |
|
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 |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: The registered address
of the company has been shifted from A/303, Prathamesh, Raghuvanshi Mills
Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
to the present w.e.f. 01.08.2012
BUSINESS PROSPECTS
The top management
of the company has also identified few more industrial products for the purpose
of domestic as well as overseas market. As a result of these twin factors,
further growth is expected.
CONTINGENT
LIABILITY
(Rs.
in Millions)
|
Claims against the
Company not acknowledged as debts :- |
31.03.2011 |
|
Sales Tax
matter-Demand against the Company on the cases decided in the Company’s
favour and for which the department is in further appeal aggregate |
14.935 |
|
Possibility of future demand and liability on similar matters for
future years is estimated |
50.000 |
|
Disputed excise matters -Cases pending before authorities in respect
of which the Company is in appeal aggregate |
1.255 |
|
Collection of pending “C” forms from the customers |
27.449 |
The amounts shown
above represent the best possible estimates arrived at on the basis of
available information. The uncertainties and possible reimbursements are dependent
on the outcome of the different legal processes which have been invoked by the
Company or the claimants as the case may be and therefore cannot be predicted
accurately. The Company engages reputed professional advisors to protect its
interests and has been advised that it has strong legal positions against such
disputes.
(Rs.
in Millions)
|
Particulars |
31.03.2011 |
|
Guarantees given by the Company’s bankers on behalf of the Company |
12.957 |
|
Corporate Guarantee given by the Company on behalf of other Company |
0.671 |
|
Outstanding commitments under Letters of Credits established by the
Company aggregate |
45.095 |
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. 53.53 |
|
|
1 |
Rs. 86.82 |
|
Euro |
1 |
Rs. 69.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.