MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
HAGER ELECTRO PRIVATE LIMITED |
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Registered
Office : |
Gat No. 19/23 (Part), Mauje : Vadhukhurd, Phulgaon Road, Lonikand, Pune -
412216, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
02.01.2007 |
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Com. Reg. No.: |
11-130863 |
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Capital
Investment / Paid-up Capital : |
Rs. 259.498 Millions |
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CIN No.: [Company Identification
No.] |
U31909PN2007PTC130863 |
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PAN No.: [Permanent Account No.] |
AABCH7896K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Electricals Switches |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Hager Electro S.A.S’. It is an established
company having a satisfactory track record. Reserves appear to be low. However, the company has shown better
growth in its operations during 2012. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered 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.
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 PARTED BY
|
Name : |
Mr. Sandip Joshi |
|
Designation : |
Account Assistant |
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Contact No.: |
91-9922471799 |
|
Date : |
24.05.2013 |
LOCATIONS
|
Registered Office / Factory : |
Gat No. 19/23 (Part), Mauje : Vadhukhurd, Phulgaon Road, Lonikand, Pune -
412216, Maharashtra, India |
|
Tel. No.: |
91-2137-679300 |
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Mobile No.: |
91-9922471799 (Mr. Sandip Joshi) |
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Fax No.: |
91-2137-679308 |
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E-Mail : |
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Website : |
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Area : |
4000 Sq. ft |
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Location : |
Owned |
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Corporate Office : |
Office 2A, First Floor, North Court Building, Opposite Joggers Park, Kalyani Nagar, Pune- 411 006, Maharashtra, India |
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Tel. No.: |
91-20-41477500 |
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Fax No.: |
91-20-41477510 |
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Branch Office 1 : |
B 217, Tower B, DLF Towers, Jasola, New Delhi- 110025, India |
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Tel. No.: |
91-11-49677500 |
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Fax No.: |
91-11-49677555 |
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Branch Office 2 : |
Office # 1301A, Tower 3, Indiabulls Finance Elphistone Road, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-71813200 |
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Warehouse |
Milkat No. 1192, Gat No.516, Avhalwadi Road, Avhalwadi, Taluka - Haveli, Pune - 412207, Maharashtra, India |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Jacques Jean Philippe Klethi |
|
Designation : |
Director |
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Address : |
9, Rue Des Auines, Clomar – 68000, France |
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Date of Birth/Age : |
10.07.1963 |
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Date of Appointment : |
23.02.2010 |
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DIN No.: |
02904429 |
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Name : |
Mr. Benoit Albert Georges Lecuyer |
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Designation : |
Managing Director |
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Address : |
18, B, Belvedere, Sane Guruji Road, Jacob Circle, Mahalaxmi, Mumbai –
400011, Maharashtra, India |
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Date of Birth/Age : |
15.03.1964 |
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Date of Appointment : |
22.03.2011 |
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DIN No.: |
03329055 |
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Name : |
Mr. Geraldine Valerie Stahl Ciotta |
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Designation : |
Director |
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Address : |
78, RUE, DF LA, Cavalerie, Colmar – 68000, France |
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Date of Birth/Age : |
03.03.1974 |
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Date of Appointment : |
22.03.2011 |
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DIN No.: |
03405925 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Kumar Jha |
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Designation : |
Secretary |
|
Address : |
F No.54, Dahalia Building NECO, Garden Vimannagar, Oune – 411014,
Maharashtra, India |
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Date of Birth/Age : |
02.08.1975 |
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Date of Appointment : |
11.06.2007 |
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PAN No. : |
AECPJ3061N |
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Name : |
Mr. Sandip Joshi |
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Designation : |
Account Assistant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Hager Electro S. A.S., France |
|
25949847 |
|
Hager Control S.A.S., France |
|
1 |
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Total |
|
25949848 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electricals Switches |
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Exports : |
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Products : |
Electricals Switches |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
MCBs(In Poles) |
Nos |
5885768 |
4681180 |
Notes:
- Capacity shown is on annualized basis as certified by the management and accepted by the auditors, this being a technical matter.
- Quantitative data mentioned above is in terms of Pole, which is standard unit of measurement for Capacity calculation.
GENERAL INFORMATION
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Suppliers : |
Renata Presigen Component Private Limited |
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Customers : |
End Users
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khare Deshmukh and Company Chartered Accountants |
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Address : |
23, Wireless Colony, Lane Opposite Mcdonalds, Aundh, |
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PAN.: |
AAIFK6081H |
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Holding Company : |
Hager Electro S.A.S |
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Fellow Subsidiary
Company : |
Huizhou Hager Electric Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28000000 |
Equity Shares |
Rs.10/- each |
Rs.280.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
25949848 |
Equity Shares |
Rs.10/- each |
Rs.259.498
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
259.498 |
259.498 |
259.498 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
96.166 |
87.301 |
37.548 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
355.664 |
346.799 |
297.046 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
102.510 |
94.860 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
91.434 |
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TOTAL BORROWING |
102.510 |
94.860 |
91.434 |
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DEFERRED TAX LIABILITIES |
0.357 |
1.734 |
2.891 |
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TOTAL |
458.531 |
443.393 |
391.371 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
168.234 |
144.161 |
144.698 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
286.199
|
204.157 |
90.904 |
|
|
Sundry Debtors |
206.435
|
219.972 |
200.611 |
|
|
Cash & Bank Balances |
43.454
|
70.514 |
47.473 |
|
|
Other Current Assets |
4.909
|
5.005 |
0.000 |
|
|
Loans & Advances |
47.225
|
27.896 |
23.503 |
|
Total
Current Assets |
588.222
|
527.544 |
362.491 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
226.169
|
204.915 |
86.642 |
|
|
Other Current Liabilities |
59.709
|
13.091 |
29.176 |
|
|
Provisions |
12.047
|
10.306 |
0.000 |
|
Total
Current Liabilities |
297.925
|
228.312 |
115.818 |
|
|
Net Current Assets |
290.297
|
299.232 |
246.673 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
TOTAL |
458.531 |
443.393 |
391.371 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SALES |
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|
|
|
|
|
|
Income |
702.908 |
574.575 |
493.168 |
|
|
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Other Income |
2.682 |
0.266 |
12.444 |
|
|
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TOTAL |
705.590 |
574.841 |
505.612 |
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EXPENSES |
|
|
|
|
|
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|
Office Expenses |
|
|
|
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|
|
Administrative Expenses |
687.102 |
499.462 |
419.065 |
|
|
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Advertising Expenses |
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TOTAL |
687.102 |
499.462 |
419.065 |
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PROFIT BEFORE
TAX |
18.488 |
77.779 |
86.547 |
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|
|
TAX |
9.802 |
27.937 |
28.025 |
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PROFIT AFTER TAX |
8.686 |
49.842 |
58.522 |
|
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
87.331 |
37.548 |
(20.974) |
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|
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|
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|
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|
|
BALANCE CARRIED
TO THE B/S |
96.166 |
87.331 |
37.548 |
|
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|
CIF VALUE OF
IMPORTS |
526.340 |
392.254 |
243.187 |
|
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|
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|
|
|
Earnings Per
Share (Rs.) |
0.33 |
1.92 |
NA |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
950.000 |
Expected Sales (2013-14) : Rs.1100.000 Millions
The above information has been parted by Mr. Sandip Joshi
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.23
|
8.67 |
11.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.63
|
13.54 |
17.55 |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.44
|
11.58 |
17.06 |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.22 |
0.29 |
|
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|
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|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.29
|
0.27 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97
|
2.31 |
3.13 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry
Creditors |
226.169
|
204.915 |
86.642 |
|
Total |
226.169
|
204.915 |
86.642 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The registered office of the company has been shifted from
Gat No. 19/23 (Part), Mauje Vadhukhurd, Pulgaon Road, Lonikand – 412207,
Maharashtra India to present address w.e.f.05.12.2008
INDUSTRY OUTLOOK AND
BUSINESS OVERVIEW
On the industrial front, Hager India would act as a major manufacturing hub for the group, to service Asia Pacific markets, for select product families in future. Hager is into Business of Low. The market potential of the Low Voltage (LV) switchgear industry is estimated to be at Rs.50000.000 Millions with a growth of approx 15% in past several years. The Low voltage segment contributes to > 50% of the total switchgear market (including MV, HV…).
On the industrial front, Hager India has planned to strengthen its facilities by introducing manufacturing activities of more products and in near future would act as a key manufacturing hub for the group. This would also help to explore export potential to APAC markets, for niche and selected product ranges with world class quality.
The Hager system encompasses a comprehensive range of products for the control and distribution of electricity in domestic, commercial and light industrial applications.
Novello Distribution board and H3 Mccb’s have gained wide acceptance from clients in residential and commercial segment. Their home automation range Berker by Hager has been installed by system integrators in many villas and corporate offices.
The seamless match of technical expertise and unique design has amazed clients . These recent launches affirm Hager’s ambitions in Energy distribution and Home automation domain.
To keep their service unrivalled, their service agencies are operational on the field to back up installations in case the need arises. Product designs are centered around the needs of clients. They are feature loaded, environment friendly and sold at a fair price. They invite you to approach their sales team, request demonstration to discover unique USPs of Hager range. Their back office departments have been on the go to keep their products quality at its top. Local manufacturing and efficient supply chain ensures on time deliveries throughout India.
They invite you to discover Hager range of products and share the opinions with them. Rendezvous with a new and prominent range launch is planned in a few weeks. They are convinced it will delight you.
More than 160 channel partners pan India now share their passion to deliver the “Hager Class" service to clients.
The company is into business of Electrical distribution products, wiring accessories, controls and security. However major revenue of company is generated through sales of Modular protection device.
The company is working on increasing sales and market share with existing products as well as launch of new products. At the moment Market share of Hager in India in its core segment is around 4%. There is huge potential in market for Home Automation products, Controls and Security range of products.
The plan is underway for execution to consolidate its position in the Indian market with launch of new product ranges for the mid segment market as well. Company is aimed as to be known player with world class product with sustainable growth in coming years and to increase market share by 7%.
TRADE REFERENCES
- Renata Presigen Component Private Limited
- Power House Private Limited
FIXED ASSETS
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.