MIRA
INFORM REPORT
|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAPP INDIA PRIVATE LIMITED [w.e.f. 29.09.1999] |
|
|
|
|
Formerly Known
As : |
LAPP KABEL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
98, J&K, Jigani Industrial Estate, Phase II, Jigani, Anekal Taluk,
Bangalore-560105, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2013 |
|
|
|
|
Date of
Incorporation : |
15.05.1996 |
|
|
|
|
Com. Reg. No.: |
08-020467 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.269.836
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28999KA1996PTC020467 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is engaged in the business of Manufacturing and Trading of Cables,
Accessories, Related Products and Systems. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5787800 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There is a dip in sales and profit in the year 2013. However, liquidity
position of the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A – [Term Loans] |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
May 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2+ [Non Fund Based Limits] |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
May 2014 |
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 DECLINED
Management non-co-operative [91-8110-302001]
LOCATIONS
|
Registered Office/ Factory : |
98, J&K, Jigani Industrial Estate, Phase II, Jigani, Anekal Taluk,
Bangalore-560105, Karnataka, India |
|
Tel. No.: |
91-8110-304800/01/02/03 |
|
Fax No.: |
91-8110-304801 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
City Office : |
# 1/3, 9th Cross, 9th A Main Road, Jayanagar II
Block, Bangalore-560011, Karnataka, India |
|
Tel. No.: |
91-80-30560100 |
|
E-Mail : |
DIRECTORS
AS ON 08.01.2014
|
Name : |
Marc Christian Michel Bernard Jarrault |
|
Designation : |
Managing Director |
|
Address : |
Sumeru Enclave, 9A, Main 9 Cross, Jayanagar, 2nd Block,
Bangalore-560011, Karnataka, India |
|
Date of Birth/Age : |
11.06.1968 |
|
Date of Appointment : |
19.10.2013 |
|
Din No.: |
06717498 |
|
|
|
|
Name : |
Andreas Paul Lapp |
|
Designation : |
Director |
|
Address : |
Stadtbezirk Vaihingen, Rosentalstr 56, Stuttgart-70565, Germany |
|
Date of Birth/Age : |
06.03.1956 |
|
Date of Appointment : |
14.11.2011 |
|
Din No.: |
00481791 |
|
|
|
|
Name : |
Bentz Ewald |
|
Designation : |
Director |
|
Address : |
Lauaufdorfer Weg 85, Wetzlar-35578, Germany |
|
Date of Birth/Age : |
25.03.1948 |
|
Date of Appointment : |
06.06.2007 |
|
Din No.: |
01903147 |
|
|
|
|
Name : |
Richard Lee |
|
Designation : |
Director |
|
Address : |
2, Ripley Crescent, Singapore-556180 |
|
Date of Birth/Age : |
21.08.1958 |
|
Date of Appointment : |
14.09.2012 |
|
Din No.: |
05359686 |
|
|
|
|
Name : |
Susanne Frank |
|
Designation : |
Director |
|
Address : |
Ebersbach An Der Fils, Ortsteil Robwalden, Amselweg-73051, Germany |
|
Date of Birth/Age : |
27.05.1967 |
|
Date of Appointment : |
13.05.2009 |
|
Din No.: |
02683659 |
|
|
|
|
Name : |
Mr. Sriram Kannan Iyer |
|
Designation : |
Whole Time Director |
|
Address : |
CT 402, Salarpuria Serenity, HSR Layout, 5 Main Sector7,
Bangalore-560102, Karnataka, India |
|
Date of Birth/Age : |
28.10.1972 |
|
Date of Appointment : |
14.09.2012 |
|
Din No.: |
02558812 |
|
Voter ID No.: |
XUL0442483 |
KEY EXECUTIVES
|
Name : |
Sriram Kannan |
|
Designation : |
Secretary |
|
Address : |
CT 402, Salarpuria Serenity, HSR Layout, 5 Main Sector7,
Bangalore-560102, Karnataka, India |
|
Date of Birth/Age : |
28.10.1972 |
|
Date of Appointment : |
03.01.2000 |
|
Pan No.: |
AAHPI4606F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.03.2014
|
Names of Allottees |
|
No. of Equity
Shares |
|
Lapp Holding Asia Pte. Limited, Singapore |
|
227284 |
|
|
|
|
|
TOTAL
|
|
227284 |
AS ON 08.01.2014
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preferences Shares |
|
Lapp Eduard Siegbert, Germany |
1 |
-- |
|
Andreas Paul Lapp, Germany |
1 |
-- |
|
Lapp Holdings Asia (P) Limited, Singapore |
1429782 |
1268575 |
|
|
|
|
|
TOTAL
|
1429784 |
1268575 |
AS ON 08.01.2014
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of Manufacturing and Trading of Cables,
Accessories, Related Products and Systems. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
The Bank of Nova Scotia, Bangalore Branch, No. 25/2, S N Towers, M G
Road, Bangalore-560001, Karnataka, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Maruti Info-Tech Centre 11-12/1,
Inner Ring Road, Koramangala, Bangalore 560 071, Karnataka, India |
|
PAN No: |
AAKFB1884H |
|
|
|
|
Holding Company : |
Lapp Holding Asia Pte.
Limited, Singapore |
|
|
|
|
Ultimate Holding Company : |
Lapp
Holding AG, Germany |
|
|
|
|
Associates : |
Lapp IT Services Private
Limited, India [U72200KA2008FTC048417] |
|
|
|
|
Other Related Parties : |
·
Lapp Logistics Pte. Limited, Singapore ·
U.I. Lapp GmbH, Germany ·
Lapp USA Inc., United States ·
Camunacavi SRL, Italy ·
Lapp Muller SAS, France ·
Lapp GmbH Kabelwerke, Germany ·
Lapp Korea LLC, Korea ·
Lapp Engineering and Company, Switzerland ·
Lapp Service GmbH, Germany ·
Lapp Systems GmbH, Germany ·
Lapp Immobilien GmbH and Co. KG, Germany |
CAPITAL STRUCTURE
AS ON 08.01.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
1400000 |
Preferences Shares |
Rs.100/- each |
Rs.140.000 Millions |
|
|
TOTAL
|
|
Rs.640.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1657068 |
Equity Shares |
Rs.100/- each |
Rs.165.706
Millions |
|
1268575 |
Preferences Shares |
Rs.100/- each |
Rs.126.858
Millions |
|
|
TOTAL |
|
Rs.292.564 Millions |
|
|
|
|
|
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
1400000 |
Preferences Shares |
Rs.100/- each |
Rs.140.000 Millions |
|
|
TOTAL
|
|
Rs.640.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1429784 |
Equity Shares |
Rs.100/- each |
Rs.142.978
Millions |
|
1268575 |
Preferences Shares |
Rs.100/- each |
Rs.126.858
Millions |
|
|
TOTAL |
|
Rs.269.836 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
269.836 |
269.836 |
250.858 |
|
(b) Reserves &
Surplus |
1177.137 |
1156.378 |
945.077 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1446.973 |
1426.214 |
1195.935 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
37.309 |
82.823 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
2.758 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
13.000 |
11.500 |
2.521 |
|
(d) long-term provisions |
12.894 |
15.768 |
11.599 |
|
Total Non-current
Liabilities (3) |
65.961 |
110.091 |
14.120 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
496.655 |
352.855 |
50.095 |
|
(b) Trade payables |
313.009 |
238.285 |
369.183 |
|
(c) Other current
liabilities |
240.590 |
247.605 |
153.754 |
|
(d) Short-term provisions |
42.242 |
47.575 |
20.457 |
|
Total Current Liabilities
(4) |
1092.496 |
886.320 |
593.489 |
|
|
|
|
|
|
TOTAL |
2605.430 |
2422.625 |
1803.544 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
976.963 |
926.128 |
673.677 |
|
(ii) Intangible Assets |
3.447 |
2.755 |
0.000 |
|
(iii) Capital
work-in-progress |
39.999 |
19.940 |
4.255 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
1.605 |
2.369 |
|
(d) Long-term Loan and Advances |
100.831 |
135.293 |
40.974 |
|
(e) Other Non-current
assets |
0.538 |
0.057 |
0.050 |
|
Total Non-Current Assets |
1121.778 |
1085.778 |
721.325 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
758.495 |
600.344 |
531.444 |
|
(c) Trade receivables |
605.574 |
582.042 |
519.533 |
|
(d) Cash and cash
equivalents |
21.760 |
68.858 |
5.017 |
|
(e) Short-term loans and
advances |
97.823 |
85.603 |
26.225 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1483.652 |
1336.847 |
1082.219 |
|
|
|
|
|
|
TOTAL |
2605.430 |
2422.625 |
1803.544 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3368.000 |
3537.000 |
2991.392 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
3074.000 |
3246.000 |
2545.425 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
294.000 |
291.000 |
445.967 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
54.000 |
31.000 |
18.467 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
240.000 |
260.000 |
427.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
124.000 |
93.000 |
160.603 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
116.000 |
167.000 |
266.897 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
45.000 |
55.000 |
88.542 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
71.000 |
112.000 |
178.355 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.000 |
11.000 |
178.855 |
|
|
|
Equity Dividend |
39.000 |
31.000 |
0.000 |
|
|
|
Preference Dividend |
4.000 |
4.000 |
3.806 |
|
|
|
Equity Dividend Tax |
7.000 |
5.000 |
0.000 |
|
|
|
Preference Dividend Tax |
0.600 |
0.600 |
0.617 |
|
|
BALANCE CARRIED
TO THE B/S |
1177.000 |
1156.000 |
945.077 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB
Value of Exports |
15.871 |
3.573 |
|
|
|
|
Compensation
On Direct Orders |
46.355 |
32.324 |
|
|
|
TOTAL EARNINGS |
62.226 |
35.897 |
34.966 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
48.203 |
64.011 |
NA |
|
|
|
Traded
Goods (Net of returns) |
555.892 |
625.761 |
NA |
|
|
|
Raw
Materials |
1060.541 |
787.826 |
NA |
|
|
|
Consumables |
2.997 |
3.095 |
NA |
|
|
TOTAL IMPORTS |
1667.633 |
1480.693 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
46.53 |
76.37 |
140.67 |
|
|
|
-
Diluted |
44.88 |
71.77 |
128.49 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
PAT / Total Income |
(%) |
2.11
|
3.17 |
5.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.52
|
6.96 |
14.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.12 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.37
|
0.31 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.51 |
1.82 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
250.858 |
269.836 |
269.836 |
|
Reserves & Surplus |
945.077 |
1156.378 |
1177.137 |
|
Net worth |
1195.935 |
1426.214 |
1446.973 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
82.823 |
37.309 |
|
Short term borrowings |
50.095 |
352.855 |
496.655 |
|
Total borrowings |
50.095 |
435.678 |
533.964 |
|
Debt/Equity ratio |
0.042 |
0.305 |
0.369 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total
Income |
2991.392 |
3537.000 |
3368.000 |
|
|
|
18.239 |
(4.778) |
NET PROFIT MARGIN
|
Net Profit Margin |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
2991.392 |
3537.000 |
3368.000 |
|
Profit |
178.355 |
112.000 |
71.000 |
|
|
5.96% |
3.17% |
2.11% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from 98, J&K, Jigani Industrial Estate, Phase II, Jigani Anekal Taluk, Bangalore-562106, Karnataka, India to the present address w.e.f.12.11.2013.
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10316939 |
02/11/2011 * |
150,000,000.00 |
THE BANK OF NOVA SCOTIA |
BANGALORE BRANCH, NO
25/2, S N TOWERS, M G ROAD, |
B25240094 |
|
2 |
10136678 |
27/03/2014 * |
300,000,000.00 |
THE BANK OF NOVA SCOTIA |
BANGALORE BRANCH, NO
25/2, S N TOWERS, M G ROAD, |
C03739059 |
|
3 |
90199315 |
07/09/2010 * |
220,000,000.00 |
CORPORTION BANK |
INDUSTRIAL FINANCE
BRANCH, RALLARAM BLDG., NO.30, |
A94062205 |
* Date of charge modification
CORPORATE
INFORMATION:
Subject is engaged in the business
of manufacturing and trading of cables, accessories, related products and
systems. The Company is a wholly owned subsidiary of Lapp Holding Asia Pte
Limited. The ultimate holding Company is Lapp Holding AG. The registered office
of the Company is situated in Bangalore, Karnataka. The Company has a
manufacturing facility at Bangalore and Bhopal.
BACKGROUND:
During the period there has
been stiff competition leading to comprise in margins. On the domestic front, a
few issues continue to defy solutions - inflation has been ruling high for well
over two years now leading to a period of relatively high interest rates and
its negative impact on the economy; GDP growth of 5%, which is far lower than
the 6.5% reported in the previous year and way below the 8% average that was
achieved in the years leading up to 2010.
In the quarter ending June,
the deficit expanded to 6.7% of the gross domestic product compared with 4.3%
in the same quarter last year. As a result, the demand for dollars is high,
while the supply remains low. Hence, the rupee is falling. While the rupee was
the worst-performing currency in August 2013. The local currency had
depreciated to an all-time low of 68.85 on August 2013. Continuously
depreciating Rupee to the US Dollar and Eur, the Rupee in September, 2013
closed at Rs .62.86 USD and 85.38 Eur.
GDP is expected to grow at
around 6.5% in the coming financial year; fiscal deficit is expected to be
contained to under 5% of GDP, and inflation is expected to be around 6.5%.
OPERATIONS:
'The top line of the
Company in terms of revenue on an overall basis has decreased by 5% in value
terms in 2012-13 when compared to the previous year. The primary reason for
decrease in revenue is slowdown in industry itself. The overall OEM industry
has seen decrease in business during the year. Higher volumes were achieved in
the Direct and project business mainly in the project orders from Grasim, JSW,
Reliance Industries.
The Company has earned a
profit of Rs 71 million in the current year. Further, there is an appropriation
of Rs 50.6 million towards preference and equity dividend proposed by the
Company. The Company has recorded a Net Profit after Tax of Rs.71million as
against a Net Profit of Rs.112 million in the previous year.
The Company is exposed to
exchange rate risk in the various currencies in which it operates. Towards the
end of the period, however, it was clear that there was tight monitoring of
working capital as the company purchase raw material wherein excessive
volatility in currency rates can impact raw materials costs and finally
profitability. As a matter of prudent foreign exchange management, all foreign
currency exposures are closely monitored for risk in exchange rate fluctuations
and forward covers are taken, where deemed appropriate.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and
Fixture
·
Office Equipments
·
Vehicles
·
Computers
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.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.